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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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savagegoose's avatar - ProfilePho
adelaide sa
Australia
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Posted: November 21, 2014, 10:54 am - IP Logged

You know something, I will never understand anyone who views winning millions a curse, even if they lose it all. It seems to me the lottery is the only windfall described as a curse. I've never heard anyone who had a huge salary but lost their jobs, describe their employment as a curse. Even athletes and Hollywood stars who've gone bankrupt have never said it was a curse. Which entrepreneur whose startup ended up netting them millions or billions have ever said it was a curse? Mark Cuban, Jeff Bezos, Michael Dell and Bill Gates all seem really happy with their successes. What is it about lottery money that the winners seem brainwashed into blaming the money rather than themselves where other windfall recipients will blame themselves and not the money

Well I was being flippant. i already knew how  this thread was going, and thought i would throw in a  curve ball comment.

the thing about instant wealth is people rarely see it the same as earned wealth. either the instant wealth gainer or all their  critics and  jealous followers.

if the winner happened to have had a life of welfare , drugs and crime,. it is not like they're ever going to have  had to delay satisfaction , saving for a goal or working towards  it. and a win sets off in their head,. THAT THEY WILL NEVER HAVE TO. These people just aint wired like us.

idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable.

 

much like the managers who run modern banks.

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

keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

    lejardin's avatar - Lottery-014.jpg

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    Posted: November 21, 2014, 12:06 pm - IP Logged

    This was an excellent thread.

    Personally, all I can say is that it would be IMPOSSIBLE  for me to lose that amount of money. Right hand to God, it would be literally not figuratively, impossible. And not because I'd never by anything expensive. I personally don't see the point in playing for big bucks and then not going for my dream house, dream car and dream vacation spots. 

    But I'm cautious, analytical and always have a contingency plan. If the very first purchase I have to make is a Foodsaver to vacuum seal a large amount of cash and bury it next to Jimmy Hoffa, just so I'll always have a rainy day fund, so be it.

    Go Plenty of cash, gold, silver etc.  Food saver vacuum seal cash excellent idea, next to Jimmy Hoffa, too fuuny.

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
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      Posted: November 21, 2014, 1:10 pm - IP Logged

      "idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable."

      Maybe for you, but people who, after they depart this mortal coil,  will leave loved ones behind and want to (help) provide for a better future for them would disagree.
      ------
      Maybe I've missed it, but I don't recall ever reading about someone who won a hundred million or even more than ten million, lose their fortunes.  It's those folks who win ten million - or less -  and try to live a life like they won 100 million that wind up broke.


      A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
       - George Orwell

        ThatScaryChick's avatar - x1MqPuM
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        Posted: November 21, 2014, 1:19 pm - IP Logged

        "idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable."

        Maybe for you, but people who, after they depart this mortal coil,  will leave loved ones behind and want to (help) provide for a better future for them would disagree.
        ------
        Maybe I've missed it, but I don't recall ever reading about someone who won a hundred million or even more than ten million, lose their fortunes.  It's those folks who win ten million - or less -  and try to live a life like they won 100 million that wind up broke.

        David Lee Edwards won 41 million on Powerball ($27 million after taxes) and he went completely broke before he passed away.

        http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html

        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

          mikeintexas's avatar - tx avatar-1.gif
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          Posted: November 21, 2014, 1:23 pm - IP Logged

          David Lee Edwards won 41 million on Powerball ($27 million after taxes) and he went completely broke before he passed away.

          http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html

          Thanks f/ that, but I bet he's the rare exception.  He was one of those who spent like he had a hundred million.

            ThatScaryChick's avatar - x1MqPuM
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            Posted: November 21, 2014, 1:24 pm - IP Logged

            Thanks f/ that, but I bet he's the rare exception.  He was one of those who spent like he had a hundred million.

            Oh I agree. I don't believe most people who win large jackpots lose it all like he did.

            "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

              noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
              Bay Area - California
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              Posted: November 21, 2014, 1:45 pm - IP Logged

              "idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable."

              Maybe for you, but people who, after they depart this mortal coil,  will leave loved ones behind and want to (help) provide for a better future for them would disagree.
              ------
              Maybe I've missed it, but I don't recall ever reading about someone who won a hundred million or even more than ten million, lose their fortunes.  It's those folks who win ten million - or less -  and try to live a life like they won 100 million that wind up broke.

