Lottery winners what & what not to do
- Thread starter FastTrax
- Start date
I wouldn't need much, a $250,000.00 winning would change dear husbands and my life exponentially.
I honestly believe the amounts of the lottery winnings shown are too much, and should never be allowed to reach that figure.
I heard that AM. If I had all the cash I dropped on all the lotteries I could've retired eons ago. Gotta be in it to win it though so I'll keep doing the 7-11 tap dance, lol.
WELL I NEVER!!!!! Just kidding Ruthanne. Please see my emotionally impacting post about the CN railroad incident in the Breaking News Subforum. Otherwise depending on the subject content I'll just post the item and leave it as a public service announcement. I'll try and pick up the pace though but this COVID-19 thing is starting to get to me. Still trying to wrap my head around the stark reality of it all. Stay safe and GOD Bless.
Can you provide me with a link to the Breaking News subforum? I can't seem to find it. I like your PSAs.
PSA? Oh, public service announcement, you almost got me there. I gotta get the latest edition of the "Book of Anacronyms" lol. Okay my post is in the Current News & Hot Topics subforum under the heading (Watch a freight train loaded with new cars lose a fight with a low bridge). My post #18. TTFN.
Managing money. Ok a lottery player let alone winner is basically relying on the shear luck/random chance method of making money probably motivated by dreams and desires. Not practicality and reality. How they'll manage it isn't that hard to predict.
Not all will blow their winnings but just being a "player" doesn't bode well for them.
Not all will blow their winnings but just being a "player" doesn't bode well for them.
CarolfromTX
Senior Member
- Location
- Central Texas
I don't know how anyone who won that much money winds up broke, except through sheer stupidity.
Maybe his friends & a bunch of other "Charities" guilt them into donating & they fall for it.
"There is a reason God gave you this windfall - so you can help others. How can you be so selfish & let all these poor people suffer?"
tbeltrans
Senior Member
When people complain that the rich get richer and the poor get poorer, consider this thread. It has been said by many people over the years that if the government gave everybody a million dollars, it would not be long before some people were broke and others even richer.
It is through the process of earning our money that we learn to respect it. It is through the process of losing our money that we (hopefully) learn to manage what we have.
It seems to me, as others here have mentioned, that playing the lottery circumvents the learning opportunity of learning to respect and manage money, leaving the process of losing that money as the most likely learning opportunity.
I have seen numerous situations in which we value what we have to work for. I have taught guitar over the years and charged for doing so. In those cases, people would do the assigned work and come to a lesson prepared. On one occasion, I taught a couple of older guys for free, thinking that teaching a fun and inexpensive hobby for retirement might be helpful. They just messed around and wasted my time. I will never do that again except that I do volunteer teaching ESL through the local library system, though that is on hold until COVID-19 is dealt with. The immigrant folks I teach really do want to learn our language and culture, contrary to popular media's depiction of them as a whole.
A guy in our condo association used to have a juggling act as a sideline with a co-worker of his. They would volunteer their juggling act for fund raisers and that sort of thing, rather than pursuing a profit from it. He said they were treated like crap, being double-booked and then forced to wait to do their act until the other one was finished, or having the organizers completely forget that they were to appear and just send them home after having spent time preparing. He said that as soon as they started charging these same people even a small nominal fee, the attitude toward them changed completely to one of respect.
I have a problem with guaranteeing everybody a free college education for this same reason. While I think that the cost of a college education is way out of bounds these days, having to pay a reasonable cost would hopefully weed out those who are there just to avoid having to work.
How many of us have had to work a whole summer as kids to get something we wanted such as a bike or whatever, and then actually value it as a result, compared to being given something and not giving it much thought at all?
It is human nature, and I think the lottery plays very well into it. It is a strange thing that we want things to come easy to us, but we tend to value those things that don't and we have to work hard to get or accomplish.
Regarding the lottery, not everybody ends up broke though. The secretary of our tax guy won a lottery and she and her husband bought a trucking company, creating new jobs for themselves and a whole bunch of other people. I don't know how they are doing no, but they were doing fine last I heard. So there are some who seem to benefit from a lottery win, but unfortunately too many are harmed instead.
Tony
It is through the process of earning our money that we learn to respect it. It is through the process of losing our money that we (hopefully) learn to manage what we have.
It seems to me, as others here have mentioned, that playing the lottery circumvents the learning opportunity of learning to respect and manage money, leaving the process of losing that money as the most likely learning opportunity.
I have seen numerous situations in which we value what we have to work for. I have taught guitar over the years and charged for doing so. In those cases, people would do the assigned work and come to a lesson prepared. On one occasion, I taught a couple of older guys for free, thinking that teaching a fun and inexpensive hobby for retirement might be helpful. They just messed around and wasted my time. I will never do that again except that I do volunteer teaching ESL through the local library system, though that is on hold until COVID-19 is dealt with. The immigrant folks I teach really do want to learn our language and culture, contrary to popular media's depiction of them as a whole.
A guy in our condo association used to have a juggling act as a sideline with a co-worker of his. They would volunteer their juggling act for fund raisers and that sort of thing, rather than pursuing a profit from it. He said they were treated like crap, being double-booked and then forced to wait to do their act until the other one was finished, or having the organizers completely forget that they were to appear and just send them home after having spent time preparing. He said that as soon as they started charging these same people even a small nominal fee, the attitude toward them changed completely to one of respect.
I have a problem with guaranteeing everybody a free college education for this same reason. While I think that the cost of a college education is way out of bounds these days, having to pay a reasonable cost would hopefully weed out those who are there just to avoid having to work.
How many of us have had to work a whole summer as kids to get something we wanted such as a bike or whatever, and then actually value it as a result, compared to being given something and not giving it much thought at all?
