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30% of lottery winners bankrupt within 5 years- so what's your investment advice for them

Topic closed. 66 replies. Last post 6 years ago by ginkostinko.

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rdgrnr's avatar - walt
Way back up in them dadgum hills, son!
United States
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April 28, 2009
14903 Posts
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Posted: June 2, 2010, 10:27 pm - IP Logged

Yeah thanks for the heds up ridge..Will you help tiggs..You can shine his shoes empty tiggs garbage and wash the Winnebago every 5,000 miles..Pay is good plus you'll be working for tiggs $$$$$$$$$$$$$..OH YEAH BABY!!!...

Sounds good to me! As long as you have plenty of Jack on board. I'll have them shoes spit shined so you can see yourself in em!


                                             
                     
                                         

 

 

 

 

                                                                                                   

"The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                            --Edmund Burke

 

 

    tiggs95's avatar - Lottery-036.jpg

    United States
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    November 4, 2006
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    Posted: June 2, 2010, 10:36 pm - IP Logged

    Sounds good to me! As long as you have plenty of Jack on board. I'll have them shoes spit shined so you can see yourself in em!

    That's what tiggs is talking about!!..You got the job..Heading norteast at first then who know where after that..

      sully16's avatar - sharan
      Ringleader
      Michigan
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      October 28, 2009
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      Posted: June 2, 2010, 10:40 pm - IP Logged

      That's what tiggs is talking about!!..You got the job..Heading norteast at first then who know where after that..

      you 2 do know the world is flat and you'll fall off, unless you got some really good rum cake to help navigate.

      Did you exchange a walk on part in the war ?

      For a lead role in a cage?

       

                                                  From Pink Floyd's " Wish you were here"

        tiggs95's avatar - Lottery-036.jpg

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        November 4, 2006
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        Posted: June 2, 2010, 10:46 pm - IP Logged

        you 2 do know the world is flat and you'll fall off, unless you got some really good rum cake to help navigate.

        sully your invited too..Come one come all....$$$$$$$$$$$$$$$$$$$$

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
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          October 28, 2009
          40550 Posts
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          Posted: June 2, 2010, 10:50 pm - IP Logged

          Lover you know we gotta bring rosie.

          Did you exchange a walk on part in the war ?

          For a lead role in a cage?

           

                                                      From Pink Floyd's " Wish you were here"

            tiggs95's avatar - Lottery-036.jpg

            United States
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            November 4, 2006
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            Posted: June 2, 2010, 10:58 pm - IP Logged

            Lover you know we gotta bring rosie.

            That's where we are headed first to jrosinas place..Beddy bye time..night all..

              time*treat's avatar - radar

              United States
              Member #13130
              March 30, 2005
              2171 Posts
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              Posted: June 2, 2010, 11:17 pm - IP Logged

              30% of lottery winners bankrupt within 5 years ,

              so what's your investment advice for a muti-million jackpot winner

               

              real estate

              stock market

              business ideas

               

              lets have a meeting of the minds!

               

               

              edit- source of 30%

              give or take a few %, due to ones that hide their win so no one really knows spot on %

              http://www.youtube.com/watch?v=FqSeyBcIrIY

              a news report less then a week old

              That $3 heist was funny. LOL

              It would've helped if they had said what the average lottery win amount was, for the 30% stat.

              In neo-conned Amerika, bank robs you.
              Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                Avatar
                CA
                United States
                Member #84266
                December 26, 2009
                410 Posts
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                Posted: June 3, 2010, 5:30 pm - IP Logged

                I personally would invest in real estate as you can always rent it out and make money off of that. The rest of the money after I splurge will going into CD accounts.

                Lottery winners who go broke are just dumb...

                  Avatar
                  New Member

                  Australia
                  Member #91843
                  May 26, 2010
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                  Posted: June 8, 2010, 12:00 am - IP Logged

                  I would buy real estate as in houses that mum and dads can afford to pay rent, also entire blocks of flats 6 to 8 packs easy to manage. Buy an existing business or 5, that has loyal customers (not fast food). No need to maintain much have it managed by professionals. Keep plenty cash in term deposits for just in case you need urgently to save some investments going to the edge so that the vultures will not take advantage of .... If money grow above the inflation rate and have a nice life and manage the investments as in keeping in CONSTANT touch with the cash flow... I can live forever.....MUST keep a Low profile ! Move to another state if I need to, even country. Keep the kids on the normality and teach them too so they can continue. Enjoy, have fun, travel,Sad Cheers take time to read lots of Good books. Help people in need ! Go to church. Be normal.

                    ttech10's avatar - blobdude
                    Texas
                    United States
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                    June 5, 2010
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                    Posted: June 8, 2010, 5:01 am - IP Logged

                    you will not see anyone in a big city with a: 2003 or 2002 Honda Accord (is not the actual fact but the symbolism)...What i am trying to say??? Nobody uses older car models in big cities, that´s living in the fast lane....

                    changing a: 30,000 car every 6 years: that´s 60,000 + wife and kids= and surrounding families...comes out to like: $400,000 dollars (i am talking to lottery winners)...

                    houses in the country side you might find many for: $200,000 in the City every houses is: $500,000 or $600,000 (the crapy regular home) and up...

