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Successful Winners

Topic closed. 25 replies. Last post 1 year ago by Tialuvslotto.

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savagegoose's avatar - ProfilePho
adelaide sa
Australia
Member #37136
April 11, 2006
3300 Posts
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Posted: November 7, 2015, 7:31 am - IP Logged

I would say;  all the ones we never heard from again.  Are the successes.  When you have it made, jis it really your life long dream to put all of you into making a business work? Taxes, redtape  shoddy contractors, compliance, new tax rules,  compensation claims. you could be  fishing on your modestly sized yacht, or cruising  the  alps in your sports car, or laying on a pristine beach  looking at blue sky and blue seas and white sands. what ever,,, just staying in your budget.

business schimsiness,.

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

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
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    Posted: November 9, 2015, 12:52 pm - IP Logged

    I Agree! with savagegoose. The older I get the less I am inclined to start a business or invest in the Stock market. So your wise advice is taken, "Stay in your budget." 

     May I suggest CDARS.com and ICS which is "Insured Cash Sweep".com.  ICS is at the bottom of the first page for CDARS.com.

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

      travelintrucker's avatar - morph
      Greenville, SC
      United States
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      November 4, 2015
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      Posted: November 9, 2015, 11:32 pm - IP Logged

      I'm on my way to Tennessee and I went through Dalton, GA. I was thinking, I wonder how Ed Nabors is doing.

      May the balls bounce in your favor!

        Teddi's avatar - Lottery-008.jpg

        United States
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        May 13, 2013
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        Posted: November 10, 2015, 8:21 pm - IP Logged

        I would say;  all the ones we never heard from again.  Are the successes.  When you have it made, jis it really your life long dream to put all of you into making a business work? Taxes, redtape  shoddy contractors, compliance, new tax rules,  compensation claims. you could be  fishing on your modestly sized yacht, or cruising  the  alps in your sports car, or laying on a pristine beach  looking at blue sky and blue seas and white sands. what ever,,, just staying in your budget.

        business schimsiness,.

         Isn't that the beauty of being human? Diversity? We don't all like or want the same things. One winner is content to stay in a motel room with his horde of cats, another prefers a sprawling mansion in a gated community. Each considers their own to be the better choice.

        Warren Buffett is 85 years old and worth over $60 Billion. Why is he still working? Why is Oprah  still going into an office each day? Why is Butch Stewart building more Sandals hotels instead of lazing on the beach?  None of these people actually NEED to work. They want to work. It gives them a purpose and even with all the headaches, what they do brings them satisfaction. 

        If money affords you the freedom to do whatever you want, why not actually do whatever you want?

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

        The odds are about the same.

          mikeintexas's avatar - tx avatar-1.gif
          Texas Panhandle
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          December 20, 2012
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          Posted: November 11, 2015, 6:12 pm - IP Logged

          ^ This. I Agree!  Especially this: If money affords you the freedom to do whatever you want, why not actually do whatever you want?

          I can think of all sorts of businesses that a winner could start that wouldn't be much of a hassle;  it just depends upon what type of business you want to have.  Of course, it should be something they enjoyed doing;  for example, if someone loved to cook, then they could open up a small diner or restaurant.  Yes, that could be a headache if you HAD to make money, but there's no law I know of (outside of liquor-related businesses*) that mandate when the place is open or for how long ea. day...or if they even had to turn a profit.   You would need to consult a professional about the details, but the last I read, the IRS will let you deduct losses for three years in a row.  You can depreciate equipment, deduct property taxes, all sorts of perfectly legal avenues to minimize costs.

          Like to fish and are competent at it and live near a big lake or the ocean?  Be a guide:  buy the boat, the licenses/permits and all the necessary equipment (all deductible) and charge what you want, be as busy as you want to be.    I have a friend who drives a truck and loves it, but works for a company.  I'm sure if he won, he'd probably keep driving, but in business for himself and while I doubt he'd drive as many miles as he has to now to make a living,  I bet he'd keep doing what he loves to do.  Love to read?  Start a bookstore, set your own hours and days of operation.  Someone comes in?  Greet them and say "Holler if you need help!" and go back to your book.   Just examples...and I can think of dozens more.

          Me?  If I win, I want a small ranch and cow/calf operation, a dozen head would be more than enough for me.   I want to raise my own hormone-free, grass-fed beef and would sell the extra "on the hoof" so I wouldn't have to process the meat and deal with the myriad of state and federal regulations.   I'd probably also raise a few pastured hogs and free-range chickens and do them the same way as the cattle.   If I didn't sell my excess stock, then I'd have them processed and donate to a local food bank...and take the tax write-off. (or not - depends upon what the IRS allows)  Living a life like that makes me happy to think about and I'm sure it would be even more so actually doing it.

          *I used to think I'd want to own a small bar, then realized it would be like being married to a nymphomaniac;  it would be fun for a while, but then....


