Welcome Guest
Log In | Register )
You last visited December 6, 2016, 11:05 am
All times shown are
Eastern Time (GMT-5:00)

winning a jackpot and loaning money

Topic closed. 23 replies. Last post 10 years ago by OldSchoolPa.

Page 1 of 2
PrintE-mailLink

would you loan friends or relatives money after winning a multimillion dollar jackpot?

yes i would loan them money [ 16 ]  [34.78%]
no i would not loan any money [ 23 ]  [50.00%]
not sure [ 7 ]  [15.22%]
Total Valid Votes [ 46 ]  
Discarded Votes [ 2 ]  
LOTTOMIKE's avatar - cash money.jpg
Tennessee
United States
Member #7853
October 15, 2004
11338 Posts
Offline
Posted: February 16, 2007, 3:02 am - IP Logged

would you loan friends or relatives money after winning a jackpot worth millions?

    truecritic's avatar - PirateTreasure
    Michigan
    United States
    Member #22395
    September 24, 2005
    1583 Posts
    Offline
    Posted: February 16, 2007, 3:33 am - IP Logged

    My opinion is this...if it is a loan, then it should be done in a formal way.  Just like a bank would do.  With signed documents.  Then you can go to Judge Judy if necessary. 

    If you really don't care if they pay it back, then it becomes a gift.

      rundown99's avatar - cigar

      United States
      Member #567
      August 14, 2002
      482 Posts
      Offline
      Posted: February 16, 2007, 10:53 am - IP Logged

      I would try to win the jackpot in a state where you can remain anonymous.

      Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

      If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

        guesser's avatar - Lottery-017.jpg

        United States
        Member #41383
        June 16, 2006
        1969 Posts
        Offline
        Posted: February 16, 2007, 11:09 am - IP Logged

        would you loan friends or relatives money after winning a jackpot worth millions?

        'Loan' money out ?

        You can't be serious.

        If you won the lottery and you 'loan' money out, there are other words for that: 'gift' is one, 'stipend' is another..

        'Gee, Uncle Joe just won 30 mill, I 'borrowed' $5,000, but he still has 29,995,000.00, he will forget about the measily $5,000 he just GAVE me'. 

          chasingadream's avatar - Archangel 01.jpg

          United States
          Member #38687
          May 3, 2006
          315 Posts
          Offline
          Posted: February 16, 2007, 2:19 pm - IP Logged

          i wouldn't loan money......if you have that much money then why would u expect to get paid back. small gifts would be given

          Oogle  waiting patiently for my jackpot

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
            Offline
            Posted: February 16, 2007, 2:25 pm - IP Logged

            'Loan' money out ?

            You can't be serious.

            If you won the lottery and you 'loan' money out, there are other words for that: 'gift' is one, 'stipend' is another..

            'Gee, Uncle Joe just won 30 mill, I 'borrowed' $5,000, but he still has 29,995,000.00, he will forget about the measily $5,000 he just GAVE me'. 

            I agree!  But unless someone has lousy credit, there are other ways to get your hands on $5,000.  So I'm guessing the person who asks for "a loan" wouldn't expect to pay it back, as you wrote.  I said the same thing when I had a good job.  I used to go out to dinner with people and pick up the tab, and I was very far from rich.  I used to give rides to people who didn't have cars or licenses to drive them.  I also let people crash on my couch. Then one day I said "I am not a bank, I am not a taxi service, I do not run a hotel."

            If someone I care about needs money, I would just give it to her, knowing that the money would be paid back if I ever needed it.  I don't need millions, so I would have a fund set aside for these people. This was already discussed on another thread about feeling guilty or helping relatives. By the way, you could just put an amount (let's use $500,000) in an account and use the interest for small "loans." 

              Guru101's avatar - rw6jhh
              Indiana
              United States
              Member #48725
              January 7, 2007
              1953 Posts
              Offline
              Posted: February 16, 2007, 4:52 pm - IP Logged

              No way. If someone comes to me for a "loan" after winning the jackpot, they probably think they'll end up not having to pay me back.

                numbergirly's avatar - 0002009C
                Dover, Delaware
                United States
                Member #26979
                November 25, 2005
                178 Posts
                Offline
                Posted: February 16, 2007, 5:27 pm - IP Logged

                After winning a multimillion jackpot there is no such thing as loan especially to a relative. I would give a certian amount but, that's as far as it would go and I would definitly make that clear. I have a Powerball list of friends and if they want more than I plan to give then they get nothing and I know I would lose a lot of friends and relatives.... oh well, they were not friends in the first place. Jealousy and envy are powerful emotions and sometimes dangerous.

                                                                                            numbergirly

                  Avatar
                  Morrison, IL
                  United States
                  Member #4657
                  May 13, 2004
                  1884 Posts
                  Offline
                  Posted: February 16, 2007, 6:32 pm - IP Logged

                  Unfortunately, many lottery winners who do keep their money end up losing all their friends, and those who keep their friends end up losing their money. There's also those winners who lose both.

