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Why some jackpot winners blow it

Topic closed. 33 replies. Last post 9 years ago by mylollipop.

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Zeta Reticuli Star System
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Posted: June 30, 2007, 1:07 am - IP Logged

This is just a theory of mine, see what you think. 

I'm sure everyone here has had dealings with people who are constantly trying to make themselves look good, even if it ivvolves others (who they usually give no credit to).

When I worked in the casinos, we would constantly hear players telling other players, "I'll get you lunch, watch this." Then they'd call the floor supervisor and ask for comps for the table.

(Floor people learn to avoid these players and when they can't to give them a song and dance about not having enough play to get a comp yet- usually all too true).  

But people love to play "the Big Shot".

On a much smaller scale, my wife has a friend who is constantly asking us for the paper (since she knows we subscribe and she's not about to spring). Every time someone where she works says they'd like to have a copy of an obit, she chimes in and says, "I'll get you one."

These are minor petty examples, I know, but what they are examples of I don't want to even think about on the scale of a lottery winner.  

Consider the outright nerve of some people and the fact that there are others that can't say no, and I think that some jackpot winners that blow it all or blow a lot of it do so because of other people.

Hopefully they learn to say no before it's all gone.

Any thoughts?

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.

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    Westerose
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    Posted: June 30, 2007, 4:02 am - IP Logged

    Actually I believe that the dreaded "others" is one of two reasons lottery winners mess up.....

    Of course you have those who spend on themselves to their downfall....

    However you have those who spend on "others" to their downfall.

    Then you have those who do both....

    Sure other wealthy people have people that set about after their money. But certian types of people who come into quick money are targeted more so by people wanting to get money from them.

    Some lottery winners are the easiest marks for these scammers and even "friends" or family who wanna piece to the pie. Sure you get it with people who get record contracts, sports contracts, but I really think lottery winners get a bit more of it. Simply because people see lottery money as play money. IE they didn't work for it syndrome.

    I've watched a few of these lottery curse shows and such and it seems with the exception of Micheal Carroll that most of these people actully a big part of their losing their winnings and such was from helping others and from what others expected from them.

    Jack yeah he gave and gave and gave to others. But people focus on his trips to the strip club....

    David Edwards gave to others..... people focus on his excessive spending sprees.... but forget that he got addicted to helping people as well. An addictive personallity like Edwards can get addicted to anything and make anything an addiction including "helping others"

    Poor old Billy Bob also got addicted to "helping others' and end up shooting himself.

    I do think it's pretty bold of people to ask someone like Pat Frierson for 60k to buy real estate, send her kid to college, buy her get a car, and pay the insurance, and get them braces.  The real estate well the person should go work to get that. The kid could get a job and get their own car and insurance like the rest of us.. and work towards getting their own braces done.

    You give just 17 people 60k and you've given over a Million dollars.  Lottery winners can not just help everyone that comes along asking for 50 or 60 thousand dollars and still expect to have money left at the end of the year.

    Yes the dreaded "others" do play a major part in lottery winners downfall.... I keep saying this but some people on this forum don't wanna hear that or believe that.  Some think it's a greedy attitude or whatever. It's not I just can do simple math. and I am really not that good at math other than to realize how much things actually cost.

    These people won the lottery not some magic money creating machine that can pump out an endless flow of cash....        unless they hold onto the money and invest it in things that make them money....      sorry but giving to others does not make you more money.... and ya don't really get that all back off your taxes..... ya just don't .

    If you win and if you choose to help others out. Then choose wisely who you actually help out and with how much. Cos if you buy a Big House or Property you are still gonna have to pay taxes on it.

    You can't buy a 4 Million dollar home with your say 10 Million then help out 100s of people with 50 60 thousand dollar hand outs and expect to keep your home..... cos you won't have money left to pay your property taxes.

    After you spend 5 or 6 Million of your 10 Million guess what you arent getting the same interest daily... So no you can't just wait a few days to pay for that thing or what ever.... What you could do is wait until the next year then spend what you made in interest the last year after taxes on shiney new toys but keep the principle intact.

    Edwards theory of the "bank bought it fer me" just doesn't work...    He may have gotten 18500 in interest at first but after he went through 12million that is interest is longer gonna be 18500 or whatever he claimed.

    lol people with small families and few friends are better off winning than people with large families and many friends....  cos they will say "they haven't changed a bit" only until you stop giving to them then they will say "Lottery has really changed them for the worse" and you can bank on that.

