Good Lotto story

[nnkrealtor]

Finally a good story from a lotto winner

http://money.cnn.com/2007/02/20/mag...ings.fortune/index.htm?postversion=2007022807

 

[linkerbink]

Refreshing!! I wonder how he handles all the vultures and long-lost "relatives" that seem to come out of nowhere?

 

[justin]

Sounds like what I would do if I won. Very balanced.

 

[MasterBlaster]

Well using a 4% SWR on his $45M investment I calculate that he could collect around $1.8 million a year from his stash.

So to me it just doesn't make sense to live in your old $250k house and keep up the old life.

I say it's time to upgrade.

As CT says, What are you saving it for ?

 

[bssc]

I thought it interesting that he is trying to become a billionaire with those kinds of investments. The bonds won't do it any time soon and his agressive investments don't sound like stock but partnerships. One of the people in my wife's office had to come out of retirement because he put a lot of money into partnerships that failed or were fraudulent (affinity fraud through someone at his church).

I thought it interesting that he had a "system" for picking lottery numbers. And here I thought it was all random.

At least it doesn't look he is going to blow it soon.

 

[justin]

As CT says, What are you saving it for ?

You must have missed his other expenses? "spent $63000 on a trip to tahiti with 17 friends".

$12,000: Annual gift to each family member - could be in the hundreds of thousands total per year

$14000 new (used) car.

all that plus taxes adds up pretty quick. (a hundred million just ain't what it used to be )

over half his stash is in muni bonds - 4% swr is probably high.

I might shoot for 2-3% at the most if I was in his shoes.

 

[nnkrealtor]

Reguardless of if he makes it to a Billion or not its refreshing to see someone win the lotto that won't end up pennyless and addicted to crystal-meth in 5 years

 

[Payin-the-Toll]

Great story except for that 'number picking system'---in spite of certain numbers having a history of showing up more often, each lotto drawing is random---I say this young man was very lucky.

 

[bssc]

Great story except for that 'number picking system'---in spite of certain numbers having a history of showing up more often, each lotto drawing is random---I say this young man was very lucky.

I figured that lots of people who play the lottery have a "number picking system". His numbers came up. However, there is no cause and effect between the two, the system did not predict the win (unless it could be proven to win statistically which I doubt would be possible).

I remember one of the people who I contracted for bought some lottery software that he knew would work for him. He said he would win because the guy on the cover "looked successful". If he had won, he would have endorsed the software.

Now, if the guy in Idaho wins again and again, I will take notice.

 

[bow-tie]

Well using a 4% SWR on his $45M investment I calculate that he could collect around $1.8 million a year from his stash.

So to me it just doesn't make sense to live in your old $250k house and keep up the old life.

I say it's time to upgrade.

As CT says, What are you saving it for ?

Upgrade. What for? If he is meeting his needs, I see "upgrading" as a waste of resources. To each their own, though.