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Oprah & sudden Riches...

Topic closed. 12 replies. Last post 10 years ago by floridian.

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Honduras
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Posted: December 1, 2006, 5:18 pm - IP Logged

Guys i am watching a show on TV (Oprah) about people that because suddenly wealthy..They talked about a guy that won the lottery too..And an amazing fact that everyone should know that they said on the show is that 70% of people that become rich over night squander their money in a few years..Just thought everyone should know this fact..

 

 

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    Michigan
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    Posted: December 1, 2006, 5:45 pm - IP Logged

    Thank you pumpi76 for sharing that bit of information I'm watching oparh right on i seen a special on T.V. a couple of weeks ago about this same subject. (Mind)

      stavros's avatar - avatar 6898.gif
      Florida
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      Posted: December 1, 2006, 5:49 pm - IP Logged

      Guys i am watching a show on TV (Oprah) about people that because suddenly wealthy..They talked about a guy that won the lottery too..And an amazing fact that everyone should know that they said on the show is that 70% of people that become rich over night squander their money in a few years..Just thought everyone should know this fact..

       

       

      I guess if you are not used to being financially well-off that you don't have the money management skills needed to handle a large sum of money.  The amount might seem so large to you that you may feel it will never run out.  All of a sudden, your "fortune" is depleted.  If I were to win big I know that I would have to have a financial consultant to teach me how to invest, what to budget for myself, and, overall, plan what I would need to do to insure that I remain "well-off" for many, many years to come. But, there would probably be a few things I would want to splurge on initially, nothing really major, along with donating money to charitable causes.

      Good Luck!

      Stavros

       

        guesser's avatar - Lottery-017.jpg

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        Posted: December 2, 2006, 12:31 am - IP Logged

        Tell ya what:

         

        If I ever got lucky enough to win the lottery, I would put 5 million (after taxes) in a place that just paid me X dollars a month from 3 million of it, with 2 million in reserve - medical bills/insurance will be TOTALLY out of sight in 20 years, by which time I will be retired (or dead).

         

        Everything over the 5 million I WILL BLOW EVERY WHICH WAY I CAN, because you can't take it with you, any one of us could have a stroke or aneurism as we sit here at our computers and be dead in 5 seconds, most folks just tend to never think about that.

        I would blow it endowing certain non-profit agencies I agree with, endow some scholarships at some schools I have attended, endow 'little league', and boy scout and girl scout clubs, as well as some clubs in the 'wrong end' of town, some animal protection agencies, the WWF (That's the World Wildlife Federation, not the World Wrestling Federation), ASPCA, etc.  I will endow some clubs at some high schools, areas that need money and don't get it. I saw geography books last year that still had the USSR in them - they were 18 years old !

        No, I wouldn't move to a multi-million dollar house, I wouldn't move to Palos Verdes Estates or Malibu, I won't be buying a Jet or a NetJets partnership, and I won't buy a Rolls Royce, I'd probably stay right where I am (Nebraska), buy a new Ford, and yes, probably a Ferrari or Porsche (used, not new).

        I'm not going to buy a house in a warm-weather climate, because I want to be able to try different places. If I don't like one place, I'll pick up and go to another one after a couple of months, but Nebraska will always be 'home' to me.  One winter in Key West, another in South Padre Island, one in Scottsdale, one in Dana Point, one in Hawaii, etc. you get the idea.
        Maybe I will spend a summer in Couer D'Alene (sp?), one in Puget Sound, one in Madison, one in Maaaaaaaaatha's Vineyard.........

         

        So why don't I go visit Germany, France, Spain, Brazil, Australia ?

        Maybe later, but for now, there are more than enough places HERE I'd like to see that I've never been to. 

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          NY
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          Posted: December 2, 2006, 2:10 am - IP Logged


          "Everything over the 5 million I WILL BLOW EVERY WHICH WAY I CAN, because you can't take it with you"

          That's the kind of thinking that leads so many newly rich people back to  their working class roots. It's not so much the amount that makes me say it's poor thinking, but the the idea of not preserving the principal. What will the economy do for the next 20, 30 or 50 years? Right now inflation is low, but so are interest rates. Imagine a few years of high inflation followed by another period of 3% interest rates like we had just a short time ago. What kind of lifestyle do you plan on having when your remaining $5 million is earning $150k that's the equivalent of $50k today but your health insurance costs and property taxes have doubled or tripled? I don't know when I'll die, so I have to plan for the worst case scenario, and in this sense the worst case scenario is being healthy and 95 with an annual income that won't pay the bills.

