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Jackpot winners who lost their millions

tboy

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Aug 18, 2001
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way out in left field
There's been a couple of programs on discovery channel about this very subject. They don't just show those that lost all their money, but those that were able to hang on to it and flourish.

It is really interesting to see how different people handle it. I remember a guy in Toronto who won and at one point was walking down the street handing out thousand dollar bills to homeless people. He was broke and back to living on the streets in 18 months. When interviewed he said "it was the best party he ever had..." and didn't regret one second of it.

I guess you have to boil down the winner's ability to cope with the win into a simple statement: if you're stupid, no amount of money will make you smart....one thing most people don't realize nowadays: a million dollars ain't a whole lotta money!
 

Edifice

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You have that guy in the U.S. who won the largest powerball winnings in history in 2001, something like $120 Million and is now bankrupt and owes creditors not to mention is in trouble with the law.


I mean how do you blow $120 million in 5 years ??? :eek:
 

Scenicdrive

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booboobear

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tboy said:
There's been a couple of programs on discovery channel about this very subject. They don't just show those that lost all their money, but those that were able to hang on to it and flourish.

It is really interesting to see how different people handle it. ..one thing most people don't realize nowadays: a million dollars ain't a whole lotta money!
I have heard people say a million isn't a whole lot of money but none of those saying it had a million in assets.
A million in assets is more than at least 80 % of people have so I would not agree that it is not a lot of money but it is easy
to waste a million.
 

tboy

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I'd take another look at your statement. I am at or below average in many respects and I have about 1/3 of a mill in assets. Mainly it is tied up in real estate and that's volatile.

Many people think this but look at what a million dollar home looks like now compared to 10 yrs ago? Hell, a million dollar home is a reasonable 2500 sq ft within toronto proper (WITH a very small lot too).

Look at it this way: You win a million, hey you're a millionaire! Time for a nice house, nice car, nice furnishings, etc.
Any reasonably sized home in the GTA is going to run you 1/3 to 1/2 mill. If you want a loft downtown you're looking at 5 easy. Ok, say you move out of town, still a 3000 sq ft home is going to be in the 400 range but you will get a bigger lot.

Ok, right off the bat you've tossed half your winnings.

Nice car: 70K plus. Hell, my reasonably equipped truck is $46K.

Furnish the house: Well,unless you shop at United Furniture Warehouse or the bargain bin at the Brick you're probably going to spend 2 grand per room (a little on the low side) so you're probably looking at 15 to 20 grand in furnishings.

Now we've just spent half your winnings.

Add upkeep insurance etc on your assets so add another 5 or 10 grand. (and that's PER year)

Take a nice trip somewhere, 5 - 10 grand.

If you quit your job (which many do) you're going to need an income of at least 30 grand just to be at the poverty line. That's only 10 yrs if you don't watch your spending.

Sure you will get interest on your money but add up the above, a mill ain't nothing anymore. Hell without even trying too hard I just spent a million......now what if something happens unexpected? either you've got to get a job to cover it or you break into your savings. If you do, that cuts down your retirement from work.
 

new2game

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Feb 15, 2004
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The only hole in your theory Tboy

..is you assume that the winner starts out form zero..that he had sweet fuck all before the winnings. I'l guarantee you, if someone gave me a million, I'd tell my boss the next day to kiss my ass... mind you, I own my own home free and clear, about 2000 sq feet in S ontario..prob worth 300-350G...have some good savings, and am well on the way to having some sizeable bucks put away in RRSP's... I know not all the winners are in ths situation. However, if you look at the million as a supplement to your lifestyle, and don't play big shooter, I don't think it would be tough to find a 10% return on your money, take a couple hundred grand and have some fun with it..but take the rest and invest. I could live quite comfortably on 80gs/yr. Anyone who blows through 10's of millions of dollars and ends up broke is an idiot, he/she gets no sympathy from me..

