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Replaying with money won.

Topic closed. 18 replies. Last post 3 years ago by jaybeach.

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October 18, 2013
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Posted: October 18, 2013, 7:49 pm - IP Logged

I recently won a million dollar raffle - well, actually after taxes it was closer to $600,000. My new finance tax guy gave me a bunch of advice to invest the money but I was wondering if anyone on this board had money, replay some of the lotto or raffle and continued the winning streak.

    SergeM's avatar - slow icon.png
    Economy class
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    Posted: October 18, 2013, 8:04 pm - IP Logged

    It's up to you. Buying a house to live in, is probably the best investment.

    People who won sometimes win again one or several times. That is a fact. Which one are you?

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      Posted: October 18, 2013, 8:11 pm - IP Logged

      I don't play lotto much - only a few dollars here and there when the jackpot is really high. I rather play the raffles in CA since it's much better than the 18,000,000 to 1 odds. LOL. In the past 6 years, I probably won back what I spent just a little here and a little there. It's just recently, I hit the big one. But I have have the itch to keep going but my family and advisors tell me to stop while I'm ahead. I'm not addicted by any means but raffles do tend to get expensive here.

        LottoMetro's avatar - Lottery-024.jpg
        Happyland
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        Posted: October 18, 2013, 8:19 pm - IP Logged

        If I were you I would keep playing BUT I wouldn't change the amount played. The whole point of playing is to hit the big one; once you've hit the big one there isn't as much of a "need" to hit it again. So for fun you could keep playing, but chances are you may never hit again and shouldn't bet too much.

        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?

        2017: 0% (0 tickets)
        P&L % = Total Win($)/Total Wager($) - 1

          BuyLow's avatar - palm tree.jpg
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          Posted: October 18, 2013, 8:22 pm - IP Logged

          I would invest the majority of the winnings safely, or buy a home or payoff a mortgage.  Continue playing the same level as I was before the win. 

          Odds aren't in your favor to gamble the winnings on more tickets with the hopes of winning more.  I wouldn't do it.  $600,000.00 not a chance in hell lol!!

          Most people NEVER see a check that big.  Odds. Not. Good. LOL......off soapbox!!

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            Illinois
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            Posted: October 18, 2013, 9:03 pm - IP Logged

            Firs things first, CONGRATULATIONS!!!! Party

             

            Next, yeah, I agree with what others have said, if you do want to keep playing, do so but keep it at the same level you played before, or at most, only slightly higher, say 5%-10%.  The rest of the money should be put to work imo, mortgage, kids college, investments, etc.  Let it truly be a winning and not just an excuse to roll big for a short term. Become a success story and not just another person who beat the odds and then let the game still win in the end.

            Finally, BananaDanceDrumGuitarHyper

            I remain, patiently optimistic


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              Posted: October 18, 2013, 9:57 pm - IP Logged

              Keep working donate all money to breast cancer

                haymaker's avatar - Lottery-012.jpg
                Egg Harbor twp.south Jersey shore
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                Posted: October 18, 2013, 11:03 pm - IP Logged

                Yea, I agree, just play same level and hope to get lucky again.

                Smaller wins, go ahead and parlay, bigger wins, do something else.

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

                  JackpotWanna's avatar - squiz

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                  Posted: October 19, 2013, 4:24 am - IP Logged

                  Play the same amount as before you won.

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                    Marana AZ
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                    Posted: October 19, 2013, 2:11 pm - IP Logged

                    X100 what others said. Keep playing about the same amount as you did before. If that got you a win, there's no reason it can't get you another. Spending a lot more will not actually increase your odds very much when you think about it. Say there's a 1 in 1,000,000 chance of winning, then playing $600,000 means there are still 400,000 chances someone else will win and you will have $0 instead of $600,000.

                    As for investing, follow your advisors suggestions but use your common sense to double check they're leading you in the right direction. I intend to use the "rule of thirds" strategy for winnings: 1/3 for things like a house that have residual value; 1/3 for safe investments like bonds; 1/3 for riskier investments like stock index funds.

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                      Posted: October 19, 2013, 2:45 pm - IP Logged

                      Firs things first, CONGRATULATIONS!!!! Party

                       

                      Next, yeah, I agree with what others have said, if you do want to keep playing, do so but keep it at the same level you played before, or at most, only slightly higher, say 5%-10%.  The rest of the money should be put to work imo, mortgage, kids college, investments, etc.  Let it truly be a winning and not just an excuse to roll big for a short term. Become a success story and not just another person who beat the odds and then let the game still win in the end.

                      Finally, BananaDanceDrumGuitarHyper

                      Well said... ENJOY the winnings but make it last! I also agree with the comment about 'you play to win so you don't have to play anymore'

                        RJOh's avatar - chipmunk
                        mid-Ohio
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                        Posted: October 19, 2013, 2:54 pm - IP Logged

                        Players who have small wins and reinvest them in more tickets end up in the hole again.  The same thing can happen with larger wins only it takes a little longer.

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

                          Think's avatar - lightbulb
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                          Posted: October 19, 2013, 5:54 pm - IP Logged

                          I recently won a million dollar raffle - well, actually after taxes it was closer to $600,000. My new finance tax guy gave me a bunch of advice to invest the money but I was wondering if anyone on this board had money, replay some of the lotto or raffle and continued the winning streak.

                          You miss the obvious.

                          You could invest the money at 5% and have $30,000 extra per year to pay taxes on and then do whatever you want with.

                          So, as an example, after taxes you get $18000 you could then keep spending up to $1500 per month on tickets if that is what you wanted to spend it on.

                            RJOh's avatar - chipmunk
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                            Posted: October 19, 2013, 6:24 pm - IP Logged

                            Keep working donate all money to breast cancer

                            I had a professional fund raiser call me this morning wanting to know if she sent me a pledge card if she could depend on me to sign it and return a check.  Since she was a professional, I assumed I would be paying her to give some of what I pledged to breast cancer research and keep the rest for her salary.

                            I told her NO, even though I'm an amateur I was capable of contributing without her help.

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

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                              Posted: October 21, 2013, 2:01 pm - IP Logged

                              I know I'm probably going to sound like a jack ass right now but my mother died of cancer few years ago and while she only had a few months to live, I took a leave of absence from my job to see if there is anything I could do for her. I am in the science industry and have been for almost 30 years. But after learning about the how the whole cancer research industry is funded, organized and managed, I would not give them a dime for cancer research. Just my 2 cents. Instead, I donate my time doing Meals-on-Wheels every weekend for the past decade. When I retire in a few years, I am going to work for orphanages in SouthEast Asia and here in the US.

                              I agree witih most of you. I already have property and everyone is talking about the second housing bubble so I'm a little hesitant to buy more property. Being experienced in the stock market, I believe it will have an adjustment soon. So, there really isn't much that yields very high returns anymore. My finance guy told me a lot about the investments that yield a bit here and there but not substantial enough to get me excited. I am going to play more raffle though because it helps the non-profit organizations like the youth groups, etc. so I don't feel as bad if I don't win anything versus the lotto. I did make a promise to never spend more than $10,000 a year on gambling of any kind though... although it's sooooo tempting. =)Smiley