              ..losing $100 mil is mind boggling too be sure Mike- that is why l stated " For entertainment purposes".

              bTW: l had read that Jack Whittaker had lost the lion's share of his fortune, but l cannot say for certain whether that is true or not.. The old adage applies " believe half of what you see and some of what you hear/ read"

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

                Teddi's avatar - Lottery-008.jpg

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                Posted: November 21, 2014, 3:05 pm - IP Logged

                Well I was being flippant. i already knew how  this thread was going, and thought i would throw in a  curve ball comment.

                the thing about instant wealth is people rarely see it the same as earned wealth. either the instant wealth gainer or all their  critics and  jealous followers.

                if the winner happened to have had a life of welfare , drugs and crime,. it is not like they're ever going to have  had to delay satisfaction , saving for a goal or working towards  it. and a win sets off in their head,. THAT THEY WILL NEVER HAVE TO. These people just aint wired like us.

                idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable.

                 

                much like the managers who run modern banks.

                Hey Savage, I actually never saw your post. I was responding to noise-gate's initial question.

                I've watched ESPN's 30 for 30: Broke episode a few times. It's about professional athletes who were once multimillionaires who lost it all. The similarities between their stories and that of lottery winners who've lost it all are staggering. Most of them go from poverty to being a one percenter overnight. They usually have poor impulse control in their spending habits, people (usually family members and/or past friends) crawl out of the woodwork to harass them for financial assistance, lots of ill-conceived business ventures and trusting others to manage their finances. 

                But herein lies the difference between them and lottery winners, they never claim the money they got for the cause of their predicament. They'll blame themselves, their accountants, their ex-wives/ex-girlfriends, the housing bubble, the economy etc etc etc. Never once was the money to blame. Exact opposite of lottery winners. It's very telling.

                  Teddi's avatar - Lottery-008.jpg

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                  Posted: November 21, 2014, 3:31 pm - IP Logged

                  "idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable."

                  Maybe for you, but people who, after they depart this mortal coil,  will leave loved ones behind and want to (help) provide for a better future for them would disagree.
                  ------
                  Maybe I've missed it, but I don't recall ever reading about someone who won a hundred million or even more than ten million, lose their fortunes.  It's those folks who win ten million - or less -  and try to live a life like they won 100 million that wind up broke.

                  I say give it time. An individual winner landing hundreds of millions used to be few and far between. Now that they're occurring with increased regularity, we'll see their bankruptcy stories too. Sure they may take a longer time to blow through that amount, but I believe in history and history has precedence for this. If pro athletes and entertainers and business owners can lose it all ($100 million, $200 million even $300 million) and they had to work for that money, then there should be no reason to assume lottery winners will fair any better, Jack Whitaker's stupidity notwithstanding

                    LottoMetro's avatar - Lottery-024.jpg
                    Happyland
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                    Posted: November 21, 2014, 3:33 pm - IP Logged

                    Hey Savage, I actually never saw your post. I was responding to noise-gate's initial question.

                    I've watched ESPN's 30 for 30: Broke episode a few times. It's about professional athletes who were once multimillionaires who lost it all. The similarities between their stories and that of lottery winners who've lost it all are staggering. Most of them go from poverty to being a one percenter overnight. They usually have poor impulse control in their spending habits, people (usually family members and/or past friends) crawl out of the woodwork to harass them for financial assistance, lots of ill-conceived business ventures and trusting others to manage their finances. 

                    But herein lies the difference between them and lottery winners, they never claim the money they got for the cause of their predicament. They'll blame themselves, their accountants, their ex-wives/ex-girlfriends, the housing bubble, the economy etc etc etc. Never once was the money to blame. Exact opposite of lottery winners. It's very telling.

                    You're spot on and it's because those athletes actually worked for their money! They acquired it through effort even though it may have been a lucky opportunity. In contrast, people who just have money handed to them would be more inclined to blame the money itself as their life was different prior to having it, and they never "worked" towards having the money, so as to speak. It's like someone suddenly and magically gifted with beauty would blame the beauty and not themselves for catcalls and what not, whereas someone who had surgery to look beautiful would blame themselves for the catcalls because they chose to work towards or acquire that beauty. Perhaps a poor or unrealistic analogy but hopefully you get the idea.

