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Old 09-01-2010, 03:42 PM   #41
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So you'd pretty much do what you're already doing?
Shoot nah...that would be livin' high on the hog. I'm an old retired woman just barely gettin' by....
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Old 09-01-2010, 03:45 PM   #42
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Riiiiight...

Paid for those fancy boots with your welfare check, huh?
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Old 09-01-2010, 04:08 PM   #43
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I remember a sermon from our Rector some while back where he told us about a parishioner in his previous church. This guy, a Scotsman, came to him and asked him to pray with him, privately, for God's help to win the lottery, and if it happened he would donate 10% of the winnings to the church. The Rector agreed and after each week the parishioner would increase the promised share to the church. When it was at 50% and they were praying together on the steps in front of the altar, the lights in the church dimmed and suddenly a bright light filled the air and a heavenly voice boomed out, "Aw, come one Jock, g'is a chance and buy a lottery ticket!"

On a more serious note I do know one person who won 1.3m pounds (~$2m) on the football (soccer) "treble chance" chance in England in the early 80's. He left his job as a plumber and bought a milk delivery business and was a "milk man" for several years. Unfortunately for him he had received some really poor advice from a financial planner and lost most of his money in the crash of '87. He was surprisingly very relaxed about it all and said he enjoyed the 5 years of being his own boss. He went back to being a plumber.
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Old 09-01-2010, 04:46 PM   #44
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There was a good show on HBO that profiled different winners. They showed some that could manage their money and who did alright. One guy said it was a full time job just keeping track of his money. They showed quite a few who lost it all too.
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Old 09-01-2010, 05:04 PM   #45
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I've been oddly attracted to this show for a while now. It is very much like watching a train wreck. So many of these folks have no qualms about spending their money in such crazy ways. I saw a wicken worshipper who created his own record company to promote some black death crazy girl singer. Some other guy who bought a roadside rest stop with teepee cabins. Maybe the most sad ones are those who invest in ill fated 'great' family business products and ideas.

Almost everyone goes out and buys new cars (usually several). Guess I'm just not that into cars so that always surprises me.

But I can't turn away from watching even though I feel dirty afterwards.
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Old 09-01-2010, 05:26 PM   #46
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Ah, I do think that I'd buy a car, maybe even new. Never owned one, might be an interesting experience. Most people seem to think so. I think that one of my first calls would be to an attorney I know - there are a few at their firm who specialize in helping people who come into large sudden sums of money - sports figures, inheritances, lotteries, IPO sales, etc., who specialize in it - the taxes, the (controlling of) publicity/privicy, the initial allocation, the advice to blow 10% so you know that you've actually won and things have changed, but invest the rest...
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Old 09-01-2010, 07:20 PM   #47
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There was a ~60 y/o western Canadian farmer, some miles from my home town, who won 3.5M in the lottery. Went totally spend crazy. He let his wife quit her job and he bought himself a used pickup truck.
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Old 09-01-2010, 07:37 PM   #48
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I remember a discussion about "powerball" (lottery) numbers with a co-worker. She's been playing a combo of family ages and b-days for years ... I said I've been waiting for years for my numbers to hit: 1,2,3,4,5,6. To which she said "Oh, those will NEVER hit".

She was less happy when I explained that statistically our chances are EQUAL.

No, I don't play.
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Old 09-01-2010, 07:41 PM   #49
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There was a heartwarming story roughly a year ago about a lottery club in a tiny restaurant in northern Michigan that won 12 million dollars - about $400K each. Nearly all the staff stayed on to work, mostly in loyalty to the owner. Their splurges were to pay off house trailers, get dental work and send kids to college. I hope things continued to work out for them, as they really seemed to take their windfall realistically.
Interesting story. It looks like there were 30 winners. I wonder if the number helped in decision making? I imagine them talking a lot about relatives, investment "advisors", making the money last, etc.

The only times I've tried the lottery were pools at work. I figured it would be easier to win if you're part of a group, and rather depressing if the group won but I didn't join.
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Old 09-01-2010, 08:02 PM   #50
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I saw a wicken worshipper who created his own record company to promote some black death crazy girl singer. Some other guy who bought a roadside rest stop with teepee cabins. Maybe the most sad ones are those who invest in ill fated 'great' family business products and ideas.
It definitely seems to me that the largest amount of money is lost by winners with absolutely no business experience starting businesses. They have profiled winners starting up hotels, restaurants, auto dealerships, record labels, and manufacturing business. Given the amount that is lost by experienced people starting businesses, it is no surprise the less experienced do even worse.

