United States
Member #54,388
August 17, 2007
313 Posts
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Last year I posted about a person that won $1,000,000. Well, I finally found out officially that he's broke. He sold his Ferarri as well as his other nice cars. He moved out of his $300,000 home and now lives in an apartment in another city (probably moved because of shame).
well guys... it's not a good idea to copy rap/hip hop videos when it comes to your money.
CA United States
Member #57,220
December 23, 2007
587 Posts
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Quote: Originally posted by SmoothJuice on Jan 29, 2010
Last year I posted about a person that won $1,000,000. Well, I finally found out officially that he's broke. He sold his Ferarri as well as his other nice cars. He moved out of his $300,000 home and now lives in an apartment in another city (probably moved because of shame).
well guys... it's not a good idea to copy rap/hip hop videos when it comes to your money.
Hey Smooth who are you talking about? some you knew or a random lottery winner you read about?
Kennesaw, GA United States
Member #62,136
June 18, 2008
1,415 Posts
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Quote: Originally posted by SmoothJuice on Jan 29, 2010
Last year I posted about a person that won $1,000,000. Well, I finally found out officially that he's broke. He sold his Ferarri as well as his other nice cars. He moved out of his $300,000 home and now lives in an apartment in another city (probably moved because of shame).
well guys... it's not a good idea to copy rap/hip hop videos when it comes to your money.
he did what he wanted with his money, who cares if it is gone, money is a tool for him to use however he wants, someone is just mad its not them !!! He enjoyed it, nothing last forever, plus it was just 1million, im less after taxes
CA United States
Member #84,263
December 26, 2009
410 Posts
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Serves him right for not spending investing wisely. $1 million isn't that much money in terms of the big jackpot but it's enough to start to grow into something more.
Clarksville United States
Member #487
July 15, 2002
17,638 Posts
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If it is who I am thinking about, the next time he gets a BLESSING, he will use it wisely. Rap videos?? He was really dreaming..I hope he learned something if nothing else..A Fool and His Money are Soon Parted.
If you know your number is going to hit, have patience and then KILL IT!
Bondi Junction Australia
Member #57,240
December 24, 2007
1,102 Posts
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Quote: Originally posted by SmoothJuice on Jan 29, 2010
Last year I posted about a person that won $1,000,000. Well, I finally found out officially that he's broke. He sold his Ferarri as well as his other nice cars. He moved out of his $300,000 home and now lives in an apartment in another city (probably moved because of shame).
well guys... it's not a good idea to copy rap/hip hop videos when it comes to your money.
Basic financial management should be taught at school. Yes, parents should do it, but many don't. Many people don't understand the value or how to grow it for the long-term. Many people just live for the moment.
It was once said of a Australian corporate high-flyer, he was born into it and lost it all, they he knew the value of two dollars, but not 2 billion dollars.
United States
Member #83,698
December 13, 2009
225 Posts
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Quote: Originally posted by SmoothJuice on Jan 29, 2010
Last year I posted about a person that won $1,000,000. Well, I finally found out officially that he's broke. He sold his Ferarri as well as his other nice cars. He moved out of his $300,000 home and now lives in an apartment in another city (probably moved because of shame).
well guys... it's not a good idea to copy rap/hip hop videos when it comes to your money.
Classic mistake, the expensive home probably saddled him with property taxes and maintenance costs that hit him well after his funds ran out. He probably thought the 25% tax with holding would cover all of his taxes which it does not and cars are never a good investment. $1,000,000 dollars is enough for financial security but only if used wisely.
CA United States
Member #84,263
December 26, 2009
410 Posts
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Quote: Originally posted by jwhou on Jan 31, 2010
Classic mistake, the expensive home probably saddled him with property taxes and maintenance costs that hit him well after his funds ran out. He probably thought the 25% tax with holding would cover all of his taxes which it does not and cars are never a good investment. $1,000,000 dollars is enough for financial security but only if used wisely.
I wouldn't call cars investments at all because of depreciation that all cars go through.
