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Winning M/M at 15million

Topic closed. 52 replies. Last post 1 year ago by Teddi.

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Teddi's avatar - Lottery-008.jpg

United States
Member #142499
May 13, 2013
1182 Posts
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Posted: September 22, 2015, 2:39 pm - IP Logged

" Losing over $100 million happens to a lot of people".. Which people?

If  your investments are taking a beating by losing a million here, a million there, you don't wait till you hit the iceberg and then go looking for a lifeboat. You bail out a lot sooner & way before you take on water Max. 

Normally I'd definitely agree with this premise, but in Walker's case, it was a little different. He sank a whole lotta money into real estate and when that bubble popped, it wasn't a matter of losing here and there. It was a matter of losing almost everything all at once. 

I'm not saying it wasn't Walker's fault, had he been paying closer attention to his investments, he probably still would have lost a bundle, but not everything. Part of the problem is that because the properties were mismanaged, he also had legal issues and code violations to contend with. That's on him.

I might wake up early and go running.  I might also wake up and win the lottery.

The odds are about the same.

    Avatar
    San Diego, CA
    United States
    Member #58386
    February 12, 2008
    287 Posts
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    Posted: September 22, 2015, 8:44 pm - IP Logged

    When these athletes have over $50M, why do they need more money?

    That is enough to live comfortably for 25 lifetimes.

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      NYC
      United States
      Member #161115
      November 17, 2014
      126 Posts
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      Posted: September 22, 2015, 9:10 pm - IP Logged

      When these athletes have over $50M, why do they need more money?

      That is enough to live comfortably for 25 lifetimes.

      Ballin ain't cheap. From private jets, mega mansions, exotic cars, sponging entourage, managers/ agent, taxex etc.... All of that can eat through the money quickly.

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
        United States
        Member #136477
        December 12, 2012
        4104 Posts
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        Posted: September 22, 2015, 11:47 pm - IP Logged

        Normally I'd definitely agree with this premise, but in Walker's case, it was a little different. He sank a whole lotta money into real estate and when that bubble popped, it wasn't a matter of losing here and there. It was a matter of losing almost everything all at once. 

        I'm not saying it wasn't Walker's fault, had he been paying closer attention to his investments, he probably still would have lost a bundle, but not everything. Part of the problem is that because the properties were mismanaged, he also had legal issues and code violations to contend with. That's on him.

        I Agree!.. with what you saying here Teddi. I remember as kids we were told playfully " Never put all your eggs in one basket", that saying should apply more so as one becomes an adult. Far too often sport figures are hit with the "sudden wealth syndrome ".. The " Wow, l have how much now?  I recall reading about a Las Vegas Casino coming after Mr Walker for non payment on a * l think ..a $200,000 plus bet he owed the Casino. I know his not alone in this situation and l wish him well. Mike Tyson made something like $200 million during his career and at one time bought a few tigers as house pets....." so much money l don't know what to do with it"

        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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          December 12, 2012
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          Posted: September 22, 2015, 11:59 pm - IP Logged

          If anyone won the starting jackpot of $15 million, would they hightail it out of their State to a part of the country where the population is under 500?

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

            MaximumMillions's avatar - Lottery-013.jpg

            Germany
            Member #164603
            March 8, 2015
            604 Posts
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            Posted: September 23, 2015, 7:54 am - IP Logged

            If anyone won the starting jackpot of $15 million, would they hightail it out of their State to a part of the country where the population is under 500?

            Depends. A ranch would be great, but a nice ocean view condo on the left coast would be too.

              Teddi's avatar - Lottery-008.jpg

              United States
              Member #142499
              May 13, 2013
              1182 Posts
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              Posted: September 23, 2015, 1:04 pm - IP Logged

              I Agree!.. with what you saying here Teddi. I remember as kids we were told playfully " Never put all your eggs in one basket", that saying should apply more so as one becomes an adult. Far too often sport figures are hit with the "sudden wealth syndrome ".. The " Wow, l have how much now?  I recall reading about a Las Vegas Casino coming after Mr Walker for non payment on a * l think ..a $200,000 plus bet he owed the Casino. I know his not alone in this situation and l wish him well. Mike Tyson made something like $200 million during his career and at one time bought a few tigers as house pets....." so much money l don't know what to do with it"

              Watch ESPN's 30 for 30: Broke. You can watch it on YouTube. It's eye opening. One rookie didn't understand how checks work, and framed instead of cashing his first paycheck, he framed it. You're not going to put someone like that in charge of millions overnight and not have serious financial issues later on.

              Regardless of how the athletes lost all their earnings (gambling, bad investments, allowing a parent to take care of their income) the one theme that seemed to link players of different educational levels, skin color and upbringing, is the fact that they all thought the money would never run out. They were making so much, they didn't think they could ever spend it all. I think that's where the devil in disguise comes in. Once you think there's no way you can ever spend that much money, is when you actually do end up spending all that money. 

               

               

              As for the eggs in a basket, go and read the posts in a discussion thread that asks what would you do if you won $100 million or more; I was really surprised to see so many people say they'd invest all of it and live off the interest. That's putting all your eggs in one basket. Even if your investments are diverse, it's just pockets in the same basket. There is no bankruptcy in a bubble any more. The collapse of one major industry triggers the collapse of at least a dozen more, so I don't get that (I'm-going-to-invest-it-all) way of thinking. I see people like Mayweather and 50 Cent keeping millions of dollars in one account and I don't get that either. That's just waving a a red cape at fate and screaming "COME GET ME".

              I might wake up early and go running.  I might also wake up and win the lottery.

              The odds are about the same.

                Teddi's avatar - Lottery-008.jpg

                United States
                Member #142499
                May 13, 2013
                1182 Posts
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                Posted: September 23, 2015, 1:09 pm - IP Logged

                If anyone won the starting jackpot of $15 million, would they hightail it out of their State to a part of the country where the population is under 500?

                Depends. Is it like Mayberry where everyone knows everyone's business and is always in each other's lives. Or is it a we-keep-to-ourselves and shoot any trespassers type of place? Sometimes a place is so big and crowded that no one pays attention to anyone and that might work out better for a lottery winner than going to a rural community that operates like one big extended family.

                I might wake up early and go running.  I might also wake up and win the lottery.

                The odds are about the same.