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Don't Spend Your Jackpot!

Topic closed. 26 replies. Last post 8 years ago by Uff Da!.

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One2Adore's avatar - butterfly2
Maryland
United States
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Posted: August 10, 2008, 10:37 am - IP Logged

Almost every article on "What to do if you win a jackpot" tells you to put the money away and to not make any rash purchases.  Some even say to wait a year before touching it. 

My question to you all is:  Would you be able to DO NOTHING for a year with your jackpot? 

Living on Earth is expensive, but it does include a free trip around the sun every year.

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    Talking Rock, GA
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    Posted: August 10, 2008, 10:47 am - IP Logged

    Absolutely no way at all.......I'd have to spend a little bit on something, whether it'd be a nice vacation (Vegas, baby Big Grin ), a decent-sized house (not a mansion right off the bat), or something else I could use at that particular time.

    A Gold account on Lottery Post:  $4.95

    A Millionaire Jumbo Bucks scratcher:  $20

    Airfare and hotel in March 2007 to see The Price Is Right before Bob Barker retired:  $600-something

    Winning something to get a trip to a district office:  Priceless Big Grin

      One2Adore's avatar - butterfly2
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      Posted: August 10, 2008, 10:51 am - IP Logged

      I'd at least have to pay off my debt.  But to be honest, I don't know if I could wait a whole year.  My car is almost 9 years old.  A new car would be SCREAMING my name every time I drove past a car dealership. 

      Living on Earth is expensive, but it does include a free trip around the sun every year.

        DC81's avatar - batman39
        MI
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        Posted: August 10, 2008, 11:07 am - IP Logged

        I wouldn't be able to wait a week after claiming and getting the money, let along a month or a year, I'd just try not to over spend which to me would be 5% or 1 million in the first year would be more than enough and I struggle to think of what I'd spend a million dollars on in what interest me. I wouldn't be buying a huge, mansion like house or an expensive car or cars though I'd certainly be moving, I wouldn't be hitting Vegas and going nuts with gambling and I'm not much of a traveler though there are at least a few places I'd want to visit. I'm sure if my relatives knew they'd know exactly how to squander it which is one reason why moving is near the top of my list. I'd not about being able to say "no" it's just about getting away so they can't even ask.Big Smile

        You can't predict random.

          savagegoose's avatar - ProfilePho
          adelaide sa
          Australia
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          Posted: August 10, 2008, 11:27 am - IP Logged

          i spose easiest way to do nothing with it , would be to put it in a SAFTEY DEPOSIT BOX,  and sit around thinking for a year.

           

          nope I couldnt do it.

          id have to at least have it some account some where earning some interest.  term deposit,  bonds; something doing something.

          i could wait 1 month, for the 1st monthy interest checks to start rolling in,  and I imagine it would be one of the slowest months of my life.

          2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

          keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

            pigsNtrees's avatar - pigsNtrees
            Mallorn trees of Lothlorien
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            Posted: August 10, 2008, 11:37 am - IP Logged

            No. I would be spending it, before I get the money, preparing for when I claim it. I have already made out a budget for the first twenty years. Which at my age who knows that may be all I have left. Carpe Diam!

            Quando Porca Volare!

            drunk hobbit

              Raven62's avatar - binary
              New Jersey
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              Posted: August 10, 2008, 11:41 am - IP Logged

              Almost every article on "What to do if you win a jackpot" tells you to put the money away and to not make any rash purchases.  Some even say to wait a year before touching it. 

              My question to you all is:  Would you be able to DO NOTHING for a year with your jackpot? 

              Just because many articles say it: Doesn't mean it's good advice.

              A better question: Would you take advice on how to handle your Jackpot from someone that never Won a Jackpot?

              A mind once stretched by a new idea never returns to its original dimensions!

                Guru101's avatar - rw6jhh
                Indiana
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                Posted: August 10, 2008, 11:43 am - IP Logged

                No way.

                Gonna win.Big Smile

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                  Kentucky
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                  Posted: August 10, 2008, 11:49 am - IP Logged

                  Almost every article on "What to do if you win a jackpot" tells you to put the money away and to not make any rash purchases.  Some even say to wait a year before touching it. 

                  My question to you all is:  Would you be able to DO NOTHING for a year with your jackpot? 

                  That's because the people writing almost every article never won a large jackpot and it's just their opinion of what they would do if they won. They are also written by financial advisors who stand to make lots of money off of the winner's investments.

                  When jackpot winners say they will continue to work after getting their multi-million dollar check, I roll my eyes because they never had to get up in the morning and go to work having that much money in their pockets. It doesn't make any sense to dream about a fantastic vacation, a new home, and all the other toys while at work when they could be out making those purchases either.

                  When getting a windfall $20 million after taxes the first urge of most people would be to spend, but if they limited it to even a $1 million the first year and invested the rest, they probably just blew the first year's interest.

