Lotto winner idiot

[TheGreatSatan]

She won $3 Mil and now is nearly broke. See what she spent on clothes alone

Idiot (http://buzz.yahoo.com/buzzlog/92967?fp=1)

[BuzzKillington]

Wow.

[Zephik]

Fools are easily departed from their money.

Edit: "Cockermouth in Cumbria" ...Maybe I'm just immature, but that made me laugh.

[Oneslowz28]

There is a statistic floating around I see on the news where something like 85% of all lotto winners are broke within 5 years regardless of their winning amount.

A kid I went to school with, his father won 47 million from the GA lottery. Took the lump sum and got like 30 million. He built a 30,000 sq foot home, bought exotic cars, lots of land, 2 beach houses and was broke within 3 years because he could not afford the taxes on everything. So what does the idiot do? He mortgages all of his properties for something like 5 million total and blows it too. Files for bankruptcy and now lives in a single wide trailer on less than 1/2 an acre. His wife left him and his son lives in Seattle Washington as a programmer. I know all of these numbers because he was featured on a show a few years back on either TLC or NBC. I don't remember which.

The most I ever won in the lotto was $500 from a scratch ticket and I blew it on 1/3 of a set of heads for my camaro.

[Zephik]

Holy cow! That's insane. I can't believe how stupid people can be with money. I guess you can't blame them, its not like investing is taught in school. These are just ordinary people who don't know the first thing about having a lot of money. You give a kid a match and some gasoline and I bet you anything you'll see them get burned.

I'd buy a nice house, a nice car, stuff like that. But nothing super crazy. Just stuff that like a person who makes 10k a month would have. Then I'd invest smartly. Maybe try to get some royalties so unless the company or whatever goes bottom up, I'll at least have those royalties for life plus a job so worst case scenario I'm still doing pretty alright. Maybe not, idk. I don't know much about investing.

What would you guys do with a ton of money?

[Collinstheclown]

Blow it in a record 1 week.

I thought you had to be 18 to win prize money...




-CollinstheClown

[luciusad2004]

I'd like to say that if I ever wont the lottery I would do something smart with it... but I would probably just buy some sweet cars and a house...

idk... If I won the lottery:
1. Buy a nice car (within reason: below 100k, No need for a half a million dollar car)
2. Pay for my college education
3. Sweet ass computer
3. Build a nice, but moderatly sized house, I don't need a damn mansion
4. Buy something for my family
5. Buy my GF a car and have it riced out however she wants it.(Honda s2000 probably, not to pricey for a lotto winner.)
6. ???
7. Profit

Id like to imagine that there is some way I could build a nice house and put enough in savings were it combined with any interest accrued would be able to cover taxes but I really don't know what taxes cost on a nice property.

I'm not sure anyone can honestly say what they would do with that kinda money until it happened to them, I know I can't. The list above is what I imagine I would do, but having money goes to one's head.

How bout you guys?

[TheGreatSatan]

Blow it in a record 1 week.

I thought you had to be 18 to win prize money...
-CollinstheClown

I guess in England you don't.

Same as you guys. I'd pay off the house, or sell it for something newer. Maybe one cool car, and the rest in trust funds and bank accounts. I'd probably still keep my job and take long cruises around the world during my kids summer break.

And I'd Mod a hell of a lot more!:banana:

[Oneslowz28]

investing is simple. Just do like the underpants gnomes do.

Step 1. Get underpants
Step 2. ?????????
Step 3. Profit

Get it?




If I were to win the lotto I would be pissed if it was less than 80 million after taxes.

I would build a 5-7k sq foot home with a 10-20 person home theater.
A lambo, A Corvette Z06, 1969 camaro
1 of each factory 5 kit car maybe 2 of each
Open one hell of a photo studio or go back into the home building business
Build a small observatory with a mid end scope
Invest in a few businesses
Invest in long term low risk mutual funds or money market accounts
Build some sort of help center for people / families who have fallen on hard times,
Donate 10% to my church.
College fun for my future children
College fund for my nephew
I would definitely go back for my MBA maybe stick around for a PHD
And of course my immediate family would never want again.

[Zephik]

I wonder how much it would cost to research and develop a laptop with a screen that can be switched from an eink screen to a back-lit color screen? Now THAT would be money right there. Patent it and everyone would want it.

