 elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand
 ·Cybersurf Intern..
| How to blow your lottery winnings A "heartfelt' story in the Star how a $10m lottery winner is now living pay cheque to pay cheque.
»www.thestar.com/news/gta/2013/03···ion.html |
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| wow. that hurts.
But she is not the first one with that experience. I think CBC had a documentary about how bad the life turned after the lotto win.
Very few have done good after the win. Life is a biatch. |
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 LazManPremium
join:2003-03-26
canada | reply to elwoodblues
I knew a guy in North Bay; when I lived there, that won a little over 2 million - he was back to being broke in about 2 years... Cars, trips, big house (that he lost), etc...
Taking someone that's never had money, giving them 2 mil (10 mil, whatever) - it seems like an infinite amount of money. And then it's gone...
On the one hand, it would be nice if the Lottery Corp's provided a little financial guidance and planning the the winners, but then they'd be accused of meddling in people's private business, I'd imagine...
Rock and a hard place...
10 Mill could have set that woman up for life... If someone had taken her under their wing up front; and if nothing else, set her up with a good planner. $250k a year in income for the rest of your life, without working - would be a pretty sweet deal... And a nice little pile left over to leave to the kids, too. |
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 donoreoPremium
join:2002-05-30
North York, ON | reply to elwoodblues
These people did not change: they spend the money they had, no matter how much it it. |
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| reply to LazMan
No!
They can hire one on their own, why should the lottery system provide financial planning to millionaires for free.
If the Start wants to do a good human interest story they should find the thousands of people that are already living below the poverty line and still spend money on lottery tickets.
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cuius pocketa profunda, ejus liabilitas! |
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 TLS2000Crazy CanuckPremium
join:2004-02-24
Mississauga, ON | reply to elwoodblues
I love how the Star seems to point the finger at OLG because they don't do followups with the winners or force them to use a financial adviser.
Seriously? lol
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Tom |
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donoreoPremium
join:2002-05-30
North York, ON | said by TLS2000:I love how the Star seems to point the finger at OLG because they don't do followups with the winners or force them to use a financial adviser.
Seriously? lol
They should provide the winners with a list of advisers, at least. |
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| reply to elwoodblues
I'm having a hard time having any sympathy.
Rule #1 - When winning millions put 98% in the bank, for a year in a closed account so you cannot access it and can get the advice you need to do it the right way. Let the shock of the wins wear off a little before you start spending.
Rule #2 - When winning millions and old "friends" start showing up looking for money and promising to pay it back... politely decline the friendship, tell them to fuck off, and send them on their way.
Rule #3 - Get a lawyer. You'll need one. |
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TLS2000Crazy CanuckPremium
join:2004-02-24
Mississauga, ON | reply to donoreo
No they shouldn't. That opens them up to liability when one of those advisers inevitably takes advantage of the people that were referred to them.
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Tom |
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 Wolfie00My dog is an elitistPremium
join:2005-03-12
kudos:5 | reply to elwoodblues
This is a lot more common than you'd think.
said by LazMan: it would be nice if the Lottery Corp's provided a little financial guidance and planning the the winners
Why? Lottery Corp exists solely to generate government revenue by collecting an optional tax from the stupid. They have no other purpose. The prizes aren't a public service.
said by Thane_Bitter:If the Start wants to do a good human interest story they should find the thousands of people that are already living below the poverty line and still spend money on lottery tickets.
Absolutely agree.
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The worst disease of the world now is probably the ideology of technological heroism, according to which more and more people willingly cause large-scale effects that they do not see and that they cannot control. -- Wendell Berry |
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LazManPremium
join:2003-03-26
canada | reply to Thane_Bitter
said by Thane_Bitter:They can hire one on their own, why should the lottery system provide financial planning to millionaires for free.
A _LOT_ of the lottery winning public isn't aware of things like financial planning - and even if they are, you take someone that makes 25-30 grand a year; give them 10 mil, and say "Here you go" - well, they see that as an infinite pile of money...
They (and I'm speaking broadly) don't understand how to manage that amount of money... Hell, I don't understand how to manage it - but at least I know that I don't know.
said by Thane_Bitter:If the Start wants to do a good human interest story they should find the thousands of people that are already living below the poverty line and still spend money on lottery tickets.