OTOH, it seems some of the most grounded start small businesses (i.e. low overhead) with no real anticipation of making a profit, just doing something they love and keeping themselves busy.
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Old 09-01-2010, 08:19 PM   #51
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It definitely seems to me that the largest amount of money is lost by winners with absolutely no business experience starting businesses. They have profiled winners starting up hotels, restaurants, auto dealerships, record labels, and manufacturing business. Given the amount that is lost by experienced people starting businesses, it is no surprise the less experienced do even worse.
I think there are many people who make one great mistake - they make money in one field and think they know something in an unrelated field that they can make money.

To a degree we all do in on this board - most have made money by working and LBYM. Yet, after we retire we think we can make money by investing in stocks and bonds to meet our need and in the face of economic challenges over 30 years and more.
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Old 09-01-2010, 08:37 PM   #52
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To a degree we all do in on this board - most have made money by working and LBYM. Yet, after we retire we think we can make money by investing in stocks and bonds to meet our need and in the face of economic challenges over 30 years and more.
That is perhaps true for some of us. Others expect to make money from investing, but have long track records of doing just that. Many more invest passively, and their expectation (founded or not) is that the past will be similar to the future and a passive particip[ation in a very broad swath of debt and equities will support them. One thing about this faith that I wonder about is how can the future be withinn past limits, when interest rates for example are already so much lower than almost all prior periods?

And of course there is large group whose only necesary faith is that there won't be a persistant and somehow effective voter revolt against paying their very attractive retirement packages, when these same voter/taxpayers have seen all their income cources get smaller. Social security dependency while not as lucrative is also similar in that others have to pay so the retirees can play.

Ha
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Old 09-01-2010, 09:52 PM   #53
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To a degree we all do in on this board - most have made money by working and LBYM. Yet, after we retire we think we can make money by investing in stocks and bonds to meet our need and in the face of economic challenges over 30 years and more.
I disagree with this. I do not think I can make money in investing (in the sense of alpha), I merely believe that through passive investing I can take advantage of the economic growth created by others. In a sense, I am a leech on people who do know what they are doing (i.e. the captains of industry).
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Old 09-01-2010, 10:00 PM   #54
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I can take advantage of the economic growth created by others.
Well, as long as you aren't taking advantage of the economic stagnation and decline created by others, you should be OK.
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Old 09-01-2010, 10:07 PM   #55
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I rarely buy a lottery ticket, usually only when the prize is over $100M. I mean, really, a tiny chance is a tiny chance, but it is a chance.

However, DW and I have entered the HGTV Dream Home giveaway every year for the past 6 or 7 years. We like looking at the house, and it's free to enter. I've been fascinated by the fates of the winners. Most end up having to sell the homes cheap in order to pay the taxes. Only a couple have lived in the places. I've read differing accounts of the situations, some saying the winners were put into major financial difficulties and others saying the winners sold and financed lifelong dreams.

If I do win, the odds are I'll join the group who took the money and ran, unless it truly is my dream home.
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Old 09-02-2010, 12:46 AM   #56
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Yeah, I think you have to be an attention-whore to want to appear on this show. I think any rational lottery winner would run far from TLC.

To their credit, there was one family that clearly was appearing to plug their foundation that worked with a childhood disease of some type.
Actually I can't understand the desire for anyone to want to appear on reality tv. I don't get the whole 15 minutes of fame bizo. I would much prefer my privacy rather than having my life dissected for what purposes.

BTW I do buy lottery tix and I have to say I believe that over the years I have come out ahead. When I was 20 I won $5k on a scratchers tix, this was shared by 2 other co-workers. 6 years ago I won $18k on the lottery in Australia, all winnings in Oz are tax free. Less than a year later I won another $1k. I have won $500 a few times on the California lottery the past few years as well. The stupid thing is people will tell me how lucky I am, however they never buy tixs themselves so not sure why my winning is lucky.
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Old 09-02-2010, 01:22 AM   #57
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If I ever win $1MM, I would surely wind up splitting it with another 999,999 players.
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Old 09-02-2010, 07:52 AM   #58
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I remember a discussion about "powerball" (lottery) numbers with a co-worker. She's been playing a combo of family ages and b-days for years ... I said I've been waiting for years for my numbers to hit: 1,2,3,4,5,6. To which she said "Oh, those will NEVER hit".

She was less happy when I explained that statistically our chances are EQUAL.

No, I don't play.
I play when it gets over $200M. The fun of discussing what we will do with the money is valued at much more than $1.
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Old 09-02-2010, 07:55 AM   #59
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Well, as long as you aren't taking advantage of the economic stagnation and decline created by others, you should be OK.
Well, unfortunately when you are dragging on others tails you have to take the down with the up. Let's hope that the stagnation and decline is not permanent. I do not look forward to living with Tina Turner in Bartertown.
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Old 09-02-2010, 09:00 AM   #60
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Well, unfortunately when you are dragging on others tails you have to take the down with the up. Let's hope that the stagnation and decline is not permanent. I do not look forward to living with Tina Turner in Bartertown.
Made me look:

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