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Teddi

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Jan 10, 2016, 5:01 pm

Quote: Originally posted by on Jan 10, 2016
Lottery winner is no different than profession athlete.

The majority profession athlete go broke when they retired.

A lot of sports athlete gone broke in five years. It's like lottery winner.

You just made my point. Many, many, many athletes go broke within a short period of time after retirement. And yet no one thinks that contracts of new players should be lessened because of it.

We've all seen the big name athletes go broke. One minute they're partying on a private yacht, the next they're moving in with their parents and claiming to have found Jesus.

No matter how many times we see this happen, they are never called greedy for negotiating a massive contract and great endorsement deals.

Does anyone look at Jordan's near billion dollar status and feel sorry for him?

When the money isn't from a contract but from the lottery, suddenly it's a terrible thing to be rich.

I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
travelintrucker

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Jan 10, 2016, 5:15 pm

I'm sure banks will be willing to loan you money before hand to make preparations. I'm sure going to try to get a huge loan. I'd help out the family and family friends with most, I'd hire 5 or so security guards, and make preparations for my exit to the middle of nowhere. I'd get the news stuff done, then I'd be gone and gone long enough to be forgotten about. It'd also be wise to only come forward when there's another huge to semi-huge jackpot. Most people will be focused on that.

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:16 pm

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:19 pm

Hot Lotto or some state lotto game.

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:20 pm

If 5x is drawn, you don't win $5 million?!

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:22 pm

"For the record, I play every draw, not just when the jackpot is huge, so it's not greed for me."

May the balls bounce in your favor!
GYM RICE

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Jan 10, 2016, 5:22 pm

Your biggest threat would be the people you hire to take care of your money. These are the people who will try to rob you...Or if you like to travel to 3rd world countries. I'd put a stop to that if it were me...Get into a gated community and have another identity for when you travel. Hell Hollywood was made from people who used fake names and what not...
travelintrucker

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Jan 10, 2016, 5:26 pm

Those 2 individual winners made lots of poor choices. Can't blame that on the lottery. I'm glad we have them as examples of what NOT to do. It makes future winners that much more informed. It's unfortunate that people died in both cases.

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:27 pm

I still do get excited. However, I know what you mean. This thing didn't take off until it hit $400 million.

May the balls bounce in your favor!
travelintrucker

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Jan 10, 2016, 5:33 pm

It's the people and their decisions. Not contracts or lotto wins. Whatever or whoever people are today, it just gets amplified with more money.

May the balls bounce in your favor!
Teddi

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Jan 10, 2016, 5:42 pm

Quote: Originally posted by LottoLucy on Jan 10, 2016
I've read in interviews with previous lottery winners and professional wealth managers that people tend to treat money earned or inherited and money won as extremely different. People who would never dream of asking for money from you if you had a high paying job or inherited money had no problem asking for money won.

It seems like a similar phenomena is at work here with the people who are complaining about the high jackpot. They would never call you greedy or think you are not competent/smart enough if you worked and earned a huge amount but boy are you greedy if you seek it in the form of Wednesday's powerball ticket. Oh, and let's not forget you are also rendered immediately incompetent to handle your own affairs once you turn in your winning billion dollar ticket.

Money has its own psychology and it is obviously a weird one.

Exactly!! If you want to win a big jackpot you're greedy and stupid. Any other form of extreme wealth seems to be okay though. Or you might still be greedy but you won't be considered incompetent.

I learned more about people and money during the recession than I learned in school. I was mentally ready before, now I'm emotionally ready as well. I don't think I need anyone deciding for me what I can and can't handle.

Those winners who don't know how to handle sudden money can learn if they want to. It's that simple. We live in the greatest information age in the history of mankind and people still act as if something new is as terrifying as having to admit the earth isn't flat.

