Just Jack Posted May 6, 2013 Posted May 6, 2013 http://abcnews.go.com/blogs/business/2013/05/single-moms-lottery-mistake-wins-14-million/
Chef Jim Posted May 6, 2013 Posted May 6, 2013 Le plans to use her winnings to, “buy a house, travel, and visit her parents in Vietnam,” according to a lottery news release. And be broke in five years.
Keukasmallies Posted May 7, 2013 Posted May 7, 2013 And be broke in five years. IF she's really careful with her money.
boyst Posted May 7, 2013 Posted May 7, 2013 Not to be an absolute d*ck, but I think this world would be a lot better off if we could just lose out anyone who has played the lottery more then 10 times in their life. I have never played it, no interest...
DC Tom Posted May 7, 2013 Posted May 7, 2013 Not to be an absolute d*ck, but I think this world would be a lot better off if we could just lose out anyone who has played the lottery more then 10 times in their life. I have never played it, no interest... Pffft. Technically, you're playing the lottery every time you go out and milk the cows, Farmer Bob.
boyst Posted May 7, 2013 Posted May 7, 2013 Pffft. Technically, you're playing the lottery every time you go out and milk the cows, Farmer Bob. So that means I never play the lottery again. Beef cows don't milk, brah.
Gordio Posted May 7, 2013 Posted May 7, 2013 Sometimes this board comes off as real snobbish. What is wrong with playing the lottery Jboy? How do you know she is going to be broke in 5 years Chef? Although I will say if she goes to you for financial advice she probably will be.
Chef Jim Posted May 7, 2013 Posted May 7, 2013 Sometimes this board comes off as real snobbish. What is wrong with playing the lottery Jboy? How do you know she is going to be broke in 5 years Chef? Although I will say if she goes to you for financial advice she probably will be. Nice jab at my career. And some people on this board come off as uninformed. http://bucks.blogs.nytimes.com/2012/12/03/a-financial-plan-for-misbehaving-lottery-winners/ You see, I have a pretty good idea of what will happen to you. It’s not a secret. On average, 90 percent of lottery winners go through their winnings in five years or less.
Canadian Bills Fan Posted May 8, 2013 Posted May 8, 2013 So that means I never play the lottery again. Beef cows don't milk, brah. Check Mate!
Clippers of Nfl Posted May 8, 2013 Posted May 8, 2013 http://abcnews.go.co...ins-14-million/ Pretty nice story by the way.
BillsFanNC Posted May 8, 2013 Posted May 8, 2013 Nice jab at my career. And some people on this board come off as uninformed. http://bucks.blogs.n...ottery-winners/ Yep, that money will most likely be squandered. The first mistake she made was to claim the winnings under her own name. I know the article says that California law requires that her name be released, but I'm pretty sure that there are some legal maneuvers that can be pulled to claim the winnings anonymously if she had consulted with an attorney first.
Clippers of Nfl Posted May 8, 2013 Posted May 8, 2013 As Chef's article suggests, the behavior matters the most. Not really the name claim.
Rubes Posted May 8, 2013 Posted May 8, 2013 So that means I never play the lottery again. Beef cows don't milk, brah. PWNED
BillsFanNC Posted May 9, 2013 Posted May 9, 2013 As Chef's article suggests, the behavior matters the most. Not really the name claim. Agreed, but if you win that much money it isn't wise the even let your family know right away, let alone the entire world.
Chef Jim Posted May 9, 2013 Posted May 9, 2013 Agreed, but if you win that much money it isn't wise the even let your family know right away, let alone the entire world. Depends on how gullible or dumb you are. If you have to hide that from your friends and family you need new friends. Unfortunately you can't change your family. First is you contact a good estate attorney, a better CPA and an even better financial advisor. Where do you find them and how do you know they're any good? Well that's another matter. You take your time, interview probably three of each and if you have any sense you'll know the right one when you meet them. Unfortunately most have zero sense when it comes to these matters.
The Poojer Posted May 9, 2013 Posted May 9, 2013 (edited) I suggest checking the yellow pages! And if I ever played and subsequently won I'd take the yearly payout...I know I'd blow through money...but I'd also have more coming each year... Depends on how gullible or dumb you are. If you have to hide that from your friends and family you need new friends. Unfortunately you can't change your family. First is you contact a good estate attorney, a better CPA and an even better financial advisor. Where do you find them and how do you know they're any good? Well that's another matter. You take your time, interview probably three of each and if you have any sense you'll know the right one when you meet them. Unfortunately most have zero sense when it comes to these matters. Edited May 9, 2013 by The Poojer
DJasper Probincrux III Posted May 9, 2013 Posted May 9, 2013 So that means I never play the lottery again. Beef cows don't milk, brah. They don't milk but your bull stays pretty happy...
BillsFanNC Posted May 9, 2013 Posted May 9, 2013 Depends on how gullible or dumb you are. If you have to hide that from your friends and family you need new friends. Unfortunately you can't change your family. First is you contact a good estate attorney, a better CPA and an even better financial advisor. Where do you find them and how do you know they're any good? Well that's another matter. You take your time, interview probably three of each and if you have any sense you'll know the right one when you meet them. Unfortunately most have zero sense when it comes to these matters. But that is the problem, when you win the lottery you suddenly start to hear from "friends" who you haven't heard from in decades. I know someone who won the lottery, it wasn't on the same scale as the woman in this story, but it was between $1-2 million. And yes, it was all gone in well under five years. At the time he won he lived in a nice middle class home, after all the money was gone he lived in a trailer park.
Chef Jim Posted May 9, 2013 Posted May 9, 2013 But that is the problem, when you win the lottery you suddenly start to hear from "friends" who you haven't heard from in decades. I know someone who won the lottery, it wasn't on the same scale as the woman in this story, but it was between $1-2 million. And yes, it was all gone in well under five years. At the time he won he lived in a nice middle class home, after all the money was gone he lived in a trailer park. I know you put friends in quotes but those people are far from friends. If I won millions in the lottery and started to hear from people that I haven't heard from in decades I would say something along the lines of: "what I've decided to do for all my friends is throw a huge annual BBQ at my place here in CA. If you want I'll put you on the list. It will be up to you do to get here and pay for your accomodations but I promise you it will be a huge bash!!" And that will only go out to people I consider friends. Others would be "really? really?!?!? I'm sorry but you obviously cherish money more than you ever charished our relationship and because of this I can't help you...goodbye!" If you can't say no to people that you haven't heard from in decades it's time to analyze yourself.
BuffaloBill Posted May 10, 2013 Posted May 10, 2013 Look at the number of NFL stars who end up broke... Wasting money is easy ... Managing it over the long term is not ...
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