N2G
 

overlgrover

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Feb 1, 2006
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new2game said:
..is you assume that the winner starts out form zero..that he had sweet fuck all before the winnings. I'l guarantee you, if someone gave me a million, I'd tell my boss the next day to kiss my ass... mind you, I own my own home free and clear, about 2000 sq feet in S ontario..prob worth 300-350G...have some good savings, and am well on the way to having some sizeable bucks put away in RRSP's... I know not all the winners are in ths situation. However, if you look at the million as a supplement to your lifestyle, and don't play big shooter, I don't think it would be tough to find a 10% return on your money, take a couple hundred grand and have some fun with it..but take the rest and invest. I could live quite comfortably on 80gs/yr. Anyone who blows through 10's of millions of dollars and ends up broke is an idiot, he/she gets no sympathy from me..

N2G
Just what I was thinking Stupid stay Stupid!
 

booboobear

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Aug 20, 2003
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tboy said:
I'd take another look at your statement. I am at or below average in many respects and I have about 1/3 of a mill in assets. Mainly it is tied up in real estate and that's volatile.

Many people think this but look at what a million dollar home looks like now compared to 10 yrs ago? Hell, a million dollar home is a reasonable 2500 sq ft within toronto proper (WITH a very small lot too).

Look at it this way: You win a million, hey you're a millionaire! Time for a nice house, nice car, nice furnishings, etc.
Any reasonably sized home in the GTA is going to run you 1/3 to 1/2 mill. If you want a loft downtown you're looking at 5 easy. Ok, say you move out of town, still a 3000 sq ft home is going to be in the 400 range but you will get a bigger lot.

Ok, right off the bat you've tossed half your winnings.

Nice car: 70K plus. Hell, my reasonably equipped truck is $46K.

Take a nice trip somewhere, 5 - 10 grand.

If you quit your job (which many do) you're going to need an income of at least 30 grand just to be at the poverty line. That's only 10 yrs if you don't watch your spending.

Sure you will get interest on your money but add up the above, a mill ain't nothing anymore. Hell without even trying too hard I just spent a million......now what if something happens unexpected? either you've got to get a job to cover it or you break into your savings. If you do, that cuts down your retirement from work.
Sure you can always blow a miliion or even 10 mill but you don't have to . You can still but houses in the burbs for $ 250 - 275 or move to a smaller town , you don't have to have a 3000 sq ft house and you don't have to have a $ 70 k car . This kind of thinking is why a lot of people are over their heads in debt.
Here's another scenario , you buy a $ 250 k house trade in your car add $ 25k if you must and invest the rest , treat yourself to a $ 10 k vacation with hobbying . Add big screen t.v for 6 k with home theatre . This leaves you with about $ 650 k to invest . Of course you can blow it if you want to but you could blow $ 10 million that doesn't mean 1 mill isn't a lot.
 

Fred Zed

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Edifice said:
You have that guy in the U.S. who won the largest powerball winnings in history in 2001, something like $120 Million and is now bankrupt and owes creditors not to mention is in trouble with the law.


I mean how do you blow $120 million in 5 years ???
All you need is a few greedy "girlfriends" and they can help
you spend it in no time at all.
 

Scenicdrive

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Jan 26, 2005
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Fred Zed said:
All you need is a few greedy "girlfriends" and they can help
you spend it in no time at all.
Don't you think that financial advice to jackpot winners from TERB Financial Advisory, LLC is so indispensable, Freddie??? *Wink, wink* The good doc will nominate Freddie to be the CEO and Dr. Scenicdrive to be the COO. :cool: LOL!!!
 

Scenicdrive

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showmeDD said:
what screws the americans is the taxes on the winnings....
How about let the good doc win this Mega Million lotto jackpot currently value at $130M USD for this Friday's drawing??? Will be more than happy to pay the mandate taxes and invest some in the Terb lotto syndicate for hitting more biggies. ;) LOL!!!
 

Artifacial

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Apr 1, 2005
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showmeDD said:
what screws the americans is the taxes on the winnings....
But they can also claim the amount they spend on lotto tickets on their income tax. Considering how few people win and how many people play, I think the losers are at least getting a little something back, as opposed to Canadians.
 

pokerdude

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Jan 20, 2004
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Between the legs of some hottie
booboobear said:
I have heard people say a million isn't a whole lot of money but none of those saying it had a million in assets.
A million in assets is more than at least 80 % of people have so I would not agree that it is not a lot of money but it is easy
to waste a million.
Jeez, I hope that I budget right and blow a mil in this hobby. Let's say the average price is $200 that means...5,000 sessions.
 
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