    You live a life of abundance! You have won the lottery! Belief creates reality! Believe!

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
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      Posted: June 30, 2007, 10:30 am - IP Logged

      Good post, manzplan.

      I remember seeing an interview with a jackpot winner that blew most of it and he kept saying, "All I knew was that I had millions and could by people cars, so I just kept doing that. Then one day I realized I had millions. Meaning I had had millions, not anymore."

      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.

        justxploring's avatar - villiarna
        Wandering Aimlessly
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        Posted: June 30, 2007, 11:15 am - IP Logged

        I would definitely change some habits, but I think I'd always look for a good deal.  I've seen some very wealthy people shopping in thrift stores and outlet centers.  There is a big difference between being cheap and being practical. 

        As far as why some jackpot winners blow it is concerned, looking back on my life, I could have done a lot of things better. I also took a lot of bad "professional" advice that hurt me.  Perhaps if I were a jackpot winner 20 years ago, I would have blown a lot of it, but I seriously doubt it.  Having enough money to give you everything you need and enough to share should give you a sense of relief so you have more time to plan and the peace of mind to make reasonable decisions.  Those who end up broke aren't planning ahead.  It's that old expression again.  None of plan to fail but most of us fail to plan. 

          guesser's avatar - Lottery-017.jpg

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          Posted: June 30, 2007, 4:09 pm - IP Logged

          I'm not buying it.

          People that blow money because of others ?   Then they were that way all along, and have nobody to blame but themselves.

          Warren Buffett got rich by - using other peoples' money.

          If you let people walk all over you if/when you are 'rich', then chances are you do the same when you are penniless.  You may think you are meaning well, or doing well, or you feel good for doing it, but that's part of the reason you are penniless. 

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
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            Posted: June 30, 2007, 6:15 pm - IP Logged

            guesser

            Not near as many, if any, are going to try it when you're penniless. What's the point in that?

            Find yourself in the street and see who your true friends are.

            Hit the lottery and find out how many want to be your friend.

            Coin Toss 

            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.

              Guru101's avatar - rw6jhh
              Indiana
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              Posted: June 30, 2007, 8:05 pm - IP Logged

              If I won a big jackpot, I don't think I would blow it, however, I certaintly am going to divulge a little immediately after claiming it. I'm going to take a few vacations, buy a Corvette and Lamborghini, a new house, and lots of electronics. All because I just want to know what it's like to experience "the expensive life". After that I'll start my own business and invest a lot of it towards Intel, Microsoft, and other companies.

              Gonna win.Big Smile

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                Westerose
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                Posted: July 1, 2007, 2:51 am - IP Logged

                I'm not buying it.

                People that blow money because of others ?   Then they were that way all along, and have nobody to blame but themselves.

                Warren Buffett got rich by - using other peoples' money.

                If you let people walk all over you if/when you are 'rich', then chances are you do the same when you are penniless.  You may think you are meaning well, or doing well, or you feel good for doing it, but that's part of the reason you are penniless. 

                because some winners begin to experience Lottery Guilt.  They feel guilty the got so much money quickly for some reason and try to justify that they won this over others buy helping others out. They don't want to appear as if they have changed whatever that means. This also happens to certian other types that come into quick huge sums of money..... IE Athletes, Musicians.

                Peer Pressure on Lottery Winners is huge....  if you really want to understand this point then when the next lottery show comes on tv showing how winners have made out.... look past what they spend on themselves and look at just what they spend on others.

                I will say this again.....    if you are being generous with people and giving them things and buying dinner when you go out...... they will say "He/She hasn't changed a bit after winning the lottery."    if you stop footing the bill then they will say "Winning the lottery really changed him/her."

                How many brand new cars for people can you buy with a Million Dollars? Yeah depends on what type.

                Say you buy your sister a BMW or a Jag.... then your Brother wants a Corvette....    then you only buy your other brother a KIA......  conflict right there....

                okay lets say you buy different people 30000 cars.....  that is about 33 people you can buy cars for more or less..... with a Million dollars.

                let's say you want to help kids through college.... 4 years even with a modest 50k a piece if you help 18 or so kids you've spent another Million......

                Help out 10 people with 100000 for medical treatments thats another Million....