          I'm certainly not saying  that $5 million isn't enough to retire on, even with a life expectancy of another 50 years. With $3 million retiring would be calculated risk that requires living modestly and saving close to another $50k each year as a hedge against rising costs. I'd also consider the possibility that inflation and lowered interest rates could send me back to the workforce, which I'd have to do before my income stopped paying the bills. 

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            Honduras
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            Posted: December 2, 2006, 10:22 am - IP Logged

            If i had 5 million dollars I will buy houses in 3 countries and i will move to Brazil..I will have a house in Colombia, a house in Venezuela and another house in Costa Rica and another one in Panama...I will start a couple of laundrymat and let it supply me or my family in each of those countries and let my relatives and family take care of it...I will also hire a professor in those countries to come to my house and teach me mathematics & science...

            If i was to hit the lotto more than that, let's say 50 million i will use that money to bribe the government or authorities in charge of the lotto into creating an easy lotteries and lotteries according to my opinion in every country in south america and central america and lots of countries around the world...

             

            "Laura Simpson from Great Lakes, Illinois deserves to be rich..."        "She is so rare..."

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              Baton Rouge, LA
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              Posted: December 2, 2006, 10:22 am - IP Logged

              I caught part of that as well.  The homeless guy who got $100,000 said some things I agreed with.  He gave money away to help some people but now that he has no money, those people wouldn't lend him $5 for any reason.  That sort of thing would be my concern, that people will want to be your best friends when the money is there but will be gone once the money is gone.

              It kind of reminded me of something from my childhood.  When I was growing up, my family lived in a house with an inground swimming pool.  I was the strange one of the family and was actually afraid of the pool and wanted nothing to do with swimming.  My parents thought I'd grow out of it so they left be alone, but when I was 11 years old and still didn't know how to and no desire to learn to swim, my brother convinced my parents it was a major problem and something had to be done about it.

              He tried teaching me to swim and I wanted nothing of it.  My parents tried to force me to learn as well.  One of the things they would often say to me was if I could swim, I could start having people over to swim, have swimming
              parties, etc., people would be nice to me and I'd have lots of friends. Making friends was always hard for me and in fact, I was often tormented by the other kids in school. 
              The idea of being able to have friends might have sounded great to most, but not to me.
              I wanted people who would be my friends whether or not I had the pool and knew if someone had a bigger 
              and better pool or I ended up in a situation without a pool, I wouldn't have those friends.

              I see it the same way with the money.  People who wouldn't give me the time of day would all of a sudden want to be my friends, then abandon me when the money was gone.  It's not going to work that way for me because face it, you can't buy friendship or respect.

              Prisoner Six

              "I am not a number, I am a free man!"

                floridian's avatar - DiscoBallGlowing

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                Posted: December 2, 2006, 10:33 am - IP Logged

                Guys i am watching a show on TV (Oprah) about people that because suddenly wealthy..They talked about a guy that won the lottery too..And an amazing fact that everyone should know that they said on the show is that 70% of people that become rich over night squander their money in a few years..Just thought everyone should know this fact..

                 

                 

                Sure it is because it is like giving a hog a wristwatch.  If you have never had any money you do not know how to deal with it.  In addition, people like Oprah and other millionaire/billioniares continue to make incredible sums year after year not just a one shot deal.  If they make an investment mistake or spend too much in the wrong place it is covered by the next paycheck.  I believe Oprah will maket somewhere between 200 and 300 million this year.  The money she makes is like winning the biggest MegaMillions ever, once every year,

                 

                Floridian

                  jarasan's avatar - new patrick.gif
                  Harbinger
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                  Posted: December 2, 2006, 9:07 pm - IP Logged

                  How does that work? Is that before or after taxes? What does Oprah market? Who buys Oprah stuff? Do LP people buy Oprah stuff? I don't know anyone who buys Oprah stuff and I know at least 10 people. What is Oprah? The mirror is harpO. Where in the world is Regis?  What about Brittany?  Where is Paris? What do they do to make all this money? What do they contribute to society and the world? God only knows how these people generate the incomes they do.  I believe it is by slight of hand and the gullible millions out there that perpetuate them and live vicariously thru them, oh yeah, the marketing and the media folks.  It is great that half the country doesn't vote, but knows all about Paris, Lindsey, and Brittany. Anyway, thank God for the Lottery Post. TGFTLP jarasan

                   At least Rachel can COOK!

                  P.S. Rachel like you've never seen her. http://icydk.com/category/rachel-ray/

                    TheGameGrl's avatar - character catafly.jpg
                    A long and winding road
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                    Posted: December 3, 2006, 5:58 pm - IP Logged

                    Perhaps I am mis-reading the contents of another poster who stated that those who never really had money are the first to lose it during a windfall. I come from the opposite view. Being raised with meager belongings and making ends meet, I gained the VALUE of MONEY EARNED. Its rare that I squander money but instead I treat it with regard. It may well be a means to a commodity but rarely does it change the goodness in ones heart. That comes from good upbringing and true friends.

