Lottery Winner to become Accountant

[justin]

ok, I'm a little bitter

Don't worry. He'll be back to the working world soon enough.

 

[cute fuzzy bunny]

Oh definitely. He'll be back to the casino trying to roll up some 'real money'.

 

[Texas Proud]

There is another way to do this for the unknowing.... take the annuity!!! That way, you get your check each year for 20 or 30 years (according to which lottery)...

BUT, then you have some dumb people who can not even do that well. There was one guy who had his lottery winnings as an annuity... spent all his money and ran up debt as he knew he was getting more... well, the next check did not even cover his debts... so he decided to factor his winnings... they did a present value of his winnings and then discounted them another 40%!!!

The guy is probably out of cash right now because that was about 5 years ago...

 

[cute fuzzy bunny]

Then you bump into the clowns who will let you "sell" them your annuity in exchange for a lump sum now. Thats considerably smaller than the one you'd have gotten from the lottery in the first place. Or people who let you "borrow" against your annuity payments.

Many lottery winners who take the annual payments run out of money and miss the spending, and go this route. Sad.

 

[riskadverse]

In 1969 I won the draft lottery - my birthdate was number 360 in the order of who would be drafted to go to VietNam. I was going to lose my college deferment within a few months, so winning was a big deal in my life.

 

[rs0460a]

Who knows what it means to somebody like an immigrant meatpacker?  People get funny ideas about what others' daily lives are like.  Plus, I guarantee you that the poor guy has no clue about money and has never given a thought to what life would be like if he didn't have to work.

I think I'd like to spend a lot of time volunteering after I retire.  How many people spend a couple of decades earning and saving so they can spend their days trying to housebreak stray dogs?

I don't housebreak stray dogs, but I do adopt (max of 2 at a time) those that have become "homeless"  (see my link).  It certainly beats going to work, and I get a lot of "kisses" for my effort!

-Ron (Already F.I. - awaiting a good exit point for R.E.)