Welcome Guest
Log In | Register )
You last visited December 11, 2016, 2:30 am
All times shown are
Eastern Time (GMT-5:00)

Best jackpot advice yet

Topic closed. 32 replies. Last post 9 years ago by CARBOB.

Page 2 of 3
PrintE-mailLink
Avatar
NY
United States
Member #23835
October 16, 2005
3475 Posts
Offline
Posted: December 30, 2007, 2:14 am - IP Logged

"I'm sure those very people you guys are criticizing are people like you and I."

Your life must be very sad,  or you must be pretty clueless about some of the people being discussed. If some lottery winner had made the mistake of putting all of their money into Enron and Worldcom stock I'm sure people would say they should have diversified more, but they wouldn't get nearly the criticism that a few of the more infamous winners get.  Losing it because of some bad investments and some bad luck is far different than losing it because of repeated bad judgement and good old fashioned stupidity. Dave Edwards in particular seems to  have just upgraded his poor judgement from small things that lost him the small amounts he had to huge things that  lost him the huge amount he got after taxes. In all the stories about him that I've seen I don't recall a single mention of losing money due to a bad investment, but there's plenty about the money he simply wasted.

That's not to say I disagree with the basic premise that  none of us really know how we'd handle it until that time comes. $5 million seems like a great deal of money when you don't have it, but if you do have it, it could be easy to discover that it isn't really all that much. In a safe investment you might  have an income that's only 250k. Buy a big house and a couple of expensive cars, and loan payments, taxes, insurance and other overhead could easily make that 250K seem barely adequate (as many people who work for 250k seem to manage). Throw in some unexpected expenses and a 1% drop in interest rates and it could be very easy to find that your income is less than your expenses.  If you get by for a while, what happens when inflation has made that 250k income the same as 150k today?

    Avatar
    NY
    United States
    Member #23835
    October 16, 2005
    3475 Posts
    Offline
    Posted: December 30, 2007, 2:26 am - IP Logged

    " (Of course, if Uncle Jack had terminal cancer, that's a MUCH different story)."

    Have you ever considered that by blowing most of it now you're not planning for many of the possible futures coming your way? What if it's you that ends up with cancer, but it's not necessarily terminal? Giving 100k to the American Cancer Society now would be very nice, but it means that you won't have it later if you'd like to use it for a specific case of cancer.  Someday down the road that money could mean the difference between living or dying. More likely it will just make a difference in your lifestyle, but there are any number of futures that could make the $5 million you'd keep  far less significant.

    Game Girl liked the line about not taking it with you, and there's a lot to be said for enjoying the present and indulging yourself, but that needs to be balanced against taking care of the future. I don't know when it is that I won't be taking what's left, but I'm going to try pretty hard to leave something behind because it's damn unlikely that I'll end up with nothing left at just the right time.


      United States
      Member #57256
      December 24, 2007
      40 Posts
      Offline
      Posted: December 30, 2007, 1:14 pm - IP Logged

      Now, the latter half of your comments, I agree with it.  To say I must be "very sad" and "clueless," obviously you're the clueless person. You sit there running your mouth as if you're prepare to handle an instant 'pot of gold.' Sudden wealth to someone that's been living pay-check to pay-check and or no checks at all, are more likely to blow that money. Most of us here come from the days where school didn't teach basic Money Management 101 or whatever you want to call it. Schools are now starting to do that - instill some financial literacy to school children and I think that's a very important developement for young Americans. I didn't have that advantage coming up. It wasn't until my mid twenties I took "financial responsibility" seriously. Of course now, it I win the lottery, I have enough sense to get a Lawyer, a CPA, and form a financial team to help craft my sudden wealth and live off the interest with a lucrative investment portfolio.

      Just from reading your comments, I can see you would rank right up there with that Edward guy. Why I say that - look at the things you say and the "way" you say it that gives the impression how you would spend your money. You mention that a 250k could easily feel like 150k with all the material possessions you feel is a "need" when it's actually a "want." Then you mentioned the loan payments, taxes, insurance among other things, when those things can be minimized by simply taking time out to understanding your finance and work around it - that's also why you have a CPA to help guide you through business situations like that.

      Your attitude comes off as a "neccessary" to have all those things and that tells me, you're a BIG SPENDER. And if you're a woman, there's no doubt in my mind you would spend that money before years' end. Women like yourself, want things because they "saw" it. Not because they "need it". I don't say this about every women but base on your comments, that's the impression you have. And you, you try to call somebody else, "sad and clueless"

      You need to get a clue or better yet, a reality check.

        sfilippo's avatar - skull
        Oklahoma
        United States
        Member #33770
        February 24, 2006
        3146 Posts
        Offline
        Posted: December 30, 2007, 1:36 pm - IP Logged

        NumbaTuff,

        Your internet etiquette is really bad.

