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The ugly side of the win. How would you deal with close family and friends who...?

Topic closed. 62 replies. Last post 10 months ago by maoer!.

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ArizonaDream's avatar - Lottery-009.jpg

United States
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October 10, 2015
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Posted: January 18, 2016, 8:56 pm - IP Logged

 It has been noted before that 70% of lottery winners run through their winnings within five years.

I'd sure like to know where that number came from. Sometimes it's 5 years, sometimes 7 years, but no one ever gives an original source for the number. Remember, 85% of all statistics are mde up on the spot. 

 

I guess in the context of this thread, I'm lucky I have only a small number of people I'm close enough to that Im concerned about helping out financially. Relatives I've had no contact with in over 25 years are strangers to me and will be treated as such.  I'd say the 3 or 4 people I want to be generous with are level headed types and no more likely to "blow it all" than I am.

I'm not one bit worried about my friends, but I started thinking about their siblings and in-laws. I think to protect myself, I'd best tell my friends that they're getting $x per year while I'm alive and when I die the rest all goes to charity.  Some of the sibllings are irresponsible and at least one of the in-laws downright shady.

    LottoLucy's avatar - hereslucy header.jpg

    United States
    Member #131594
    August 14, 2012
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    Posted: January 18, 2016, 9:57 pm - IP Logged

    The ugly side of the win.  How would you feel and deal with very close family and friends who've been normal for as long as you've known them who now all of a sudden, want to spend, count, and control your new wealth? Because they are so close to you, they believe they are entitled to a MUCH larger "gift" than you were thinking of giving them.  They also think just because you all are so  close, you MUST invest in whatever hair brained scheme they come up with, because, after all, you are rich and that (insert $$$ amount here) they are asking for is nothing for someone like you.

    Or your mother, father, or brothers or sisters, or even children thinking you should DIVIDE the entire jackpot evenly amongst the family.  How would you handle that?  Remember, these are folks who for all intents and purposes are there for you all your life.  But you feel their new requests are a bit much and selfish.

    Would love to hear your responses.

    Around here we call it the "sink or swim" approach.  If we won big we intend to give each family member an equal set amount.  I'm willing to dip into my IRS lifetime exclusion to do this.  When they get the money we will explain that this is all we are able or willing to gift and we are not willing to entertain any other requests, If they spend it all frivolously right away, that is up to them, they're all adults.  If they invest it all, that is fine too.  But that is ALL they should ever expect.  Anyone else who asks (people we are not close to) will get a no.  I know it will be hard.  I'm a sucker for sad kid and pet stories.  But I have seen how this can get out of hand and I know that once you say yes, it won't stop.

    Lotto Lucy

      travelintrucker's avatar - morph
      Greenville, SC
      United States
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      Posted: January 18, 2016, 10:01 pm - IP Logged

      If I cleared a large sum after taxes(like $50+ million), sure I'd help family. However, the amount would determine how much I'd dole out. First and foremost, I'd have to think about what kind of life I want for my future family. Everything else is a distant second.

      May the balls bounce in your favor!

        savagegoose's avatar - ProfilePho
        adelaide sa
        Australia
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        April 11, 2006
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        Posted: January 18, 2016, 11:17 pm - IP Logged

        this is why i siad id give them $1m in trust for, ie paying them the income from a trust of $1m in assets. they cant blow thru it. whats the rate on bonds? 1.5% thats $15k a year.  any complaints i can always offer to revoke it.

        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

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          January 17, 2006
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          Posted: January 19, 2016, 12:10 am - IP Logged

          "I'd sure like to know where that number came from."

          You've been here long enough to know many posters don't waste time researching facts when they can just make them up. Wink

          And conversely some people consider things 'made up' just because they weren't aware of them.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            Avatar
            Kentucky
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            February 14, 2006
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            Posted: January 19, 2016, 12:19 am - IP Logged

            "I'd sure like to know where that number came from."

            You've been here long enough to know many posters don't waste time researching facts when they can just make them up. Wink

            I try to do research, but on this subject the facts are very distorted. For instance:

            44% of lottery winners had spent all of their winnings within 5 years of winning the lottery. and According to multiple studies, about 70% of all lottery winners end up going broke and filing for a bankruptcy.

            Both "statistics" say "lottery winners" without distinguishing how much they won and the number of winners. Using LP's pick-3 lifetime prize ratio, only 5 have winnings and pick-4 is only slightly better with 10. Pick-5 has only one player with winnings, but the winnings are slightly over $40,000. Six of the "other games" predictors have some pretty spectacular results.

            Using the LP prediction statistics, only a tiny percentage of players even have winning and because of lottery games "keep percentage", if they continue to play for 5 more years, more than 44% should spend all their winnings.

              Nikkicute's avatar - nnjx1k
              Wisconsin
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              February 17, 2012
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              Posted: January 19, 2016, 1:01 am - IP Logged

              It's like grocery shopping, you make a list.

              I have a small list of people I"d like to help and I am not deviating from that list.

