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A bad idea for a winner

Topic closed. 13 replies. Last post 5 years ago by sully16.

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Inland Empire
United States
Member #118116
October 22, 2011
322 Posts
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Posted: December 8, 2011, 11:01 pm - IP Logged

 Probably the worst idea for a jackpot winner is to start a business with his/her prize.

 And now I am thinking about it.

 There was a publishing company named Crossgen years ago. Some guy made millions out of IT business and started his own comic book studio. The result? It went belly up because it didn't diversify the sources on the incomes. Unfortunately, the studio chose to use the film liscence as the main source of money and...Well, the rest is history. Their artworks were top-notch though. I bought some paperback collections for a bargain price years ago. And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

 I've always wanted to be a landlord, managing my own properties and make comfortable incomes out of some quality properties. Well, that plan has not changed. I just decided to use the rental incomes to finance my publishing business. If rental incomes hold well, then I guess it will take a while for the business to go belly up, or eventually break even. Maybe it can be seen as an expensive hobby.

    taiwanlottery's avatar - bonesonfire
    Taichung
    Taiwan
    Member #114116
    July 24, 2011
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    Posted: December 8, 2011, 11:04 pm - IP Logged

    I would say, if at all possible, just do what you enjoy doing! But be smart with your funds!

    Good Luck to You!

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      Inland Empire
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      October 22, 2011
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      Posted: December 9, 2011, 2:43 am - IP Logged

      I would say, if at all possible, just do what you enjoy doing! But be smart with your funds!

      Good Luck to You!

       Gee thanks. I really want to work with a group of talented and creative people and I want to pay them the right amount of salary. I don't want to exploit talented people for chump changes.

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19900 Posts
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        Posted: December 9, 2011, 2:57 pm - IP Logged

         Probably the worst idea for a jackpot winner is to start a business with his/her prize.

         And now I am thinking about it.

         There was a publishing company named Crossgen years ago. Some guy made millions out of IT business and started his own comic book studio. The result? It went belly up because it didn't diversify the sources on the incomes. Unfortunately, the studio chose to use the film liscence as the main source of money and...Well, the rest is history. Their artworks were top-notch though. I bought some paperback collections for a bargain price years ago. And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

         I've always wanted to be a landlord, managing my own properties and make comfortable incomes out of some quality properties. Well, that plan has not changed. I just decided to use the rental incomes to finance my publishing business. If rental incomes hold well, then I guess it will take a while for the business to go belly up, or eventually break even. Maybe it can be seen as an expensive hobby.

        And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

        You're probably not the only one making plans to spend that $100 millions.  I would wish you "good luck" if I wasn't making similar plans myself.  I'll probably take the annuity, getting rid of all that money every year before the next check comes would be all the work I could handle since I'm retired and the yearly checks would be more than twice what I made my whole working career.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          hearsetrax's avatar - 0118

          United States
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          May 21, 2007
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          Posted: December 9, 2011, 5:12 pm - IP Logged

          And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

          You're probably not the only one making plans to spend that $100 millions.  I would wish you "good luck" if I wasn't making similar plans myself.  I'll probably take the annuity, getting rid of all that money every year before the next check comes would be all the work I could handle since I'm retired and the yearly checks would be more than twice what I made my whole working career.

          no doubt its going to be an interesting christmas and or life full of interesting probabilities if someone gets that lucky tonight Big Grin Santa

          I hope its me .......

          Good Luck everyone

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
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            Posted: December 9, 2011, 8:59 pm - IP Logged

            And now the MM jackpot amount is exactly 100 millions... And I am thinking about doing the same stupid venture.

            You're probably not the only one making plans to spend that $100 millions.  I would wish you "good luck" if I wasn't making similar plans myself.  I'll probably take the annuity, getting rid of all that money every year before the next check comes would be all the work I could handle since I'm retired and the yearly checks would be more than twice what I made my whole working career.

            dont worry, just let it be known you have trouble spending money, people will come form miles around to help you out.

