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Lottery winners and Hip-Hop lifestyle...

Topic closed. 31 replies. Last post 7 years ago by Bagent.

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Constitutional Money Is Real Money
Brick City
United States
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March 3, 2003
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Posted: July 6, 2009, 8:39 pm - IP Logged

This acquaintance of mine won $1,000,000 on a scratcher in Detroit area.  Before he won the lottery, he was a Christian man; very quiet and polite.   AFter taxes, he got like $700,000 or something(from my calculations).  Instead of hiring a financial advisor, he goes on a spending spree.  He bought a $220,000 Ferrari, a Range Rover with 25 inch rims, BMW 7 series with rims for his sister and a Jaguar with rims for his Dad.  Instead of buying a new house, he is staying in the same apartment with no garages.  He bought tons of expensive hip hop clothing and jewelry.  Yesterday I was shocked to see that he wasn't with his wife anymore and he now has a gorgeous Caucasian lady.

Today I finally got to talk to him(which he told me what he bought) and he was being very rude, loud, obnoxious.  I interrupted him once on a sentence and he outbursted in anger.

it's amazing how money can make people 2-faced.  Rumors are is that he's broke.

This is his life's test. He will either pass or fail. All we can do is observe. The money will be a blessing or it will be a burden. Too soon to tell, but burden looks like its in the lead right now...

Whatever you fear most has no power - it is your fear that has the power.
Oprah Winfrey

Insanity: doing the same thing over and over again and expecting different results.
(attributed to) Albert Einstein

I have failed many times, and that's why I am a success.
Michael Jordan

My religion consists of a humble admiration of the illimitable superior spirit who reveals
himself in the slight details we are able to perceive with our frail and feeble mind.

Albert Einstein

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    Posted: July 6, 2009, 8:46 pm - IP Logged

    The tax liability on $1,000,000 would be roughly 37% (4.35% Michigan and 32.77% Federal) leaving an investment balance of approximately $630,000.  That amount invested in a High-Yield Corporate Bond Fund would provide in the neighborhood of $3,700 per month before taxes (which would be at a lower rate in subsequent years).  "A fool and their money . . ."

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      August 17, 2007
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      Posted: July 6, 2009, 10:17 pm - IP Logged

      The tax liability on $1,000,000 would be roughly 37% (4.35% Michigan and 32.77% Federal) leaving an investment balance of approximately $630,000.  That amount invested in a High-Yield Corporate Bond Fund would provide in the neighborhood of $3,700 per month before taxes (which would be at a lower rate in subsequent years).  "A fool and their money . . ."

      I thought it was 25% Federal and 4.35% Federal?

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        Posted: July 6, 2009, 10:27 pm - IP Logged

        "I thought it was 25% Federal"

        25% is withheld.  Google . . top tax bracket.

          hearsetrax's avatar - 0118

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          Posted: July 7, 2009, 7:08 am - IP Logged

          personally after reading this thread I don't know wethier to laugh or Roll Eyes

          I know for my self I'd go on a given mad spending spree if only for the essentials of home and a gently used pick up and maybe a nice also gently used hard top convertible ..... after that and a fair amount of traveling then we'd see about the rest of it

            CowboysFan's avatar - Cowboys
            Sunny California
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            Posted: July 8, 2009, 6:13 pm - IP Logged

            And all the people at his apartment must be thinking why the hell is he still living there if he owns those three beautiful cars? Did the guy make a mistake and think he won $7,000,000.

              Littleoldlady's avatar - basket
              Clarksville
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              Posted: July 12, 2009, 6:14 pm - IP Logged

              Maybe he can't count.  But if he blew his money like that..he will be in poor house soon enough with no nice looking blondes.  He might be lucky and end up with a fat blonde with no teeth and acne scars in her face. 

              What I can't understand is why black men as soon as they get rich or get a hold of a large sum of money, they dump their black wife and go get a white woman..I can't understand this.

              If you know your number is going to hit, have patience and then KILL IT!

              You never know when you will get another hit.

                Tenaj's avatar - michellea
                Charlotte NC
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                Posted: July 12, 2009, 6:25 pm - IP Logged

                More power to the winner and God bless'em.

                takeemtothebank

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                  Entertaiment Capital
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                  Posted: July 12, 2009, 7:02 pm - IP Logged

                  Maybe he can't count.  But if he blew his money like that..he will be in poor house soon enough with no nice looking blondes.  He might be lucky and end up with a fat blonde with no teeth and acne scars in her face. 

                  What I can't understand is why black men as soon as they get rich or get a hold of a large sum of money, they dump their black wife and go get a white woman..I can't understand this.

                   The bigger question is "Why do they buy expensive cars like candy when they get rich?"

                    Shawn67's avatar - Lottery-061.jpg

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                    Posted: July 12, 2009, 8:38 pm - IP Logged

                    I guess I'm just too simple. I just want to win a jackpot so I can pay off the mortgage on my modest yet comfortable home, get a nice pickup, pay off the credit cards, and put the rest away for retirement so I can live the rest of my life with "no" real worries.

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                      florida
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                      Posted: July 13, 2009, 10:14 pm - IP Logged

                       SOME**       not too good to generalise

                      never take advise from someone unless you are willing to live their lifestyle

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                        florida
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                        Posted: July 13, 2009, 10:17 pm - IP Logged

                         The bigger question is "Why do they buy expensive cars like candy when they get rich?"

                        everybody has his own "indulgence" to him it may be cars and to you it may be horses or even yachts / expensive vacations so no one can really judge another , if you know what i mean.

                        never take advise from someone unless you are willing to live their lifestyle

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                          Kennesaw, GA
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                          Posted: July 14, 2009, 7:50 am - IP Logged

                          everybody has his own "indulgence" to him it may be cars and to you it may be horses or even yachts / expensive vacations so no one can really judge another , if you know what i mean.

                          i completely agree, it is their money let them do what they want with it..regardless if they won it or worked for it, it belongs to them..he got his enjoyment out of it, it served HIS purpose........

                            mjwinsmith's avatar - moon

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                            Posted: July 14, 2009, 8:13 am - IP Logged

                            Sounds like a good reality TV show to me, LOL.

                              swampfox's avatar - animal041
                              SC Low Country
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                              Posted: July 14, 2009, 8:38 am - IP Logged

                              My husband watched a TV show which showed lotto winners.  They stated the majority of people who win, including millions, don't have it within 6 months to a year.  It's about the motto of today,"  Live life now, don't worry about tomorrow...I guess, cause someone will take care of it."  That's always been one of my parental hangups....it's like a tell my kids, although at the beginning of adulthood, responsibility doesn't go away, and you can't make others exercise it, but you can attempt it yourself.

                              None of us know what the future holds, so I guess we can only try to do our best.  It seems the reaping comes whether we like it or not, and it's all in how we cope with it.

                               

                              "All men of power ought to be mistrusted." - James Madison

                                "While we are contending for our own liberty, we should be very cautious not to violate the rights of conscience in others, ever considering that God alone is the judge of the hearts of men, and to him only, in this case, they are answerable." - George Washington...  SwampFoxShocked Courage is looking danger in the face & saddling up anyway...John Wayne