                  Do people buying $2 worth of MM or PB really dream about investing the jackpot for a year, continuing to work, drive an old car, and live in the same old house? 

                    Uff Da!'s avatar - InCelebration 001.jpg
                    Washington State
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                    Posted: August 10, 2008, 12:09 pm - IP Logged

                    Not spend ANY of it?  Are you kidding?  My only vehicle is 18 years old!  Besides, I've already been retired many years and at my age, though I'm in good health and expect to live many more years, there would be absolutely no need to wait to spend part of it.

                    A better plan IMO would be to spend no more than 10% of it the first year, then interest/dividends only in future years.

                      ThatScaryChick's avatar - x1MqPuM
                      Idaho
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                      Posted: August 10, 2008, 1:15 pm - IP Logged

                      Wait a year, no way!

                      "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                        justxploring's avatar - villiarna
                        Wandering Aimlessly
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                        Posted: August 10, 2008, 1:18 pm - IP Logged

                        savagegoose, safe deposit boxes are not insured in the United States.  So I would never put anything that isn't trackable and can't be replaced like money into one for very long.  It would be better to put the check from the lottery into it if a winner wants to wait. 

                        In the "real" world, I'd probably never do it,  but if I won the lottery & really felt I needed a 6 month vacation or a year to chill out, I'd just take my Visa and travel for a while or rent a villa somewhere nice and then pay off my credit cards when I got back.  

                        Having said that, I'd always be worried until I was settled down and my money was safely invested, so I would probably buy a house within 2 or 3 months.  The latest news is that home prices will continue to drop for a year and will bottom out late in 2009, but peace of mind is more important to me.  Still there are many ways to purchase, like buying a builder's model and leasing it back for a year while you travel or get things settled.  Also, if you want to buy land & build a custom home, it sometimes takes a year.

                        I also wouldn't want to lose whatever interest I'd be earning by putting it in the bank.  The interest on just a million is more than many people earn in a year.  So I could have a great year and not touch the principal by simply spending the interest.

                        So I guess after all that, my bottom line is, no I wouldn't wait.  It's like having a piece of cheesecake in the fridge when you're hungry.  Anyway, I've wasted too much of my life already.

                          GoldenWhun's avatar - Lottery-043.jpg
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                          Posted: August 10, 2008, 1:47 pm - IP Logged

                          No way could I wait a year. I would wait long enough just to get the money by getting lawyers to set up trust, Finanical planners and such. But when i have the money in the bank its vacation time.  Sipping a tropical smoothie on the the beach sounds too tempting.

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                            Kentucky
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                            Posted: August 10, 2008, 5:24 pm - IP Logged

                            savagegoose, safe deposit boxes are not insured in the United States.  So I would never put anything that isn't trackable and can't be replaced like money into one for very long.  It would be better to put the check from the lottery into it if a winner wants to wait. 

                            In the "real" world, I'd probably never do it,  but if I won the lottery & really felt I needed a 6 month vacation or a year to chill out, I'd just take my Visa and travel for a while or rent a villa somewhere nice and then pay off my credit cards when I got back.  

                            Having said that, I'd always be worried until I was settled down and my money was safely invested, so I would probably buy a house within 2 or 3 months.  The latest news is that home prices will continue to drop for a year and will bottom out late in 2009, but peace of mind is more important to me.  Still there are many ways to purchase, like buying a builder's model and leasing it back for a year while you travel or get things settled.  Also, if you want to buy land & build a custom home, it sometimes takes a year.

                            I also wouldn't want to lose whatever interest I'd be earning by putting it in the bank.  The interest on just a million is more than many people earn in a year.  So I could have a great year and not touch the principal by simply spending the interest.

                            So I guess after all that, my bottom line is, no I wouldn't wait.  It's like having a piece of cheesecake in the fridge when you're hungry.  Anyway, I've wasted too much of my life already.

                            Most of us have played lottery games for years dreaming about doing some of the same things. The idea winners should wait another year is silly unless they are already living their dream. 

                              One2Adore's avatar - butterfly2
                              Maryland
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                              Posted: August 10, 2008, 5:53 pm - IP Logged

                              I'm glad I'm not the only one.  I made this topic after reading an article this morning.  If you notice, a lot of those types of articles have "experts" that say not to touch your jackpot or make any large purchases right away.  But isn't that why we play the lottery?  I can understand their point because more often than not, people blow through all their winnings and end up broke again or worse off than before they won. 

                              EDIT: I'm going to assume they mean not to go buy the biggest mansion with expensive furnishings and a fleet of expensive cars.  I think for those of us on these forums, that goes without saying.  We've read about people who have gone down that route and we know better.  At least I hope so.  Wink

                              Living on Earth is expensive, but it does include a free trip around the sun every year.