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Do you see yourself broke in 10 years should you win a jackpot worth $40 million?

Topic closed. 42 replies. Last post 3 years ago by OldSchoolPa.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
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December 12, 2012
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Posted: September 6, 2013, 6:56 pm - IP Logged

Since only you know your present spending habits, do you foresee a spent bank or close enough or do you think the only way that would happen is if there is a major financial collapse with you being a casualty of it?

* Have a Great Weekend People.

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
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    June 29, 2011
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    Posted: September 6, 2013, 7:35 pm - IP Logged

    No, I think I'll be OK, I Remember when I got my current Job, it more than doubled what I was making over the old one.

    My oldest sister said "oh, let the partying begin" but I said "no, I'm not gonna do that, and I maintained the the same lifestyle,

    except that I worked as much overtime as they would allow.

    w/in 18 months I bought 2 trucks (used) tools and equipment for a side business, and a house.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

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      United States
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      Posted: September 6, 2013, 7:49 pm - IP Logged

      If this was a challenge, I'd accept it. Cocaine and whores!

        LottoMetro's avatar - Lottery-024.jpg
        Happyland
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        Member #146344
        September 1, 2013
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        Posted: September 6, 2013, 7:53 pm - IP Logged

        Since only you know your present spending habits, do you foresee a spent bank or close enough or do you think the only way that would happen is if there is a major financial collapse with you being a casualty of it?

        * Have a Great Weekend People.

        I think if you're bad at budgeting then it's possible you would go broke in 10 years. Those who already handle their finances wisely won't have a problem.

        I am a pretty thrifty fellow; I majored in business and economics in college and when I make a financial decision (other than playing the lottery Wink) I usually choose the most mathematically optimal option. For example I saved $300-500 dollars a year just by selecting an electricity provider different than the major one. I used to drive luxury sedan but sold it, invested the money, and bought an older vehicle that has low upkeep cost and insurance costs.

        I used to buy a lot of things when I was younger but finally realized it is better to wait or just not buy it at all.

        So for instance, asking the question "Do I really want this?" when buying something is not so wise versus asking "Do I really need this?"

        Yeah maybe I really want that Ferrari but I don't need it as a function of life.....instead of spending a million on one car I could invest it/build a business/etc and within a few years buy that car AND a house (after all, what good is money if you can't use it for something).

        $40 million or $400 million does not make much a difference to me....I think wasting any amount of money that could be applied more optimally is just bad.

        I guess what I'm trying to say is money only amplifies what qualities you already possess. It may make your life better but if you don't know how to handle it then it can make your life worse.

        If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
        If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

        2016: -48.28% (13 tickets) ||
        P&L % = Total Win($)/Total Wager($) - 1

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          Posted: September 6, 2013, 8:04 pm - IP Logged

          I'll say no, mainly because I'm not into mansions, upscale cars, and bling.

          I am into grunge but then one of my definitions of self realization (Maslow) is when your closet only has blue jeans and tee shirts.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
            Oklahoma
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            Posted: September 6, 2013, 8:15 pm - IP Logged

            Nope.

            I Love Pink & Green 1908

              Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
              SW Florida
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              August 11, 2013
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              Posted: September 6, 2013, 8:16 pm - IP Logged

              Since only you know your present spending habits, do you foresee a spent bank or close enough or do you think the only way that would happen is if there is a major financial collapse with you being a casualty of it?

              * Have a Great Weekend People.

              No, I do not see myself being broke in 10 years after winning $40 million. I'd be the type of person being accused of being "stingy" or "cheap" but I wouldn't care. I'd view it more accurately as being sensible and wise with money. It makes me cringe to hear of big jackpot winners bragging about all the money they're splashing about and all the overpriced useless crap they're accumulating, only to end up broke ... well, duh!  $40million is more than enough for me to live the rest of my life very comfortably, while helping others.

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
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                Posted: September 6, 2013, 8:55 pm - IP Logged

                You never know what life holds in store for you.

                Personally, I'm fairly easy to please, I don't ask for much, nothing upsets me too much.

                And if in 10 years after winning I were to be found lying in the gutter in a pool of vomit, my only hope would be that it was my own and not someone else's.

                Cuz that would be lame.

                  Greg2117's avatar - Lottery-035.jpg
                  New York
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                  Posted: September 6, 2013, 9:15 pm - IP Logged

                  I'll say no, mainly because I'm not into mansions, upscale cars, and bling.

                  I am into grunge but then one of my definitions of self realization (Maslow) is when your closet only has blue jeans and tee shirts.

                  Me too. My home is pretty empty cause I hardly buy anything. Bascially a couch and a TV and that's it. I'm not cheap it's just that  I don't really care for material objects. But I have an okay job.

                  "When you begin to see, then you begin to feel. And when you begin to feel, then you begin to believe".

                    MADDOG10's avatar - smoke
                    Beautiful Florida
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                    Posted: September 6, 2013, 9:34 pm - IP Logged

                    I'd say NO. I've always been somewhat frugal, and have never forgotten where I came from.

                                                                 

                                                                   "  When Injustice Becomes Law, Resistance Becomes Duty "

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                      Marana AZ
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                      Posted: September 7, 2013, 12:14 am - IP Logged

                      Anyone who sees themselves broke in 10 years would be best off taking the annuity option. Thirty years of graduated payments exceeding a million bucks will support a pretty good lifestyle for those 3 decades.


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                        Posted: September 7, 2013, 7:11 am - IP Logged

                        Since only you know your present spending habits, do you foresee a spent bank or close enough or do you think the only way that would happen is if there is a major financial collapse with you being a casualty of it?

                        * Have a Great Weekend People.

                        LOL Do you think anyone is going to say yes?? Like somebody will get on here and say I can't keep $10 in my pocket now, I'd hate to see what I'd do with a million much less 10....As to the major financial collapse...I don't really know how you could avoid it unless you vested a chuck of change in precious metals and actually took delivery on them...at least I hope cause that's my plan now LOL

                          ttech10's avatar - blobdude
                          Texas
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                          Posted: September 7, 2013, 9:40 am - IP Logged

                          I'm not sure if your $40 millions is the advertised annuity amount or take home, but I expect to have at least some of my winnings until I'm about to die of old age. I think I could have $5 million right now and make it last until then.

                          In 10 years, I couldn't imagine getting close to spending everything unless I won well under $1 million. And even then I think I would just budget better.

                           

                          Past the bills for the typical items/services, I really don't spend much money as it is now. Mainly what would increase is I'd buy a high end gaming PC every 2-3 years and upgrade my HDTV maybe every 5. Other than that I don't see myself spending any excess money.

                           

                          Of course, how many past winners who have gone broke thought they would go broke? I'm sure most figured they were good for life. I think a lot of people on here though are likely to keep their winnings. With all the resources discussed on here there's really no excuse.

                            Slick Nick's avatar - Lottery-035.jpg
                            Rochester
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                            Posted: September 7, 2013, 10:06 am - IP Logged

                            No! I would definitely do and have more things, but I would always caution  myself. Thumbs Up

                            Money is a terrible master, but a great servant...Smile

                              RJOh's avatar - chipmunk
                              mid-Ohio
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                              Posted: September 7, 2013, 10:09 am - IP Logged

                              People who can afford to play the lotteries don't consider themselves broke and they probably will never be worst off even if they win a jackpot and foolishly lose it all.  Just because a lottery winner is no longer rich and ends up back where he started doesn't mean he's broke.

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