Say you won the lottery.......

White92

White92

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I was reading a story the other day about a list of people who have won the lottery and how it changed their lives. It usually didn't end well and it seems most winners are now more broke than they were before as well as having their lives destroyed.

The most recent Powerball jackpot win was for the October 14, 2009 drawing on a ticket bought in Wisconsin; the ticket is worth approximately $31.4 million annuity (or $16.6 million cash).

Here are my questions to you. Say you were the person who had that winning ticket. How would you take the money? What would you do with the money? What would you do differently so you didn't end up as another statistic who won and then lost it all?
 
The reason most (almost all) of these people end up broke is because thats where they started. Thats what they know.

Rich people (by percentage) don't play the lottery.

If you are poor and live paycheck to paycheck typically the lottery isn't going to solve that. You simply spend that paycheck ($$$$$) and go back to poor.

At least thats my take.
 
tosugrad said:
The reason most (almost all) of these people end up broke is because thats where they started. Thats what they know.

Rich people (by percentage) don't play the lottery.

If you are poor and live paycheck to paycheck typically the lottery isn't going to solve that. You simply spend that paycheck ($$$$$) and go back to poor.

At least thats my take.
Click to expand...

+1!

There are 2 ways to wealth:

Make it
Keep it

For those people that don't have financial fundamentals of properly managing their $$$$ means that whatever millions of $$$ that they may have acquired would just mean larger ticket items like Veyrons and Wally118.

And of course their ghetto friends and relatives that have a brilliant business venture that could use some ghetto VC funding........
 
Hang on guys. I don't want to start a discussion about who plays the lottery or why. Say you bought one ticket on a whim once and it just happened to be the winner.
 
White92 said:
Hang on guys. I don't want to start a discussion about who plays the lottery or why. Say you bought one ticket on a whim once and it just happened to be the winner.
Click to expand...

So how much did u win?

I would take the immediate full payment and stuff it in stocks like Intel, Google, etc.

The kennedy's made alot when he bought at the low during the depression.....
 
If I won the lotto in my 30s early 40s I would take payments. If older, I would take the lump sum. I would then set up trust funds for family, donate part of it to cancer research, reinvest some of it (diversified of course), travel, and of course buy USED exotics to minimize the depreciation on them. :biggrin:

Jeff
 
White92 said:
Hang on guys. I don't want to start a discussion about who plays the lottery or why. Say you bought one ticket on a whim once and it just happened to be the winner.
Click to expand...

Full payment, invest 50% min and then start to live off the rest.

Buy a place in San Diego and one in Chicago.

F430 Scuderia

Nothing too wild, mind you.
 
If the ticket was for the last megamillion(220 million)

take the lump sum
get my attorney and accountant together
quit my job
get my AE Black card ............ain't carrying a briefcase full of cash.
take care of mom, grandma and a few families members and friends. Help out im mean not save them.
change a few things in my life.
post pics of my 2005 last production number silverstone and imola nsx's
post a few pics of the other supercars

lay low and enjoy ALL the formula 1 races in the paddock!!!!!!!

Is laying low owning a Pagani Zonda and sponsoring a Formula 1 team?:biggrin:

thanks ya'll for lettin me dream:biggrin:
 
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Most people who win the lotto don't have any money management skills. Therefore, it is a challenge for those winner to keep and preserve their wealth.

I would take the lump sum, because you never know when in the future the state will be out of money. Winning the lotto won't change my spending habits much. We wife and I are pretty frugal. We buy what we need, and splurge every so often. We don't try to keep up with the Jones's.

Put 25% in conservative fixed income investments. (no need to take risk when I have enough). Put 25% in growth instruments (mainly set aside for my kids). Give 25% to relatives and friends (stated as a 1 time gift so they don't keep coming back for more). You can't have fun with relatives and friends if you pick up the tab every time. Some of my relatives and friends still have pride as to not accept a free ride every time. They have to feel that they are in control of their finances. Donate the last 25% over my projected lifetime (park the money in growth and income vehicles).

And for now, yes, I will keep my daytime job until I no longer enjoy it. Where else can I post on Prime while in a meeting at work. There are just so many plants I can plant around the house. With that being said, I have never purchased a lotto ticket on my own; however, I have participated in a couple of office pools when the pot was over $100 million.
 
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1) quit job
2) pay off house and all debts, kid's college, blah, blah, blah...
3) launch racing career as follows:
1. doubles of every Skippy race weekend for 1 year (72 races!)
2. Formula Mazda (car, trailer, spares, mechanic)
3. Buy 911 Cup Car and do the Rolex 24 w/ a couple buddies
4. Rent an ALMS P-challenge ride for a season.
5. 24 Hours at Le Mans
4) grid girls!:biggrin:
 
slamstrom said:
Most people who win the lotto don't have any money management skills. Therefore, it is a challenge for those winner to keep and preserve their wealth.

