Should lotteries have a cooling-off period before paying out jackpots?Prev Topic Next Topic

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myturn

Bondi Junction
Australia
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December 24, 2007
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Jan 25, 2014, 10:49 pm

When people win a large jackpot, they may be on a high and not make rational decisions. A cooling-off period would give people a breathing space before they make any major decisions.

If winners have relatives and friends seeking "help" with something, a cooling-off period would give the winners more time to decide if it is the right thing to do. Or will this "help" be a never-ending story.

Maybe a 30 day cooling-off period for prizes payouts and a longer period for larger prizes.

During this period lotteries could encourage winners to get legal and financial advice and point them in the right direction to get such advice.

We all get a lot out of lotteries!
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
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Jan 25, 2014, 11:08 pm

I don't like government agencies telling me what to do or deciding what I do without my consent.

Government schmucks should do their jobs and mind their own business.

I won it - give it to me - none of your business what I do with it.
sully16

25

Ringleader

Michigan
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Jan 25, 2014, 11:10 pm

Quote: Originally posted by rdgrnr on Jan 25, 2014
I don't like government agencies telling me what to do or deciding what I do without my consent.

Government schmucks should do their jobs and mind their own business.

I won it - give it to me - none of your business what I do with it.

Exactly, well said!
mrcraft

Los Angeles, California
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December 2, 2013
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Jan 25, 2014, 11:19 pm

In California, we don't have a choice... for any prize $600 and over, it can take up to 6 - 8 weeks to process a claim once received by the Lottery.
weshar75

Mcminnville, Oregon
United States
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Jan 25, 2014, 11:30 pm

You do not get your money right away so I would say no to waiting because you will wait for the lottery to collect your money before they pay you. That is plenty of time to look for help from professional people to help with your money if that is something you want to do with your money.-weshar75
ttech10

Texas
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June 5, 2010
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Jan 25, 2014, 11:36 pm

30 days isn't going to do much for someone. You could give some people a year before paying out and they would still blow it, whiles others you could give it to them the minute they find out they won and they'll never have money issues again.

So, no to a "cooling-off period".
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
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April 28, 2009
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Jan 25, 2014, 11:42 pm

Here's how politicians and government hacks handle our money: http://www.usdebtclock.org/

They now have this country buried in over 17 Trillion Dollars of debt.

They should be the last people on earth to give anyone financial advice.
CDanaT

Central TN
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January 4, 2012
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Jan 26, 2014, 1:18 am
Quote: Originally posted by mrcraft on Jan 25, 2014
In California, we don't have a choice... for any prize $600 and over, it can take up to 6 - 8 weeks to process a claim once received by the Lottery.
1. Sorry that has to be that way in California....Doesn't surprise me as much debt as that state has.
  
  I do have to agree with Rdgrnr on this one about the lawmakers controlling aspects of the lottery system when it comes to them getting their $$ share first. They can't even run the darn Post Office or Amtrak properly.
  
  I think I remember a recent statement over the last 4 plus years and it goes something like this:
  If you like you doctor and your health care plan, you can keep it.Period"
  Who said that ???<tapping head like Winnie the Pooh> OHHHH YEAH, now I remember....The POTUS said that over and over...
  
  As far as a cooling off period ??? I can't agree on doing that at all. The folks in charge(lawmakers and administrators)have done been pretty good at committing acts of prestidigitation and if they thought we needed a "cooling off period", you can bet they would find other ways of doing something with the money that was immediately and legally yours.
  
  It's not purchasing a handgun, It' financial freedom...Money doesn't kill you. Your choices on how you spend it(drugs/alcohol abuse/doing dangerous acts) or who you choose to share it with(evil people) possibly could.
  
  I could see it now, we need more money to help solve the immigration issues like more free medical for the illegals, so we will hold the $10,000- $50 million that's yours for a month or even 2 or 3 and call it a "cooling off period".
  
  Sorry my friends I will have to respectfully state that a "cooling off period" is not supported by this taxpayer.
  
  Sorry about going off on the political issue, I realize it's a lotto forum.
Si vis pacem, para bellum.
onlymoney

United States
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June 2, 2012
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Jan 26, 2014, 3:01 am

Quote: Originally posted by myturn on Jan 25, 2014
When people win a large jackpot, they may be on a high and not make rational decisions. A cooling-off period would give people a breathing space before they make any major decisions.

If winners have relatives and friends seeking "help" with something, a cooling-off period would give the winners more time to decide if it is the right thing to do. Or will this "help" be a never-ending story.

Maybe a 30 day cooling-off period for prizes payouts and a longer period for larger prizes.

During this period lotteries could encourage winners to get legal and financial advice and point them in the right direction to get such advice.

When people win a large jackpot, they may be on a high and not make rational decisions. A cooling-off period would give people a breathing space before they make any major decisions

I know, we all have to prepare for the inevitable JP win.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
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Jan 26, 2014, 5:44 am

Quote: Originally posted by myturn on Jan 25, 2014
When people win a large jackpot, they may be on a high and not make rational decisions. A cooling-off period would give people a breathing space before they make any major decisions.

If winners have relatives and friends seeking "help" with something, a cooling-off period would give the winners more time to decide if it is the right thing to do. Or will this "help" be a never-ending story.

Maybe a 30 day cooling-off period for prizes payouts and a longer period for larger prizes.

During this period lotteries could encourage winners to get legal and financial advice and point them in the right direction to get such advice.

Yeah, maybe they should do the same with people's income tax refunds too.

I'm sure that would go over real good too.
savagegoose

adelaide sa
Australia
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April 11, 2006
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Jan 26, 2014, 6:20 am

the only cooling off period i want is in this

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
kapla

United States
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July 24, 2010
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Jan 26, 2014, 6:25 am

Quote: Originally posted by rdgrnr on Jan 25, 2014
I don't like government agencies telling me what to do or deciding what I do without my consent.

Government schmucks should do their jobs and mind their own business.

I won it - give it to me - none of your business what I do with it.
Slick Nick

Rochester
United States
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January 1, 2011
952 Posts
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Jan 26, 2014, 6:40 am

Money is a terrible master, but a great servant...
Shelby Mustang

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December 9, 2013
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Jan 26, 2014, 7:33 am

Quote: Originally posted by myturn on Jan 25, 2014
When people win a large jackpot, they may be on a high and not make rational decisions. A cooling-off period would give people a breathing space before they make any major decisions.

If winners have relatives and friends seeking "help" with something, a cooling-off period would give the winners more time to decide if it is the right thing to do. Or will this "help" be a never-ending story.

Maybe a 30 day cooling-off period for prizes payouts and a longer period for larger prizes.

During this period lotteries could encourage winners to get legal and financial advice and point them in the right direction to get such advice.

Well you have 180 to a year in some case to claim it. Isnt that enough time to get your house so to speak in order? Me Im not going to need a cooling off period, Im gonna need a heating up to the boiling point period LOL
schmuckatelly

Jacksonville, Florida
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March 17, 2013
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Jan 26, 2014, 9:56 pm

Quote: Originally posted by savagegoose on Jan 26, 2014
the only cooling off period i want is in this