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Unlucky in riches article link

Topic closed. 6 replies. Last post 12 years ago by RJOh.

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United States
Member #972
December 30, 2002
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Posted: November 8, 2004, 3:09 pm - IP Logged

http://www.bankrate.com/brm/news/advice/20041108a1.asp

Looks like the inability to say no to handouts to family and friends is a big factor in losing all your money.


    United States
    Member #379
    June 5, 2002
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    Posted: November 8, 2004, 4:26 pm - IP Logged

    Looks like very few, if any, were able to collect in lump sum when they won.

      fja's avatar - gnome1

      United States
      Member #91
      January 19, 2002
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      Posted: November 8, 2004, 4:53 pm - IP Logged

      Yep, people tend to think that a million dollars wont ever disappear, and before they know it its gone.....

      "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

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        United States
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        December 30, 2002
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        Posted: November 8, 2004, 4:55 pm - IP Logged

        >Looks like very few, if any, were able to collect in lump sum when they won.

        Yes it does.  $4 million divided by 20 years minus taxes is probably only $140,000 a year. If you go buying cars, houses, go gambling, take expensive vacations and hand out money right and left to your family, friends or charity, you'll quickly find yourself with your last $2000 waiting 7 long months for the next check.  You can live a lot more comfortably than you do now, but you can't live like a millionaire.

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
          Member #9
          March 24, 2001
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          Posted: November 8, 2004, 5:07 pm - IP Logged

          Winning a lottery doesn't make you smarter, just richer.

          RJOh

           * you don't need to buy more tickets, just buy a winning ticket * 
             
                       Evil Looking       

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            Morrison, IL
            United States
            Member #4657
            May 13, 2004
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            Posted: November 8, 2004, 5:22 pm - IP Logged
            Quote: Originally posted by tg636 on November 08, 2004



            >Looks like very few, if any, were able to collect in lump sum when they won.

            Yes it does.  $4 million divided by 20 years minus taxes is probably only $140,000 a year. If you go buying cars, houses, go gambling, take expensive vacations and hand out money right and left to your family, friends or charity, you'll quickly find yourself with your last $2000 waiting 7 long months for the next check.  You can live a lot more comfortably than you do now, but you can't live like a millionaire.




              Exactly.  I'd never live like a millionaire even if I won a $300 million Powerball or Mega Millions jackpot.
              RJOh's avatar - chipmunk
              mid-Ohio
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              March 24, 2001
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              Posted: November 8, 2004, 6:10 pm - IP Logged

              Quote: Originally posted by ryanm on November 08, 2004



              I'd never live like a millionaire even if I won a $300 million Powerball or Mega Millions jackpot.





              How do you think millionaires live?

              Support all their relatives?  Give anybody and everybody asking for a hand-out a fist full of money?  Support all the needy in their community?  Maintain several homes in different places around the world?

              There are several millionaires in my area, out side of owning their own business and living in a nicer home in the better part of town, they act a lot like me.  Many of their neighbors aren't millionaires either, but they do earn six figures salaries.

              RJOh

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking