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If you won a $100 mil MM / PB jackpot, and ended up losing it all...

Topic closed. 45 replies. Last post 2 years ago by mikeintexas.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
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Posted: November 16, 2014, 5:57 pm - IP Logged

For: Entertainment Purposes only...* l would like to think that we have a savvy thinking bunch here Smile from time to time..

However...

..Would you label it a " curse on your part.?"

..Grant an " interview to enlighten" the wannabe winners on what to do/not to do?

..Be " happy that you right back where you started"... the easy come easy go philosophy?

 

** Have a Great coming week & stay Healthy People.

People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

    noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
    Bay Area - California
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    Posted: November 16, 2014, 10:25 pm - IP Logged

     I generally don't " lol" at my own posts, but it's beginning to look like a  hilarious fact when NO-ONE wants to post an answer to this topic for fear of coming off as the dunderhead  who " lost $100 mil"..

    Okay- I feel your pain guys & gals!

    People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

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      New Member

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      Posted: November 17, 2014, 2:43 am - IP Logged

      After consuming large amounts of alcohol I would probably stick to the easy comes easy go philosophy :)

        helpmewin's avatar - dandy
        u$a
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        Posted: November 17, 2014, 8:12 am - IP Logged

        The blame game i would blame the investors and move on, Let it snowDance

        Let it Snow Snowman

          haymaker's avatar - Lottery-012.jpg
          Egg Harbor twp.south Jersey shore
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          Posted: November 17, 2014, 9:19 am - IP Logged

          The other day I spilled something on the kitchen counter and said " What a dumbass"

          My wife said "you called yourself a dumbass ?

          Well yea, I criticize myself even tougher than I do others.

           

          So I know I would'nt call it a curse, but I certainly would be curseing at  myself harshly and not trying to soften it by saying

          " Oh I'm happier now w/out the money"

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

            RedStang's avatar - tallman zps6gf4inoc.jpg
            NY
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            Posted: November 17, 2014, 11:01 am - IP Logged

            Not sure what's worse. Claiming it and losing it all or just not claiming it.

              LottoMetro's avatar - Lottery-024.jpg
              Happyland
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              Posted: November 17, 2014, 12:12 pm - IP Logged

              Look at it another way. You just lost the love of your life. Do you...

              • Label it a "curse on your part"?
              • Grant an "interview to enlighten" the hopeless romantics on what to do/not to do?
              • Or be "happy that you're right back where you started" and accept that life really does go on (easy-come/easy-go philosophy)?

              Wink

              As you can see, this can apply to other concepts besides vast wealth (or even love). What attitude/perspective you approach it from depends on how much weight you put on the outcome. Losing money or anything else doesn't mean that you will not/can not obtain it again. Nor does it mean you are better/worse off without it.

              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?

              2016: -48.28% (13 tickets) ||
              P&L % = Total Win($)/Total Wager($) - 1

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                Posted: November 17, 2014, 12:18 pm - IP Logged

                I wish i could play along but I cannot even force myself to even think I could lose that kind of money...but now if you want to add in charitable donations, and just paying people's mortgages, light bills, buying groceries and such now maybe half of it but certainly not all of it

                  noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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                  Posted: November 17, 2014, 1:15 pm - IP Logged

                  Look at it another way. You just lost the love of your life. Do you...

                  • Label it a "curse on your part"?
                  • Grant an "interview to enlighten" the hopeless romantics on what to do/not to do?
                  • Or be "happy that you're right back where you started" and accept that life really does go on (easy-come/easy-go philosophy)?

                  Wink

                  As you can see, this can apply to other concepts besides vast wealth (or even love). What attitude/perspective you approach it from depends on how much weight you put on the outcome. Losing money or anything else doesn't mean that you will not/can not obtain it again. Nor does it mean you are better/worse off without it.

                  I Agree! with you - however in keeping with the topic at hand & the forum we find ourselves in, this question is a valid one LM. Is it possible for one to lose that kind of money, absolutely, bad investments, bad decisions, greedy family members, lawsuits etc.. The list goes on and on.

                  I did mention " for entertainment purposes only".. Therein lies the rub.

                  People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

                    LottoMetro's avatar - Lottery-024.jpg
                    Happyland
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                    Posted: November 17, 2014, 1:20 pm - IP Logged

                    I Agree! with you - however in keeping with the topic at hand & the forum we find ourselves in, this question is a valid one LM. Is it possible for one to lose that kind of money, absolutely, bad investments, bad decisions, greedy family members, lawsuits etc.. The list goes on and on.

                    I did mention " for entertainment purposes only".. Therein lies the rub.

                    Well, in that case, if I lost it all I would write a memoir, "How I Won $100 Million and Lost It All," which undoubtedly would make me rich again. It would tell my tale and rationalize why I am not unintelligent and how I came out better because of it. I say this tongue-in-check, because a big winner (loser) would never truly admit the reality that they feel stupid about losing it all and that they know they blew an opportunity to better themselves and their future. LOL

                    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?

                    2016: -48.28% (13 tickets) ||
                    P&L % = Total Win($)/Total Wager($) - 1

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                      Left Coast
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                      Posted: November 17, 2014, 4:36 pm - IP Logged

                      I'm in my early 40's and I always thought how amazing it would be to help friends...not make them millionaires or anything, but clear everyone's existing mortgages and debts. Give some flexibility for jobs and keep more salaries. The problem comes in where I would draw draw the line: 4 families, 5 families, 8, 10...? Throw on gift taxes and... Boom!

                      Gone.

                      so if that were to happen to me, I don't think I could face the music. That'd be embarrassing.