                You're brother wants to start a business say 100000 right there then your cousin wants some help for one as well then a friend.....

                then you get 100s of peices of mail with people with hardluck stories,,,,,,, how many are you gonna help.... are you gonna keep track of the money..... say you give 100 people 50k there goes another 5 Million.

                then you think hmmmm that waitress was really good or really hot and you start throwing out 500 1000 5000 tips just to see the smiles on their faces.....

                and while you are doing this you are also getting all the things you and your family dream about having....

                I don't know how much clearer I can make it.  If you win the lottery you either keep your money intact for you and your immeadiate family and be called greedy by some or you give in to the pressure  from people who want a handout and end up penniless and owing at the end of the day.

                It's easy enough to stop your own spending sprees but it's not so easy for some to say "No" to people with even phoney "needs".

                You live a life of abundance! You have won the lottery! Belief creates reality! Believe!

                  hearsetrax's avatar - 0118

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                  Posted: July 1, 2007, 8:02 am - IP Logged

                  because some winners begin to experience Lottery Guilt.  They feel guilty the got so much money quickly for some reason and try to justify that they won this over others buy helping others out. They don't want to appear as if they have changed whatever that means. This also happens to certian other types that come into quick huge sums of money..... IE Athletes, Musicians.

                  Peer Pressure on Lottery Winners is huge....  if you really want to understand this point then when the next lottery show comes on tv showing how winners have made out.... look past what they spend on themselves and look at just what they spend on others.

                  I will say this again.....    if you are being generous with people and giving them things and buying dinner when you go out...... they will say "He/She hasn't changed a bit after winning the lottery."    if you stop footing the bill then they will say "Winning the lottery really changed him/her."

                  How many brand new cars for people can you buy with a Million Dollars? Yeah depends on what type.

                  Say you buy your sister a BMW or a Jag.... then your Brother wants a Corvette....    then you only buy your other brother a KIA......  conflict right there....

                  okay lets say you buy different people 30000 cars.....  that is about 33 people you can buy cars for more or less..... with a Million dollars.

                  let's say you want to help kids through college.... 4 years even with a modest 50k a piece if you help 18 or so kids you've spent another Million......

                  Help out 10 people with 100000 for medical treatments thats another Million....

                  You're brother wants to start a business say 100000 right there then your cousin wants some help for one as well then a friend.....

                  then you get 100s of peices of mail with people with hardluck stories,,,,,,, how many are you gonna help.... are you gonna keep track of the money..... say you give 100 people 50k there goes another 5 Million.

                  then you think hmmmm that waitress was really good or really hot and you start throwing out 500 1000 5000 tips just to see the smiles on their faces.....

                  and while you are doing this you are also getting all the things you and your family dream about having....

                  I don't know how much clearer I can make it.  If you win the lottery you either keep your money intact for you and your immeadiate family and be called greedy by some or you give in to the pressure  from people who want a handout and end up penniless and owing at the end of the day.

                  It's easy enough to stop your own spending sprees but it's not so easy for some to say "No" to people with even phoney "needs".

                  Well put,manzplan.....

                  I know for a fact I'd have a hard time saying no to SOME friends

                  but as for the rest of the people sending solicitations for possibly phoney needs .... I'd use them for kindling for the fireplace and then send them all a picture of the above act with a penny with a note saying "add 99 more and pray like the Red Devil was @ the door and close by saying thank you for adding to the pile"

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                    Grand Rapids, Michigan
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                    Posted: July 1, 2007, 8:50 am - IP Logged

                    Lottery winners just need to learn how to say "NO".  I mean I've got one sister and my parents are still alive.  My wife has one brother and her mom and still alive.  We would definitely give them some money.  But then there's the problem of my wife's extended family.  I mean seriously she's got around 15 or so aunts or uncles...can you imagine if we didn't say NO to all of them.  The money would be gone in no time.  So no matter what happens there will be people who will be upset at you and it will be impossible to please everyone and I didn't even include all the friends we have in that scenerio.  Like I said if you don't learn to say NO then you will learn the hard way what is WAS like to have millions.  I would probably hire a financial expert/adviser and just see how much we could give away and once we hit the limit tell everyone sorry and we can't give anymore away.  Of course I already told one of my closer friends I'd build him a state of the art home theater movie system...but I'm a big movie buff.

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                      Posted: July 1, 2007, 6:30 pm - IP Logged

                      This is just a theory of mine, see what you think. 

                      I'm sure everyone here has had dealings with people who are constantly trying to make themselves look good, even if it ivvolves others (who they usually give no credit to).

