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How not to do it...or is it...?
07-17-2006, 08:19 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
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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...
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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.
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Re: How not to do it...or is it...?
07-17-2006, 09:02 AM
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#2
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
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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.
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There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
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Re: How not to do it...or is it...?
07-17-2006, 10:29 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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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.
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If I had done something like this I would be considering suicide.
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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Re: How not to do it...or is it...?
07-17-2006, 10:32 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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Re: How not to do it...or is it...?
just another example that "outward circumstances are no substitute for inner experience."--c.g. jung
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"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
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Re: How not to do it...or is it...?
07-17-2006, 10:44 AM
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#5
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 473
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Re: How not to do it...or is it...?
"It's not how much you make; it's how much you keep"
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Re: How not to do it...or is it...?
07-17-2006, 10:53 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
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Re: How not to do it...or is it...?
What an A$$, stories like that really aggravate me.
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Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
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Re: How not to do it...or is it...?
07-17-2006, 11:27 AM
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#7
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Recycles dryer sheets
Join Date: Aug 2005
Posts: 335
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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?
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Re: How not to do it...or is it...?
07-17-2006, 11:41 AM
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#8
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
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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.
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There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
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Re: How not to do it...or is it...?
07-17-2006, 12:33 PM
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#9
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 473
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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?
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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
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Re: How not to do it...or is it...?
07-17-2006, 01:49 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Dec 2003
Posts: 4,459
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Re: How not to do it...or is it...?
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Re: How not to do it...or is it...?
07-17-2006, 02:07 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Location: SW Ohio
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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.
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Re: How not to do it...or is it...?
07-17-2006, 02:14 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Location: Hooverville
Posts: 22,983
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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.
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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
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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Re: How not to do it...or is it...?
07-17-2006, 09:00 PM
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#13
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Recycles dryer sheets
Join Date: Dec 2004
Posts: 282
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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.
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time flies like an arrow, fruit flies like a banana
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Re: How not to do it...or is it...?
07-18-2006, 11:46 AM
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#14
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 369
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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
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Re: How not to do it...or is it...?
07-18-2006, 01:49 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,205
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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.
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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!!!
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