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Winners who lose it all

Topic closed. 22 replies. Last post 5 years ago by CDanaT.

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Arrowhead's avatar - underground
Ohio
United States
Member #120754
December 27, 2011
294 Posts
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Posted: December 29, 2011, 9:35 pm - IP Logged

A newspaper around here interviewed a Powerball winner once and asked what they were planning to do in order to not go broke as some lottery winners do.  The winner replied "Continue to live as I did when I was poor."  That was an excellent answer.  This winner received $42,000,000 after taxes, and if you think about it, that's really not too much in the grand scheme of things.

Now, wait a minute...$42 million after taxes isn't really so much 'in the grand scheme of things'? You cannot be serious.

Sure, you don't want to pretend your Trump and try to spend like a Trump. You don't need five homes and ten cars. You don't need to carry dozens of family members/friends financially the rest of their lives.

But you could keep, say, 60% for yourself and still help many people while contributing to charitible organizations, schools, hospitals, whatever appeals to your sense of generousity.

$42 mil is a life-changer and could be used for many positive things...for you and others. Nobody getting that windfall should live life like they're poor.

    NightStalker's avatar - 50logo
    East of Columbus, OH
    United States
    Member #120843
    December 28, 2011
    451 Posts
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    Posted: December 29, 2011, 9:38 pm - IP Logged

    Most people who win a lottery JP don't have a plan on how to handle the money afterwards.  My wife and I have had a plan for years, so when that day comes we will not be unprepared.

    Large amounts of money can make people make terrible decisions.  I have watched that "How The Lottery Changed My Life" show and can see that some of those people are spending money way too fast and don't have a plan to make the money last for the rest of their lives. 

     

    NS

    Life's Too Short To Be Unhappy Cool

      Arrowhead's avatar - underground
      Ohio
      United States
      Member #120754
      December 27, 2011
      294 Posts
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      Posted: December 29, 2011, 9:54 pm - IP Logged

      Most people who win a lottery JP don't have a plan on how to handle the money afterwards.  My wife and I have had a plan for years, so when that day comes we will not be unprepared.

      Large amounts of money can make people make terrible decisions.  I have watched that "How The Lottery Changed My Life" show and can see that some of those people are spending money way too fast and don't have a plan to make the money last for the rest of their lives. 

       

      NS

      While I don't neccessarily have a 'set plan' for everything  I'd do with a jackpot, I have a general sense of how much I'd keep for myself and my family, depending on size of the win.

      Always have said, the bigger the jackpot, the more I could help others. And yes, I'd be getting professional advice before commiting to anything.

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: January 21, 2012, 5:13 pm - IP Logged

        Que sera, sera.

        They can call me anything they want except late for supper.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

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

                                                                                                    --Edmund Burke

         

         

          Avatar
          New Member
          Phoenix, AZ.
          United States
          Member #121993
          January 21, 2012
          20 Posts
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          Posted: January 24, 2012, 1:42 am - IP Logged

          This is why I'm glad I stumbled across this site (LP). So many different inputs. No matter which side of the line you fall on this issue, you can appreciate that there are opposing points of view. I believe in having a plan also. We put a lot of time into trying to figure out the right #'s. So before each drawing we understand the value of "Staying Focused" on the task at hand, so we don't waste our money or time on what we believe won't work. And on the day of each drawing, we understand the time is NOW, and we must "Be Prepared". Well, when you win the same thing applies, you need to "Stay Focused" and "Be Prepared", now more than ever. Trying to win is just the first part, having an idea of how to deal with the winnings is the second part. So along with studying all these wheels, & systems, & numbers, I bought a lottery winners guide book to study also. So, "Stay Focused" & "Be Prepared", and that's all I have to say about that.

          "NOW", if I can just find me a decent helmit, I'll be ready for anything! Hyper

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
            United States
            Member #73904
            April 28, 2009
            14903 Posts
            Offline
            Posted: January 24, 2012, 2:14 am - IP Logged

            This is why I'm glad I stumbled across this site (LP). So many different inputs. No matter which side of the line you fall on this issue, you can appreciate that there are opposing points of view. I believe in having a plan also. We put a lot of time into trying to figure out the right #'s. So before each drawing we understand the value of "Staying Focused" on the task at hand, so we don't waste our money or time on what we believe won't work. And on the day of each drawing, we understand the time is NOW, and we must "Be Prepared". Well, when you win the same thing applies, you need to "Stay Focused" and "Be Prepared", now more than ever. Trying to win is just the first part, having an idea of how to deal with the winnings is the second part. So along with studying all these wheels, & systems, & numbers, I bought a lottery winners guide book to study also. So, "Stay Focused" & "Be Prepared", and that's all I have to say about that.

            "NOW", if I can just find me a decent helmit, I'll be ready for anything! Hyper

            Welcome to Lottery Post, maji777, best of luck to ya!


                                                         
                                 
                                                     

             

             

             

             

                                                                                                               

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

                                                                                                        --Edmund Burke

             

             

              savagegoose's avatar - ProfilePho
              adelaide sa
              Australia
              Member #37136
              April 11, 2006
              3316 Posts
              Offline
              Posted: January 24, 2012, 3:17 am - IP Logged

              $42 M is a return of $3.4M a year every year. for your investment cvompany, what you decide to pay your self out of that will be upto you7 and your accountant to decide. but personally , if i had a budget of 3,4M a year , or 67k a week, i think i could not only stay within budget but actually grown my income. and do some good.

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

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

                CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                TX
                United States
                Member #121193
                January 4, 2012
                1637 Posts
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                Posted: January 24, 2012, 10:44 am - IP Logged

                A newspaper around here interviewed a Powerball winner once and asked what they were planning to do in order to not go broke as some lottery winners do.  The winner replied "Continue to live as I did when I was poor."  That was an excellent answer.  This winner received $42,000,000 after taxes, and if you think about it, that's really not too much in the grand scheme of things.

                 42 million after taxes ????  hmmmmmmm  I think that would be very easy to accomodate any normal, reasonably sane, lotto player. Set aside 20 million to live off for the rest of your life. Invest it with a return between 3 -5 percent annually with a dividend being paid out on a monthly basis, which would give you at least $600K - a Million a year( minus 35% in Federal taxes and whatever % for your states taxes). Give some to charity,take $3 - 4 million to blow some on toys, houses and vacations. Give the rest to friends or family members in equal amounts(so nobody can say you werent fair).Immediate family may get more than distant relatives. Remember, if you want to give money away after that kind of win you can legally give up to $13,000. to a single person without any taxes being paid by either YOU (the giver) or a friend/family member ( the receiver) according to the IRS website for this year. And if you are married you and your spouse can give $26,000. to that one person without any taxes incured(just have to fill out a IRS form saying who you gave it to). You can also pay off higher education costs and medical bills without incuring any taxes as well for anyone you choose.
                In the grand scheme of things ????? .......I would have to say that really IS VERY MUCH.....In my humble opinion
                 Sincerely.......CDanaT (a normal sane lotto player) Sun Smiley