It is human nature, and I think the lottery plays very well into it. It is a strange thing that we want things to come easy to us, but we tend to value those things that don't and we have to work hard to get or accomplish.
Regarding the lottery, not everybody ends up broke though. The secretary of our tax guy won a lottery and she and her husband bought a trucking company, creating new jobs for themselves and a whole bunch of other people. I don't know how they are doing no, but they were doing fine last I heard. So there are some who seem to benefit from a lottery win, but unfortunately too many are harmed instead.
Tony
ClassicRockr
Well-known Member
I seen a documentary once about the horrors of winning the lottery........IOW, murders. In one situation, a woman, going thru a child custody battle with her to-be ex-husband, won a lottery. He found out and murdered her in the backyard of the house they had together. Her parents told reporters, "so what's so great about our daughter winning a nice lottery, when she winds up dead by the hands of her ex?"
Then, once a person, or a couple win a lottery, people, some the winner doesn't even know, come out of the woodwork requesting, and sometimes demanding, money. Family members and friends, not heard from in years, ask for money. It can definitely get on the "wild" side.
Then, once a person, or a couple win a lottery, people, some the winner doesn't even know, come out of the woodwork requesting, and sometimes demanding, money. Family members and friends, not heard from in years, ask for money. It can definitely get on the "wild" side.
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ClassicRockr
Well-known Member
Something I read.........."The two MUSTS of winning a large lottery: Retain a lawyer and get an Accountant".
A lot of us dream of winning a nice lottery, but how we handle that winning, will either be good-to-great or quite frightening. Investing is a great thing, but so is buying, vacations, etc., etc., that is, if "health" isn't an issue with the winner/family.
A lot of us dream of winning a nice lottery, but how we handle that winning, will either be good-to-great or quite frightening. Investing is a great thing, but so is buying, vacations, etc., etc., that is, if "health" isn't an issue with the winner/family.
CarolfromTX
Senior Member
- Location
- Central Texas
I googled this subject, and it seems that 70% of lottery winners wind up broke. OMG!!! I promise, if Dave and I won the lottery, this would not happen. We are very prudent with our money, and don't "live large" at all. I'm pretty sure that wouldn't change. We might would get a financial advisor, and certainly a lawyer. Then again, we rarely buy lottery tickets, so what are the odds? When Megamillions game gets high enough, and Dave gets the urge to buy a ticket, I tell him "I'll drive by the convenience store, and you throw the money out the window!" LOL!
What would I do? I'd donate to my church, anonymously, pay off my daughter's mortgage, buy her a new car, pay off my SIL's truck, and put a big fat amount into a trust for the grands. I'd pay for fabulous vacations for the fam. And, yes, I would get a new house with a big kitchen so Dave could cook and buy ceramicware to his heart's content. Jewels? No. Gold? No. Travel? Yes!!
What would I do? I'd donate to my church, anonymously, pay off my daughter's mortgage, buy her a new car, pay off my SIL's truck, and put a big fat amount into a trust for the grands. I'd pay for fabulous vacations for the fam. And, yes, I would get a new house with a big kitchen so Dave could cook and buy ceramicware to his heart's content. Jewels? No. Gold? No. Travel? Yes!!
macgeek
Member
if you don't know how to handle a little bit of money, having millions wont help, you will make the same mistakes and eventually be broke again.
when I was 17, I inherited about $16k from my grand mother that passed. I knew nothing about life or money.... I did what most would do, I went on a spending spree. bought stuff I wanted or thought I needed. the money was gone in a few years and I had no clue where it went.
the bible was right:
An inheritance obtained too early in life is not a blessing in the end. -Proverbs 20:21
If I had put that money in a good mutual fund and let it sit for 40 years, makes me want to cry to think of how much I would have in there now.
when I was 17, I inherited about $16k from my grand mother that passed. I knew nothing about life or money.... I did what most would do, I went on a spending spree. bought stuff I wanted or thought I needed. the money was gone in a few years and I had no clue where it went.
the bible was right:
An inheritance obtained too early in life is not a blessing in the end. -Proverbs 20:21
If I had put that money in a good mutual fund and let it sit for 40 years, makes me want to cry to think of how much I would have in there now.
Anybody hear from macgeek, Matt and oldman yet? I checked macgeeks badge and I can't find his last post date also I can't find the SF Members M.I.A thread.
No, I actually posted about MacGeek, just the other day, Fast, along with a few others.
fmdog44
Well-known Member
- Location
- Houston, Texas
This is why I holler at people wasting one dollar on huge amounts in Mega lotteries as if winning $10,000,000 is simply not enough. First, the odds of winning the 10 mil are greater than Mega lotteries and what the hell does anyone need $100,000,000 for? The fact that people stand in long lines for such lotteries tells me they are stupid and so they will be broke in a year because they are stu-u-u-u-u-pid.
Don M.
SF VIP
- Location
- central Missouri
I play the lotteries often....mostly just the State lottery, because the profits go to the schools. The odds of winning are about 1 in 4 million. Once in awhile I buy a Powerball or Mega Million ticket....when the amounts get way up there. The odds on those are about 1 in 400 million. I don't harbor any wishful plans on winning. However, should I ever get so lucky, I would put it all in a family trust to support the kids and grandkids.
Like the Lottery guy says "You gotta be in it to win it" and if only I won that $751,000,000 million dollar Powerball I'd buy AMTRAK and fire the entire middle management staff and hire everybody here and you future engineers wouldn't have to endure rear facing in cab rat spy cameras because they'd be deactivated just like the useless crew dispatchers and overpaid foremen of road engines. Okay soapbox away. Thanks for reading and enjoy your weekend.
Sounds good. Check your Cold Case Subforum. TTFN.