                    Umm... sorry, but there's many older model cars in the big cities. I was looking through Google StreetView in an area where homes can go upwards of $1,000,000 and there are many cars out front that look like '80s-'90s models (the Cooper Square area).

                     

                    With homes, you can get a good house for that price ($500,000-$600,000). Look on Corcoran/Douglas Elliman/CORE and you can find nice condo's for under $450,000. Sure they aren't the high class condo's with amazing views but they're far from crappy. As long as you don't expect to have the best house and eat at all the hottest places then you can easily live in NY, or any other big city, after winning the lottery (and by that I mean hitting the jackpot).

                     

                    I don't mean to sound like I'm attacking you, it's just that those statements (IMO) seem a bit uninformed.

                     

                     

                    As for what my investment plans would be, it's all pretty much been said... the typical route an informed winner should go. The key thing would be not to splurge on more than you realistically need. Sure buy a nice car and a nice house, but know how much they're going to cost in the long run. And depending on how much you win (after taxes) you could move investments around so that you can live comfortably off of interest alone. For those wanting to invest in real estate, a good route to go would be college houses. I know multiple people who rent out homes to university students and they make some good money.

                      johngreek's avatar - Lottery-023.jpg
                      Patras,Achaia,Greece
                      Greece
                      Member #91329
                      May 15, 2010
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                      Posted: June 8, 2010, 6:31 am - IP Logged

                      The advice is pretty simple

                      Pay off all debts if any

                      Live off half the interest..save the other half to keep up with inflation( bank rate is around 5-6% around here not bad at all)

                       

                      Make tax effecient decisions

                      Invest in books and interesting travel destinations and don't buy things that lose their value fast like show off cars expensive consumer electronic devices etc....be a smart consumer in general

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                        Norfolk,VA
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                        December 2, 2009
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                        Posted: June 8, 2010, 7:30 am - IP Logged

                        pay off any and all outstanding debts..... then i would buy maybe 1 or 2 7-11 franchises and then the treat to myself would be a NISSAN GT-R. i would still live life the same. low key and outta sight outta mind....

                        ''YOU CAN PAY FOR SCHOOL BUT, YOU CAN'T BUY CLASS''Thumbs Up

                          THRUST's avatar - f35l

                          United States
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                          March 16, 2010
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                          Posted: June 8, 2010, 11:22 am - IP Logged

                          pay off any and all outstanding debts..... then i would buy maybe 1 or 2 7-11 franchises and then the treat to myself would be a NISSAN GT-R. i would still live life the same. low key and outta sight outta mind....

                          Buying a franchise is a good idea...I would buy a Papa John's or Subway.

                          Being low key is good...it is best to move out of the area you live in and move and blend in with people who have alot of money too.

                          Paying off all debts should be a top priority.

                          $1,000,000

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                            Honduras
                            Member #20982
                            August 29, 2005
                            4715 Posts
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                            Posted: June 8, 2010, 6:41 pm - IP Logged

                            Umm... sorry, but there's many older model cars in the big cities. I was looking through Google StreetView in an area where homes can go upwards of $1,000,000 and there are many cars out front that look like '80s-'90s models (the Cooper Square area).

                             

                            With homes, you can get a good house for that price ($500,000-$600,000). Look on Corcoran/Douglas Elliman/CORE and you can find nice condo's for under $450,000. Sure they aren't the high class condo's with amazing views but they're far from crappy. As long as you don't expect to have the best house and eat at all the hottest places then you can easily live in NY, or any other big city, after winning the lottery (and by that I mean hitting the jackpot).

                             

                            I don't mean to sound like I'm attacking you, it's just that those statements (IMO) seem a bit uninformed.

                             

                             

                            As for what my investment plans would be, it's all pretty much been said... the typical route an informed winner should go. The key thing would be not to splurge on more than you realistically need. Sure buy a nice car and a nice house, but know how much they're going to cost in the long run. And depending on how much you win (after taxes) you could move investments around so that you can live comfortably off of interest alone. For those wanting to invest in real estate, a good route to go would be college houses. I know multiple people who rent out homes to university students and they make some good money.

                            yeah they probably are extra cars for if in case the main one or second to the main one go broke...Nobody with a: 1 million dollar home is going to drive an: 80´s car unless is a classic...and if it was a classic they will not drive it everyday....

                            SPECIALLY in a big city, unless there was a big recession...

                            The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


                             


                             


                             

                             


                              Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
                              Norfolk , Va
                              United States
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                              May 2, 2004
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                              Posted: June 8, 2010, 6:44 pm - IP Logged

                              5 words ,  DO NOT LOAN MONEY OUT !!!!

                               

                               Good Luck,

                              Blackie.