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dirtyjeffer
Anons on ignore, but not due to fear.
Premium
join:2002-02-21
London, ON
reply to MaynardKrebs

Re: How to blow your lottery winnings

said by MaynardKrebs:

Cheaper to lease than to own.

well, you know what they say??...if it fucks, flies or floats - rent it!


elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
reply to elwoodblues
We're talking about this and I can't figure out how, if you have $10m in your hands, have a mortgage on the house?


nitzguy
Premium
join:2002-07-11
Sudbury, ON

1 recommendation

said by elwoodblues:

We're talking about this and I can't figure out how, if you have $10m in your hands, have a mortgage on the house?

Someone looking to make some money....I'm sure the realtor got a kickback from whoever wrote up the mortgage....It looks as though she put about 20% down so that would mean no CMHC crap to deal with.

They probably said "Don't worry about the mortgage, you have lots of money"....so it allowed her to live this extravagant lifestyle...

Still stupid IMO, if you want to blare hiphop go and buy some acreage in the country and do that...where nobody will care because nobody will listen to you.

I think that's what I might do....but I guess I'm not a flashy kinda person...she obviously wanted people to realize she had money...

Also, while we're on the subject, who the hell puts an Escalade in storage....if you live in downtown Hamilton...renting a house?

Sell the damn thing and get what you can out of it....

It just all sounds wrong....and in all honesty...I'm not trying to sound mean, but 3 different kids from 3 different daddies?...and then he had 3....and then you have 3 MORE AFTER? That's just insanity IMO....

Again, she just didn't know what to do with the money...when it got to $750k...I'd still be laughing....

But again, just sounds like she said ..."a money tree in the backyard"...she just didn't realize the fun would eventually end.


Markie
INTJ

join:2009-07-11
Canada
reply to elwoodblues
Heh, its kind of like white trash...only different.
--
»libertarian.on.ca/


LazMan
Premium
join:2003-03-26
canada
reply to Thane_Bitter
said by Thane_Bitter:

Boils down to her lack of common sense, it is something that can't be bought, hired or leased. She seems to lack control over many aspects of her life, if she had a planner she no doubt would have ignored the many warning issued and kept on burning through the cash anyways. The difference is once the accounts hit zero she would have blamed the planner for "mismanagement".

I'm not disagreeing with you...

But at least a little education, and support may have helped. It may not have changed the outcome, but it couldn't have hurt any.

Of course, I'd like to have the chance to burn to 10 Million myself, one day; just to see what it's like...


FFH5
Premium
join:2002-03-03
Tavistock NJ
kudos:5
reply to Ian
said by Ian:

Statistically windfall winners of lotteries or surprise inheritances don't manage it well. But frankly, it's probably as stupid to assume that they would.

People who never had any real money and never earned or learned to manage money just don't do well when they get a windfall. Do you know who does do well? Upper middle class people that earned a good living; saved a good deal of that money and lived within their means. In the US, older winners( in their 50s & 60s ) do well. They splurge just a little; set up trusts for family members; pay off any bills; and then pretty much go back to their regular life. Maybe in a slightly nicer ñeighborhood.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to LazMan
said by LazMan:

But at least a little education, and support may have helped. It may not have changed the outcome, but it couldn't have hurt any.

OLG should offer some free initial financial advice which any financial adviser who wasn't an idiot would pay OLG to get the referral btw.

The OLG is in a win-win with this. All us DSLR, "I'm smarter than everyone else" types lap this story up with images of what we would have done.


LazMan
Premium
join:2003-03-26
canada
said by peterboro:

OLG should offer some free initial financial advice which any financial adviser who wasn't an idiot would pay OLG to get the referral btw.

The OLG is in a win-win with this. All us DSLR, "I'm smarter than everyone else" types lap this story up with images of what we would have done.

said by LazMan:

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.

The only thing I know I would have done differently myself, is get some advice from someone who DOES know. I'm self-aware enough to realize I'm actually pretty bad with money...

Like I said initially, it would be nice if some planning and advice was made available - but puts the Lottery Corp's on a slippery slope, too...


dirtyjeffer
Anons on ignore, but not due to fear.
Premium
join:2002-02-21
London, ON
i believe they do encourage people to seek financial advise...not surprising the Star makes no mention of this...they want you to feel sorry for her, you know, because she is somehow a victim here.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to LazMan
said by LazMan:

The only thing I know I would have done differently myself, is get some advice from someone who DOES know.

As much as some in here may think they know everything I don't think anyone in here has the knowledge to handle that amount of money. Actually without several experts in the mix there isn't one person who could deal with that amount of money in the most fiscally prudent manner.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to dirtyjeffer
said by dirtyjeffer:

..they want you to feel sorry for her, you know, because she is somehow a victim here.

Fat f**king chance of that and if the Star thinks that they are seriously detached from reality.


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
said by peterboro:

and if the Star thinks that they are seriously detached from reality.

I believe the Star's detachment from reality was established a long, long time ago.
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neochu

join:2008-12-12
Windsor, ON
reply to elwoodblues

Re: How to blow your lottery winnings

**** the millions, hell give me 100K and I would never need to recive ODSP again...

This is completely debt free too.


HiVolt
Premium
join:2000-12-28
Toronto, ON
kudos:23
Reviews:
·TekSavvy DSL
reply to elwoodblues
Well obviously she wasn't a responsible person, 3 kids with 3 different fathers...