Actually, I think there is a company out that that has already done that? What were they called... can't remember. Probably a good company to invest into though. They say its cheaper because they're not creating new tech, they're just using old tech and screwing around with it a bit. In the sun its eink, but indoors its sort of an eink/color hybrid. Maybe fund them an in return ask for a percentage of their company plus royalty.

I'd also invest into apple and microsoft, pretty sure they aren't going to be losing value anytime soon.

[slaveofconvention]

I'd also invest into apple and microsoft, pretty sure they aren't going to be losing value anytime soon.

Bet people have said the same thing about companies like Pan-Am, General Motors etc - nothing is ever 100%...

I've thought about this in the past and I'd like to believe I'd do the following - however, someone hands me that kind of money - with my financial history, I'd probably screw it up royally....

25% blow money - have a hell of a time - gotta have SOME stupidity - isn't that part of being rich?
25% new life - house, car, debts paid off, family, own business or something etc
50% buy as many houses/apartments/flats as I could - rent them all out - income for life

Course, it'd depend on the amount but I'm pretty set on the idea of property - yeah sure there'd be taxes to pay, but the rental income should more than cover all the costs - people all over the country are making money on rental properties with a buy-to-let mortgage to cover - without that BIG overhead, I don't see how you could go wrong - especially if (and this is part 2 of my sneaky property plan) you DON'T need all the money, so you can reinvest some of the rent in more properties.... Someone once said "Buy land, they don't make that anymore....."

Years ago I worked for McDonalds and our security guy had bought a single flat when he was 23 and rented it out. He was a MASSIVE guy - easily 400 pounds - and died at 43 years old. I heard (can't be sure but, it's what I heard) he left his 2 kids 23 properties, all paid for - what mortgages were left were paid off with insurance on his death...

If he can turn one into 23 in 20 years with ZERO start, got to be able to do something with a big head start, right?

[OvRiDe]

Well in her defense she was 16 when she won the money. It is a well known fact that the average 16-22 year old bunch is not really known for their financial wizardry and planning. At that age (and as a matter a fact alot of other age ranges) its easy to get caught up in the moment.

The way I look at it. 3 Million in the bank, if you can collect 1% interest, gives you 30K a year. I would imagine you could manage to collect an average 5% interest, which would give you 150K a year. So at that point I would probably quit my job, and spend my time doing projects I am interested in. Whether it be volunteering at local schools, assorted programs, and just stuff I want to do for myself and family. My key would to keep the principle in the bank working for me. I would probably still have a mortgage because I imagine that with 3 Mill in the bank as collateral I could get a great interest rate. No need to go crazy, but I must admit, I would have a weakness when it came to classic cars. Maybe I would spend some time rebuilding some classic muscle cars with all the extra time I would have. :D

[Zephik]

The way I look at it. 3 Million in the bank, if you can collect 1% interest, gives you 30K a year. I would imagine you could manage to collect an average 5% interest, which would give you 150K a year.

Okay, I change what I said. This is exactly what I would do. lol

[slaveofconvention]

I guess in England you don't.

Minimum age to play the lotto in the UK is 16 - so you can gamble for a multi-million pound prize at 16, but if you want to walk into a betting shop and put £10 on the local football team, you have to be 18....

Gotta love this country.... lol

[simon275]

In Australia if you win the lottery you can choose to have get it payed out over time. Or get it all in a lump sum. Also you don't get taxed. So if you win $30 million you get a cheque for 30 mil.

If I won a big lottery
I would buy a house
Take an overseas holiday
Buy an Audi
Save/Invest the rest

[Zephik]

Yea... well... Australia also has huge as spiders, so there. lol

[billygoat333]

I would probably take the payments, as its usually quite a bit per year.

the mcdonalds monopoly 1 million dollar prize is 50,000 for 20 years. thats a ton of money per year. ok well not a ton, but enough to keep you happy for those 20 years!

