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If and when you did win a jackpot...Would you ever finance anything ever again??

Topic closed. 22 replies. Last post 3 years ago by Drenick1.

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December 9, 2013
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Posted: February 20, 2014, 1:23 pm - IP Logged

So you win a nice size jackpot. Let's say 100 million before taxes. do you see yourself ever financing anything ever again or would you just pay cash for everything there on out? Me personallly it depends on what it was and how big the part Im financing would be. I know there a billionaires who finance some particular purchases, so it doe happen, but would you do it? Why or why not?

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    Posted: February 20, 2014, 1:39 pm - IP Logged

    no, it's best just not to have any payments.  Ex. look at hollywood stars and sports stars that don't payout off their stuff.  You don't know what's going to happen in the future.  Buy it pay it off.


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      Posted: February 20, 2014, 2:37 pm - IP Logged

      Not just no, but HELL NO!  Why make the banks richer & yourself poorer?

        Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
        SW Florida
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        Posted: February 20, 2014, 4:26 pm - IP Logged

        Even if I won 10 million before taxes, I'd not want to owe anyone anything.  Billionaires who finance probably get tax write-offs or use the debt in ways they can make more money.

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          Posted: February 20, 2014, 6:09 pm - IP Logged

          Yes, even Warren Buffett uses leverage.

            rcbbuckeye's avatar - Lottery-043.jpg
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            Posted: February 20, 2014, 6:11 pm - IP Logged

            Only same as cash finance. That way you are using someone else's money for free.

            CAN'T WIN IF YOU'RE NOT IN

            A DOLLAR AND A DREAM (OR $2)

              CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
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              Posted: February 20, 2014, 6:13 pm - IP Logged

              If I was purchasing a new very expensive luxury auto and they offered interest free financing for 2-3-4 years ??

              What ta heck...why not let my money grow interest and make the monthly payments. Only costing me a stamp a month if I mail the payments in.

              Wink 

              Stay Positive, Believe and good things will come your way

                sully16's avatar - sharan
                Ringleader
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                Posted: February 20, 2014, 6:14 pm - IP Logged

                Only same as cash finance. That way you are using someone else's money for free.

                Thumbs Up

                Did you exchange a walk on part in the war ?

                For a lead role in a cage?

                 

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                  Zeta Reticuli Star System
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                  Posted: February 20, 2014, 7:27 pm - IP Logged

                  No. Why pay for something three times or more when you can buy it outright.

                  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.

                    savagegoose's avatar - ProfilePho
                    adelaide sa
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                    Posted: February 21, 2014, 3:21 am - IP Logged

                    i might lease a car to see if i like it. after all lease agreements include costs and maint. and a reg fee on lease is easier to baance  the books with.

                    <div_prefs id="div_prefs">

                    2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

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                      helpmewin's avatar - dandy
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                      Posted: February 21, 2014, 9:17 am - IP Logged

                      Yes, even Warren Buffett uses leverage.

                      I Agree!

                      Let it Snow Snowman

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                        boston,ma
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                        Posted: February 21, 2014, 9:37 am - IP Logged

                        no, it's best just not to have any payments.  Ex. look at hollywood stars and sports stars that don't payout off their stuff.  You don't know what's going to happen in the future.  Buy it pay it off.

                        This confuses the hell out of me all the time. You see all the hollywood stars who've made money, yet you still hear about how their houses are facing foreclosure!? Are you kidding me? If you make a couple of million per film, you can't buy a home in cash? (i.e. nick cage). I would never finance if I don't have to. I try to pay everything in cash now as I hate using credit cards/debit cards.

                          Jon D's avatar - calotterylogo
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                          Posted: February 21, 2014, 9:55 am - IP Logged

                          This confuses the hell out of me all the time. You see all the hollywood stars who've made money, yet you still hear about how their houses are facing foreclosure!? Are you kidding me? If you make a couple of million per film, you can't buy a home in cash? (i.e. nick cage). I would never finance if I don't have to. I try to pay everything in cash now as I hate using credit cards/debit cards.

                          The reason is:

                          Talented people are often not good with money.

                          That's why celebrities and athletes need financial people around to protect them, often from themselves. Many times this fails. They often try to live beyond their means, living a lifestyle far and above their level of income.

                          That's part of the reason for the economic mess we're still recovering from now, people living beyond their means, using financing for houses, education, etc, far and above their level of income.

                          Rich people don't do that. The rich are frugal and live within their means. And like Toronto said, they typically only use financing as leverage for economic or business benefit, NOT to buy something for themselves far beyond their means.

                          Many lottery winners are poor people and carry their bad habits of living beyond their means after a big win. That's why so many go broke in a few years, no matter how many millions they've won.

                            mypiemaster's avatar - 2015021003pileofcash
                            JACKPOT HUNTER

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                            Posted: February 21, 2014, 8:25 pm - IP Logged

                            DEBT FREE...I like the way it sounds.

                            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

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                              Posted: February 22, 2014, 4:05 am - IP Logged

                              If I'm earning n% on an investment why on Earth would I withdraw it faster than necessary to pay for something I can finance for <n%?