Biggest reason for Lottery Winners going broke soon? :/Prev Topic Next Topic

New Topic New Poll

Artist77

United States
Member #121,737
January 16, 2012
10,899 Posts
Offline

Jan 15, 2023, 7:15 pm

Quote: Originally posted by PrisonerSix on Jan 15, 2023
If you're referring to me, I'm not a woman. That's the problem with the 'net, you can't always tell.

I know. Not you. Lottery Fanatic aka Tasha aka Karan Nathan.

DO NOT BE AFRAID.

How Great Thou Art. God has blessed America.
Soledad

New York, NY
United States
Member #140,626
March 23, 2013
12,016 Posts
Offline

Feb 2, 2023, 9:22 am

Your tax bracket would probably change for jackpot winners. Obviously they buy expensive things. And then people talk too. And let's be real, people are people, you can't change them from who they are or who they've become, they will do whatever they want regardless. It usually takes years and years maybe a lifetime to build 500 million dollars. The lotteries give it overnight. How would you all of a sudden think about that and deal with that? It's not so easy. It's not easy to get, not easy to keep, not easy to maintain. But lotteries make people think it is. Nobody cares about the little guy. Nobody. Not even the lotteries if that can be believed here or not.

Sometimes you do the right thing just because it’s right.

Life's a game of mathematics, if you can't figure that out I don't know what to tell you.
GiveFive

Florida's West Coast
United States
Member #92,603
June 10, 2010
7,148 Posts
Offline

Feb 3, 2023, 9:49 am

Quote: Originally posted by Soledad on Feb 2, 2023
Your tax bracket would probably change for jackpot winners. Obviously they buy expensive things. And then people talk too. And let's be real, people are people, you can't change them from who they are or who they've become, they will do whatever they want regardless. It usually takes years and years maybe a lifetime to build 500 million dollars. The lotteries give it overnight. How would you all of a sudden think about that and deal with that? It's not so easy. It's not easy to get, not easy to keep, not easy to maintain. But lotteries make people think it is. Nobody cares about the little guy. Nobody. Not even the lotteries if that can be believed here or not.

"Not easy to keep".

That's what most people fail to understand about having a lot of money. It's hard work to manage a large sum of money so as to be able to keep it. It takes a lot of formal education to be sophisticated enough to handle it competently. Most people that suddenly become very wealthy do not have the skills required to manage it. G5

Play Smart! That's IF there is such a thing as playing smartly!!
eddessaknight

LAS VEGAS
United States
Member #47,728
November 22, 2006
9,623 Posts
Offline

Feb 3, 2023, 6:05 pm

Those who have little money believe a lot of money will solve all their problems, however it only changes their money problems from too little to having too much, that they are, UNFORTUNETLY, not prepared for the major life changing occurrence :-(
Lotto fanatic

United States
Member #221,635
March 29, 2022
104 Posts
Offline

Feb 4, 2023, 9:25 am

Quote: Originally posted by eddessaknight on Feb 3, 2023
Those who have little money believe a lot of money will solve all their problems, however it only changes their money problems from too little to having too much, that they are, UNFORTUNETLY, not prepared for the major life changing occurrence :-(

There is a saying that goes something like,"If you are poor and suddenly win multiple millions in the lottery, your subconscious will work to make you eventually go back to being poor since poor is what you are at your heart, soul, and core." :/
Artist77

United States
Member #121,737
January 16, 2012
10,899 Posts
Offline

Feb 4, 2023, 9:39 am

Quote: Originally posted by Lotto fanatic on Feb 4, 2023
There is a saying that goes something like,"If you are poor and suddenly win multiple millions in the lottery, your subconscious will work to make you eventually go back to being poor since poor is what you are at your heart, soul, and core." :/

Never heard of this saying. Do you have a website link?

DO NOT BE AFRAID.

How Great Thou Art. God has blessed America.
db101

United States
Member #202,912
December 14, 2019
989 Posts
Offline

Feb 4, 2023, 10:08 am

Quote: Originally posted by Artist77 on Feb 4, 2023
Never heard of this saying. Do you have a website link?

Pretty sure it's an Axl Rose quote.
GiveFive

Florida's West Coast
United States
Member #92,603
June 10, 2010
7,148 Posts
Offline

Feb 4, 2023, 10:18 am

Quote: Originally posted by eddessaknight on Feb 3, 2023
Those who have little money believe a lot of money will solve all their problems, however it only changes their money problems from too little to having too much, that they are, UNFORTUNETLY, not prepared for the major life changing occurrence :-(

Most people think that having a lot of money will solve all of their problems, but along with having a lot of money comes a different set of "problems'. Although most probably think that possessing a fortune is a good problem to have, they are problems none the less, and they could result in a wealthy person losing it all. .

If you've never had great wealth, then you've never experienced those particular problems and are very likely not equipped to deal with them. From fraudsters to your own family members, people will target your fortune in order to get some or all of it. It happens all the time. There is no shortage of stories regarding how somebody had all of their money stolen.

Not only do you not know how to manage a large sum of money, you also do not know what to do after you've learned that someone stole some or all of it. You cant just pick up the phone and call the FBI. They wont simply take your word on face value that you were scammed and lost a lot of money. You'll have to put together a pretty case to convince them that what you claim is true for them to launch an investigation. No prosecutor/District Attorney will simply take your word for it. They will first want to see the proof you have so they could present it to a grand jury for an indictment.