[slaveofconvention]

Lottery winnings are not taxable in the UK either - you pay tax on the ticket instead - and lets face it, they take in a lot more tax by taxing the tickets than the prizes.... It's the same with regular betting although you do technically get a choice - you can choose to pay tax on the stake or risk tax on the payout - at the same percentage rate - it's weird because, statistically, you SHOULD go for tax on payout as there's obviously more taken in, in bets than paid out, but at the same time, psychologically, if you choose to tax the payout, you're taking a second gamble, and you're betting you're going to lose your first bet :p

[Luke122]

If I won $2 million dollars after taxes (I'm going small here.. you guys are all greedy. ;) )

1. $250k to pay out all my debts, including mortgage, vehicle, credit cards
2. Bank $25k into a trust fund for each of my kids
3. Bank $50k for education funds for my kids
4. Bank at least $1million into retirement funds for myself and my wife
5. Buy land! I'd set up a huge reserve area as a wildlife sanctuary/green-space, and open it to hiking and cycling only. No camping, no horses, no offroad vehicles.

Other than that, I'd probably keep working and take some guitar lessons. :)

[NightrainSrt4]

Depending on the amount, I know what I would do.

-Pay off student loans.
-Purchase a house with land. Nothing crazy, just big enough for my future family to own and pass down.
-Pay off my Aunt and Uncle's home, upgrade it the way they always wanted. Add another story, etc.
-Buy my mother a house
-Make sure my fiance's grandmother never has to sell any of her properties.
-Buy my cousin (like my brother) a small home in AZ


If the sum was large enough:

-Invest, so I wouldn't have to work unless it was something I wanted to do
-Travel the world
-Continue college, going to any school I wanted, and learning anything I wished to

-I wouldn't want fancy exotic cars. I would build a garage and build up all the cars I adored as a child. I was a 90's kid, so my list would be:

*FC RX7
*3000GT/Stealth TT
*Late 80's Porsche 944 Turbo
*Ford Probe GT (Laugh all you want, I loved that car as a kid)
*And maybe restore a 60's Camaro for good measure =).

I'd build even more computers to donate to families that need them.

[Airbozo]

Lottery winnings in the states are taxed heavily. You will end up with less than half of the total prize.

I would take payments.
Invest 25% of it for the future and setup myself nicely in anticipation of that future. Seeing as how I can't NOT work, I would probably buy a nice bar or something like that.

[Omega]

I'd probably buy a nice house near where I already live (there's 350-500k gone already), spend embarrasing amounts of dosh on making a volvo 240 race car, get a porsche 914, and an old mercedes to daily drive, then throw the rest in the bank and live off the interest. Or, if the interest isn't enough, spend MORE money on opening up my own auto shop which is how i'll make money.

[luciusad2004]

*Ford Probe GT (Laugh all you want, I loved that car as a kid)


FORD PROBE!
I love my 1st gen Probe, and she's just a Base Model GL.
Well, usually I love her, Sometimes I hate her. Needs to much work though, gonna be saving for something newer ;_;. I'd love to find a 1st gen GT in good shape but it would be so hard, and i kinda want something with more aftermarket.

[Xpirate]

I would just put it in the bank and STOP WORKING!
Seriously, if you can keep yourself from living like a millionaire, 2 million would set you up for life.

If you are not working, you do not need a car to drive back and forth to work. You and your wife would only need to have one car to go buy groceries and other errands. 2 million is the same as making 50k every year for 40 years. That is not counting the interest you will make on the money.

It is not a lot of money if you want to live like a millionaire, but it is more than enough to sustain a modest lifestyle for a long time.

[simon275]

Hell if you won 10 million and put it all in your bank and earned 1% interest pa you would earn $100,000 per year non taxed which you could live off very nicely.

[d_stilgar]

Lottery winnings in the states are taxed heavily. You will end up with less than half of the total prize.

Most people don't realize this, but we pay about %50+ tax already via sales and property and income and social security and and and and.

My wife and I both want to work. I don't value things as much as I do experiences. I would work all the same as if I didn't win. My career is really an avenue for me to pursue my dreams, so why quit that? That said, many of my dreams require some amount of money, so here are the dreams that cost money list.

-Plymouth Prowler with a HEMI 426 and a shaker, suicide doors and headers that come out the side of the car with the exhaust all on the outside running along the bottom of the body.
-My computer mods (I have like 10 concepts that all cost too much)
-Aprilia RS50 mods (I love 50cc bikes)
-Modded Honda Ruckus
-Modded Honda Metropolitan
-Vespa GTV 250
-Build my "Couch of Boom" (subwoofers in the couch)
-Camping Gear
-My dream house (not big, but designed by me and nice(studying architecture))
-Limo hybrid with a turbine engine that charges supercapacitors. Drive is all electric and solar panels on roof (~100sq feet on one of those things)

When I had time off I would travel. See the 1000 places you "must" see before you die. Money should ennoble you to do things, not do nothing.