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                        Posted: November 17, 2014, 10:25 pm - IP Logged

                        Well to me it wouldn't be a curse because we have the free will to choose how to spend, invest, and who to trust with our investments.  It would be my own dumb fault if I squandered it all.

                        I'd certainly give advice to other winners so they could avoid the same, but it would pretty much be nothing we already haven't heard from others who have lost it all.

                        Really, each state should require any large JP winner to take some sort of financial educational/literacy course just for their own good.  I think most people know not to become a drug addict or become a compulsive gambler once they win, but many know nothing of gift taxes, or the real cost of ownership of luxury toys and estate homes.

                          mikeintexas's avatar - tx avatar-1.gif
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                          Posted: November 18, 2014, 12:46 pm - IP Logged

                          Really, each state should require any large JP winner to take some sort of financial educational/literacy course just for their own good.

                          Not a bad idea, but I dislike the "require" part.  "Should offer" would be better, IMHO.

                          I was reading in here when this was first posted and started to reply right away, but changed my mind.  It's the "If you...ended up losing it all" that I just can't wrap my head around.   I'm a firm believer in learning from one's mistakes, but even more of a fan of learning from others mistakes and I've read dozens of "riches to rags" stories, more than enough to make me sincerely believe I wouldn't do the same thing.

                          I think the people who lose it all are mostly those who can't wait to get their hands on the money and don't have the beginnings of a plan for the money, the ones who have problems saying "No!" to friends and family and the ones who don't have the sense God gave a goose.   Those folks really should opt f/ the annuity.

                          If I won a hundred million (or took home 60 after taxes) I'd immediately put a substantial amount in the safest investments I could, treasury bonds, CDs, etc.  I've always told myself I'd "lock up" 2.1 million before doing anything else, then figure out what to do with the rest.* (so I'd always be a multi-millionaire and have a decent income from the interest, enough to live on at least)

                          *Rhetorical, b/c I already know what I'd do w/ the rest.

                          If I should be lucky enough/blessed to win, here's my budget on the things that often cost people their new-found fortune:

                          Lamborghini or Ferrari $0
                          Yacht - $0
                          Helicopter - $0
                          Lear Jet - $0
                          Ill thought-out business ventures - $0
                          Drugs, hookers, strip clubs - $0

                          I might buy a nice bottle of champagne to celebrate my win. Might/maybe. 

                          Dom Pérignon - $185.00, plus $15 for a good cigar to smoke while I'm drinking the bubbly, something like a Cohiba or Ashton.  Two hundred bucks down the toilet (eventually) and up in smoke, there's my biggest wasteful splurge.  I might use a hundred dollar bill as a coaster for my glass, but I sure ain't lightin' my stogie with it...not even with a dollar bill.   I'd rather spend that buck on another lottery ticket, see if I couldn't win it again.

                            music*'s avatar - nw bookeep.jpg
                            Happy California
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                            Posted: November 18, 2014, 1:55 pm - IP Logged

                            Smile HI Mike in Texas,  Great to read your advice.   I now have an investment question. Do you know anything about indexes or index funds ?  I just watched the CEO of Calstrs , a $185 billion retirement fund for California teachers, and other State employees. He is 60% invested in Indexes. Like the S&P 500 index. The Dow index ?

                            I will google this question.  Thanks for the help music*Party

                              haymaker's avatar - Lottery-012.jpg
                              Egg Harbor twp.south Jersey shore
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                              Posted: November 18, 2014, 3:15 pm - IP Logged

                              Really, each state should require any large JP winner to take some sort of financial educational/literacy course just for their own good.

                              Not a bad idea, but I dislike the "require" part.  "Should offer" would be better, IMHO.

                              I was reading in here when this was first posted and started to reply right away, but changed my mind.  It's the "If you...ended up losing it all" that I just can't wrap my head around.   I'm a firm believer in learning from one's mistakes, but even more of a fan of learning from others mistakes and I've read dozens of "riches to rags" stories, more than enough to make me sincerely believe I wouldn't do the same thing.

                              I think the people who lose it all are mostly those who can't wait to get their hands on the money and don't have the beginnings of a plan for the money, the ones who have problems saying "No!" to friends and family and the ones who don't have the sense God gave a goose.   Those folks really should opt f/ the annuity.

                              If I won a hundred million (or took home 60 after taxes) I'd immediately put a substantial amount in the safest investments I could, treasury bonds, CDs, etc.  I've always told myself I'd "lock up" 2.1 million before doing anything else, then figure out what to do with the rest.* (so I'd always be a multi-millionaire and have a decent income from the interest, enough to live on at least)

                              *Rhetorical, b/c I already know what I'd do w/ the rest.

                              If I should be lucky enough/blessed to win, here's my budget on the things that often cost people their new-found fortune:

                              Lamborghini or Ferrari $0
                              Yacht - $0
                              Helicopter - $0
                              Lear Jet - $0
                              Ill thought-out business ventures - $0
                              Drugs, hookers, strip clubs - $0

                              I might buy a nice bottle of champagne to celebrate my win. Might/maybe. 

                              Dom Pérignon - $185.00, plus $15 for a good cigar to smoke while I'm drinking the bubbly, something like a Cohiba or Ashton.  Two hundred bucks down the toilet (eventually) and up in smoke, there's my biggest wasteful splurge.  I might use a hundred dollar bill as a coaster for my glass, but I sure ain't lightin' my stogie with it...not even with a dollar bill.   I'd rather spend that buck on another lottery ticket, see if I couldn't win it again.

                              Mikeintexas,

                              My budget is very simalar to yours, albeit not so detailed LOL

                              Most definitely would "lock up a big %

                              Not sure how to celebrate it, cause I don't drink champy, cept  a sip or two for a wedding toast.

                              Maybe I'd have to see their "beerlist" LOL

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