People like to think they know how to manage/handle it. But they can't. G5

Play Smart! That's IF there is such a thing as playing smartly!!
Artist77

United States
Member #121,737
January 16, 2012
10,899 Posts
Offline

Feb 4, 2023, 10:51 am

Quote: Originally posted by db101 on Feb 4, 2023
Pretty sure it's an Axl Rose quote.

Lol. Too funny. I am not up on my Axl Rose or his fan fiction

DO NOT BE AFRAID.

How Great Thou Art. God has blessed America.
Coin Toss

Zeta Reticuli Star System
United States
Member #30,469
January 17, 2006
12,515 Posts
Offline

Feb 14, 2023, 8:45 pm

Quote: Originally posted by Artist77 on Feb 4, 2023
Lol. Too funny. I am not up on my Axl Rose or his fan fiction

Neun und neunzig luft balloons!

///////////////////////////////////

Bigest reasom for lottery winners going btoke soon?

Cupidity

and no, it has nothing to do with Cupid of Valentine's Day

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
Stack47

Kentucky
United States
Member #32,651
February 14, 2006
10,528 Posts
Offline

Feb 14, 2023, 11:57 pm

Quote: Originally posted by AdamGalas on Jan 12, 2023
I just learned on Bloomberg that 70% of lottery winners spend or lose all the money within 5 years.

Even $500 million jackpot winners.

So smart move for most people is to take annuity option.

You are guaranteed to remain rich for 30 years.

Naturally I would still take the cash option but I'm a hedge fund manager who lives my life via spreadsheets.

The only thing I buy if I win is a 2023 Toyota Prius prime.

1% goes to charity and family and friends and 99% minus a Prius goes into my hedge fund.

Read the same statistic,

“The jackpot winners haven’t really practiced managing money,” said Robin Henager, an associate professor of economics and finance at Whitworth University. "Because of that lack of practice with controlled spending, people often spend money at rates their winnings can’t keep up with."

Lots of people here say they won't get their ticket validated until after they assemble a team of trust lawyers, tax experts, and financial advisers. Wonder how many of them will forget to sign the back of their ticket?

"Some people have something to say while other people feel the need to say something"
eddessaknight

LAS VEGAS
United States
Member #47,728
November 22, 2006
9,623 Posts
Offline

Feb 15, 2023, 9:00 pm

Quote: Originally posted by Coin Toss on Feb 14, 2023
Neun und neunzig luft balloons!

///////////////////////////////////

Bigest reasom for lottery winners going btoke soon?

Cupidity

and no, it has nothing to do with Cupid of Valentine's Day

100% CT
Artist77

United States
Member #121,737
January 16, 2012
10,899 Posts
Offline

Feb 15, 2023, 9:09 pm

Quote: Originally posted by Coin Toss on Feb 14, 2023
Neun und neunzig luft balloons!

///////////////////////////////////

Bigest reasom for lottery winners going btoke soon?

Cupidity

and no, it has nothing to do with Cupid of Valentine's Day

So true! People like Cynthia Stafford thinking she was going to buy her way into the Hollywood elite and be a big movie producer.

DO NOT BE AFRAID.

How Great Thou Art. God has blessed America.
eddessaknight

LAS VEGAS
United States
Member #47,728
November 22, 2006
9,623 Posts
Offline

Feb 15, 2023, 9:13 pm

AMEN TO THAT, ARTIST
GiveFive

Florida's West Coast
United States
Member #92,603
June 10, 2010
7,148 Posts
Offline

Feb 16, 2023, 8:46 am

Quote: Originally posted by Stack47 on Feb 14, 2023
Read the same statistic,

“The jackpot winners haven’t really practiced managing money,” said Robin Henager, an associate professor of economics and finance at Whitworth University. "Because of that lack of practice with controlled spending, people often spend money at rates their winnings can’t keep up with."

Lots of people here say they won't get their ticket validated until after they assemble a team of trust lawyers, tax experts, and financial advisers. Wonder how many of them will forget to sign the back of their ticket?

"Because of that lack of controlled spending, people spend money at rates their winnings cant keep up with."

The key words in that sentence are "controlled spending". Here's an example of uncontrolled spending.

A woman who had won the lottery appeared on The Phil Donahue Show. (How long ago was that???) What she had really won was a before tax annuity of $150,000 per year for 20 years. (No lump sum option back then) She spent so much money during the first year of the annuity that she could not touch it again until year 15. She did receive the next several years of disbursements but because she had blown so much money during the first year she needed to payoff the items she overspent on during the first year therefore the money from succeeding years disbursements was not available for anything else.

"Jackpot winners haven't ever practiced managing money" Right. That's because they never had much money to practice with in the first place. Someone that never had much money but has a windfall of money land in their lap has an instant problem on their hands, but they probably cant see it. Combine that with the temptation to spend it and watch how fast it disappears. G5

Play Smart! That's IF there is such a thing as playing smartly!!

New Topic New Poll

Subscribe to this topic

Biggest reason for Lottery Winners going broke soon? :/Prev TopicNext Topic

Biggest reason for Lottery Winners going broke soon? :/Prev Topic Next Topic