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06-25-2018, 03:04 PM
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#21
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Recycles dryer sheets
Join Date: Jun 2015
Posts: 106
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Even more dangerous is the effect a sudden “investment” success might have on neighbors. Back in the late 1990’s the small town of St. Paul, Alberta was full of Bre-X paper millionaires before the whole scam unraveled:
CBC Archives
A study of the long term effects of the rags-to-riches-to-rags experiences of a substantial number of folks in the town might make an interesting graduate thesis.
For the background
https://en.m.wikipedia.org/wiki/Bre-X
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06-25-2018, 05:00 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,431
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Quote:
Originally Posted by MooreBonds
I just thought of a new book idea: The bankruptcy next door! It can profile people that lived it up, living high on the hog...only to suddenly declare bankruptcy out of the blue (or, at least, out of the blue to those that just saw the expensive trappings of their lifestyle).
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Well, here's a list of the 25 worst lottery winner horror stories that might be a start for your book:
https://list25.com/25-worst-lottery-...tionary-tales/
omni
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06-25-2018, 06:06 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,202
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Quote:
Originally Posted by HFWR
If I win the lotto, I’m moving anyway...
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If you read the article, they limit it to smaller lottery winners, since they are less likely to move. The lottery winner often doesn't disclose winning the lottery (so they don't have to share or always pick up the tab at dinners), but buy more toys, which they can afford (to an extent). Neighbors see these, and they buy toys too, but they can't afford them, not having won any lottery money.
Interesting phenomenon.
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06-28-2018, 11:44 AM
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#24
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Full time employment: Posting here.
Join Date: Jul 2010
Location: San Francisco
Posts: 861
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Quote:
Originally Posted by I was misinformed
Even more dangerous is the effect a sudden “investment” success might have on neighbors. Back in the late 1990’s the small town of St. Paul, Alberta was full of Bre-X paper millionaires before the whole scam unraveled:
CBC Archives
A study of the long term effects of the rags-to-riches-to-rags experiences of a substantial number of folks in the town might make an interesting graduate thesis.
For the background
https://en.m.wikipedia.org/wiki/Bre-X
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Gold was a fun dramatization of the event:
https://en.m.wikipedia.org/wiki/Gold_(2016_film)
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06-28-2018, 12:07 PM
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#25
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gone traveling
Join Date: Aug 2006
Posts: 994
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.
Don't people have enough of their own personal business to attend to without getting involved in their neighbors' lives ??
I have no clue how much money my neighbors spend... and I am not at all interested.
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06-28-2018, 12:16 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,227
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Quote:
Originally Posted by Helena
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Don't people have enough of their own personal business to attend to without getting involved in their neighbors' lives ??
I have no clue how much money my neighbors spend... and I am not at all interested.
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+1
No retired Joneses that I know.
__________________
TGIM
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06-28-2018, 03:36 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,428
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Couldn't something like the Amazon thread lead to similar behavior - buy something you wouldn't have even been thinking about before you saw it and read the raves?
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06-28-2018, 03:37 PM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,701
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Quote:
Originally Posted by Tadpole
Couldn't something like the Amazon thread lead to similar behavior - buy something you wouldn't have even been thinking about before you saw it and read the raves?
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Yep. Instapot just arrived. I'm keeping up with all of you. Blow that Dough.
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06-28-2018, 04:52 PM
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#29
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,533
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Kindof the reverse, but people see how I live (very modest condo, in a so-so neighborhood, Toyota Rav4), and they assume we are poor and often offer to give us stuff!
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06-30-2018, 01:09 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,794
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I kind of understand the dynamic. A very good friend has a late model Camaro with something like 700 HP. He gave me a ride and I wanted one! Now, I have no place to garage one or even drive one - but I wanted one. Oh, and by the way, my dear friend is $500,000 in debt at age 73! YMMV
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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06-30-2018, 05:43 AM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,681
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Quote:
Originally Posted by omni550
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Pretty awful stories there. Seems like many of them were predisposed to lead lousy lives, and the lottery windfall only put gasoline on that fire (i.e. drug abuse, bad relatives and friends).
