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The lottery and social despair in America

eohrnberger said:
I guess it's all about how you handle it. Yes, there are some winners for whom it's the worst thing to happen in their lives. Others, not so much.

As Chomsky pointed out, and I agree, stash the vast majority of it with the financial adviser / broker / whatever, and only live off of the dividends / interest / whatever.

Also wise council is to have your lawyer pick up the winnings, and not disclose your identify, unless confidentiality is guaranteed. No need to put a huge bulls eye on your back for every huckster to come and try to take their bite out of you.
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Sorry, not an option. Your identity, by lottery rules, is public knowledge. They won't keep it secret.
 
akrunner88 said:
You have to be stupid if you're one of those people that spends hundreds, if not thousands of dollars on lottery tickets every year. I see this **** every time I stop at a gas station in a poorer area, these idiots really think that one day they will strike big. I have no sympathy for that.
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This is the second post in which you've insulted all those who play the lottery, but yet you admitted to buying tickets! Time to knock off the ridiculous superior, elitist insults, your behavior shows that you're the same as everyone else. Move on to posting what you're going to buy if you win.
 
Chomsky said:
I'm serious though, I wouldn't even tell the kids.

"I made a few good investments", would be all they need to hear!

BTW - Been there with universities, and only got one left to put through!
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Yeah, that might work too. OK.
 
vesper said:
I bought one ticket because that is all you need. :) Gosh the jackpot is so huge......I wouldn't know where to start. I guess probably paying taxes on all the money.
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Greetings, Vesper. :2wave:

With that size jackpot, I hope that there are several winners, just to keep it interesting! :thumbs:

Doesn't Spain have a lottery that pays something to everyone that bought a ticket, in addition to the usual big winners?
 
clownboy said:
Sorry, not an option. Your identity, by lottery rules, is public knowledge. They won't keep it secret.
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Bummer. Guess we'd have to move to some gated community then.
 
Chomsky said:
Well, considering it's not too hard these days to go bankrupt or become homeless (in America, we're all only one major health-problem away), may as well go out in a blaze of glory! :thumbs:
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Could be the differences in the way winnings are taxed and how and when those taxes are levied. You win a multimillion dollar jackpot in the US and most folks are going to take the "give it to me now" option. That immediately reduces what you get to half the prize money. Then the state and federal government wants their piece. That reduces the already reduced prize by half to three quarters. Then the family, exes, friends and con artists show up to the party and that million dollar home you just signed onto now puts you in debt.
 
vesper said:
I bought one ticket because that is all you need. :) Gosh the jackpot is so huge......I wouldn't know where to start. I guess probably paying taxes on all the money.
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There was a joke in the Bandera Times (now defunct) where a local rancher had won the Texas state lottery grand prize. When asked what he would do with all of that money he replied that he would "just keep right on ranching until it was all gone". ;)
 
Btw, it's the same with casino jackpots. A close friend won one of those million dollar slot pulls. He said he was over the moon - until he went to collect. They pay it over 30 years and reps from the IRS were right there at the casino with their hands out. Then he got a call from the state two days later.
 
polgara said:
Greetings, Vesper. :2wave:

With that size jackpot, I hope that there are several winners, just to keep it interesting! :thumbs:

Doesn't Spain have a lottery that pays something to everyone that bought a ticket, in addition to the usual big winners?
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Yeah I would like to see a lot of people share that pot! We will learn in a couple of hours. Drawing at 10:59 p.m. eastern time/9:59 p.m. central!

I don't know anything about Spain's lotto.
 
Did not buy a ticket.

It is a shame that so many people who should not be wasting money...are.
 
eohrnberger said:
I guess it's all about how you handle it. Yes, there are some winners for whom it's the worst thing to happen in their lives. Others, not so much.

As Chomsky pointed out, and I agree, stash the vast majority of it with the financial adviser / broker / whatever, and only live off of the dividends / interest / whatever.

Also wise council is to have your lawyer pick up the winnings, and not disclose your identify, unless confidentiality is guaranteed. No need to put a huge bulls eye on your back for every huckster to come and try to take their bite out of you.
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Thank you for the compliment!

But yes:

1 - Take the prize anonymously.
2 - Surround yourself with trusted professionals - and take their advice! Before you do anything or tell anyone!

Which is what I do now, anyway - I literally cultivated my family lawyer and our accountant! Had one of 'em for over a decade, one for over two decades! I have them explain their rationale for advice to me, then most importantly I listen to them! I wouldn't make a move without consulting with them, and they're worth every penny I pay them! And I've come far out ahead following their advice. After one's health and family (and spirituality, if your thing), I believe there's nothing more important than good legal & financial advice. Nothing!
 
Frank Apisa said:
Did not buy a ticket.

It is a shame that so many people who should not be wasting money...are.
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Can't win if you don't play. That goes for all of life. The golden rule of thumb is - don't bet what you're not willing to lose.
 
Chomsky said:
Well, considering it's not too hard these days to go bankrupt or become homeless (in America, we're all only one major health-problem away), may as well go out in a blaze of glory! :thumbs:
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I never realized that, but you are correct. I am grateful I live in Canada, even 'homeless' has been reduced to a "personal option".
 
Chomsky said:
Yes, I did!

Four tickets - one for each immediate family member, save for the dogs. But I usually buy a ticket every week, so buying four was a splurge of sorts.

My immediate needs are pretty modest; I'd pay-off the mortgage. Besides that, we already have all the basics we need satisfied. I'd consider popping out maybe a 100K into my checking account, and then sit on everything else for six mos in order to get some perspective.

In the most excessive case, I would only live off the interest and investment income, preferring to conserve and grow my capital.

And most importantly! I'd firstly incorporate and receive the winnings anonymously! I wouldn't tell anyone, not even my family, not even my kids! Like these guys:

Chicago Tribune: The secret millionaires next door

BTW - It's up to 900K now!

Source: USAMega.com
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That's actually a good idea, the incorporation that is.

I tell people if I won I would buy a cabin in Kettle Falls (a town in the remote northeast corner of Washington state) and live as a hermit. a hermit who can buy the modest things he wants without suffering.

of course I never buy lottery tickets, and apparently I'm wierd because I can cover thousands of dollars in emergency expenses.
 
Fearandloathing said:
I don't know about there, but here almost every large jackpot winner ends up in bankruptcy and/or homeless . They go on such a spending spree the money runs out between five and seven years.


I hope you lose, friend
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Meh, I'm not worried. I know a pretty good accountant.:lol:
 
Fearandloathing said:
I don't know about there, but here almost every large jackpot winner ends up in bankruptcy and/or homeless . They go on such a spending spree the money runs out between five and seven years.


I hope you lose, friend
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It's very similar in the US.

Lotteries are played by lots of people who are bad at math, people who are good with money are good at basic arithmitic and statistics, the know they'll never win so they never play.

whereas lower income, lower education people play the lottery, win big, and because they never knew how to handle their finances, or their life in general, in the first place they won't just figure it out once they win. There are exceptions, like Chomsky it appears, but those people almost never win.
It's like the episode of family guy where Peter wins the powerball and he's having dinner delivered via helicopter and just these lavish absurd expenditures.
 
Hari Seldon said:
That merely affirms what I said. So what?
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When you win a prize on TV (like an Oprah! giveaway) or win the Powerball or another lottery, the federal and state government considers it taxable income. You'll be taxed on that amount. How much depends on the total income and the state where you live. As a general matter, you can expect to lose almost half of your award to taxes.
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No, it says precisely what you were arguing against.
 
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