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Posted: 6/13/2021 10:57:59 AM EST
[#1]
Quote HistoryQuoted: Yup look at MC Hammer. Tried to help people he grew up with and broke him. Look at Allen Iverson only thing about him is because of a deal with Rebook he still makes almost $1mil a year from them and has a $32mil trust that he can't touch until he's in his 50's Quote HistoryQuoted: Quoted: They all go broke try to help people. Rappers, athletes, lottery winners. I would completely disappear. Find a small lot of land with low taxes and live a .nice quite life. Fucking waste of money. Yup look at MC Hammer. Tried to help people he grew up with and broke him. Look at Allen Iverson only thing about him is because of a deal with Rebook he still makes almost $1mil a year from them and has a $32mil trust that he can't touch until he's in his 50's |
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Posted: 6/13/2021 10:58:43 AM EST
[#2]
Lotto win? What lotto win?
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Posted: 6/13/2021 11:00:04 AM EST
[#3]
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. |
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Posted: 6/13/2021 11:01:04 AM EST
[#4]
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.
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Posted: 6/13/2021 11:03:27 AM EST
[#5]
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.  |
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Posted: 6/13/2021 11:07:20 AM EST
[#6]
Quote HistoryQuoted: I wouldn't want to win a lottery, too many people showing up with their hands out. That is why you buy the swords |
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Posted: 6/13/2021 11:08:42 AM EST
[#7]
If I won a million (after taxes), I'd probably spend $200K right out of the gate (to scratch to the "woohoo, I won," itch) and then aim to get a 5% or better annual return on the remainder.
Meaning I'd get a few toys, and hope for $40K, or better, in supplemental annual income. |
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Posted: 6/13/2021 11:09:59 AM EST
[#8]
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. Perhaps they're not legally allowed to own guns. |
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Posted: 6/13/2021 11:10:47 AM EST
[#9]
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. What he said. |
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Posted: 6/13/2021 11:15:51 AM EST
[#10]
Quote HistoryQuoted: Exactly. Remaining anonymous is how you have to do it, this guy clearly had problems with people once he tried to help them out. Quote HistoryQuoted: Quoted: The ONLY people that would know about it are my wife and myself. Not a single other soul would know. Exactly. Remaining anonymous is how you have to do it, this guy clearly had problems with people once he tried to help them out. Good idea if your state allows it. Some states are required to disclose the winner. |
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Posted: 6/13/2021 11:16:02 AM EST
[#11]
Have the Rolling Stones play at my birthday party.
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Posted: 6/13/2021 11:18:07 AM EST
[#12]
Quote HistoryQuoted: Have the Rolling Stones play at my birthday party. |
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Posted: 6/13/2021 11:22:04 AM EST
[#13]
Quote HistoryQuoted: Poor people are poor for a reason. 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. |
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Posted: 6/13/2021 12:17:55 PM EST
[#14]
Quote HistoryQuoted: Not at all uncommon. I've long said that if I ever win (I don't play) that my goal is to end up dead in a gutter with a long string of hookers and blow in my wake.  Attached File |
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Posted: 6/13/2021 12:22:07 PM EST
[#15]
Quote HistoryQuoted: Not at all uncommon. I've long said that if I ever win (I don't play) that my goal is to end up dead in a gutter with a long string of hookers and blow in my wake. Well, you could do that- after payday/over the weekend. Especially, if you’re a lightweight with the coke. |
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Posted: 6/13/2021 12:22:28 PM EST
[#16]
Happens all the time. I can't say it wouldn't happen to me if I came upon that kind of money.
Fuck you amounts of money makes sensible people do stupid shit, and makes non-sensible people do absolutely insane shit. |
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Posted: 6/13/2021 12:33:26 PM EST
[#17]
Quote HistoryQuoted: Nobody knows unless you go out of your way to tell them. Vast majority of people aren't scanning the web for mere million dollar prize winners. Can you name any of the last 5 people to win a million bucks in your state? I know I can't. Quote HistoryQuoted: Quoted: I wouldn't want to win a lottery, too many people showing up with their hands out. Nobody knows unless you go out of your way to tell them. Vast majority of people aren't scanning the web for mere million dollar prize winners. Can you name any of the last 5 people to win a million bucks in your state? I know I can't. In some states you can’t claim lottery prizes anonymously and the state publishes the winners names. Someone looking to prey on lottery winners wouldn’t have to look hard to find targets. |
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Posted: 6/13/2021 12:36:11 PM EST
[#18]
Dude had a sword and some slot machines! How is that not worth living for?
