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winning a jackpot and loaning money

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

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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 ]  
Lotterologist's avatar - lightbulb
Lotto City, Michigan
United States
Member #36256
March 30, 2006
1472 Posts
Offline
Posted: March 15, 2007, 7:35 pm - IP Logged

Not only would I loan RESPONSIBLE friends and relatives money, I would GIVE them money happily.

"I don't care too much for money; money can't buy me love"--- John Lennon

People have always accused me of being "too generous", but that is just me. I'll work my butt off to make a fortune, and happily give it away. Party

 

My motto is, "I make the money....the money don't make me".

He who is ruled by his desires is but a slave.

    Lotterologist's avatar - lightbulb
    Lotto City, Michigan
    United States
    Member #36256
    March 30, 2006
    1472 Posts
    Offline
    Posted: March 15, 2007, 8:29 pm - IP Logged

    As far as my IRRESPONSIBLE friends go, I wouldn't loan them, but I would GIVE them money. I have one friend, for example, who always asks me to "loan" him some money, but I know that to him, the word "loan" means to GIVE, and he's never gonna pay me back, so when I "loan" him the money, I have no intention of him paying me back. (if I did, we wouldn't be friends) LOL

    Don't get me wrong, I get paid back in various ways.

    Sun Smiley The sun doesn't die out, even though he shares his golden rays!

      dnroth's avatar - pryd

      United States
      Member #37110
      April 10, 2006
      43 Posts
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      Posted: March 15, 2007, 10:21 pm - IP Logged

      I voted for the wrong choice.  I would not loan money, but I would definitely offer gifts of sums to close relatives.

      I'm surprised no one has brought up the gift tax problem, though.  I'd use my tax accountant to figure that one out (i.e. how to give gifts without giving taxable gifts...).

        Avatar
        NY
        United States
        Member #23835
        October 16, 2005
        3502 Posts
        Offline
        Posted: March 16, 2007, 12:54 am - IP Logged

        The gift tax "problem" has been brought up hundreds of times in other threads, and most of the people here are aware of it. If you're interested you can use the search feature to find some of the posts about it.


          United States
          Member #17555
          June 22, 2005
          5582 Posts
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          Posted: March 16, 2007, 2:18 am - IP Logged

          No...unless I start a banking service...LOL

            Lotterologist's avatar - lightbulb
            Lotto City, Michigan
            United States
            Member #36256
            March 30, 2006
            1472 Posts
            Offline
            Posted: March 16, 2007, 8:16 am - IP Logged

            If I was tight with money, I wouldn't be a gambler.

            With the lottery, sometimes you win and sometimes you lose.

              OldSchoolPa's avatar - Lottery-057.jpg
              Gurnee, Illinois
              United States
              Member #49731
              February 12, 2007
              919 Posts
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              Posted: March 16, 2007, 4:16 pm - IP Logged

              Pacattack05...you got me thinking, as I so often do when I am driving through various communities that starting up your own banking institution after hitting the lotto is a brilliant idea.  Although I do not do any of my investing through banks or credit unions, you have to admit that it is an excellent business where you can "guarantee" people 0.2 - 6 percent interest on their savings while at the same time charging them 6 percent on their mortgages, 4 - 15 percent on their automobiles (BTW those are depreciating liabilities unless you actually have a classic...in that case it's an appreciating liability), 9 - 36 percent on credit card balances (and if following Chase or Discover cards lead, use the two cycle billing method to increase the actual interest paid), and miscellaneous fees for services like talking to tellers, low balance fees and ATM fees.  It's no wonder that you will find new bank branches opening in new retail developments...not just to make banking more convenient for the local residents...but because banks are cash cows.  But they do serve an important role so that is why I would take some of my lottery winnings and obtain a charter to open my own bank.  So only in that case would I actually lend people money.  Oh, and I would also open up payday loan store adjacent to my bank as well as in certain neighborhoods and communities.  Great business concept.

              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!

                LOTTOMIKE's avatar - cash money.jpg
                Tennessee
                United States
                Member #7853
                October 15, 2004
                11338 Posts
                Offline
                Posted: March 24, 2007, 5:51 am - IP Logged

                i just paid off a title loan because i don't have a credit card.i filed bankruptcy in 2000 and i'm wondering under the old statutes if my restriction is just about over with.seven years is a long time to wait but i was told i had to wait that long before my bankruptcy is over.

                  OldSchoolPa's avatar - Lottery-057.jpg
                  Gurnee, Illinois
                  United States
                  Member #49731
                  February 12, 2007
                  919 Posts
                  Offline
                  Posted: March 26, 2007, 11:43 am - IP Logged

                  I believe the 7 year restriction is a pretty hard number most conventional financial institutions use in evaluating risk for certain secured and unsecured loans, but it may be possible to obtain a secured credit card within that time frame.  It doesn't hurt to try to obtain a conventional loan as I do know that the rates/fees most payday and title loan places can be quite prohibitive.  Same thing goes for those scam tax refund anticipation loans pushed by Jackson Hewitt and HR Block...people filing electronically can get their refund in less than 2 weeks times...if you have gone 52 weeks without that $1K or $3K interest free loan to Uncle Sam, why in the world would you pay 10 to 40+ percent just to get that money a few days earlier?!!!  Even if you have some bills that are due, I think most creditors would be willing to make a payment arrangement that at the most might cost you 2% additional interest (I know utilities and medical care institutions do that)...in my book, 2% additional sure beats 40+ percent any day!

                  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!