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

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            Kentucky
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            Posted: November 11, 2015, 9:53 pm - IP Logged

            We've all heard stories of lottery winners who've blown it all and lost everything, but what about the ones who have taken their lottery win and turned it into a bigger win? Do you know of any?

            How much of the winnings they have after a few years really depends on the individual and how they decide to spend, save, invest, etc. their windfall.  Being a successful lottery winner is very subjective because priorities are so different.

            Jack Whittaker who is probably considered one of the most unsuccessful jackpot winners donated millions to several churches and other charities and probably considerably more than some "successful" winners won total.

              mikeintexas's avatar - tx avatar-1.gif
              Texas Panhandle
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              Posted: November 11, 2015, 10:39 pm - IP Logged

              After I posted that, I had a nagging suspicion that some of my advice might not be correct, and it wasn't.  You CAN deduct losses for 3 of 5 years, but you can also have your business classified by the IRS as a "hobby", which would disqualify you from many of the regular business deductions.   They can also use other criteria in classifying it that way and they DO expect you to make a profit.  That said, even a small amount of profit could satisfy that requirement, I reckon.  Still, it would be prudent to get advice from a qualified accountant/business adviser before beginning any "leisurely" business.

                music*'s avatar - nw bookeep.jpg
                Happy California
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                Posted: November 12, 2015, 9:15 am - IP Logged

                 Let us vote for the Fair tax or the Flat tax and get rid of the IRS. Thanks mikeintexas.Cool

                 I've been rich and I've been poor. Believe me, rich is better. 

                 Attributed to Joe E. Lewis and others

                  Avatar
                  Kentucky
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                  Posted: November 13, 2015, 4:04 pm - IP Logged

                   Let us vote for the Fair tax or the Flat tax and get rid of the IRS. Thanks mikeintexas.Cool

                  The other night one of the presidential candidates purposed a 20% flat tax for everyone, but didn't go into details like will tax payers still get deductions for dependants. Nothing new, candidates from both parties have purposed getting rid of the IRS since the 1916 election.

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: November 13, 2015, 8:39 pm - IP Logged

                    After I posted that, I had a nagging suspicion that some of my advice might not be correct, and it wasn't.  You CAN deduct losses for 3 of 5 years, but you can also have your business classified by the IRS as a "hobby", which would disqualify you from many of the regular business deductions.   They can also use other criteria in classifying it that way and they DO expect you to make a profit.  That said, even a small amount of profit could satisfy that requirement, I reckon.  Still, it would be prudent to get advice from a qualified accountant/business adviser before beginning any "leisurely" business.

                    The whole hobby vs business thing is just a way to make sure people don't use businesses as a front to get around gift laws. All those who've been busted have been those who clearly weren't running a business and clearly using their "businesses" to circumvent tax laws. Ridiculous they didn't think a part-time receptionist making 6 figures + an expense account, "company" car and full benefits would raise red flags.

                    And actually, no. You don't have to make a profit, you just have to make sure you look as if you're trying to make a profit. If a profit were required, there's no way they'd have enough agents to check out all the businesses owned by lottery winners, actors and sports stars that have gone belly up. Amazon operated in the red for many years and that certainly wasn't a hobby. No matter what turbotax tries to imply, it isn't a hard and fast rule. If everything is run as a business should, then even an audit will clear you.

                    As long as you don't do stupid stuff like try to sell swastikas in a Jewish community or open ice stations in the frozen tundra, you should be fine. 

                    I don't know of anyone other than drug dealers who put a lot of effort into appearing to run a business without actually running a business. I ran a home business for years (which had actually started out as a hobby) and every year turbotax would flag my taxes and tell me that based on my responses there was a high possibility of an audit. I never was, but even if i had been audited, so what? Everything was documented & on the up and up. The IRS might look closer at my returns as a jackpot winner than they had before, but as long as everything is documented and all expenses shown to be prudent, there really isn't anything they can do.

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

                    The odds are about the same.

                      Tialuvslotto's avatar - Jailin
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                      Posted: November 14, 2015, 8:27 am - IP Logged

                      The other night one of the presidential candidates purposed a 20% flat tax for everyone, but didn't go into details like will tax payers still get deductions for dependants. Nothing new, candidates from both parties have purposed getting rid of the IRS since the 1916 election.

                      Usually flat tax proposals do away with all deductions.  Typically there is a income floor, below which you pay no tax, or a much reduced rate and then everyone else pays the flat tax.  You, Cynthia Stafford, Warren Buffet, everyone.  There is a whole raft of economic studies that are devoted to calculting the rate that would be revenue neutral.  Flat Tax

                      Tax return is one piece of paper: How much income did you have?  If your income is above floor amount, calculate flat tax payable = income X 20%.

                      'Course it will never pass because, duh, Warren Buffet! Green laugh

                      "There is no such thing as luck; only adequate or inadequate preparation to cope with a statistical universe."

                      ~Robert A. Heinlein