User Panel
User Panel
User Panel
|
Posted: 6/13/2021 4:16:41 PM EDT
[#1]
Quote HistoryQuoted: My home state allows you to remain anonymous. Quote HistoryQuoted: Quoted: Quoted: I wouldn't want to win a lottery, too many people showing up with their hands out. This is why I would be OK. I don't have a lot of friends or family, and I would want to help them out anyway. You can't take it with you after all. My home state allows you to remain anonymous. Yep...set up a blind trust and have the Trust claim the winnings |
|
|
|
Posted: 6/13/2021 4:24:05 PM EDT
[#2]
If you are poor and miserable and win the lottery, you will be rich and miserable.
|
|
|
|
Posted: 6/13/2021 4:28:46 PM EDT
[#3]
Quote HistoryQuoted: Yep...set up a blind trust and have the Trust claim the winnings The law in my state was very carefully worded to prevent any sort of workaround. Basically 41F but for lottery winners. I think it may have been amended recently to allow anonymous claims, but it was impossible before. ETA: It was amended in 2019 to allow anonymity for claims over $10mm. But before that, no dice and no way to trust/entity your way around it. |
|
|
|
Posted: 6/13/2021 4:37:28 PM EDT
[#4]
Quote HistoryQuoted: What the fuck is it with guys like this and swords? That crackhead in Florida who blew through 27 million dollars in 12 years spent over a million dollars on the damn things. They're felons so they can't legally buy guns, and swords are a substitute? I mean, if I won 27 million dollars, spending 1 million dollars on guns wouldn't be out of the question. It'd be a smaller proportion of my net worth than guns/ammo/accessories are now. |
|
|
|
Posted: 6/13/2021 4:52:28 PM EDT
[#5]
With a sub 1 million dollar win I would just pay off my credit card debt and invest what I could in silver and Gold and leave the rest in a saving account to build up.
Above 1 million I would invest in mutual funds/stocks with also focus on earning monthly dividends like Microsoft stocks and have a lot of the money sitting in a high interest savings account accruing interest and live off that. |
|
|
|
Posted: 6/13/2021 5:39:00 PM EDT
[#6]
Quote HistoryQuoted: Give every American one million dollars and I bet wealth will line back up with the Rich being rich and the poor being poor again. Faster than you would imagine. |
|
|
|
Posted: 6/13/2021 5:46:30 PM EDT
[#7]
I can retire easily with a million dollars cash.
As long as my wife keeps working 
|
|
|
|
Posted: 6/13/2021 5:47:58 PM EDT
[#8]
Quote HistoryQuoted: There’s a truly disgusting commercial playing right now for the WA lottery.. a black grandma talking to her grandson about how she bought them a little something for the family, for the future. Life insurance? An investment? Nope, lottery tickets. Unbelievable. Exactly. Look at who they target to buy lottery tickets. I bet the bulk or people that buy them are low income people that are almost desperate and are trying to play a longshot. They'd be far better off putting what they spend on the tickets to work. Years ago a shipmate and I used to buy one each week strictly for entertainment. We'd sit down for the weekly drawing and talk trash about all the cool shit were were going to buy and carry on and so on and so forth only to groan and laugh when our numbers were not called. It was what passes for fun out here and as such was worth a buck. |
|
|
|
Posted: 6/13/2021 5:51:53 PM EDT
[#9]
Quote HistoryQuoted: With a sub 1 million dollar win I would just pay off my credit card debt and invest what I could in silver and Gold and leave the rest in a saving account to build up. Above 1 million I would invest in mutual funds/stocks with also focus on earning monthly dividends like Microsoft stocks and have a lot of the money sitting in a high interest savings account accruing interest and live off that. have you checked what passes for high interest savings nowadays.... 1% |
|
|
|
Posted: 6/13/2021 6:01:38 PM EDT
[#10]
Quote HistoryQuoted: have you checked what passes for high interest savings nowadays.... 1% Even at 1% with 5 million dollars in the account you can accrue $50,000 a year on interest which is the average income management makes in salary a year around where I live. With investments in the background working at 3-5% return a year is an additional $150k-$250k a year if you have some good discipline and investments. |
|
|
|
Posted: 6/13/2021 6:09:09 PM EDT
[#11]
Quote HistoryQuoted: Poor people are poor for a reason. This. There are people who refuse to admit it, but it's true. |
|
|
|
Posted: 6/13/2021 6:11:29 PM EDT
[#12]
Quote HistoryQuoted: Even at 1% with 5 million dollars in the account you can accrue $50,000 a year on interest which is the average income management makes in salary a year around where I live. With investments in the background working at 3-5% return a year is an additional $150k-$250k a year if you have some good discipline and investments. Quote HistoryQuoted: Quoted: have you checked what passes for high interest savings nowadays.... 1% Even at 1% with 5 million dollars in the account you can accrue $50,000 a year on interest which is the average income management makes in salary a year around where I live. With investments in the background working at 3-5% return a year is an additional $150k-$250k a year if you have some good discipline and investments. |
|
|
|
Posted: 6/13/2021 6:13:48 PM EDT
[#13]
Million isn't alot. More of what average retirements can come up to after 30 years, max contribution and good markets(14-21%). Its only supplemental at around 25k a year over 63 years old till 85 or so.
