The lotto chick

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kt

Diamond Member
Apr 1, 2000
6,032
1,348
136
i just don't know how people can just blow away so much money so quick. i don't think my life will change much if i were to hit the jackpot. i am comfortable as i am right now. i mean, i can afford to go out and get a new car and get a bigger house.. but i don't see the need to. most of those who went bankcrupt within 3-4 years are used to the fact that they spent everything they have (cuz they don't have that much in the first place). So, they are applying the same mentality in spending those millions all at once.. never thinking about tomorrow. I should really go and checkup on those who went bankcrupt after a couple of years to see what their backgrounds are like.
 

Harvey

Administrator<br>Elite Member
Oct 9, 1999
35,059
73
91
I've concluded that the first million is the hardest, so I've given up going for it, and I've gone directly to working on the second one. It's gotta be easier. :D
 

LH

Golden Member
Feb 16, 2002
1,604
0
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Shes obviously not the brightest.

Smart people would hire a lawyer and an accountant before even claiming it.

5 years before she blows it all..

The jackpot was $330million, three winners if they each chose 25 annual payments they would have had $110million, but instead they all chose cash option so they each get $58.9million. After taxes it would be $35-40million depending on state taxes.
 

Amused

Elite Member
Apr 14, 2001
57,454
19,919
146


<< i just don't know how people can just blow away so much money so quick. i don't think my life will change much if i were to hit the jackpot. i am comfortable as i am right now. i mean, i can afford to go out and get a new car and get a bigger house.. but i don't see the need to. most of those who went bankcrupt within 3-4 years are used to the fact that they spent everything they have (cuz they don't have that much in the first place). So, they are applying the same mentality in spending those millions all at once.. never thinking about tomorrow. I should really go and checkup on those who went bankcrupt after a couple of years to see what their backgrounds are like. >>



Money is easy to blow when every friend, relative and charity comes out of the woodwork and begs money off of you.

Most lottery winners who go broke end up giving away too much, and then cannot maintain the property they bought when they won. This leads them into a death spiral that eats up their remaining funds in just a few years.

There are two kinds of lottery winners: Those who remain wealthy, but lose most of their old friends and alienate half or more of their family... or those who are broke, but end up being everyone's best buddy... until the money runs out, that is.

You cannot be suddenly wealthy, and expect to maintain the life you had before. It doesn't work that way.
 

Evadman

Administrator Emeritus<br>Elite Member
Feb 18, 2001
30,990
5
81


<< Squisher@20yr. old+56million=dead Squisher >>



You would buy that much crack? :p
 

randomlinh

Lifer
Oct 9, 1999
20,846
2
0
linh.wordpress.com
well, the article or some interview.. i don't rmeember, said she's hired an accountant or something to handle her money so it works for her... she SEEMS like she'll have it for a while.. who knows. I think my friend and i calculated we needed at least 5 million in winnings to live of interest.... at least for a couple. I think we used the most conservative means of gain possible.. it was a while ago :)

I for one, would finish up college and just enjoy my life.. figure out if i could try a business and see where it goes.. heh.

BTW, how the hell do you work w/ millions of dollars anyway.. a crap load of bank accounts (100k FDIC)?
 

KK

Lifer
Jan 2, 2001
15,903
4
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First thing she did when she found out about it, was have a cigarette. Does this tell you anything about her?

KK
 

jpsj82

Senior member
Oct 30, 2000
958
0
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<< well, the article or some interview.. i don't rmeember, said she's hired an accountant or something to handle her money so it works for her... she SEEMS like she'll have it for a while.. who knows. I think my friend and i calculated we needed at least 5 million in winnings to live of interest.... at least for a couple. I think we used the most conservative means of gain possible.. it was a while ago :)

I for one, would finish up college and just enjoy my life.. figure out if i could try a business and see where it goes.. heh.

BTW, how the hell do you work w/ millions of dollars anyway.. a crap load of bank accounts (100k FDIC)?
>>

Putting the money into a lot of FDIC bank accounts would be what I would do. If the interest is set at 2% per year a person will get $20,000 per million they have in the bank. So for $36 million she could earn $720,000 per year. Not Bad, but remember she will need to pay taxes on this (it's earned income). So she will really get $350,000 a year from it - still not bad for $10 in lottery tickets.
 

Cyberian

Diamond Member
Jun 17, 2000
9,999
1
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I'm not sure that she had the option of deferred annual payments.


<< The winning ticket was purchased using the "quick-pick, cash option," meaning the store's computer picked the numbers and the winner receives a reduced amount of money in a lump sum >>

Also, was there something in the article that I missed that indicates that she's white trash and stupid?