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Posted: 6/13/2021 12:36:45 PM EST
[#19]
Yea as others have said a million doll hairs ain’t jack.
Hookers, fireworks and blow was the way to go. |
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Posted: 6/13/2021 12:38:54 PM EST
[#20]
Quote HistoryQuote HistoryQuoted: Quoted: I wouldn't want to win a lottery, too many people showing up with their hands out. Review and follow the advice here if you do I only kept reading down to make sure someone linked to that epic (and sadly, not actually semi-annual) post. |
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Posted: 6/13/2021 12:38:56 PM EST
[#21]
Quote HistoryQuoted: How do you go broke when you have $200,000 in annuities?  Not $200000 a year. Maybe 10k a year, maybe. Annuities are a shit investment. |
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Posted: 6/13/2021 12:41:08 PM EST
[#22]
The financial knowledge and personal responsibility level of those who buy lottery tickets is far lower than that of the general population.
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Posted: 6/13/2021 12:41:31 PM EST
[#23]
Quote HistoryQuoted: Poor people are typically bad with money. Even if given to them. They are poor BECAUSE they are bad with money. |
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Posted: 6/13/2021 12:42:46 PM EST
[#24]
$1 million in 11 years shouldn't exactly be life changing like a lot of people think.
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Posted: 6/13/2021 12:44:45 PM EST
[#25]
"significant amount of fireworks," 
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Posted: 6/13/2021 12:45:21 PM EST
[#26]
$1,000,000 is $40,000/yr without touching principle and making room for some future inflation increases. It's either "I can retire 10 years earlier" or "My lower class life became a comfortable middle class life while I still work as a cashier for Walmart."
The problem is people even on this board would spend the principle down faster then interest can accrue. |
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Posted: 6/13/2021 12:46:23 PM EST
[#27]
Quote HistoryQuoted: $1 million in 11 years shouldn't exactly be life changing like a lot of people think. It definitely changed his life. |
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Posted: 6/13/2021 1:20:11 PM EST
[#28]
When I won the Florida Lotto on 12/31/12, I took home exactly $1024. I spent all my money on an annuity and a bronze membership
. Every year it pays for my membership…I think it may ran out 
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Posted: 6/13/2021 1:40:25 PM EST
[#29]
If i won $1mill, paying off the mortgage and student loans would scratch enough spending itch that i would hold onto every little bit i had left.
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Posted: 6/13/2021 1:49:41 PM EST
[#30]
Anyone else surprised by the purchase of an Annuity thrown in there? That's seems slightly responsible, in relation to swords and fireworks.
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Posted: 6/13/2021 1:53:23 PM EST
[#31]
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 - suddenly coming into a large sum of money does not give you the skills necessary to actually manage it. People without money management skills who suddenly have a large, single chunk of cash tend to spend it ALL rather quickly, and spend it on a fair amount of stuff which will entail ongoing payments (insurance, maintenance, property taxes, etc) that they don't have the ongoing income to pay for. For people without such management skills, taking a lottery win in annual installments might actually be a reasonable idea - presuming that they then take the opportunity to learn how to manage that money, at least. Mike |
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Posted: 6/13/2021 2:04:21 PM EST
[#32]
Jordan Peterson discussed similar issues re: his objection to UBI.
Most people's problems can't be solved by simply giving them some money, and a significant portion of people have their problems _get worse_ when they get money. A less philosophical friend of my old man would simply comment "poor people have poor ways." |
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Posted: 6/13/2021 2:05:06 PM EST
[#33]
Quote HistoryQuoted: My grandfather always said that it has no value unless you have earned it. As a kid, I did not know what he meant. So true. You appreciate a dollar earned more than one given to you. |
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Posted: 6/13/2021 2:08:44 PM EST
[#34]
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.
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Posted: 6/13/2021 2:13:38 PM EST
[#35]
There are stories of people who have blown a hell of a lot more than $1 million.
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Posted: 6/13/2021 2:16:14 PM EST
[#36]
Quote HistoryQuoted: Anyone else surprised by the purchase of an Annuity thrown in there? That's seems slightly responsible, in relation to swords and fireworks. No, it's the kind of stupid thing your relative who has no idea what they are doing tells you to buy. |
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Posted: 6/13/2021 2:17:27 PM EST
[#37]
Most poor people are poor because they have a long history of making poor decisions.
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Posted: 6/13/2021 2:18:11 PM EST
[#38]
I used to work with a guy who blew through $5 million in less than 3 years. Tried to live the "high roller" lifestyle in Las Vegas. He got canned after taking fully naked sponge baths in the men's bathroom... Last I heard of him, he was living out of his car.