Should have invested 800k and paid off mortgage. Rest of it don't touch and live off your paycheck that you don't spend on your home. |
|
|
|
Posted: 6/13/2021 6:14:47 PM EDT
[#14]
1 million dollars is not going to allow yo to quit your job and stop working unless you like cat food.
Keep working, invest it smartly, and get out of debt and stay out of debt |
|
|
|
Posted: 6/13/2021 6:16:49 PM EDT
[#15]
I don't get all these lottery idiots. 1 mil will have me set for life. Pay off a nice house, pay off a nice vehicle, invest the rest and go back to work. With what I make an hour minus a mortgage and car payment I would live like a king.
|
|
|
|
Posted: 6/13/2021 7:18:21 PM EDT
[#16]
Quote HistoryQuoted: My home state allows you to remain anonymous. I had my exit plan all laid out pre-covid. Now I have to come up with something different. Our main building has a circular drive. I always told people they'd know I'd won and wouldn't be in to work by the Ferrari doing circles in the drive and the 18-wheeler of tires in the parking lot. 
|
|
|
|
Posted: 6/13/2021 7:26:23 PM EDT
[#17]
I have no doubt I would be completely broke within a few months of winning the lotto.
It would be a hell of a run though 
|
|
|
|
Posted: 6/13/2021 7:42:35 PM EDT
[#18]
A 69 yo wasting money on fireworks and swords. The goof probably had a closet full of hoodies with skulls on them also.
|
|
|
|
Posted: 6/13/2021 7:45:11 PM EDT
[#19]
Quote HistoryQuoted: Not unusual. I imagine most lottery tickets are sold to people unaccustomed to building and maintaining wealth. When a person like that wins the jackpot, it's hard for them to change their habit of spending everything they have. Many have run through much bigger wins than that in a few years. This has always been my guess. The vast majority of people don't play the lotto much, if at all. Among normal people it tends to be an occasional ticket or when the pot is so big it makes the news. The sort of people most likely to win these "smaller" jackpots I would assume are much more habitual and perhaps obsessive players... the kind you see buying $30, $50, or $1000 of tickets every week. I'm sure those types do not have healthy spending habits, but they are magnitudes more likely to win than the very rare or occasional players. |
|
|
|
Posted: 6/13/2021 8:05:46 PM EDT
[#20]
I'd take my chances...
Used to have a lottery pool with 6 coworkers. We were all overeducated. If the lottery got crazy large, over $500 million. We might go nuts and do $40-50 combined. One time I was in charge of buying the tickets and as I stood in line, every person in front of me was buying $100 to $200 each. |
|
|
|
Posted: 6/13/2021 8:06:53 PM EDT
[#21]
Quote HistoryQuoted: The ADA access ramp to the stage is gonna ya some money. Quote HistoryQuoted: Quoted: Have the Rolling Stones play at my birthday party. For some of the band, but oddly enough, Jagger has taken pretty good care of himself in his later years. He did have heart surgery fairly recently, but he works out like an athlete and has a nutritionist prepare healthy meals for him. I read the doctors who performed the surgery were really impressed with his workout regimen. |
|
|
|
Posted: 6/13/2021 9:03:21 PM EDT
[#22]
Quote HistoryQuoted: I'd take my chances... Used to have a lottery pool with 6 coworkers. We were all overeducated. If the lottery got crazy large, over $500 million. We might go nuts and do $40-50 combined. One time I was in charge of buying the tickets and as I stood in line, every person in front of me was buying $100 to $200 each. I have some coworkers who won a pretty good lottery amount in a pool. Some were able to retire after collecting their share and the rest were able to retire early at a later date. Another’s mother won a big lottery and he quit because she gave him a large amount from her winnings. |
|
|
|
Posted: 6/13/2021 10:13:51 PM EDT
[#23]
If I won a million dollars, I could afford to retire.