                    I dont begrudge a person *movin* up in the economic ladder or sharing with those in need. I do think that its an adults choice to stay rich or go into financial ruins...Its called making wise investments. 

                    As to Oprah- she Gets money by selling airtime for commercials run during her broadcasts  and mentioning a product on her show! She has the kingdom for marketing and knows how to use it to her advantage. She is a smart business woman. She is a genuine supporter for human rights and children causes. Oprah still balances her own check book. She refuses to let anyone else sign on her behalf , that is the key.

                    Paris gets her money from trust funds set up thru the Hilton Corp. She is a poor example of making it rich thru hard work.  To her, hard work is deciding which piece of jewelery to buy for her pup. Paris does contribute to society by being gossiped about. Even bad publicity is considered good in Hollywood.

                    ~~Is it true, Is it kind,Is it necessary. ~~~

                    pa:888,4445,6132,4444,8008

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                      Las Vegas, NV
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                      Posted: December 3, 2006, 6:21 pm - IP Logged

                      How does that work? Is that before or after taxes? What does Oprah market? Who buys Oprah stuff? Do LP people buy Oprah stuff? I don't know anyone who buys Oprah stuff and I know at least 10 people. What is Oprah? The mirror is harpO. Where in the world is Regis?  What about Brittany?  Where is Paris? What do they do to make all this money? What do they contribute to society and the world? God only knows how these people generate the incomes they do.  I believe it is by slight of hand and the gullible millions out there that perpetuate them and live vicariously thru them, oh yeah, the marketing and the media folks.  It is great that half the country doesn't vote, but knows all about Paris, Lindsey, and Brittany. Anyway, thank God for the Lottery Post. TGFTLP jarasan

                       At least Rachel can COOK!

                      P.S. Rachel like you've never seen her. http://icydk.com/category/rachel-ray/

                      Rachel Ray only got big AFTER being on Oprah!  Yeah she had a little segment on the Food network, but then she went on Oprah's show.  Now everyone knows her name!

                        guesser's avatar - Lottery-017.jpg

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                        Posted: December 4, 2006, 1:11 am - IP Logged

                        PrisonerSix - you nailed it for me, too. When I was a kid, I had all the friends in the world when I got new 'Hot Wheels', but as soon as they got them, they were gone.  Same for albums.

                         

                        Jarasan - yes, you do buy Oprah stuff, it's called advertising/marketing/public relations.  If you have her show on your TV for 1 minute, you just fit into her demographics, you helped push her ratings up, and you helped her be able to charge higher advertising rates for those that advertise on her show, run commercials.

                        Brittney sells concerts and music, Paris had a TV show but inherited multi-millions from her grandfather, perhaps you have stayed in a hotel of the same name, or one of the cheaper chains owned by the same.

                         

                        ANY PR is good PR, that's why some of these do whatever they can to stay in the limelight. They act like they hate the press, but they can't live without it. 

                          floridian's avatar - DiscoBallGlowing

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                          Posted: December 4, 2006, 2:11 am - IP Logged

                          PrisonerSix - you nailed it for me, too. When I was a kid, I had all the friends in the world when I got new 'Hot Wheels', but as soon as they got them, they were gone.  Same for albums.

                           

                          Jarasan - yes, you do buy Oprah stuff, it's called advertising/marketing/public relations.  If you have her show on your TV for 1 minute, you just fit into her demographics, you helped push her ratings up, and you helped her be able to charge higher advertising rates for those that advertise on her show, run commercials.

                          Brittney sells concerts and music, Paris had a TV show but inherited multi-millions from her grandfather, perhaps you have stayed in a hotel of the same name, or one of the cheaper chains owned by the same.

                           

                          ANY PR is good PR, that's why some of these do whatever they can to stay in the limelight. They act like they hate the press, but they can't live without it. 

                          Let's face it name recognition sells whatever you want it too.  Look at politicians, they spent more this off year election for a few $160,000 a year jobs that has been spent ever in any election.  I believe the number was 1.1 billion, yes I said billion.  If the average guy or gal  knows who you are, you can gain power, fame and riches beyond belief.  Advertisers think we all want to see and hear these people and hang on their every word.  Yet, some of them write and speak like they did not get past the 7th grade.  If they did not have a script to read from, how many do you suppose would have any enlightning pieces of wisdom to share with the rest of us?

                          Rachael Ray, not again, good God when is anything intelligent going to come out of her mouth?  Very well marketed, loved by Oprah, so nothing else matters, huge success.

                          Floridian