[ownaginatious]

If I won a lot of money (say 5 million or something) first thing I'd do is probably pay off all my debts, buy all the things I've ever wanted (probably not a big house or cars... I don't really want either of those since that's a lot of crap to look after). I'd then keep maybe a million or so in the bank to keep a steady interest stream, and then donate the rest to something I care about (definitely not a church... maybe a university or something or some third world thing).

If I won a ridiculous amount (like 290 million or whatever those guys mentioned in another article hyperlinked from that one did), I'd probably do the same as above but donate the majority to something really big (i.e. donate to the space agency or a company who seems the most promising for AI/computer development that needs moniez). If some big discovery comes from it, that's the kind of stuff people remember you for ;).

[Airbozo]

... 2 million is the same as making 50k every year for 40 years. That is not counting the interest you will make on the money.

It is not a lot of money if you want to live like a millionaire, but it is more than enough to sustain a modest lifestyle for a long time.

50k/year is not that much to live off of, even if your mortgage was paid off and you had only one car. Unless you live in the middle of nowhere. I mean, you gotta have fun!



Most people don't realize this, but we pay about %50+ tax already via sales and property and income and social security and and and and.

......

Most people don't realize that you can deduct the sales tax from your income tax (along with all other taxes and fees). Not to mention that certain government employee's do not pay SS. They pay into a separate retirement fund (depending on your job).

[d_stilgar]

If I won a ridiculous amount I'd probably . . . donate the majority to something really big (i.e. donate to the space agency or a company who seems the most promising for AI/computer development that needs moniez).

I would donate to the NOAA. NASA's one year budget could fund the NOAA for 1600 years. The earth is 70% covered in water. You would make a better investment in ocean studies than in space.


Not to mention that certain government employee's do not pay SS. They pay into a separate retirement fund (depending on your job).

The employees that don't pay SS are the ones who have the power to change SS law, and do change it. Nonetheless they don't think it's a good enough system for them, so why are they subjecting us to it still? They are doing the same thing with the health care bill. The lawmakers don't want to have the same health care that the rest of us will be compelled to have when they put this into effect. . . . Some confidence . . .

[Xpirate]

50k/year is not that much to live off of, even if your mortgage was paid off and you had only one car. Unless you live in the middle of nowhere. I mean, you gotta have fun!

How much do you make? I use Quicken to determine where all the money goes. When I was single, I could easily live on $20k of take home pay year back in 2003. I didn't feel like I was deprived of anything.

I will admit to one thing: Without a job, you are going to want to spend more money because you have more time to think about things you want to entertain yourself. Working soaks up a lot of time and prevents you from doing a lot of stuff.

You have to be mindful of your spending. That is the main lesson that is supposed to be learned from reading the story of the girl who blew all of her cash in less than a handful of years

[Crazy Buddhist]

When I win the lottery next week I'll buy you all a beer ;)

[billygoat333]

When I win the lottery next week I'll buy you all a beer ;)

Imma hold you to that. ;)

[Zephik]

When I win the lottery next week I'll buy you all a beer ;)

Ahem...

http://socyberty.com/lifestyle-choices/top-3-world%E2%80%99s-most-expensive-beer/

:D

[Durrthock]

I would buy a computer, and a shed, I dont need anything else. oh and a bugatti. No really though, you win like 40 mil, you can just live off of the interest the rest of your life.

[Crazy Buddhist]

50k/year is not that much to live off of, even if your mortgage was paid off and you had only one car. Unless you live in the middle of nowhere. I mean, you gotta have fun!

It's very little and likely to diminish in value VERY quickly in the next 5 years. Due to the liquidity injections inflation is starting to ramp and unemployment may rise again.

That 50K may be half it's value in 5 years.

CB

[BuzzKillington]

Ahem...

http://socyberty.com/lifestyle-choices/top-3-world%E2%80%99s-most-expensive-beer/

:D

Samuel Adams’ Utopias added to life goals.