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

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Artist77

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Sep 7, 2013, 6:27 pm

Quote: Originally posted by dallascowboyfan on Sep 7, 2013
Lol don't forget your own talk show

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

DO NOT BE AFRAID.

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lele100

Saint Louis MO
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Sep 7, 2013, 6:44 pm

Quote: Originally posted by noise-gate on Sep 6, 2013
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

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Sep 7, 2013, 7:09 pm

Quote: Originally posted by mikeintexas on Sep 7, 2013
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

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Sep 7, 2013, 8:01 pm

Quote: Originally posted by lejardin on Sep 7, 2013
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

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Sep 7, 2013, 9:18 pm

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
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EUPHORIA.
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Sep 8, 2013, 3:49 am

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 ****John Carlton****
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EUPHORIA.
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Sep 8, 2013, 3:55 am

Quote: Originally posted by noise-gate on Sep 7, 2013
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!!!

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 ****John Carlton****
schmuckatelly

Jacksonville, Florida
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Sep 8, 2013, 6:51 am

Quote: Originally posted by noise-gate on Sep 6, 2013
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

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Sep 12, 2013, 4:27 pm

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

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u$a
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Sep 12, 2013, 4:34 pm

Quote: Originally posted by noise-gate on Sep 7, 2013
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.

40 Million is a lot of money
helpmewin

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u$a
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Sep 12, 2013, 4:36 pm

Quote: Originally posted by mypiemaster on Sep 8, 2013
That all depends on if it is CA$H or annuity.

i like that annuity idea
helpmewin

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u$a
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Sep 12, 2013, 4:36 pm

Quote: Originally posted by schmuckatelly on Sep 8, 2013
If I let my wife have it all, then yes.
OldSchoolPa

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Sep 13, 2013, 8:53 am

Quote: Originally posted by noise-gate on Sep 6, 2013
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 one MIRACLE I desire for 2019!!! NOW come to my subconscious mind you 6 winning numbers!