Of course, that's only because I already have money set aside. |
|
|
|
Posted: 6/13/2021 10:22:20 PM EDT
[#24]
cant win if you dont pay
|
|
|
|
Posted: 6/13/2021 10:24:02 PM EDT
[#25]
Reminds me of a certain Austrian member here... Cant for the life of me recall his name though
|
|
|
|
Posted: 6/13/2021 10:35:02 PM EDT
[#26]
Probably 10+ years ago before I became a cop I was doing a ride along with a local Sheriff's Office. Deputy arrests the guy for a warrant, something stupid like defrauding a pawnbroker and petit theft stemming from stealing chainsaws and pawning them. Anyway, dude is your typical skinny white meth head and he is staying with whatever female he can convince to have him for however long they can stand him. Guy won't shut up about how he won the lottery and won all this money a couple years ago. Figure he's full of shit.
After he's dropped off at the jail I look him up. Sure as shit, dude won like 2.5 million less than two years before. Probably took home half of it or a little more after taxes. So in less than two years that guy went from having 1.25 million in the bank today to being homeless, stealing chainsaws and pawning them. To paraphrase Dave Chappelle, "they shoulda never given you (censored) money!" |
|
|
|
Posted: 6/13/2021 10:45:06 PM EDT
[#27]
Quote HistoryQuoted: To paraphrase Dave Chappelle, "they shoulda never given you (censored) money!"  |
|
|
|
Posted: 6/13/2021 10:53:18 PM EDT
[#28]
Quote HistoryQuoted: So he netted $1mm, and put 200k each into a house and annuities, and some unspecified amount into “investments.” That doesn’t sound too idiotic. Sounds like he started out trying to manage and use most of it wisely, and then fell off the wagon. Quote HistoryQuoted: Quoted: ClickOnDetroit.com notes that Fick, who ended up on TLC's Lottery Changed My Life program, dumped about $200,000 into the construction of a new home, as well as $200,000 into annuities. More money was spent on investments, as well as such items as a new Chevy Camaro, swords, slot machines, and a "significant amount of fireworks," per MLive.com. Just two years after he'd won, Fick was broke. So he netted $1mm, and put 200k each into a house and annuities, and some unspecified amount into “investments.” That doesn’t sound too idiotic. Sounds like he started out trying to manage and use most of it wisely, and then fell off the wagon. Sounds like his “investments” weren’t mutual funds and the like but perhaps local businesses and the people that inevitably come out the woodwork to beg for money. |
|
|
|
Posted: 6/13/2021 10:58:45 PM EDT
[#29]
A million is VERY easy to blow. Take that money and build a as many duplexes as you can (when lumber goes back to halfway normal).
|
|
|
|
Posted: 6/13/2021 11:06:15 PM EDT
[#30]
Quote HistoryQuoted: Really? With 1 million? That's not exactly fuck you money. That's maybe pay off the mortgage, invest the rest and go back to work money. Yeah, TBH. I'd feel slightly more secure about retirement in my 70's, but I'm still working until then. |
|
|
|
Posted: 6/13/2021 11:06:37 PM EDT
[#31]
Quote History |
|
|
|
Posted: 6/13/2021 11:10:26 PM EDT
[#32]
Money doesn't force you to make bad choices.
It just makes them cost more. |
|
|
|
Posted: 6/13/2021 11:17:04 PM EDT
[#33]
I think there is a stat out there how winning the lottery also makes you 50 times more likely to be murdered or something along those lines.
|
|
|
|
Posted: 6/13/2021 11:20:43 PM EDT
[#34]
IMHO money doesn't change people, it merely brings their true character to the surface. My mom died in 2018 and left me, her only child, a paid off house along with her IRA and cash in her checking accounts. Her financial advisor, who became my financial advisor when I inherited the IRA told me that most people piss away inheritance within 18 months. Stands to reason the same would apply to lottery/casino windfalls too. Because my parents raised me to be disciplined with money and not spend like an idiot I am still financially set. Only major purchases I made were a new 4Runner to replace my 15 year old Tacoma and the house I currently reside in. I sold mom's house since it was in an age restricted HOA and I was too young to move in. My attitude towards my inheritance is that my parents left me this final gift of financial security and I have no excuse to fuck it up.
|
|
|
|
Posted: 6/13/2021 11:24:25 PM EDT
[#35]
Sad story.
|
|
|
|
Posted: 6/13/2021 11:25:15 PM EDT
[#36]
1 million is not a life changing amount of money. If invested properly it could lead to a pretty nice supplemental income but it's not going to be quit-your-job money unless you choose to live very cheaply.