But it probably didnt help that her picture & name were probably plastered all over that she had won...

I think that needs to change.
--
F**K THE NHL. Go Blue Jays 2013!!!

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
reply to peterboro
said by peterboro:

..... I don't think anyone in here has the knowledge to handle that amount of money. Actually without several experts in the mix there isn't one person who could deal with that amount of money in the most fiscally prudent manner.

You would be wrong on both counts.

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
reply to HiVolt
said by HiVolt:

Well obviously she wasn't a responsible person, 3 kids with 3 different fathers...

But it probably didnt help that her picture & name were probably plastered all over that she had won...

I think that needs to change.

Since there is no explicit claim of privacy rights in the Charter, and that the rules of claiming a lottery prize is that you have to show your face and cough up your name, there is nothing that legally could have not required her to ID herself for the cameras when she got the cheque/direct deposit. The lottery has to be 'seen' to be devoid of 'insider trading'/fraud else the game is over for OLG.

That said, maybe there is some means of claiming it through a nominee via attorney/client privilege. That's something I'd look into if I ever participated in/won a lottery.

markf

join:2008-01-24
Burlington, ON
kudos:1
Reviews:
·WIND Mobile
reply to elwoodblues
Not sure if this was pointed out, but if you buy lottery tickets on a regular basis you're already not so great with money considering most people would be better off investing that money instead of spending it...

Having said that, I do buy the occasional ticket, just for fun.

The article does have a quote something along the lines of "people are adults" which is true. I have no doubt any bank she put her money in would have been all over her trying to get her to invest it in some way or other. My wife had $1000 sittting in an RSP cash account and they called a few times to get her to do something with it.

I watched an ESPN 30 for 30 called Broke, talking about pro athletes and how they blow millions. Some 78% have no money only a few years after retirement in some sports. Guys who made $100 million plus have no cash. Guys paying $17k/month to 9 different women for their 9 kids who then have no money to pay when they retire.

A lot of them make foolish investments with a friend of a friend, spend $10 - 15k on a night out with their entourages...

Mike Tyson, $400MM career earnings, bankrupt. Curt Schilling $100MM plus earnings, bankrupt... many others too.

Often people with nothing who get a whole wack of cash will see it as a prize to go out and blow. I know many who would rather spend a couple of hundred extra they get than to be responsible and pay down debts and such.

If I could win "big", I'd want Cash for Life. a metered amount every week/month or whatever it ends up being, so that while I could live very comfortably, I wouldn't be "rich" in the way that people would come up and ask for $10k for this or that. Not that I couldn't control my spending, but at least you wouldn't have people coming asking for huge loans because you don't have millions in the bank (at least at the start).

I've also said that if I did win a big lottery I'd want to be able to "hire" someone to collect it and give me the money. I don't think the loss of privacy is worth the millions, especially when you have hundreds of "friends" sticking their hands out for cash.


dirtyjeffer
Anons on ignore, but not due to fear.
Premium
join:2002-02-21
London, ON
said by markf:

Not sure if this was pointed out, but if you buy lottery tickets on a regular basis you're already not so great with money considering most people would be better off investing that money instead of spending it...

Having said that, I do buy the occasional ticket, just for fun.

i am in a lottery pool at work, but it is for entertainment purposes, not a financial plan...it's $1/week, so no big deal.
--
People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

- George Orwell


El Quintron
I dunno, lemme check my trollodex
Premium
join:2008-04-28
Etobicoke, ON
kudos:4
Reviews:
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·TekSavvy DSL
said by dirtyjeffer:

said by markf:

Not sure if this was pointed out, but if you buy lottery tickets on a regular basis you're already not so great with money considering most people would be better off investing that money instead of spending it...

Having said that, I do buy the occasional ticket, just for fun.

i am in a lottery pool at work, but it is for entertainment purposes, not a financial plan...it's $1/week, so no big deal.

Same here, we do 20/mo on the first payday of every month...

I only participate for superstitious reasons; as in I don't want to be the only one who has to show up for work Monday when everyone else wins... if we'd ever do.
--
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TigerLord
For Value Received
Premium,Mod
join:2002-06-09
Canada
kudos:8
reply to ekster

Re: How to blow your lottery winnings

said by ekster:

I really don't understand what people think when they blow off millions in a couple of years and go back to living worse off than they were before.

Stupid people exist. She was a moron, plain and simple. How else you could explain someone winning a clear 10M and then going to live paycheque to paycheque.

Out of the billions of human beings, at least half must be intellectually challenged in the physiological sense. If you factor socioeconomic factors (especially education), even on an evolutionary basis, it's perfectly expected.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
reply to MaynardKrebs
said by MaynardKrebs:

That said, maybe there is some means of claiming it through a nominee via attorney/client privilege. That's something I'd look into if I ever participated in/won a lottery.

I believe we discussed that a couple years ago as that is what I would do but the consensus was that it wouldn't fly.
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elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
Reviews:
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reply to HiVolt

Re: How to blow your lottery winnings

said by HiVolt See Profile

But it probably didnt help that her picture & name were probably plastered all over that she had won...

I think that needs to change.
[/BQUOTE :

Indeed, I was thinking the same thing, I'd pay a lawyer 10k to be my proxy.
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No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake.......


peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
We argued this a few years ago. Your prize is disbursed on condition that you agree to be publicly identified.