                    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

                      mikeintexas's avatar - tx avatar-1.gif
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                      Posted: November 21, 2014, 3:36 pm - IP Logged

                      ..losing $100 mil is mind boggling too be sure Mike- that is why l stated " For entertainment purposes".

                      bTW: l had read that Jack Whittaker had lost the lion's share of his fortune, but l cannot say for certain whether that is true or not.. The old adage applies " believe half of what you see and some of what you hear/ read"

                      I understood that, and that was one of the reasons I didn't reply right after you posted it.   I wanted to reply, but just couldn't get into the spirit of your intention.  Yes, it IS mind boggling, beyond comprehension...at least as far as I am concerned.   

                      If I win a hundred million, there are some fairly pricey things I want - a live water ranch, a BMW and a nice, new crew cab Ford pickup.  There are a few other things I'd like to have, but nothing is really all that expensive.  I guess one of the most extravagant things I want is a $1200 Italian-made ice cream machine....but I might just settle on the $300 one instead, at least start out with that one.  I'm sure not blowing any money on replica swords like David Lee Edwards did.  I think my worst financial habit would be over-tipping.

                        mikeintexas's avatar - tx avatar-1.gif
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                        Posted: November 21, 2014, 3:39 pm - IP Logged

                        I say give it time. An individual winner landing hundreds of millions used to be few and far between. Now that they're occurring with increased regularity, we'll see their bankruptcy stories too. Sure they may take a longer time to blow through that amount, but I believe in history and history has precedence for this. If pro athletes and entertainers and business owners can lose it all ($100 million, $200 million even $300 million) and they had to work for that money, then there should be no reason to assume lottery winners will fair any better, Jack Whitaker's stupidity notwithstanding

                        You're probably right, but I know...I KNOW...if I win, I won't be one of them.  You can look at a list of those actors/celebs who lost their fortunes and the common thread is that they're dumber than a stump or got taken advantage of.

                          Teddi's avatar - Lottery-008.jpg

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                          Posted: November 21, 2014, 6:26 pm - IP Logged

                          You're probably right, but I know...I KNOW...if I win, I won't be one of them.  You can look at a list of those actors/celebs who lost their fortunes and the common thread is that they're dumber than a stump or got taken advantage of.

                          So true. I completely agree. I personally think they have to be dumber than a box of rocks to lose everything.I have worked out every scenario in my head, and the only way I end up broke and homeless is if we actually had a World War Z -type event occur. Hell, I'd even have a Plan B back up funds in the event I awoke from a prolonged coma and found out that a court appointed POA had mismanaged my estate. My contingencies have contingencies. 

                          My only vices are shoes and handbags, but I'm not addicted enough to either for them to send me to the poor house. I rarely drink, abhor drugs and have no problems saying no, meaning it and not caring what the no-recipient thinks. Short of the entire world being shot to hell, losing everything isn't possible for me. I may lose some but no way can I lose it all.

                            savagegoose's avatar - ProfilePho
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                            Posted: November 22, 2014, 2:43 am - IP Logged

                            yeah i have multiple friends who have stated they want this and that if i win  , from houses to  sports cars.   of course ive always said it depends on what i win.  Im guessing if i won $10M or so im losing a few friends.

                            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

                            keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                              savagegoose's avatar - ProfilePho
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                              Posted: November 22, 2014, 2:45 am - IP Logged

                              "idea of ohh setting up investments, waiting every month or quarter, or 6 months, for the dividend checks to roll in , is incomprehensible. having the capital preserved and only spending the earnings, after tax, inconceivable."

                              Maybe for you, but people who, after they depart this mortal coil,  will leave loved ones behind and want to (help) provide for a better future for them would disagree.
                              ------
                              Maybe I've missed it, but I don't recall ever reading about someone who won a hundred million or even more than ten million, lose their fortunes.  It's those folks who win ten million - or less -  and try to live a life like they won 100 million that wind up broke.

                              actually i wass  speaking abuot their thoughts, not mine. i have no problem waiting.

                              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

                              keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297