                      When I worked in the casinos, we would constantly hear players telling other players, "I'll get you lunch, watch this." Then they'd call the floor supervisor and ask for comps for the table.

                      (Floor people learn to avoid these players and when they can't to give them a song and dance about not having enough play to get a comp yet- usually all too true).  

                      But people love to play "the Big Shot".

                      On a much smaller scale, my wife has a friend who is constantly asking us for the paper (since she knows we subscribe and she's not about to spring). Every time someone where she works says they'd like to have a copy of an obit, she chimes in and says, "I'll get you one."

                      These are minor petty examples, I know, but what they are examples of I don't want to even think about on the scale of a lottery winner.  

                      Consider the outright nerve of some people and the fact that there are others that can't say no, and I think that some jackpot winners that blow it all or blow a lot of it do so because of other people.

                      Hopefully they learn to say no before it's all gone.

                      Any thoughts?

                      "When I worked in the casinos, we would constantly hear players telling other players, "I'll get you lunch, watch this." Then they'd call the floor supervisor and ask for comps for the table."

                      I believe this type of person is much more likely to spend a large portion of their jackpot winnings playing the role because they will a "big shot" until the money is gone.

                      "I think that some jackpot winners that blow it all or blow a lot of it do so because of other people."

                      When I read some of the comments about remaining anonymous I wonder if the real reason is that some people fear they can't say "no".  I've always looked at jackpots as windfalls so I'd probably blow some of it too.

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                        Westerose
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                        Posted: July 2, 2007, 2:22 am - IP Logged

                        "When I worked in the casinos, we would constantly hear players telling other players, "I'll get you lunch, watch this." Then they'd call the floor supervisor and ask for comps for the table."

                        I believe this type of person is much more likely to spend a large portion of their jackpot winnings playing the role because they will a "big shot" until the money is gone.

                        "I think that some jackpot winners that blow it all or blow a lot of it do so because of other people."

                        When I read some of the comments about remaining anonymous I wonder if the real reason is that some people fear they can't say "no".  I've always looked at jackpots as windfalls so I'd probably blow some of it too.

                        Thing is even on this site....... where we don't know other players personally..... if you say that you will say "No" to requests for money some people get really bent out of shape about that....

                        Call you "Greedy" and such......

                        Now if you win and say "No" to people you know and "No" to high profile charities in your community and such.......    think about the pressure that will be put on you as a winner of a large jackpot.....

                        Personally I just luagh at people who hold this view.... I can, will, and do say "No" to random requests for money.  If that makes me "Greedy" fine.......  I won't be defined by other people's illusions of morality.

                        On the level of Charities..... At one time I saw some infomercial about a charity that was to help people cure leporsy... they said what the treatments cost and how many people in the world had it...  anyway it came about to around 2 to 4 Billion dollars to cure everyone how has leporsy....

                        Not really much....... well my thought is then why don't the governments of the world get together and do it... yeah stop pulling pud asking for donations and lobby the UN to fix this thing.

                        The Situation in the Sudan yeah yeah all these charities saying that if you send money it will help folks in Darfur............ WELL IT WON'T........      Unless there is military action there nothing will work.

                        Then when Katrina hit the second biggest Animal "Rights" Charity started collecting money to help save pets deserted because of Katrina......  they even went so far as to show pictures of the rescues..... only problem was that they weren't doing the rescues      Animal "Walfare" groups were not them......    They scammed people to get money to further their vegan agenda.....      this particular Organization has no actual contact with animals they just collect money through deciet from animal lovers to spread their vegan agenda.  If you want to know what group is doing this look it up and you will find it out.

                        As my wife said "If 50 Million dollars would cure all of the problems in the World. Bono would have already done it by now"

                        If you are going to "help people" then make sure that the money you give is actually going to where you are told it's going to......      Cos alot of the times it just is not going where they say it is.

                        You live a life of abundance! You have won the lottery! Belief creates reality! Believe!

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                          Georgia
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                          Posted: July 2, 2007, 3:51 am - IP Logged

                          probably PETA.

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                            Georgia
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                            Posted: July 2, 2007, 3:52 am - IP Logged

                            PETA: People Eating Delicious Animals

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                              Westerose
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                              Posted: July 2, 2007, 3:58 am - IP Logged

                              probably PETA.

                              No the other one......    that is most definately not your local humane society ;)

                              You live a life of abundance! You have won the lottery! Belief creates reality! Believe!