        You are creating friction right and left with each post you write.

        Either be at peace with us, or we will bring Darth Vader upon your hiney!!!

        Smiley Steve

          rundown99's avatar - cigar

          United States
          Member #567
          August 14, 2002
          484 Posts
          Offline
          Posted: December 30, 2007, 2:01 pm - IP Logged

          1.   Win the jackpot in a state where you can remain anonymous.

           

          2.   Have an attorney form a blind trust.

           

          3.   Don't tell anyone other than that attorney.

           

           Any questions?????

          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!


            United States
            Member #57256
            December 24, 2007
            40 Posts
            Offline
            Posted: December 30, 2007, 2:24 pm - IP Logged

            NumbaTuff,

            Your internet etiquette is really bad.

            You are creating friction right and left with each post you write.

            Either be at peace with us, or we will bring Darth Vader upon your hiney!!!

            That's ironic. If I'm viewed as an outcast, Darth Vader would be on my side.

            "May Force Be With You"

              Jack Pot's avatar - Lottery-028.jpg

              United States
              Member #55246
              September 20, 2007
              225 Posts
              Offline
              Posted: December 31, 2007, 1:22 pm - IP Logged

              NumbaTuff, every internet board is like a home, it has an owner. In this home, you and I are guests. Steve and the others like him are more than just guests, they are the reasons while this board exist. The person with the Darth Vader avatar is the owner of this board. He decides who he wants to welcome here.

                lottocalgal's avatar - Lottery-043.jpg
                CA
                United States
                Member #57222
                December 23, 2007
                587 Posts
                Offline
                Posted: December 31, 2007, 6:50 pm - IP Logged

                I'm sorry, I had to get in on this one.   For whatever reason I found myself watching all of the lottery shows recently and I made a 5 hour dvd. It includes both of the  TLC's "Million Dollar Christmas" shows,  "The Lottery Changed My life," the  THS investigates  "The Curse Of the Lottery" and one that I noticed that is never mentioned is TLC's "Overnight Millionares."  David Edwards is also  featured on this show,but it was taped before he went broke.  He actually purchased over 900 daggers, 1800 swords ("including the one from the Braveheart movie")  a $250k Stineway (sp?) piano,  two $85k chandeliers,  eight $10K place settings (yes $80,000!) A $150K Blues Brothers statue that does nothing accept sit under a $150k atrium, and a patio set for $75k. There  was MUCH more but i will stop here. I don''t know about you, but i think that's a bit much. 

                There seems a level to " blowing it."  Would I buy  a nicer house? yes, but nothing over 3000 sft, anything larger is too much for me.  Would I buy my dream car? Yes, but my dream car is a Chrysler 300 C class, (full chrome package of course.)  And I'd probably buy a 60 inch LCD television, which is another dream.  But  to me those are just  serious upgrades to what i already have.  Anything else  is really an unneccessary show off and waste.  I'd put all the rest in a retirement fund. I would indeed help my family but trust me, I know where Sandra is coming from.  My family would have to be given money a VERY small amounts and NEVER told where the money comes from, or that I  even won the lottery.

                 I have read other stories about DE and he seems to be the type that has never and will never be serious about life's responsibilities.  I can say for a fact that I am not like that.  My tax refund  sits in the bank  EVERY year in a "just in case" fund.  But hey, that's just me.

                  Avatar
                  NASHVILLE, TENN
                  United States
                  Member #33372
                  February 20, 2006
                  1044 Posts
                  Offline
                  Posted: December 31, 2007, 9:25 pm - IP Logged

                  NumbaTuff,

                  Your internet etiquette is really bad.

                  You are creating friction right and left with each post you write.

                  Either be at peace with us, or we will bring Darth Vader upon your hiney!!!

                  I totally agree with you, sfilippo. 

                  This guy has done nothing but degrade the posts of others and claim superior knowledge of the lottery.  Now I see he is clairvoyant for he knows what each of us would do with a big win. 

                  I wonder how his cure for cancer is coming?

                    tntea's avatar - Lottery-059.jpg

                    United States
                    Member #5344
                    June 30, 2004
                    23641 Posts
                    Offline
                    Posted: December 31, 2007, 9:57 pm - IP Logged

                    "A tax refund is not manna from heaven. A refund means that the government took more money out of a person’s paycheck than needed. People should be saving that money for a rainy day instead of blowing it on a trip to Las Vegas."