I know it isn't nearly as sexy or click-baiting, but I'd like to read some stories about lottery winners whose lives greatly improved. They paid off debts, put kids through college, improved living conditions, became healthier, maybe retired early!
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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06-30-2018, 07:20 AM
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#32
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Full time employment: Posting here.
Join Date: Jun 2018
Location: Brisbane
Posts: 855
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i won second prize in a lottery many years back but the prize money ( $6.60 Australian ) didn't impress anyone , but i DID stop buying tickets so maybe i was lucky in the long term ( but i did in 2012 buy shares in the company running the lottery .. that hasn't been such a bad investment )
does slow and steady really win the race
__________________
i hold the Australian listed versions of AU ( Anglo Ashanti ) , BHP , and JHG .
You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself.
Samuel Levenson
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06-30-2018, 07:29 AM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,227
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Quote:
Originally Posted by Oz investor
i won second prize in a lottery many years back but the prize money ( $6.60 Australian ) didn't impress anyone , but i DID stop buying tickets so maybe i was lucky in the long term ( but i did in 2012 buy shares in the company running the lottery .. that hasn't been such a bad investment )
does slow and steady really win the race
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That's what they say and I am buying into it.
__________________
TGIM
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06-30-2018, 07:56 AM
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#34
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Full time employment: Posting here.
Join Date: Feb 2011
Location: chicago
Posts: 539
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I won second prize in a beauty contest, but alas it was in the game of monopoly and my $15 was in funny money. It is rumored that I was the only one who entered that contest. : )
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06-30-2018, 11:34 AM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,129
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Quote:
Originally Posted by HNL Bill
Kindof the reverse, but people see how I live (very modest condo, in a so-so neighborhood, Toyota Rav4), and they assume we are poor and often offer to give us stuff!
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I see an eBay business springing out of this...
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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06-30-2018, 11:42 AM
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#36
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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Quote:
Originally Posted by scrabbler1
...but I'd like to read some stories about lottery winners whose lives greatly improved. They paid off debts, put kids through college, improved living conditions, became healthier, maybe retired early!
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There was one near here about eight or ten years ago. An already retired sheriff won ~$5 million and has done a lot of donating to the community for stuff like a starter donation for a gym for a high school, a community center, donations to food pantries and the like. He keeps a pretty low profile though so one doesn't hear much about it. But ones like that don't make good news stories.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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06-30-2018, 03:06 PM
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#37
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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Quote:
Originally Posted by scrabbler1
I know it isn't nearly as sexy or click-baiting, but I'd like to read some stories about lottery winners whose lives greatly improved. They paid off debts, put kids through college, improved living conditions, became healthier, maybe retired early!
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There's an HGTV show called "My Lottery Dream Home" that profiles lottery winners looking for a new home. There is a mix of types, but a decent % are not overspending - like one late 20s female that won $5 million, but only was looking for a condo of around $250k I think (in the Indianapolis area), and a few others that are definitely grounded and sensible. Along with the handful that are looking for a new home that would use up 60% or so of the winnings (which is pre-tax-so I hope they can afford the real estate taxes/utility bills/insurance/maintenance!).
__________________
Dryer sheets Schmyer sheets
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06-30-2018, 04:05 PM
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#38
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Full time employment: Posting here.
Join Date: Jul 2013
Posts: 792
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I would be responsible for bringing down multiple sets of neighbors, next to my main home, my city Pied a Terre, my country home...
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06-30-2018, 04:17 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Location: northern Michigan
Posts: 2,213
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Quote:
Originally Posted by HFWR
If I win the lotto, I’m moving anyway...
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Me too. Wait.........I don't play the lotto Nevermind............
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07-01-2018, 04:24 AM
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#40
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,428
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My psyche recognizes a big difference in savings and found money. I would have so much fund spending found money even though I can't stand to touch my savings.
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