Main > Everything Else

Am I the only one sick and tired of not winning the lottery?

<< < (6/10) > >>

lilshawn:

--- Quote from: ark_ader on December 29, 2011, 01:36:10 pm --- what are the odds that it can kill you or change your life for the worse.

--- End quote ---

there was a guy who won the big bucks. built himself a big house on the outskirts of town, we dubbed it "The 649 Ranch"

bought all kinds of animals and cars and motorcycles boats etc... generally being stupid.

guess how long it was before the boat was parked out by the road with a for sale sign on it.  :lol

shmokes:
Even still, there's a popular myth that people win these enormous jackpots and are bankrupted within a couple years. I don't believe it. I mean, you win 10 or 20 million, maybe. But if you win like 100 million, forget about it. Nobody is gonna burn through that. It doesn't even make sense. Lotto winners are public knowledge. Once you've got $100 million, financial advising firms will find you. I mean the serious ones. Even if you just shoved that money into treasuries with a guaranteed 3.x% interest rate, you'd have an annual income of more than 3 million dollars without ever touching the principal. That's $3 million dollars per year, every year for the rest of your life. Without ever spending a penny of your winnings.

And THAT'S if you were to put it all in risk-free treasuries. Which would be pretty stupid. You could easily earn 6% on your money without breaking a sweat or incurring substantial risk. Which would, of course, mean a $6 million a year income without ever touching the principal. I think most people could eke out a living on $6 million a year. Even really really really dumb people. I mean . . . ya gotta put your money somewhere. It's not like you can just put $100 million under your mattress.

lilshawn:
even the smartest of people can get absolutely retarded when subjected to large amounts of money.

even the penny pinchers that know what to do and are smart about their money... (I'm not talking about squeezing ketchup packets into your bottle or anything) but they can even get all stupid when having to worry about money is no longer an issue...

you stop watching how much things cost, you stop keeping an eye on your bank account, you just buy things because hey it's only $X.XX no big deal.

pretty soon you go to buy another flatscreen for the garden shed... swipe your card... and nothing.

there is butt loads of people who won the lotto and lost it all. Willie Hurt snorted the rest of his money away after losing much of it to his wife after she divorced him. (it's funny that i remember it cause of his name)

there was the fella who won that 300 some million powerball lotto (the biggest one ever)  got half a mil jacked from his car parked out front of a strip club then it happened again like a year :laugh2: should have bought a car alarm.  :lol

wizkid32:
This is why I don't play the lottery...Or is it why I hate algebra?

drventure:
The sad truth is that most people that play the lottery would have no idea how to handle that much money. So the odds are quite high that actual lottery winners won't know how to deal with it.

Can't find any stats off hand, but it's sad that just about all the stories you hear are of winners that crashed and burned soon after winning, couples divorcing, etc.

I suspect that there are plenty of winners that just sock the money away, keep on living, and just take really nice long vacations and retire MUCH earlier than they otherwise would have.

It's also funny how those winning $$$ numbers never add up to that much.

For instance, from one article:

"Instead of taking the $314.9 million jackpot as an annuity, Whittaker opted for a single payment of $170 million. After taxes, he got $113.9 million."

Ouch, 2/3 of your winnings gone before you even get a dime.

Of course, then you have to wonder what he was thinking.

At 314mil, over a 30 year annuity, that's about 10mil a year, or about 872,000$ a month, figure roughly 50% tax on that, and you're still talking 400,000+$ PER MONTH. Is my math right? It's late.

Who couldn't live on that?

Navigation

[0] Message Index

[#] Next page

[*] Previous page

Go to full version