Different issue - but lots of people call lotteries a "tax on the poor and stupid" - probably for good reason... |
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 GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3
·Start Communicat..
| reply to Kitlope
said by Kitlope:Rule #1 - When winning millions put 98% in the bank, for a year in a closed account so you cannot access it and can get the advice you need to do it the right way. Let the shock of the wins wear off a little before you start spending.
Rule #2 - When winning millions and old "friends" start showing up looking for money and promising to pay it back... politely decline the friendship, tell them to fuck off, and send them on their way.
Rule #3 - Get a lawyer. You'll need one. There was a guy a few years back who waited several months before claiming his multi-million Super 7 jackpot or something like that. The reason being he got all his ducks in a row first. He got a lawyer, set up accounts at the bank, investments, trusts, whatever else. He did all of this first and only once all that was done did he show up at OLG for the big cheque. Then once he claimed it he got hit with child support requests and all sorts of stuff from his past.
If more people did that, stories like the one in the Star would be far less common. Sadly, as it stands now they are the rule rather than the exception. |
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| reply to TLS2000
I know someone who won the lottery and bought some property as investment (rental units). And that bit him in the butt... hard to collect rent, sued by the tenants, etc
He has none of the winnings left...due to legal expenses and the money pit of the rental units
Winning the lottery can be a blessing, if you know how to handle the money
Even on 1 million dollars you
1. Buy or pay off your house (300,000 - 400,000)
2. Pay off Debts (50, 000)
3. Invest the rest in assests that are easily liquifed
Never 'Loan' money to family or friends if you want the money back (consider it a gift)
Even on a million you would still ahve to work but it would make your life more comfortable
On 10 million, you could live off of without working (give yourself a yearly income of $133k with no interest, that would last you 75 years)
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"The hardest thing about any political campaign is how to win without proving that you are unworthy of winning." ~ Adlai E. Stevenson |
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| reply to donoreo
said by donoreo:These people did not change: they spend the money they had, no matter how much it it.
I have coworkers who measure their net worth by the amount of fuel in their gas tanks. I am serious, not exaggerating. These are $45-55k unionized positions, god help them long term if they win the lottery.
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»libertarian.on.ca/ |
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 Reviews:
·Start Communicat..
| said by IsItDoneYet:I have coworkers who measure their net worth by the amount of fuel in their gas tanks. I am serious, not exaggerating. These are $45-55k unionized positions, god help them long term if they win the lottery. They're always the first ones to blow everything and be left with nothing. |
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bt
join:2009-02-26
canada
kudos:1 Reviews:
·Start Communicat..
| reply to Gone
said by Gone:There was a guy a few years back who waited several months before claiming his multi-million Super 7 jackpot or something like that. The reason being he got all his ducks in a row first. He got a lawyer, set up accounts at the bank, investments, trusts, whatever else. He did all of this first and only once all that was done did he show up at OLG for the big cheque. Then once he claimed it he got hit with child support requests and all sorts of stuff from his past.
I think I'd be paranoid about losing the ticket... |
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Wolfie00My dog is an elitistPremium
join:2005-03-12
kudos:5 | ... or having the ticket invalidated on some technicality. I'd want confirmation of the win in terms of cash in the bank. Park it in the money market for a few months and THEN do your planning.
I'm certain that this person's financial institution was all over her to help with financial planning. She just wasn't interested. As I said, this happens a lot. |
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| reply to TLS2000
said by TLS2000:I love how the Star seems to point the finger at OLG because they don't do followups with the winners or force them to use a financial adviser.
Seriously? lol
Dont forget the timing for this story. Since the casinos lobbyist are in town and they oppose it. |
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 Reviews:
·Start Communicat..
| reply to bt
said by bt:I think I'd be paranoid about losing the ticket... He put it into a safety deposit box at the bank that he was doing all the planning with. |
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| reply to loosedobbs
There ought to be an intelligence test for gambling and playing lotteries:
IQ .LE. 100 means you're too stupid to play
IQ .GT. 100 means you are too smart to play |
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