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LOTTERY: Anyone here won a large one or knows somebody personally who has?

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StageLeft

No Lifer
I'm not talking $6,000. I'm talking about the sort of money you get and quit your job - anyone know anyone?

Watching a show on TLC about it... it seems that many people who win lotteries really fvck themselves up with the winnings. Perhaps its because the sort of people who buy the most tickets (ie, $300/week) are the sort of people who could not make the money properly in the first place and then don't know how to deal with it at all when it comes.
 
Nope, I know neither very lucky people (it takes a lot of luck to win if you play once a month) or people who are incredibly stupid (it takes a little less luck to win if you play a hundred times a week).
 
My grandparents won 1.2mil. However, they took the lump sum, so they only got 400K after taxes.🙁
 
Pretender

Touche 🙂

I don't play it personally, I realize for some people its fun but for me I am determined to take the gauranteed approach to financial success. I'll never have $30 million, but I will never be 50 and wondering where my retirement is coming from either.

virge

What did they do with it?
 
What do you consider a large lottery?

$1,000,000 is nothing to quit your job over. In a lifetime, someone working for 45 years at 50 thousand dollars a year (figure inflation) will make over 2 and 1/4 million dollars. At 25K per year well over a million dollars.

I have met some people in my work that have identified themselves as lottery winners. It basically got them a nice car, paid off their home (or upgraded) and left a steady income.

If someone that is formerly poor goes wild with the money he won he can easily get into trouble with "friends" and relatives as well as bad investments (and judgement).
 
appoppin

I doubt I'd quit my job until I was winning many millions, and could indentify what I would do after...

But for somebody making $30k/year, $1,000,000 could be easy to quit your job on. Interest alone on that will be a strong $100,000 year depending on investment-risk 🙂 And thats enough for inflation and your income... but then who wants to win a million and get nothing out of it but vacation all year?
 
The Lottery is such a waste of money. People that play really think that they are gonna win and
be rich, but never do. And yet they poor hundereds or thousands of dollars a year into it. If they
actually stopped and thought about investing that money, they would be shocked on how it could work
for them. On the other hand, it is my opinion, that a majority of the people that play the lottery
have not gone above a high school education. I could be wrong, but it is just my opinion. 😉
 
Skoorb; they bought a new pickup with it, a new house, and they're taking the family to Hawaii this summer.😉 The rest of it is being used for a few trips they want to take, and for their nestegg.
 
gittyup

I agree...for people who play ocassionally or just "enjoy" it and can afford a few bucks a week its one thing but I've seen people who are making barely more than minimum wage and funnelling hundreds or thousands a year into it. They are missing the math of it all, because these people are actually hoping to win big and make it all worth it.
 
skoorb

yes, a few bucks every one in a while for fun is great. it does seem like the less people have, the more
they are willing to throw away on false hopes.... 😕
 
I won't do the math but believe me when I say that $20/week X 50 weeks = $1000/year and invested over a life time thats a DAMN lot of money.

Edit: Weird I posted after gittyup but its order is mucked
 
Let me give you an example.

The California Lottery's minimun winning is $7 million dollars (unshared). But that is payments spread over 26 years. If you (are older) and take cash, you get about 40% in a lump sum or 2.8 million dollars. Taxes on that will take at least half and you are lucky to net 1.4 million (assuming you get an excellent accountant).

Assuming you spend none of the principal and invest it all (which is subject to loss), 10 percent is possible but unlikely. More likely you will settle for 5% and a guarantee and a taxed income of $70,000 per year. Due to inflation, that $70K per year in 20 years will look a lot less attractive.

Unless you traveled or had hobbies, it would be boring to just not work. And there is always the tendency to spend (spend spend).

As to the people who say playing the lottery is a waste and the money should be invested. If you are talking $2 per week that is $104. Can you suggest any good investments for this sum?
 
This is funny

When I was 18, I actually thought for sure that I would win the lottery someday. Seriously, I knew I was going to win big. I never did funnel a bunch of money into it (thank god) and rarely play anymore.

I used to work at a convenience store when I was in school. We had a few regular customers who would come in and play scratch tickets for hours, spending winning and losing hundreds of dollars. It was interesting to watch, but all I could feel was pity for the poor fools.
 
appopin

Actually $2/week could be considered fun by some people so its not big deal. I don't think anyone spending $50/week is having 25X as much fun though - and with $2500/year you can definitely invest the money...in fact if you invest that for 40 years you can end up with a pretty healthy lottery win anyway !
 
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