CA United States
Member #57,220
December 23, 2007
587 Posts
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Quote: Originally posted by charmed7 on Jan 31, 2010
I don't why people always go get an expensive home and car. It takes alot money to maintain
property, its costly just for a modest style home. If i came into a large sum i would maintain
my modest style of livin, keep my G6 great on gas, and stay in my townhouse. Its has to b a great
feelin to b debt free. Later for PROFILE and STYLE, thats not me.
Charmed
You really wouldnt move out of you townhouse? If for nothing else than to not have folks so close? Or buy a new car?
Even though I would love to buy a new car ( a Dodge Charger for my husband, a Chrsylter 300 c class for me) and have my dream house built. And believe me, a 3000 sqft single story home in my same city is far from the mansions other folks buy i wouldnt (shouldnt) change much.
I even am not into jewelry or vacations ( except for Orlando and Vegas- where i dont gamble) after the couple of initial purchases I mentioned, I would live relatively simply. I would even still work. Cause most people work just for money, right? But if we could, we still need to keep busy doing something. An Idle mind leads to Idle hands.
Chicago United States
Member #70,676
February 8, 2009
889 Posts
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Quote: Originally posted by myturn on Jan 30, 2010
Basic financial management should be taught at school. Yes, parents should do it, but many don't. Many people don't understand the value or how to grow it for the long-term. Many people just live for the moment.
It was once said of a Australian corporate high-flyer, he was born into it and lost it all, they he knew the value of two dollars, but not 2 billion dollars.
Although I agree that basic financial management should be taught in school sometimes having the knowledge isn't enough.
I spent some time with my 2 older kids teaching them about debt and credit cards and they both still managed to mess up their credit at very early ages.
My third child........ from the time she was old enough and interested in learning...I taught her all about shopping, how to save money, how to compare prices etc. I also taught her about keeping a check book and all there is to know about credit cards. I taught her everything I know about being in debt and trying to stay out of it. Sounds good right? LOL
My daughter (child no.3) has had a job for over a year now. She has yet to save a single penny and although she doesn't write checks her money goes in and out of her checking account so fast that she keeps getting the overdraft notices. She is definitely living for the moment and I have no doubt that if she was the one to win the million dollars she would be just as broke.
Have you ever seen that bumper sticker that says " I graduated from the School of Hard Knocks" ? Sometimes we learn by doing.......
United States
Member #83,698
December 13, 2009
225 Posts
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Quote: Originally posted by ca-dreamin* on Jan 31, 2010
Although I agree that basic financial management should be taught in school sometimes having the knowledge isn't enough.
I spent some time with my 2 older kids teaching them about debt and credit cards and they both still managed to mess up their credit at very early ages.
My third child........ from the time she was old enough and interested in learning...I taught her all about shopping, how to save money, how to compare prices etc. I also taught her about keeping a check book and all there is to know about credit cards. I taught her everything I know about being in debt and trying to stay out of it. Sounds good right? LOL
My daughter (child no.3) has had a job for over a year now. She has yet to save a single penny and although she doesn't write checks her money goes in and out of her checking account so fast that she keeps getting the overdraft notices. She is definitely living for the moment and I have no doubt that if she was the one to win the million dollars she would be just as broke.
Have you ever seen that bumper sticker that says " I graduated from the School of Hard Knocks" ? Sometimes we learn by doing.......
Nothing beats experience.
However, many people who are already in a bind will purchase an inordinate number of lottery tickets as a hail mary of desperation. Hence statistically, many of the winners are in need of financial help to begin with. I think that with any wins larger enough to require a visit to the claim center ($600 or more) should at the very least include a pamphlet from reputable charitable debt counsellors. It's quite likely that many of these winners of the smaller prizes could really use some help and don't know where to get it.
Bay Shore , NY United States
Member #86,233
February 1, 2010
9 Posts
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Here is my thing, if you happen to be LUCKY enough to win a load of money like that and then you foolishly spend it....I will not feel sorry for you. Winning money like that comes to you ONCE in your lifetime and thats if your lucky. :)