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

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

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              NY
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              Posted: December 10, 2011, 1:01 am - IP Logged

              Lottery winner or not, any plan to spend all of your money too long before you die is a bad plan. If you clear 40 million from the lottery and want to spend 20 million or so on a business or hobby it's a fairly safe bet that the remainder will last the rest of your life if you're sensible about what you do with it. Just figure out how much you "need" to keep and the rest is spending money. YMMV, but I'd plan on conservative investments and living for a long time.

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                Inland Empire
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                Posted: December 11, 2011, 8:19 pm - IP Logged

                 Oh no. I am not spending away the prize money. I will invest most of the winning to income-generating investment, then I will use the income stream from the investments to run the comic book business.

                  weshar75's avatar - Lottery-042.jpg
                  Mcminnville, Oregon
                  United States
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                  December 13, 2003
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                  Posted: December 11, 2011, 8:31 pm - IP Logged

                  When I get lucky in the lottery I do not plan on starting a business.  But I would like to find a good bank and have someone help me invest the money that I won so I could live comfortably and not go broke over the next thirty years.  I figure I am 36 now and I could live until I am 66 so I would want my winnings to last me that long.  I want safe investments too not ones were I will lose my money quickly but ones that will go for a long time.  I have been debating since the jackpot is over $100 million for tuesday that I could take the annuity for 26 years.  But I know that cash is king so $40 million after taxes is a nice prize too.  I guess all I have to do is win one of these jackpots before the years is up.-weshar75

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
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                    Posted: December 11, 2011, 10:35 pm - IP Logged

                    When I get lucky in the lottery I do not plan on starting a business.  But I would like to find a good bank and have someone help me invest the money that I won so I could live comfortably and not go broke over the next thirty years.  I figure I am 36 now and I could live until I am 66 so I would want my winnings to last me that long.  I want safe investments too not ones were I will lose my money quickly but ones that will go for a long time.  I have been debating since the jackpot is over $100 million for tuesday that I could take the annuity for 26 years.  But I know that cash is king so $40 million after taxes is a nice prize too.  I guess all I have to do is win one of these jackpots before the years is up.-weshar75

                    66 isn't very old nowadays weshar, I hope you live a lot longer than that.

                    Good luck!


                                                                 
                                         
                                                             

                     

                     

                     

                     

                                                                                                                       

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

                                                                                                                --Edmund Burke

                     

                     

                      weshar75's avatar - Lottery-042.jpg
                      Mcminnville, Oregon
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                      December 13, 2003
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                      Posted: December 12, 2011, 12:11 am - IP Logged

                      66 isn't very old nowadays weshar, I hope you live a lot longer than that.

                      Good luck!

                      Thanks RDGRNR!-weshar75

                        OldSchoolPa's avatar - Lottery-057.jpg
                        Gurnee, Illinois
                        United States
                        Member #49731
                        February 12, 2007
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                        Posted: December 12, 2011, 1:06 am - IP Logged

                        I would have to say that starting a business is perhaps the best idea a lottery winner could make.  The problem some businesses have is they are too niche, have too much competition, or are not well positioned for success.  As a lottery winner, I would only commit a certain percentage to any business venture.  I would consult with an attorney to properly shield the remaining proceeds from any lawsuits and invest conservatively.  So should business go belly up, I would not be destitute.  Above all, I would do extra due diligence before making any business move.

                        The worst move a lottery winner can make is to just plan to spend the entire annuity in each given year.  Usually, you find winners that do this scrambling to find ways to generate the kind of income they had been enjoying during the annuity period as the time for the last annuity payments approach.  That is a recipe for disaster and disappointment.

                        On a side note, I wonder how close is Bad Duke to being a billionaire?

                        Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                        The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

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                          Los Angeles, CA
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                          September 26, 2010
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                          Posted: December 12, 2011, 1:53 pm - IP Logged

                          As long as you set up some sort of financial safety net, I don't see any issues with using a portion of your prize money towards starting a business

                            sully16's avatar - sharan
                            Ringleader
                            Michigan
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                            October 28, 2009
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                            Posted: December 14, 2011, 10:21 am - IP Logged

                            66 isn't very old nowadays weshar, I hope you live a lot longer than that.

                            Good luck!

                            so true,  I tell people I'm 5 years older than what I am , so they tell me how good I look for my age, hehehehe. feels good to get such nice compliments.LOL

                             HyperBe Happy.