                    OldSchoolPa's avatar - Lottery-057.jpg
                    Gurnee, Illinois
                    United States
                    Member #49731
                    February 12, 2007
                    917 Posts
                    Offline
                    Posted: February 16, 2007, 6:48 pm - IP Logged

                    No I would not loan money to anyone.  Actually, although I would claim the jackpot in my name, nobody in my immediate circle would know that I won the lottery as I wouldn't make any media appearances.  I don't care about financial professionals calling me to solicit my business, but their calls would be futile as I am myself a financial professional and I have a great team of advisors already.  There are certain people who I would give monetary gifts NOT TO EXCEED $10,000 and definitely not much more than I usually give now so as not to tip anyone off that I have indeed won the lottery, but I would NOT under any circumstances LOAN anyone one red cent.  My reasoning is that I don't loan people money right now, so just because I have a lot more of the green stuff does not qualify me to operate as a lending institution.  I also would not seek to become a private investor in any and every business endeavor.  There is only one person who would know right away that I won and that person is also the only person I would entering into any business partnerships...my brother.  It's a shame but I wouldn't even tell my own mother that I won...eventually, it might slip out.  But my brother is ironclad and of the same line of thinking.  One thing that gets me whenever winners give press releases...they usually say that they are going to help out family and friends, quit working (& make it so that their children don't have to work a day in their lives), and open up some type of business.  All of those things are guaranteed ways to become poor or broke once again.  When I win, I will actually work longer and harder at my present business.  I would not seek to explore any other business ventures personally, but I would invest in those business ventures that my brother is already working on developing.  My goal would be to double my net worth at a minimum every six years...that is something that the typical lottery winner does not say or have not thought about.Blue Angel

                    Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                    The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                      Coin Toss's avatar - shape barbed.jpg
                      Zeta Reticuli Star System
                      United States
                      Member #30470
                      January 17, 2006
                      10351 Posts
                      Offline
                      Posted: February 16, 2007, 8:02 pm - IP Logged

                      What guesser said, and more.

                      If you hit a jackpot for millions, and loaned anybody anything, for one you'd be considered a "soft touch." By the time word spread that you had loaned someone $5,000 someone else would be putting the bite on you for $25,000. And the general consensus would be thye'd never have to pay you back because hey, you've got millions now.

                      As one of the winners on one of those lottery documentaries said, ever person he gave money to, and he gave some millions, came back asking for more.  In his case, he gave it to them, but I doubt loans would be much different.

                      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                      Lep

                      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                        tiggs95's avatar - Lottery-036.jpg

                        United States
                        Member #47420
                        November 4, 2006
                        3930 Posts
                        Offline
                        Posted: February 16, 2007, 9:55 pm - IP Logged

                        I don't loan money to friend's and relative's..If I can't afford to give them money they don't get any..A good way to lose friend's and relative's is to loan them money..I have found out the hard way.......

                          dumars798's avatar - batman17
                          Atlanta
                          United States
                          Member #28656
                          December 20, 2005
                          5675 Posts
                          Offline
                          Posted: February 16, 2007, 10:21 pm - IP Logged

                          I don't loan money to friend's and relative's..If I can't afford to give them money they don't get any..A good way to lose friend's and relative's is to loan them money..I have found out the hard way.......

                          I Agree!

                                  Smart bets...... Equal Phat Pocket$!

                                               

                                       





                            guesser's avatar - Lottery-017.jpg

                            United States
                            Member #41383
                            June 16, 2006
                            1969 Posts
                            Offline
                            Posted: February 17, 2007, 12:47 am - IP Logged

                            Unfortunately, many lottery winners who do keep their money end up losing all their friends, and those who keep their friends end up losing their money. There's also those winners who lose both.

                            Ryan, you nailed it as good as I've ever seen, congrats.

                            OldSchoolPA - financial advisors can call me all they want, they will only get a 'this number has been disconnected' message.

                            First rule of winning the lottery is disconnect your home phone and buy disposable cell phones, and get new disposable phones (with new numbers) every month for about 6 months, then life settles down a bit.

                            I won't mind at all doing promos for the Lottery - in some states a press conference is required if you win as 'part of the deal' (read the fine print which refers to other fine print you must write-in to get).

                            I know two people in different states that have wone the PB jackpot, one I had not seen in 26 years, when he won, I had NO urge to even try and call him and offer congrats: we had not stayed in touch for that long, why start now ?     And the other guy: he started spending stupidly from day one, and I railed him for the next 6 months before he saw the light and stopped blowing it. He didn't win a HUGE one, he split one with some other folks, but he was financially 'set for life' - IF he would stop throwing away money. 

                              OldSchoolPa's avatar - Lottery-057.jpg
                              Gurnee, Illinois
                              United States
                              Member #49731
                              February 12, 2007
                              917 Posts
                              Offline
                              Posted: February 17, 2007, 12:22 pm - IP Logged

                              Congrats to the Ms Alston of NC for winning the PB jackpot.  But if I were her, I would have requested that no photos be taken of me.  I wouldn't mind the written publicity...one can always change their name...hmmm...now that I think about it, with $36M (lump sum before taxes), she could afford to change her appearance too!  But I personally wouldn't want to subject myself to that type of pain...besides I have no need for plastic surgery.

                              Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                              The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!