It goes really fast when you are dumb about spending it too. |
|
|
|
Posted: 6/13/2021 11:52:36 PM EDT
[#37]
Quote HistoryQuoted: AT&T yields 7% dividends. Why not put it into a vanguard index/bond fund mix? Point made, but AT&T specifically is going to reduce it's dividend by up-to 50% in the next year. Ouch |
|
|
|
Posted: 6/13/2021 11:56:19 PM EDT
[#38]
Sad story.
|
|
|
|
Posted: 6/14/2021 12:17:58 AM EDT
[#39]
Quote HistoryQuoted: Jack Whittaker recently died penniless after winning a huge powerball jackpot. Source? |
|
|
|
Posted: 6/14/2021 12:25:28 AM EDT
[#40]
Quote HistoryQuoted: With a sub 1 million dollar win I would just pay off my credit card debt and invest what I could in silver and Gold and leave the rest in a saving account to build up. Above 1 million I would invest in mutual funds/stocks with also focus on earning monthly dividends like Microsoft stocks and have a lot of the money sitting in a high interest savings account accruing interest and live off that. What is a high interest account these days, 1.25%? |
|
|
|
Posted: 6/14/2021 12:47:38 AM EDT
[#41]
I truly believe if you took all the money in the US and divided it up equally amongst everyone it wouldn’t be too long before the distribution is pretty much what it is today. Smart people are going to save and invest and dumb people are going to blow through it like there is no tomorrow. It doesn’t matter how much money you hand to someone who has a paycheck to paycheck mentality it isn’t going to last long. I know a guy who got hit by a semi and got a million dollar settlement a couple of years ago. He lived like a rockstar for a while but now is so broke he doesn’t even have a car.
|
|
|
|
Posted: 6/14/2021 1:06:22 AM EDT
[#42]
Quote HistoryQuoted: What is a high interest account these days, 1.25%? Quote HistoryQuoted: Quoted: With a sub 1 million dollar win I would just pay off my credit card debt and invest what I could in silver and Gold and leave the rest in a saving account to build up. Above 1 million I would invest in mutual funds/stocks with also focus on earning monthly dividends like Microsoft stocks and have a lot of the money sitting in a high interest savings account accruing interest and live off that. What is a high interest account these days, 1.25%? There are some companies out there that will constantly move your money to take advantage of introductory rates to get you about .75-1% |
|
|
|
Posted: 6/14/2021 2:44:13 AM EDT
[#43]
Quote HistoryQuoted: It would be life changing for me. Even 100k can be a big deal if people know what they're doing. |
|
|
|
Posted: 6/14/2021 4:01:00 AM EDT
[#44]
I won $100 on a scratch off ticket tonight. I guess you guys should be calling dibs
|
|
|
|
Posted: 6/14/2021 4:09:26 AM EDT
[#45]
Quote HistoryQuoted: Really? With 1 million? That's not exactly fuck you money. That's maybe pay off the mortgage, invest the rest and go back to work money. Quote HistoryQuoted: Quoted: My post-lotto win life will make Charlie Sheen look like the Pope's..................  That's maybe pay off the mortgage, invest the rest and go back to work money. Sadly this is spot on these days. 1 mil is not set for life these days especially if you have a family. My conundrum if I won 1 mil would be 1- the smartest move by far- invest it all into future income 2- buy and fully pay off a house (not as smart, but not stupid either IMO) |
|
|
|
Posted: 6/14/2021 4:18:59 AM EDT
[#46]
Quote HistoryQuoted: I wouldn't want to win a lottery, too many people showing up with their hands out. So tell me, what the hell is a fella to do? For every million I make, another relative sues Family fightin’ and fussin’ over who wants to invite me to supper All a sudden I got ninety-some cousins A half-brother and sister who never see me or even bother to call me until they saw me on TV Now everybody’s so happy and proud, I’m finally allowed to set foot in my girlfriend’s house! |
|
|
|
Posted: 6/14/2021 4:20:29 AM EDT
[#47]
Quote HistoryQuoted: A million or two just isn't what it used to be. Depending on age and a few other factors it may not even be enough to instantly retire on. If you're really smart, and make smart choices then maybe but lord knows I could blow through it pretty damn quick if I wanted to. Why can't someone like me win a million after taxes? I would drop it all into index funds, added to what I have invested now and retire for sure. I could easily retire on 1m and not have to change my life much if at all. |
|
|
|
Posted: 6/14/2021 11:57:49 AM EDT
[#48]
Quote HistoryQuoted: Why can't someone like me win a million after taxes? I would drop it all into index funds, added to what I have invested now and retire for sure. I could easily retire on 1m and not have to change my life much if at all. Quote HistoryQuoted: Quoted: A million or two just isn't what it used to be. Depending on age and a few other factors it may not even be enough to instantly retire on. If you're really smart, and make smart choices then maybe but lord knows I could blow through it pretty damn quick if I wanted to. Why can't someone like me win a million after taxes? I would drop it all into index funds, added to what I have invested now and retire for sure. I could easily retire on 1m and not have to change my life much if at all. There probably are winners like that. They just aren’t newsworthy. Intentionally. |
|
|
|
Posted: 6/14/2021 3:13:35 PM EDT
[#49]