I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
Candlelight777

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Jan 10, 2016, 5:46 pm

I don't think a JP should evolve around whether people can handle that kind of money or not...but it would be nice if these jackpots split it up so more people could win a piece of the pie with better odds instead of one person taking the entire cake-- who were simply lucky and beat the odds of getting struck by lightening...but then again that is why there are numerous games with different odds and payouts as well. But as far as people being greedy for wanting larger JP's or lowering JP's because other winners have set a bad example...no i disagree with that. People determine their own outcomes and what they are blessed with.

"Without wood a fire goes out; without gossip, conflict calms down.

Like adding charcoal to embers or wood to fire, quarrelsome people kindle strife."

Proverbs 26: 20-21
Teddi

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Jan 10, 2016, 5:50 pm

Quote: Originally posted by GYM RICE on Jan 10, 2016
Your biggest threat would be the people you hire to take care of your money. These are the people who will try to rob you...Or if you like to travel to 3rd world countries. I'd put a stop to that if it were me...Get into a gated community and have another identity for when you travel. Hell Hollywood was made from people who used fake names and what not...

Remember when Huell thought about taking Walter White's $90 million from storage and fleeing to Mexico until his buddy reminded him of the fact that Walt had 9 guys killed in prison in a 2 minute window? It's always a good thing if those around you are a little scared of what you'd do if they cross you. LOL.

I personally think American Greed provides the best lessons on why it's good to keep close tabs on your own money and never trust anyone 100%.

I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
Teddi

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Jan 10, 2016, 6:08 pm

Quote: Originally posted by Candlelight777 on Jan 10, 2016
I don't think a JP should evolve around whether people can handle that kind of money or not...but it would be nice if these jackpots split it up so more people could win a piece of the pie with better odds instead of one person taking the entire cake-- who were simply lucky and beat the odds of getting struck by lightening...but then again that is why there are numerous games with different odds and payouts as well. But as far as people being greedy for wanting larger JP's or lowering JP's because other winners have set a bad example...no i disagree with that. People determine their own outcomes and what they are blessed with.

I agree with some of what you wrote, but the problem with that is it's not what most people want.

Monopoly Millionaire was geared for players who think the way you do. Smaller jackpots with more frequent winners. It didn't even last a year because contrary to what people said they wanted, in actuality they didn't.

People don't want a once in a lifetime opportunity which requires them to still have to go to work after all the bills are paid. If it's going to be once in a lifetime, it's got to live up to the billing. While lottery aficionados might play regardless of jackpot size, the average Joe doesn't fork out a dime until it's at a number which captures his imagination. At a billion dollars even the little old church lady can justify buying a ticket.

I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
lcoleman

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Jan 10, 2016, 7:12 pm

It's really just poor executive functioning by short-sighted lotto winners and some (not all) athletes.

And the media just hypes the few stories of lottery winners (the majority that win below $10 Mill) that go bankrupt because that sales (gets more views) more than hearing about Gloria sleeping in all day. Making good investments. Growing her wealth. Not enabling her drug addicted children.

You rarely hear of Brad Duke who grew his wealth from $84 to $128 Mill. While starting a non-profit charity and giving max $12k to family members.

Cynthia Stafford who created a production studio in partnership with Dreamworks. The studio makes 3-4 movies a year now and gets funds upward of $30 Mill.

If you have bad habits (vices) use the money to pay for therapy and rehab to make sure you're more productive and able to think clearly about any major purchases for yourself. Instead of giving family or friends money for what they want, only give it to them for what they need and set a hard limit on how much. Total limit should never exceed even half the profit made from interest on your winnings. Take a few courses on financial planning and business management. That way if you want to create a business or a relative/friend does come to you with ideas for a business. You'll be able to at least understand the risks involved and will be able to do a little market research on it after having your business planner look over it. If the person doesn't even have a proper, well thought out business plan simply tell them to come back only after they make a business plan.

I don't see how anyone needs to be told this but don't leave $250k in your front seat at a strip club. In fact why are you even at a strip club when you can get an escort anonymously if that's your thing? There are carrier services that cater to the wealthy and it's cheaper than strip clubs and they come to you.

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