              It's just as simple as that, everybody else the answer is NO!No Nod

                deeharveyd's avatar - Lottery-028.jpg
                New Member
                Austin, Tx
                United States
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                August 31, 2011
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                Posted: January 19, 2016, 1:03 am - IP Logged

                I would give to immediate family only. (I have a small family) and one or two good friends. That's it as far as giving to people I know.

                  dr65's avatar - black panther.jpg
                  Pennsylvania
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                  Posted: January 19, 2016, 1:20 am - IP Logged

                  Some hate you so much for winning, they do not want any. They hate it so much that asking for anything puts you

                  in a position where they owe or think they do, you something. Funny thing money - it does things to people. It takes

                  their smarts away and shows off their true colors. If you didn't have a good relationship before winning, why bother

                  after winning?

                  246 ~~ 485 ~~ 369 ~~ 890 ~~ 705 ~~ 357 ~~ 129 ~~ 165 ~  007 ~ 225 ~ 818 ~ 440 ~  7775 5557

                    sully16's avatar - sharan
                    Ringleader
                    Michigan
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                    Posted: January 19, 2016, 10:08 am - IP Logged

                    I have a solution, First I would have to deal with Mom. Take away her walker, plop her in front of the TV with a bottle of old no. 7 ( That's Jack Daniels for all you non drinkers.) She'll never know I'm loaded...with cash!

                    Next, my 3 brothers, easy, call them all and tell them I have much needed electrical, plumbing and auto repairs, won't hear from them for years.

                    My sisters, this gets a bit more tricky, they catch on faster then the boys...oooooh, I'll tell them mom and I are going to host some arts and crafts parties and I need someone to help serve refreshments to Mom's friends. that should work.

                    Hubby, the easiest, send him out to the Golf course.

                    No problems, only Solutions.

                    Did you exchange a walk on part in the war ?

                    For a lead role in a cage?

                     

                                                                From Pink Floyd's " Wish you were here"

                      HoLeeKau's avatar - YheaShea
                      Idaho
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                      Posted: January 19, 2016, 11:00 am - IP Logged

                      It's like grocery shopping, you make a list.

                      I have a small list of people I"d like to help and I am not deviating from that list.

                      It's just as simple as that, everybody else the answer is NO!No Nod

                      Hmmm, I think you may have just hit on a good indicator about whether a lottery winner will go broke.  Pondering and Thinking animated emoticon

                       

                      If you can stick to your list at the grocery store, you're in pretty good shape.  If you tend to impulsively grab things that aren't on your list, you probably need to take steps to make sure you don't have access to the full jackpot.  You will need to have it doled out to you.

                        HoLeeKau's avatar - YheaShea
                        Idaho
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                        Posted: January 19, 2016, 11:01 am - IP Logged

                        I have a solution, First I would have to deal with Mom. Take away her walker, plop her in front of the TV with a bottle of old no. 7 ( That's Jack Daniels for all you non drinkers.) She'll never know I'm loaded...with cash!

                        Next, my 3 brothers, easy, call them all and tell them I have much needed electrical, plumbing and auto repairs, won't hear from them for years.

                        My sisters, this gets a bit more tricky, they catch on faster then the boys...oooooh, I'll tell them mom and I are going to host some arts and crafts parties and I need someone to help serve refreshments to Mom's friends. that should work.

                        Hubby, the easiest, send him out to the Golf course.

                        No problems, only Solutions.

                        Funny.  And great plan!  LOL

                          music*'s avatar - nw bookeep.jpg
                          Happy California
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                          Posted: January 19, 2016, 11:36 am - IP Logged

                          Funny.  And great plan!  LOL

                          I Agree! Thank You Sully16 for a great laugh!Jester Laugh

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

                           Attributed to Joe E. Lewis and others

                            music*'s avatar - nw bookeep.jpg
                            Happy California
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                            Posted: January 19, 2016, 11:46 am - IP Logged

                            If I cleared a large sum after taxes(like $50+ million), sure I'd help family. However, the amount would determine how much I'd dole out. First and foremost, I'd have to think about what kind of life I want for my future family. Everything else is a distant second.

                             Some persons need to be taught things about the lottery. I agree that how generous a lottery winner can be, depends on the net win.

                             The co-winner in all jackpot games is of course, Uncle Sam. I have heard that he will audit winners often. Year after year. 

                             Here in California if you win more then $350,000.00 the Lottery will interview you separately with Security official. They are protecting the real winners. Making sure that you are the winner. I can guess some of their questions.  Are you the winner? Where did you buy this ticket? About what time did you purchase it? Can you remember who else was in the store at that time? Do any of you LP members have more guesses?

                            No Pity!

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

                             Attributed to Joe E. Lewis and others

                              lejardin's avatar - Lottery-014.jpg

                              United States
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                              November 4, 2011
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                              Posted: January 19, 2016, 1:04 pm - IP Logged

                              I have a solution, First I would have to deal with Mom. Take away her walker, plop her in front of the TV with a bottle of old no. 7 ( That's Jack Daniels for all you non drinkers.) She'll never know I'm loaded...with cash!

                              Next, my 3 brothers, easy, call them all and tell them I have much needed electrical, plumbing and auto repairs, won't hear from them for years.

                              My sisters, this gets a bit more tricky, they catch on faster then the boys...oooooh, I'll tell them mom and I are going to host some arts and crafts parties and I need someone to help serve refreshments to Mom's friends. that should work.

                              Hubby, the easiest, send him out to the Golf course.

                              No problems, only Solutions.

                              Brilliant and oh so true!  I was laughing while reading your post, coffee almost came out my nose.