Posts Tagged Lottery

So What Happens To Lottery Winners?

Well, I bought a lottery ticket for the Mega Millions Lottery.  Yes, it’s a gimmick, but it’s a gimmick that just got all of us to collectively fork out 1.5 billion overnight.  And, before you flood me with requests, I didn’t win.  But I thought about what it would be like to win.

Sorry, all you lump summers, I’d go for the annuity.  It takes time to learn how to deal with your wealth, and I’d want to make sure I couldn’t blow it all in a rapper-style frenzy.

ABC covered two winners, one who bought NASCAR teams and the other who still works as a waitress.  So clearly there is no “lottery life change.”  Winning the lottery only reflects back to you in grand style who you already are.

Which brings me to think of my favorite TV stars’ and what they would do with the lottery.  Right now I want Sheldon from The Big Bang Theory to win the lottery.  He’d use his millions and his genius to build an actual Starship (and then go after Will Wheaton)

The Big Bang Theory

The Big Bang Theory (Photo credit: Wikipedia). Or how about the Office staff? Where would they go and what would they do if none of them had to work?

See, this is free.  So I got a lot for my $1 investment.  What did you get?

http://abcnews.go.com/Business/lotto-winners-woman-waitressing-man-buys-nascar-teams/story?id=16039138#.T3b7RauvKSo

 

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What To Buy With 70 Million In Lottery Money: A Good Used Car.

English: The winners parking spots at the Atla...

Image via Wikipedia

Well, some lucky person has won the 70 million dollar Powerball.  So that person’s life is going to be golden from now on, right?

Not so fast.  Haven’t we all heard about the whole “bankrupt lottery winners” rumor?  Sort of a sour grapes version of “he’ll just blow it anyway.”

So is that true?  Are people really better off getting wicked rich overnight (Mainerism intentional)?

The people selling financial advice to lottery winners definitely think so.  You win the lottery, you need these guys.  Otherwise you’ll go ape and start buying every beanie baby ever made or something.  Here’s their scary quote: The reality is that 70 percent of all lottery winners will squander away their  winnings in a few years,” the Connecticut financial advisers said in a news  release. “In the process, they will see family and friendships destroyed and the  financial security they hoped for disappear.”
Read more: http://journalstar.com/special-section/news/article_ecba141b-3e59-5914-a321-38b4adb20733.html#ixzz1nnCAKJ7s

Ouch!  But wait a minute.  You can’t lump all lottery winners in together.  Yeah, the five dollar winners definitely “squandered their winnings.”  It probably didn’t even take them to the end of the week, much less a few years.  And even the ones who made twenty grand probably plopped it down against some debt.  So no fair.  What we really want to know about are the REAL winners, the million plus crowd.

Turns out, that’s more of a mixed bag.  Some of them definitely hit the skids.  They forget to pay their taxes (oops!) and can’t deal with people asking them for money.  But a good many of them are happier, primarily due to increased financial security.  Amazingly, only one percent got cosmetic surgery.  Some gained weight, some lost weight.  My favorite statistic is that 52% of those with 2 million plus in winnings still consider themselves working class.  Hello, one percenter?  Time to face facts.

All of these fun facts have been supplied by a google answerer who made an extra twenty bucks as a tip.

http://answers.google.com/answers/main?cmd=threadview&id=141224

But what should we all really do?  Take a deep breath and realize that much money isn’t going to change who we are.  It just makes us more intensely who we already are, without poverty as a moderating buffer.  If you were a spendthrift before, now you’re out of control.  If you were a little paranoid before, guess what?  Now they really are all watching you.  If you were having fights about money with your spouse, dump on a million plus in kindling.  And if you have that secret little habit of collecting weird bottle caps from around the world, now you can live the dream.

Here’s a great story about how one guy handled his winnings.  He set up a foundation, and bought a used car.  How did it change him?  He’s the same guy.  “I still teach a spinning class there twice a week. I took some time off after the whole thing because everybody had investment opportunities that were the greatest thing since sliced bread, and there were 100 of them every day. So I had to get out of there for a while, but when I went back, the people I’d been teaching for the last 8 years were still the same people, and I was still the same instructor.”

He also gives you tips on the numbering system he used to beat the odds and win.  Yep, the article appears in Fortune magazine, not Vegan Monthly, or Bellybutton Gazers United.  Those people pride themselves on not being interested in money until they have that sweaty, guilty moment at the lotto machine.

 

 

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