I would take the lump sum, because you never know when in the future the state will be out of money. Winning the lotto won't change my spending habits much. We wife and I are pretty frugal. We buy what we need, and splurge every so often. We don't try to keep up with the Jones's.

Put 50% in conservative fixed income investments. (no need to take risk when I have enough). Put 25% in growth instruments (mainly set aside for my kids).Donate the last 25% over my projected lifetime (park the money in growth and income vehicles).

And for now, yes, I will keep my daytime job until I no longer enjoy it.
Click to expand...
+1

note, i've removed the friends / family gift and i've increased the initial 25% to 50%. i agree re "job" or some form of active, professional engagement to keep the parts moving.
 
Grats on winning first of all. :biggrin:

I dont think my life would change alot. I would pay off any debt I had, probably sell my current house and buy one on some land. Get a few toys...

Obviously put enough away that my daughter would never have to worry about anything if there were some sort of issue in her future. Invest conservatively with 50 or so %

I would prob still have my car lots and play with real estate.. I enjoy what I do so much i could not see giving it up.

Help my family out and make sure immediate family is set for life.

Not tell anyone...

Thats about it.
 
buy a chain of strip-clubs and go racing. f-k the kids (when/if i have them), they can make it on their own like i had to.
 
Buy a new house with a bigger garage....buy a bunch of cars.

Invest the rest...live off the residual but keep my current job. :wink:
 
I did win a Powerball lottery once so I can tell you how I took the winnings and what I did with them. First let me explain my experience winning a lottery.

I always buy a Powerball ticket weekly, sometimes I even pay the extra buck to increase my winnings. A few months ago I buy my ticket and forget about it. I find the ticket in an envelope in my car. On my way to work, I stop at a local quikmart for a cup of coffee. I ask the store owner who I always talk with to check and see if I had a winning ticket. I also say to him that if I won I'm not going to go to work that day. Well, we were both astonished when he told me I had a winning ticket. I asked him if he was fvcking with me and he said no. You WON!!! Holy $hit is what first entered my mind. Then he continues to say, yeah you won, but you still have to go to work Doc, you only won $35. Muthafvker!!! I still have to go and drill out cavities and look into people's filthy, smelly, mouth's. So, I took the winnings in one lump sum and paid for my dry cleaning later that day.

As I sit here waiting for my next patient, I can remember that faithful second having won the lottery. Amen. :biggrin:
 
1. Get a lawyer and a financial planner who works specifically with lotto winners. They are out there.
2. The planner will tell you to take the lump sum. I haven’t crunched the numbers but those who have say that the lump sum invested wisely comes out ahead of the annuity. Plus you’ve got a bird in the hand.
3. Control the number of people who know. Do not appear on TV accepting the check. As far as you are able, restrict information from getting out that you are the winner; if given the opportunity, opt to accept anonymously; let your legal agent collect the funds. Don’t let the local paper publish your story.
4. If you want to quit your job, just “switch jobs” like everyone else does, and disappear.
5. Pay off bills. Pay off your folks’ bills as well; you’ll just be liable for them eventually, anyway.
6. Live extravagantly well off of just the interest (provided it’s one of those mega lottos).
7. Quietly collect a dazzling array of NSX’s, spend quality time tinkering.
8. Post on Prime always appearing to be broke off your arse and working hard, yet mysteriously have time to write long responses during the middle of the workday.
9. Hire gdae to wax the cars, ‘cause I’m broke. :wink:
 
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I would take the cash...and retire tomorrow.

I would start off by paying off my house and all my bills. I would give some $$$ to my family and also some to charity. Then I would probably buy a vacation home in the mountains and perhaps another on the coast. Then I would invest the rest so I can live comfortably on the interest.

I don't need to live in a mansion or drive a Rolls...
 
I would buy a crazy mansion, a Saleen S7, and maybe a couple other cars and invest the rest.
 
queenlives said:
+1

note, i've removed the friends / family gift and i've increased the initial 25% to 50%. i agree re "job" or some form of active, professional engagement to keep the parts moving.
Click to expand...

Yes, moving parts are very important as we age. Studies have show that analytical and critical thinking (i.e., crossword puzzles, work, solving problems) slows down alzheimer.
 
ChopsJazz said:
I'd spend it on women, fast cars, travel and alcohol. Then I'd just waste the rest. :wink:
Click to expand...

You already hit the lotto. You are the only west coast distributor of the 5 gallon bumper dumper.:biggrin:
 
Vega$ NSX said:
I'd spend all of that money into research to determine why some people shiver when they pee.
Click to expand...

Maybe the shiver pee comes from always thinking about pouring money into the shiver pee research.:wink::biggrin:
 

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