                    Nobody will dispute that David Edwards blew his windfall but doesn't mean it's a bad idea for people use their tax refund for a vacation.

                    "If people can’t handle a tax refund, imagine what they would do with $27 million."

                    I sure hope sure hope I can handle my $300 refund and won't have financial problems in the future.

                    I agree...

                    Some refunds are huge for those who didn't pay enough taxes or any taxes..

                    Usually these lower income folks do the rapid refund, because they cannot wait to get their hands on the money.  They actually pay to do this rapid refund.  It always amazes me.

                     

                    I don't have to worry about refunds anymore.. Government keeps finding ways to tax my ass more and more..

                         OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                      tntea's avatar - Lottery-059.jpg

                      United States
                      Member #5344
                      June 30, 2004
                      23641 Posts
                      Offline
                      Posted: December 31, 2007, 10:00 pm - IP Logged

                      I just read where Britney Spears makes AND SPENDS almost $800,000 PER MONTH!  I dunno how accurate the article is, but it says she does not save nor invest a penny of that income.  If I were her, I'd start getting a little worried tho, because it's questionable just how long her income will continue if the rumors are true that her career is on the skids.

                      And her mother got Worse Parent of the year award..

                           OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                        sirbrad's avatar - Lottery-062.jpg
                        PA
                        United States
                        Member #22983
                        October 6, 2005
                        2226 Posts
                        Offline
                        Posted: January 1, 2008, 12:26 am - IP Logged

                        Whatever someone does with their money is their business, but David Edwards was a moron, plain and simple. I would like to know how the West family spent their record win. As far as being good with money goes, I used to work at a bank, have no credit card debt after paying off thousands years ago, and have no car payments etc.

                        I also made my big 4 win of $2600 last for about 2 years. So I am sure I will be well equipped for millions, especially considering I have been planning my life strategies based on my upcoming jackpot win for about 5 years. Although I have not played a real lot to be able to implement my strategies, as I do not have a lot of funds free to do so. But I play what I can and win a lot on smaller games to save for the big ones when the time is right.

                          Avatar
                          NY
                          United States
                          Member #23835
                          October 16, 2005
                          3475 Posts
                          Offline
                          Posted: January 1, 2008, 3:41 am - IP Logged

                          Now, the latter half of your comments, I agree with it.  To say I must be "very sad" and "clueless," obviously you're the clueless person. You sit there running your mouth as if you're prepare to handle an instant 'pot of gold.' Sudden wealth to someone that's been living pay-check to pay-check and or no checks at all, are more likely to blow that money. Most of us here come from the days where school didn't teach basic Money Management 101 or whatever you want to call it. Schools are now starting to do that - instill some financial literacy to school children and I think that's a very important developement for young Americans. I didn't have that advantage coming up. It wasn't until my mid twenties I took "financial responsibility" seriously. Of course now, it I win the lottery, I have enough sense to get a Lawyer, a CPA, and form a financial team to help craft my sudden wealth and live off the interest with a lucrative investment portfolio.

                          Just from reading your comments, I can see you would rank right up there with that Edward guy. Why I say that - look at the things you say and the "way" you say it that gives the impression how you would spend your money. You mention that a 250k could easily feel like 150k with all the material possessions you feel is a "need" when it's actually a "want." Then you mentioned the loan payments, taxes, insurance among other things, when those things can be minimized by simply taking time out to understanding your finance and work around it - that's also why you have a CPA to help guide you through business situations like that.

                          Your attitude comes off as a "neccessary" to have all those things and that tells me, you're a BIG SPENDER. And if you're a woman, there's no doubt in my mind you would spend that money before years' end. Women like yourself, want things because they "saw" it. Not because they "need it". I don't say this about every women but base on your comments, that's the impression you have. And you, you try to call somebody else, "sad and clueless"

                          You need to get a clue or better yet, a reality check.

                          Your reading comprehension is obviously deficient, so I'll try to keep it simple. Perhaps you'll have some small chance of following along that way.

                          The only person that was really criticized in this thread is David Edwards, and you chose to suggest that he's probably just like you If you're just like David Edwards then your life is obviously just as sad as his. If you're not like him, then you're obviously clueless about him or you wouldn't have said he's just like you. That means the two choices are sad or clueless.

