Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
How not to do it...or is it...?
Old 07-17-2006, 09:19 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
How not to do it...or is it...?

http://www.busrep.co.za/index.php?fS...icleId=3339471

Man blows $18M lottery winnings and has to borrow money to keep his house. Sounds like he had a good time screwing it up though...
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: How not to do it...or is it...?
Old 07-17-2006, 10:02 AM   #2
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Re: How not to do it...or is it...?

That was hilarious. He did about what I expect my 14 year-old son would do if he won the lotto. Turn the front yard of the mansion into a race track, trash hotels with big parties, flip everybody the bird and toss ball bearings at other cars while driving down the road in the Mercedes. No, on second thought, my kid has a little more sense and class than that.
__________________

__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 11:29 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Re: How not to do it...or is it...?

Quote:
Originally Posted by Leonidas
That was hilarious. He did about what I expect my 14 year-old son would do if he won the lotto. Turn the front yard of the mansion into a race track, trash hotels with big parties, flip everybody the bird and toss ball bearings at other cars while driving down the road in the Mercedes. No, on second thought, my kid has a little more sense and class than that.
If I had done something like this I would be considering suicide.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 11:32 AM   #4
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: How not to do it...or is it...?

just another example that "outward circumstances are no substitute for inner experience."--c.g. jung
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 11:44 AM   #5
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 473
Re: How not to do it...or is it...?

"It's not how much you make; it's how much you keep"
__________________
Scrooge is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 11:53 AM   #6
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: How not to do it...or is it...?

What an A$$, stories like that really aggravate me.
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 12:27 PM   #7
Recycles dryer sheets
Robert the Red's Avatar
 
Join Date: Aug 2005
Posts: 325
Re: How not to do it...or is it...?

There is no shortage of "won lottery, blew it all" type stories in the press and on the Web. Kind of fun to read and then think "what an idiot -- I would be smarter".

But surely there are big-time lottery winners who have managed things reasonably well. I've never seen stories about this class of person. Has anyone got any pointers?
__________________
Robert the Red is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 12:41 PM   #8
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Re: How not to do it...or is it...?

I can only recall seeing one mention of a lotto winner that was positive - don't recall where I read it - but it was just a small part of a larger story about one of those high-dollar vacation clubs. The dominant media can't sell stories about people that don't make a disaster of their good luck, so it doesn't get play. Also, I think most winners now opt to hide their identities from the public. I would.
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 01:33 PM   #9
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 473
Re: How not to do it...or is it...?

Quote:
Originally Posted by Robert the Red
But surely there are big-time lottery winners who have managed things reasonably well.* I've never seen stories about this class of person.* Has anyone got any pointers?
There is a ton of pointers at Google Answers, including the following bit:

Quote:
estimates show that nearly one-third of lottery winners become bankrupt
__________________
Scrooge is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 02:49 PM   #10
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: How not to do it...or is it...?

8 lottery winners who lost their millions
__________________
wabmester is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 03:07 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Re: How not to do it...or is it...?


From Wab's link:

"Craig Wallace, a senior funding officer for a company that buys lottery annuity payments in exchange for lump sums, agrees.

"Going broke is a common malady, particularly with the smaller winners. Say you've won $1 million. What you've really won is a promise to be paid $50,000 a year. People win and they think they're millionaires. They go out and buy houses and cars and before they know it, they're in way over their heads," he says."


So here's a guy who makes his money by facilitating the irresponsible spending patterns of these folks. It's legal, but not something I'd be proud of doing. It woud seem that most of these folks would be much better off with the $50K per year.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 03:14 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Re: How not to do it...or is it...?

Quote:
Originally Posted by samclem
It woud seem that most of these folks would be much better off with the $50K per year.
Likely you are correct; but for these folks it is too late for that. They have creditors breathing down their necks. They need liquidity, and they need it now.

To me, this guy didn't cause the people's problems, anymore than the doctor who treats a heart attack victim caused the heart attack, or the lawyer who represents a DUI suspect caused him to be arrested and charged.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-17-2006, 10:00 PM   #13
Recycles dryer sheets
 
Join Date: Dec 2004
Posts: 273
Re: How not to do it...or is it...?

A guy in Kansas won $35mm in the lottery and has done pretty well. However, 1 year after winning, his wife died of breast cancer. He ended up marrying the nurse who cared for his dying wife and after a couple of years she now has breast cancer.

He's donated money to his alma mater and lives a quiet life, still living in Kansas and AZ.
__________________
time flies like an arrow, fruit flies like a banana
larry is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-18-2006, 12:46 PM   #14
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 256
Re: How not to do it...or is it...?

Sheesh he lost 10 million pounds. I would guess that this is what Oprah has lost over the years on the Rollercoaster.

Sorry, slow day at the office, recuperating from too much fun......

New England Stinks. You have to fit a years worth of partying into 3 months. Anyone know if Ted William's liver is still available?

Myrtle beach here I come 74 Days and counting.

W
__________________
wallygator69 is offline   Reply With Quote
Re: How not to do it...or is it...?
Old 07-18-2006, 02:49 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,287
Re: How not to do it...or is it...?

Quote:
Originally Posted by samclem
From Wab's link:

"Craig Wallace, a senior funding officer for a company that buys lottery annuity payments in exchange for lump sums, agrees.

"Going broke is a common malady, particularly with the smaller winners. Say you've won $1 million. What you've really won is a promise to be paid $50,000 a year. People win and they think they're millionaires. They go out and buy houses and cars and before they know it, they're in way over their heads," he says."


So here's a guy who makes his money by facilitating the irresponsible spending patterns of these folks.* It's legal, but not something I'd be proud of doing.* *It woud seem that most of these folks would be much better off with the $50K per year.
yes, they pay very little to get the money because they KNOW they need it... but since it is a low risk investment it seems like stealing... I saw one happen at my bank... the guy got something like 55% of his NPV as a payment... and was happy to get it!!!
__________________

__________________
Texas Proud is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 10:38 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.