Quote HistoryQuoted: So tell me, what the hell is a fella to do? For every million I make, another relative sues Family fightin’ and fussin’ over who wants to invite me to supper All a sudden I got ninety-some cousins A half-brother and sister who never see me or even bother to call me until they saw me on TV Now everybody’s so happy and proud, I’m finally allowed to set foot in my girlfriend’s house! Quote HistoryQuoted: Quoted: I wouldn't want to win a lottery, too many people showing up with their hands out. So tell me, what the hell is a fella to do? For every million I make, another relative sues Family fightin’ and fussin’ over who wants to invite me to supper All a sudden I got ninety-some cousins A half-brother and sister who never see me or even bother to call me until they saw me on TV Now everybody’s so happy and proud, I’m finally allowed to set foot in my girlfriend’s house! Why/how are they calling or contacting you? The absolute first thing you need to do is make yourself as hard to contact as possible. Get a new phone # and guard it like the nuclear football. Move out of your current lodging and either sell it or seldom return there but don't forward your mail. Set up a private trust and buy anything significant through that (houses, cars, etc). Don't give out your address to anyone you don't absolutely have to. This will have to persist for quite some time (likely years). Very carefully start letting people back into your circle but be cautious and have contingency plans to become scarce again if that trust gets violated. Consider moving into a gated community where access is controlled. Part of the problem many people run into after striking it rich is thinking "nothing is going to change" and they can just live their same life as before. They can't. At least for some period of time (probably several years) they will have to disconnect themselves from their previous life and gradually reenter it. It takes time to learn how to handle the new sets of problems that come with wealth. Most people don't take that time; the first thing they do is call everyone they know and throw a huge party, setting the precedent that they will spend freely and they become targets, and it begins the spiral. |
|
|
|
Posted: 6/14/2021 3:30:24 PM EDT
[#50]
Quote HistoryQuoted: Why/how are they calling or contacting you? The absolute first thing you need to do is make yourself as hard to contact as possible. Get a new phone # and guard it like the nuclear football. Move out of your current lodging and either sell it or seldom return there but don't forward your mail. Set up a private trust and buy anything significant through that (houses, cars, etc). Don't give out your address to anyone you don't absolutely have to. This will have to persist for quite some time (likely years). Very carefully start letting people back into your circle but be cautious and have contingency plans to become scarce again if that trust gets violated. Consider moving into a gated community where access is controlled. Part of the problem many people run into after striking it rich is thinking "nothing is going to change" and they can just live their same life as before. They can't. At least for some period of time (probably several years) they will have to disconnect themselves from their previous life and gradually reenter it. It takes time to learn how to handle the new sets of problems that come with wealth. Most people don't take that time; the first thing they do is call everyone they know and throw a huge party, setting the precedent that they will spend freely and they become targets, and it begins the spiral. Quote HistoryQuoted: Quoted: Quoted: I wouldn't want to win a lottery, too many people showing up with their hands out. So tell me, what the hell is a fella to do? For every million I make, another relative sues Family fightin’ and fussin’ over who wants to invite me to supper All a sudden I got ninety-some cousins A half-brother and sister who never see me or even bother to call me until they saw me on TV Now everybody’s so happy and proud, I’m finally allowed to set foot in my girlfriend’s house! Why/how are they calling or contacting you? The absolute first thing you need to do is make yourself as hard to contact as possible. Get a new phone # and guard it like the nuclear football. Move out of your current lodging and either sell it or seldom return there but don't forward your mail. Set up a private trust and buy anything significant through that (houses, cars, etc). Don't give out your address to anyone you don't absolutely have to. This will have to persist for quite some time (likely years). Very carefully start letting people back into your circle but be cautious and have contingency plans to become scarce again if that trust gets violated. Consider moving into a gated community where access is controlled. Part of the problem many people run into after striking it rich is thinking "nothing is going to change" and they can just live their same life as before. They can't. At least for some period of time (probably several years) they will have to disconnect themselves from their previous life and gradually reenter it. It takes time to learn how to handle the new sets of problems that come with wealth. Most people don't take that time; the first thing they do is call everyone they know and throw a huge party, setting the precedent that they will spend freely and they become targets, and it begins the spiral. Good advice! I will forward it on to Eminem
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
