chuckywang
Lifer
I would take it in 20 year payments. However, I would also invest properly instead of blowing it all.
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lottery winner files for bankruptcy
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Specop 007
Diamond Member
Thats such a numbskull bullsh1t statement. I hate that statement.
EVERYTHING is, to someone, a crutch.
Hows the internet treating you? Lots of posts there, I assume the internet is your crutch?
Me? Guns. Guns are my crutch.
Point is, EVERYONE has a crutch.
Nothing personal against you of course, I just hate that "crutch for the masses" statement.
dmcowen674
No Lifer
He lost more than $2 million of his lottery winnings and filed suit against Shell for practices that he says were aimed at muscling independent operators like him out of the business. He settled in 2002 for pennies on the dollar for his emotional distress.
Last year, while battling the Internal Revenue Service over back taxes on his lottery winnings, he filed bankruptcy to save the smaller house he had left. He is a stay-at-home dad again and plays the Florida Lottery every week, betting on those same numbers that struck it big in Arizona.
"I entered into the big shark pool, and I was the little minnow," Tallmadge says of his lottery experience.
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No, his mistake was trying to act like the rich without knowing how the rich get away with what they do.
It's obvious he didn't hire a CPA for starters.
Spineshank
Diamond Member
Why do you need 7 Porches?
waggy
No Lifer
one of the news programs had a show about lotto winners who take lump sum payments. They said there is a company out (can't remember the name) that offer to buy the lump sum payments. they harras you until you call. They call you every day until you either call or file a suit against them.
Also its not so much of a buy out as it is a loan. some poeple end up oweing the company a LOT of money after its all done.
marvdmartian
Diamond Member
Yeah, when I read that, this ran through my mind, "J G WENTWORTH will give you CASH NOW!!!!" :laugh:
waggy
No Lifer
I have to agree with this.
everyone has a crutch. mine is comics and computers.
I do buy lotto tickets every now and then. If i buy gas with cash and say its $23 i use the extra $2 on either lotto tickets or pop (or both). heck half the time i forget i have them and don't check them until i clean my wallet out!
do i expect to win? oh heck no. while it would be nice i get satisfaction just imagining "what if".
Poulsonator
Golden Member
Change your number. Problem solved.
waggy
No Lifer
not really. they can still get it and do. They said they are relentless. If you shut the phone off htey come to the house etc.
They had a interview with the owner of the company. he even admited that they will harrase them until they sign. they just will not give up.
he said they have hired PI to find people to try to get them to sign with them.
How could you buy someone?s lump sum payment? "Hey, I'll give you 5 million if you give me your lump sum payment of 6 million?" I mean, I know winners are not usually great with money but I don't think anyone is that dumb.
Do you mean that they offer to buy your yearly payments for 1 lump sum?
ViviTheMage
Lifer
that and loved ones being kidnapped at ransom.
AdamK47
Lifer
You people talk like the $6.7 million in 1988 is comparable to today. Right now $6.7 million in 1988 would be equal to $11 million today. I wouldn't have taken the yearly payments. It's stupid. Take the lump sum and invest it!
I would buy important things right away though. I'd buy a $500K house around Cinci with at least a 3 stall garage. Keep the Goat and sell the other cars then buy a brand new Corvette Z06. Id be able to upgrade my computer every six months and live off the money for the rest of my life. Of course I'd make the wife work to pay all of the utility bills. THERE IS NO WAY I WOULD LET HER GET ANY LAZIER!!!!! (If that's possible)
I would buy important things right away though. I'd buy a $500K house around Cinci with at least a 3 stall garage. Keep the Goat and sell the other cars then buy a brand new Corvette Z06. Id be able to upgrade my computer every six months and live off the money for the rest of my life. Of course I'd make the wife work to pay all of the utility bills. THERE IS NO WAY I WOULD LET HER GET ANY LAZIER!!!!! (If that's possible)
Aquila76
Diamond Member
I never won mega millions in the lottery, but I've hit $2K and $4K prizes on scratch tickets. At most, I p(l)ay about $100 a year and usually win ~$600 a year. As with everything, moderation and sensibility come into play. If you stick to new games, etc. you can come out ahead.
Back on topic, this is why the Bankruptcy laws need major overhauling. At least some of the recent changes have made BK abused less, but it's still pretty rampantly misused. Unfortunately, dickwads like this guy are making it impossible for normal people like you and me to file a legitimate Bankruptcy, if needed.
Powermoloch
Lifer
fo shizzle
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