http://www.businessinsider.com/lottery-winners-who-lost-everything-2013-12?op=1
Some of these stories are sad and even pathetic… I’m also confused about how people can spend millions of dollars on partying and booze. I don’t know if I could do that even if I tried…
They say, whoever they are, that if you win the lottery, you need to disappear. Leeches arise and suck ya dry from all ends of your life; that poor kid dying of aids who wants the make a wish come true, the girl you sat by in 2nd grade, the T ball coach from pre k, etc.
If it happens, you need to disappear, change your number/name, and enjoy it peacefully.
Yeah. You do hear of these stories. I guess everyone here is pretty lucky that we’re all pretty financially savvy but some people just don’t have a clue how to handle money. If you have been living hand to mouth and suddenly you are handed a check for $1 million, I can see how some people might go off the rails.
One of those stories was particularly pointed because the winner took the payout in instalments which is probably a smart thing to do since you can’t squander it all in one go. But then they got greedy and got a loan against the future income stream and somehow ended up in debtors prison. That is one colossal f*ck up right there.
If I won the lottery, I’d put half in indexed mutual funds. Then I’d talk to my friend itera, who works in securities…
If she’s willing to make my dreams come true, then I might be willing to reciprocate.
When I win the Mega Millions tonight, I’ll show everyone how to successfully deal with instant FU-level wealth.
The first thing is you contact an estate lawyer and specialized accountants to build a network of trusts that will claim the Jackpot anonymously.
Control Everything… Own nothing.
If you claim it yourself you are a fool.
This guy in Canada won $40M and just gave it all away:
Says no need for it. Probably a good strategy, especially if already set. Though I’d probably claim I did the same if I won $40M too… while stashing away a few mil in reserve…
I would go ignat and buy gold chains, women, mansions all over the world, and sports cars. When the money ran up, i would pull a samurai exit and wish the world farewell.
I heard something similar a few years ago. A nun won a big jackpot and said that she was giving it all to charity because she had taken a vow of poverty. Kind of makes you wonder why she bought the ticket in the first place!
I was thinking exactly the same thing!
i can understand if you go to the casino and you win a lot of money and give them to charity because you just enjoy the game and not the money.
but lottery ticket?
If I win tonight, I’m buying AF from Chad. Or, at least the Water Cooler. Not sure I could afford to buy all of AF with $240mm (pre-tax).
What time is the drawing? I want to win too!
Maybe we should pool our funds and buy AF group lottery tickets. If we win, CFAvsMBA can buy new grillz, Nana gets new shoes, and Turd can afford to buy an actual nice car. Everyone wins!
I want a nice car too…
These guys could all have been big winners. Instead, they are huge losers.
LOSERS.
Not too surprised that one of the stories had a welfare recipient and mother of six.
If I won, I wouldn’t tell anyone and would ask that my name isn’t published in the paper. I would then continue to live my life with only small increases in lifestyle. That way no one suspects anything.
I think that is easier said than done unless you are already frugal to begin with. I had a buddy who used to say the same things everyone says and then he won a court case for a sizable amount of money (under a million). It was gone in a year – probably helped pay for Walter White’s mortgage
in lots of states, lottery winnings are public record…
I’m with you. Except I would make one small change. I’d take a helicopter to work.