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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
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join:2006-08-30
Somewhere in
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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.
--
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.
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MarkAW
Barry White
Premium
join:2001-08-27
Canada
kudos:16
reply to Kitlope

Re: How to blow your lottery winnings

said by Kitlope:

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.


Easy for you to say. Let us know how you handle wining Millions in the lotto and not have the urge to spend money, before you realize it's all gone and you're back to square one.
--
We never really grow up, we only learn how to act in public.
Do not argue with an idiot. He will drag you down to his level and beat you with experience. (Hmm)
I have enemies? Good. That means I've stood up for something, sometime in my life.

peterboro
Avatars are for posers
Premium
join:2006-11-03
Peterborough, ON
It's the degree of the urge and the sustained time period we have no sympathy for.


Guspaz
Guspaz
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join:2001-11-05
Montreal, QC
kudos:23
reply to elwoodblues
That's the whole point of putting aside a chunk of it to splurge. Win $10M? Put aside a million to be irresponsible with and have your fun. Put the rest of it in long-term investments to generate interest for income. In this manner you don't have to fight the temptation to splurge and go nuts, because you've got a nice chunk to get you through that.
--
Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org

ZombieBanner

join:2012-11-14
Chatham, ON
reply to elwoodblues
I know myself I'm horrible with money. I'm getting alot better, but I am horrible with money, just as Guspaz said, I'd put a million as a splurge, and then walk into the bank with my father, who is financially amazing sit down and set up some sort of monthly annuity to live off of.


nitzguy
Premium
join:2002-07-11
Sudbury, ON
reply to markf
said by markf:

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.

....Since you have to sign the lottery ticket....you couldn't hire someone to collect it and give you the money.

Otherwise that person would sign it and then they would "own" the ticket...

Unless in other provinces outside Ontario that you don't have to "Sign your ticket?"...

Then you'd be in a big legal battle over ownership of the ticket and then your name would be in the spotlight anyway...so long story short....claim the money...and then go away for a LONG TIME....move even...

ZombieBanner

join:2012-11-14
Chatham, ON
Simple answers you get the ticket say 10 million dollars.
You say you will pay him $100,000 fee.

Have him sign a Promissory note for $9,900,000 dollars.

Have him sign the ticket, and collect the money. If he does not pay your the money, you sue him for it.

I thought of this myself, I am a very private person, and well have a bit of social anxiety I wouldn't want anyone knowing I had won.


TOPDAWG
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Calgary, AB
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reply to elwoodblues
and people wonder how the rich stay rich they know how to invest. Just giving people money and they've no idea WTF to do with it or how to invest will not help them at all. holy shit she has six kids and her husband has three WTF god.

They live paycheck to paycheck but her husband smokes wonder how much that costs the family. really shows giving people free money fixes nothing.


TLS2000
Crazy Canuck
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Mississauga, ON
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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.

Why not set up a corporation to collect the winnings. Corporations are people too, right?
--
Tom

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
said by TLS2000:

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.

Why not set up a corporation to collect the winnings. Corporations are people too, right?

Winning inside a corporation may be taxable as income - which defeats the whole premise of the exercise.


elwoodblues
Elwood Blues
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Somewhere in
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reply to TLS2000
said by TLS2000:

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.

Why not set up a corporation to collect the winnings. Corporations are people too, right?

In the US
--
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.......


Kitlope

join:2004-07-29
Edmonton, Ab
reply to MarkAW
said by MarkAW:

said by Kitlope:

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.


Easy for you to say. Let us know how you handle wining Millions in the lotto and not have the urge to spend money, before you realize it's all gone and you're back to square one.

For one thing, you don't know me so you can stop right there. And for a second thing, I'm probably the most frugal guy I know, as my friends will tell you, and resist temptation to spend like crazy all the time. Every year, usually in spring and fall, I come into small windfalls because work get's busy and it's not hard for the cash to add up but I spend responsibly and unlike many keep money in the bank for my slow months. It's taken some years, but I've trained myself to think ahead and spend wisely.

Seriously. Before you get a chance to spend millions like a madman - put it in the bank in a closed account for a year and come up with a game plan (giving yourself a couple hundred grand to play with). If you can just do that one simple act, there's a pretty good chance that you will continue to be responsible once the money is released. Not every time mind you, there's always fools - but you're on the right path to not pissing it all away.

Or maybe I'll be one of those guys that does coke in celebration for the first time and have a heart attack

Then my family can fight over it.

