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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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four4me's avatar - gate1
MD
United States
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June 18, 2003
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Posted: February 22, 2014, 4:25 am - 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?

if I were to open a restaurant or carwash franchise I might consider this option.

Big John says. You don't hit the number. The number hits you!!!!

               I'm not Big John, I'm Four4me, Big John's a friend.
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    Posted: February 22, 2014, 7:20 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.

    Now I dont use credit cards unless I can pay off the balance at the end of the month, I hate carrying a balance. Now my debit card, I use that all the time I hardly ever carry cash anymore other than a few dollars for the lottery. I mean I dont even have to balance a check book anymore, I havent had to in 10 yrs, I dont even write checks anymore.

      Piaceri's avatar - sarsony1
      Republic of Texas
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      January 9, 2008
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      Posted: February 22, 2014, 9:02 am - IP Logged

      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.

      This.

      Plus, if you can borrow for less than you are earning on your investments, then borrowing for business reasons is probably not a bad idea. But to borrow for personal luxuries is not wise.

      face

      singlewinnersinglewinnersinglewinner   

        psykomo's avatar - animal shark.jpg

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        Posted: March 23, 2014, 8:56 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?

        SBM:

        WE NEED A POLL>>>>ON>>>dis WON!!!!!

                                DanceHurray!Dance

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          new jersey
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          Posted: March 23, 2014, 9:03 pm - IP Logged

          I WOULD  FINANCE ANYTHING  WHERE  I  CAN GET   0% FINANCING,    WHY?  THEN  I  GET  INTEREST  ON MY  MONEY, PLUS THE  MORE  U HAVE  THE  MORE  YOUR  WORTH  NET   ASSETS,

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            new jersey
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            Posted: March 23, 2014, 9:05 pm - IP Logged

            ALWAYS  TRY  TO  USE   OTHERS   MONEY   TO  MAKE  MORE  MONEY   FOR  YOURSELF

              psykomo's avatar - animal shark.jpg

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              Posted: March 23, 2014, 9:29 pm - IP Logged

              SBM:

              WE NEED A POLL>>>>ON>>>dis WON!!!!!

                                      DanceHurray!Dance

              thank you>>>>>SHELBY MUSTANG>>>>>we need a POST from U>>>>>>fast cars'sssssson Lottery POST!!!

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                                                                                      DanceHurray!  Dance

                Drenick1's avatar - villiarna
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                February 25, 2014
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                Posted: March 24, 2014, 8:37 am - IP Logged

                Only to start a business, everything else would be paid in full.