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Posted: 6/13/2021 2:20:38 PM EST
[#39]
For me it would just be more money to pile into my various vanguard accounts and land holdings.
The rich get richer, the poor get poorer. |
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Posted: 6/13/2021 2:22:15 PM EST
[#40]
The biggest waste of money in this story is the 50% of his winnings that he lost to taxes.
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Posted: 6/13/2021 2:25:45 PM EST
[#41]
With 1 million
Have my Bronco rebuilt completely to like new, with some upgrades. $50k at most. Buy some land and build a house and garage. $500k The rest goes into a trust. I still have to work, but I don’t have to struggle. |
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Posted: 6/13/2021 2:28:34 PM EST
[#42]
Jack Whittaker recently died penniless after winning a huge powerball jackpot.
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Posted: 6/13/2021 2:29:15 PM EST
[#43]
I just want to let it be known, that I will love some one who helps me out.
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Posted: 6/13/2021 2:32:28 PM EST
[#44]
Quote HistoryQuoted: They are poor BECAUSE they are bad with money. Quote HistoryQuoted: Quoted: Poor people are typically bad with money. Even if given to them. They are poor BECAUSE they are bad with money. Thank you, finally a smart person posts something. |
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Posted: 6/13/2021 2:34:30 PM EST
[#45]
i could live out my days poor with just the memories of how i blew thru a mil. How does that make one sad??? I guess he didn't get proper whores?
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Posted: 6/13/2021 2:43:19 PM EST
[#46]
Its awesome that when the rich and vibrant win cash they are not required to pay back all the Government assistance they have received.
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Posted: 6/13/2021 2:49:54 PM EST
[#47]
Quote HistoryQuoted: This - suddenly coming into a large sum of money does not give you the skills necessary to actually manage it. People without money management skills who suddenly have a large, single chunk of cash tend to spend it ALL rather quickly, and spend it on a fair amount of stuff which will entail ongoing payments (insurance, maintenance, property taxes, etc) that they don't have the ongoing income to pay for. For people without such management skills, taking a lottery win in annual installments might actually be a reasonable idea - presuming that they then take the opportunity to learn how to manage that money, at least. Mike The problem is if they don't learn how to manage money then they end up calling one of the 800 numbers while they are watching Maury that pay out lump sums for peoples structured settlements and annuities. Then they get to spend even less than if they would have taken out the lump sum. I think it was the member that has the lottery thread that is in the archive that was posted on page one had a crazy story. A guy won the lottery and blew a ton of money on his business buying large construction equipment then the business went to shit. A lawyer helped him sell it all and put the money in a trust that was set up so it only made payments to the man and was locked away. He sued to break the trust and then blew all that money. Ending up broke. There is no such thing as idiot proof only idiot resistant. |
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Posted: 6/13/2021 2:55:20 PM EST
[#48]
Quote HistoryQuoted: The problem is if they don't learn how to manage money then they end up calling one of the 800 numbers while they are watching Maury that pay out lump sums for peoples structured settlements and annuities. Then they get to spend even less than if they would have taken out the lump sum. I think it was the member that has the lottery thread that is in the archive that was posted on page one had a crazy story. A guy won the lottery and blew a ton of money on his business buying large construction equipment then the business went to shit. A lawyer helped him sell it all and put the money in a trust that was set up so it only made payments to the man and was locked away. He sued to break the trust and then blew all that money. Ending up broke. There is no such thing as idiot proof only idiot resistant. Some of those companies would make you get a lawyer's opinion before they would allow you to sign the deal and get the cash. I had a couple people come in over the years. The opinion was always the same - 'you're getting ripped off so I recommend you don't do it.' They always did it anyway. |
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Posted: 6/13/2021 3:02:41 PM EST
[#49]
Quote HistoryQuoted: 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. Quote HistoryQuoted: 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. |
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Posted: 6/13/2021 3:09:57 PM EST
[#50]
Quote HistoryQuoted: People think a million bucks makes you a big shot but it doesn't. It's got a financial impact roughly equivalent to working a lower middle class job. Agreed it ain't what it used to be but it’s still a lot of money when you consider most People couldn't come up with a few thousand in an emergency. ETA: An article from 2020 69% of adult Americans have less than $1,000 in a savings account. (Source: GOBankingRates) More than two-thirds of Americans have less than $1,000 saved up. Worryingly, the majority of those with less than $1,000 in savings have no savings at all. Around 45% of adult Americans were unable to save any money in 2019 |
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