                          Reading my other comments obviously didn't do much for your understanding, either. I didn't say squat about what I would or wouldn't do if I unexpectedly came into a large sum of money. Your belief that my comments suggest anything about me is either the result of your poor reading comprehension, your inability to reason, or both. I didn't give any impression. The impression you got is entirely a product of the way your mind works. I also didn't say anything about 250k feeling like 150k. That's another thing that's the result of some defect in your ability to read something and figure out what it means. As far as my comments about loan payments,  taxes, and insurance, they were right there in the same sentence as the reference to buying a big house and expensive cars, so anyone who can read at a 7th grade level should have understood that they're the expenses that result directly from the house and cars. That you might feel the need for professional help to figure out how to understand them or minimize them doesn't really surprise me, but it's simple enough for most of us to do all on our own. Since you missed it the first time around, I did say that inflation will make 250k the equivalent of 150k at some point in the future.

                          As for my attitude and spending habits, they're just two more things you only think you know about.

                          I'd ask you for some help with that reality check,  but in the week that you've been here it's been pretty obvious that your keyboard is spewing checks that your intellect is incapable of cashing.
                           

                            justxploring's avatar - villiarna
                            Wandering Aimlessly
                            United States
                            Member #25360
                            November 5, 2005
                            4461 Posts
                            Offline
                            Posted: January 1, 2008, 5:28 am - IP Logged

                            I agree...

                            Some refunds are huge for those who didn't pay enough taxes or any taxes..

                            Usually these lower income folks do the rapid refund, because they cannot wait to get their hands on the money.  They actually pay to do this rapid refund.  It always amazes me.

                             

                            I don't have to worry about refunds anymore.. Government keeps finding ways to tax my ass more and more..

                            There you go again, girl!  "these lower income folks" 

                            You make it sound as if they're in a different class than you are.  (Actually, from your attitude, I'm guessing they are.)  I've had a lot of formal education and made a nice income for a long time, but the past couple of years have been very tough.  Maybe it's the economy, maybe I'm in failing health (too personal) but regardless of the circumstances that led me to this state, I guess you could call me one of those "low income folks" this year.

                            Anyway, you write "Some refunds are huge for those who didn't pay enough taxes or any taxes.."

                            First of all, let me explain the word "refund."  If you go shopping and you buy a tee shirt at Wal-Mart for $10 and return it, you get a refund.  If you stole the tee shirt, you don't get a refund. 

                            Now let's say some of these refunds are for EIC because the taxpayer happens to fall into a qualifying category.  The Earned Income Credit is designed to keep working parents from poverty so they can continue to work and feed their families. So desiring to receive the money quickly would then make a lot of sense.  I don't find anything "amazing" about that.

                            Still, to anyone who is reading this, if you expect a tax refund, "Rapid Refund" is a lot of crap, so I advise people not to get it.  If you have a checking account, just request direct deposit and you'll get your check electronically in a few weeks. You can usually open up a free savings account with as little as $10 at your local bank.  File as early as possible too.  The term Rapid Refund is just another way that financial professionals take advantage of people who put their trust in others.  What these tax preparers do is sign up people getting refunds and deduct the Rapid Refund fee from that amount. Many people don't realize that this is a high interest loan, and they're so excited to get the money, that they don't look at the astronomical fees. To me, this is actually stealing from the American people whose taxes are paying for this instead going directly to these families. 

                            If you are in a low income bracket, don't even bother using one of those tax services like H&R Block.  There are free services available within your community.  As the IRS suggests:

                            Trained community volunteers can help you with special credits, such as Earned Income Tax Credit (EITC), Child Tax Credit, and Credit for the Elderly for which you may qualify. In addition to free tax return preparation assistance, most sites also offer free electronic filing (e-filing). Individuals taking advantage of the e-file program will receive their refunds in half the time compared to returns filed on paper – even faster if you have your refund deposited directly into your bank account.

                              Avatar
                              Dolce, Illinois
                              United States
                              Member #26462
                              November 18, 2005
                              50 Posts
                              Offline
                              Posted: January 2, 2008, 3:39 pm - IP Logged

                              At last report Edwards is still laying low in his native Kentucky.  Rumors abound regarding his health, some saying he was one his deathbed, others focusing on his recovering from surgery and complications with friends in rural Ashland.

                              One thing Edwards did was run through the mass of his $27,000,000 lottery win. 

                              He also has crashed back to earth, and, without the money, will have to resume his life as normal, wage earning American.

                              What that must feel like, most of us will never (hopefully) know.  Sure, we can all run through a normal tax refund, easy.  For whatever reason.  It takes some doing, however, to do the same with 27 mil.

                              That note about the 'all time hard luck story and hard-time losing man may be his legacy.  Just like the Jim Croce song.