Welcome Guest
Log In | Register )
You last visited December 8, 2016, 6:57 am
All times shown are
Eastern Time (GMT-5:00)

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.

Page 3 of 3
53
PrintE-mailLink
Artist77's avatar - batman14

United States
Member #121745
January 16, 2012
4792 Posts
Offline
Posted: September 7, 2013, 6:27 pm - IP Logged

Lol Green laughdon't forget your own talk showBig Grin

ohhhhh  I forgot that.....Good idea!  You can be my first guest.

J'aime La France.

    Avatar
    Saint Louis MO
    United States
    Member #110754
    May 11, 2011
    2649 Posts
    Offline
    Posted: September 7, 2013, 6:44 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 way. I've known what hard times are like and crave the simple things in life ie.., strawberry ice cream sundae with a cherry on top kinda makes my day. I would probably have anxiety attacks on purchases over $100 due to the thought of ever   revisiting those days.

    Remember to flip 6's 9's, mirror front and end #'s, and do front/back3 for a hit!

      lejardin's avatar - Lottery-014.jpg

      United States
      Member #118609
      November 4, 2011
      935 Posts
      Offline
      Posted: September 7, 2013, 7:09 pm - IP Logged

      I couldn't see it, at least not for me.  I don't do drugs, seldom drink and don't have any desire for a mansion or loads of adult toys.  I'm sure I'd spend a fair amount on the things I've always wanted and couldn't afford, but even spending a quarter of the jackpot I bet I could live off the interest from the rest.

      My math might be wrong, but to blow through 40 million in ten years would require spending nearly $11,000/day and that's not considering interest on what you're not spending...unless you're keeping the money in your mattress (or ten or twenty mattresses).  It blows my mind when I read about people that have gone through their huge windfall.  Some have lost it due to drugs, but I would wager that most tried to play the big shot and/or didn't say "NO!" to friends and family.  I've already decided that, if I do hit the lottery, I'll give most of my family the maximum amt. per year ea. (14k, I believe) that's not subject to taxes.  I will have already paid millions on my jackpot and won't want to pay any more.  If they get their feelings hurt, then that's too bad...they prob. won't get a check the next year if they complain.  I expect they'd feel the same way if any of them were in my shoes. 

      A financial collapse would be my main worry or govt. confiscation of my bank accounts or a goodly portion thereof.   I used to frequent some survivalist forums and they were always talking about the best investments such as gold or silver.  Those aren't "bad" investments for any time, but if the SHF, I can think of a lot better ones.  Oh, I suppose you could always find someone to sell you a can of Spam for a gold coin, but I wouldn't swap my Spam for a gold coin...they're kind of hard to chew and not very nutritious.

      I agree with everything you said 100%.  Maybe cash withdrawal as a reserve because I would never trust our corrupt administration.  Live off interest and go all cash, no credit cards, no debt, no mortgage.  Help family, friends and church with the same.

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
        United States
        Member #136477
        December 12, 2012
        4108 Posts
        Offline
        Posted: September 7, 2013, 8:01 pm - IP Logged

        I agree with everything you said 100%.  Maybe cash withdrawal as a reserve because I would never trust our corrupt administration.  Live off interest and go all cash, no credit cards, no debt, no mortgage.  Help family, friends and church with the same.

        Far be it for me to think for others- but perhaps there are those who " Know" their spending habits and do not feel inclined to admit that there is a possibility however remote that they could end up exactly where they were before they won the lottery. As RJOH would name it the  " not broke zone". Hows that for originality?

         

          stunna6036's avatar - Lottery-033.jpg
          chicago,il
          United States
          Member #141327
          April 11, 2013
          46 Posts
          Offline
          Posted: September 7, 2013, 9:18 pm - IP Logged

          Lol.......if I didnt take the annuity its very possible I could go broke in ten years.......at the very least I will be able to say I had a lot of fun though..........MY FRIENDS CALL ME THE BLACK CHARLIE SHEEN......hahaha

            mypiemaster's avatar - 2015021003pileofcash
            JACKPOT HUNTER

            United States
            Member #141034
            April 2, 2013
            1408 Posts
            Offline
            Posted: September 8, 2013, 3:49 am - IP Logged

            That all depends on if it is CA$H or annuity.

            Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

            Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

              mypiemaster's avatar - 2015021003pileofcash
              JACKPOT HUNTER

              United States
              Member #141034
              April 2, 2013
              1408 Posts
              Offline
              Posted: September 8, 2013, 3:55 am - IP Logged

               Like my Dad used to say " Its not what you make, or win: Its what you Keep.

              Lots of sound advice from all. My thinking is this, if one did win $40 mil and one does have some weird spending habits at present, take ( $25-$30 mil) and put it away in low risk investments, Mutual funds,Govt Bonds etc and watch it grow. With $10- $15 mil, one could live comfortably off the interest and that also allows one to have a house and prob 2 cars.

               The idea that one has to own 5 houses and 10 cars is ridiculous to me. Who the heck needs that many cars? One can only live in One home at a time....unless one is in the Witness Protection Program.

               

              No Thank You- l do not think that turning my driveway into a parking lot is a great idea.

              He who dies with the most toys WINS!!!Blue Angel

              Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

              Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                schmuckatelly's avatar - half planet.jpg
                Jacksonville, Florida
                United States
                Member #140364
                March 17, 2013
                195 Posts
                Offline
                Posted: September 8, 2013, 6:51 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.

                If I let my wife have it all, then yes.

                  dager's avatar - vampireteeth100x98
                  New Member
                  New Orleans
                  United States
                  Member #143282
                  May 29, 2013
                  36 Posts
                  Offline
                  Posted: September 12, 2013, 4:27 pm - IP Logged

                  How would I end up broke?  Even after I win the jackpot I have no plans to quit my job.

                    helpmewin's avatar - dandy
                    u$a
                    United States
                    Member #106665
                    February 22, 2011
                    19843 Posts
                    Offline
                    Posted: September 12, 2013, 4:34 pm - IP Logged

                     Like my Dad used to say " Its not what you make, or win: Its what you Keep.

                    Lots of sound advice from all. My thinking is this, if one did win $40 mil and one does have some weird spending habits at present, take ( $25-$30 mil) and put it away in low risk investments, Mutual funds,Govt Bonds etc and watch it grow. With $10- $15 mil, one could live comfortably off the interest and that also allows one to have a house and prob 2 cars.

                     The idea that one has to own 5 houses and 10 cars is ridiculous to me. Who the heck needs that many cars? One can only live in One home at a time....unless one is in the Witness Protection Program.

                     

                    No Thank You- l do not think that turning my driveway into a parking lot is a great idea.

                    i like the idea of having homes in a few different states and car staying there, you might need the car. Big Grin

                    40 Million is a lot of moneyThumbs Up

                      helpmewin's avatar - dandy
                      u$a
                      United States
                      Member #106665
                      February 22, 2011
                      19843 Posts
                      Offline
                      Posted: September 12, 2013, 4:36 pm - IP Logged

                      That all depends on if it is CA$H or annuity.

                      i like that annuity idea

                        helpmewin's avatar - dandy
                        u$a
                        United States
                        Member #106665
                        February 22, 2011
                        19843 Posts
                        Offline
                        Posted: September 12, 2013, 4:36 pm - IP Logged

                        If I let my wife have it all, then yes.

                        Green laugh

                          OldSchoolPa's avatar - Lottery-057.jpg
                          Gurnee, Illinois
                          United States
                          Member #49731
                          February 12, 2007
                          917 Posts
                          Offline
                          Posted: September 13, 2013, 8:53 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.

                          No I would not be broke. If I won the lottery, I would seek to double my money in 10 years. My focus would be on businesses and investing in what makes dollars and sense. I do not understand hedges and options, so I would not put a single red cent in such until I schooled myself on the in's and out's of these investments. And even then, I would tread cautiously. I would likely not grant any special interview because I would merely be following Biblical investing principles (for those who have at least read the Book, recall the parables about the talents and tending to one's fields).

                           

                          the only way I could end up broke is if the Emperor, otherwise known as the Golfer-In-Chief, instituted a "Mugabi-like" nationalization policy...reclaiming all businesses and assets of those who are not registered Democrats. But since I keep abreast political issues, I would likely be long gone with all my assets to Singapore!

                          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!