Warez_Zealot

join:2006-04-19
Vancouver
reply to elwoodblues
Hardly responsible blowing all that money. I have a feeling that has to do with their socioeconomic status and the people they had as friends though.

But after reading the article, they hardly seem worse off then where they started. She did save some cash for her kids, so that's at least a small positive. I just find it too bad that she didn't put wayyyyyy more aside for them if they were just going to burn through the money. Guess that's why they call it the lottery though.
--
"You're not supposed to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who says it."-Malcolm X


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

I have a feeling that has to do with their socioeconomic status and the people they had as friends though.

I don't think it was predominantly due to economic factors as much as peer pressure and some societal influences from the wanna be gangsta lifestyle. There have been a few shows on low income white trash winners and they have not blown as much money although one did get a Lambo to cruise into town from her trailer (I kid you not).


Link Logger
Premium,MVM
join:2001-03-29
Calgary, AB
kudos:3
reply to TLS2000
I can't tell you how many times I've seen stuff like this play out having been in the startup IT businesses, where guys have made boat loads of money and then a couple of years later blown it all on all sorts of stupid things and ways so its not just lottery winners that have these problems. Its a problem of having your 'dreams' fulfilled, but your dreams don't really make you happy and they aren't sustainable, so you live the life for awhile (usually unhappily) and then you run of cash, and its over. Its almost like people expect to win the lotto, or cash out on a startup repeatedly, and so they forgot its usually a one time cash injection and they have to manage it to truly benefit from it, otherwise its just a fleeting moment and then its over.

Blake
--
Vendor: Author of Link Logger which is a traffic analysis and firewall logging tool

bjlockie

join:2007-12-16
Ottawa, DSL
Reviews:
·TekSavvy DSL
reply to elwoodblues
said by elwoodblues:

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

I'm not even going to read the story, "fritters away" are the key words.
No sympathy here.

bjlockie

join:2007-12-16
Ottawa, DSL
Reviews:
·TekSavvy DSL
reply to Guspaz
said by Guspaz:

2) max out RRSP/TFSA contributions for that year.

RRSPs are only good if you're in a lower tax bracket when you retire.

bjlockie

join:2007-12-16
Ottawa, DSL
Reviews:
·TekSavvy DSL
reply to Gone
said by Gone:

a long, long time ago.


»www.youtube.com/watch?v=hEcjgJSqSRU


Wolfie00
My dog is an elitist
Premium
join:2005-03-12
kudos:8
reply to Link Logger
said by Link Logger:

I can't tell you how many times I've seen stuff like this play out having been in the startup IT businesses, where guys have made boat loads of money and then a couple of years later blown it all on all sorts of stupid things and ways so its not just lottery winners that have these problems. Its a problem of having your 'dreams' fulfilled, but your dreams don't really make you happy and they aren't sustainable, so you live the life for awhile (usually unhappily) and then you run of cash, and its over. Its almost like people expect to win the lotto, or cash out on a startup repeatedly, and so they forgot its usually a one time cash injection and they have to manage it to truly benefit from it, otherwise its just a fleeting moment and then its over.

Blake

This is really accurate and I agree. It really is amazing how common this is -- it happens not just with Lotto winners and other one-timers, but with some celebrities when the big contracts wind down. And I really have little sympathy for any of these folks because even if they're not smart enough to know what to do with the money, their own bank at the very least would be all over them with investment advice -- much of it might be self-serving but it would still be investment. So to fritter it away they have to consciously reject reasonable advice and deliberately decide to just spend it all.

The happiness angle is interesting, too. I've seen some studies on it. It's a problem of greatly inflated expectations and then failing to meet them and realizing that life still has all the old ups and downs and disappointments just like it always did. Worst of all, expectations are set against the memory of the win itself -- where people go through life trying to set up great experiences and end up thinking "this isn't at all like the day I won the lottery."
--
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


Xstar_Lumini

join:2008-12-14
Canada
kudos:2
reply to capdjq
said by capdjq:

The person in the Article who states, “Money doesn’t buy you happiness." is a myth promulgated by people who don't have money. Believe me it can buy a lot of happiness. Wisely invested and spent it can give untold piece of mind knowing that mortgage is paid, children's education is paid.
We only read the stories about the people who have, stupidly, spent it all. I bet there are untold mumber of Lottery winners out there having a great time.

Yeah that's right, it can buy happiness, if I feel sad I can go out and buy a trip to Jamaica or buy girls in my hometown, I wouldn't be happy anyways because I would have a LOT of toys and hobbies.