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 Hard-Luck Lottery Winner Says He's Broke. 100+ million dollars 4 years ago and he is broke.
Dance  [Member]
1/14/2007 6:03:00 AM EST
What an idiot.

news.aol.com/topnews/articles/_a/hard-luck-lottery-winner-says-hes-broke/20070112125509990001?ncid=NWS00010000000001

Hard-Luck Lottery Winner Says He's Broke
Tells Lawyer Thieves Emptied His Bank Accounts
AP
CHARLESTON, W.Va. (Jan. 12) - A man beset by problems since winning a record lottery jackpot says he can't pay a settlement to a casino worker because thieves cleaned out his bank accounts.


Powerball winner Jack Whittaker gave that explanation in a note last fall to a lawyer for Kitti French, who accused him of assaulting her at the Tri-State Racetrack and Gaming Center, a slots-only casino near Charleston, according to a motion French's lawyer filed this week demanding payment of the confidential settlement.

Whittaker won a nearly $315 million on Christmas 2002, then the largest undivided lottery prize in U.S. history. He took his winnings in a lump sum of $113 million after taxes.

Since then, he has faced his granddaughter's death by drug overdose; he has been sued for bouncing checks at Atlantic City, N.J., casinos; he has been ordered to undergo rehab after being arrested on drunken driving charges; his vehicles and business have been burglarized; and he has been sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house.

In the latest lawsuit, Whittaker told French's lawyer, John Barrett, that "a team of crooks" cashed checks in September at 12 City National Bank branches and "got all my money," according to the motion Barrett filed Wednesday in state court.

"I intend to pay but can't without any money," Whittaker wrote, according to the motion.

An official with City National Bank said Friday the bank is investigating "small discrepancies" in Whittaker's accounts.

Calls to Whittaker and his lawyers Friday were not immediately returned.

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Ponyboy  [Team Member]
1/14/2007 6:04:00 AM EST
A fool and his money are soon parted.
ZW17  [Team Member]
1/14/2007 6:05:10 AM EST
28 Apr 1997 Lottery millionaire Michael Allen is bludgeoned to death in a Lewiston, Maine motel room.

22 May 1999 Billie Bob Harrell, Jr. commits suicide. In June 1997, Harrell won $31 million in the Texas state lottery.

4 Sep 2001 Patrick Collier randomly wins $1 million at a McDonald's in Holly Hill, Florida. "I'm getting a Harley and a couple of houses." Two weeks later, Collier is arrested for allegedly choking and punching his fiancee in the face.

19 Dec 2001 British lottery millionaire Phil Kitchen is found dead on his couch. Kitchen had apparently drunk himself to death (whiskey).

11 Jul 2002 British lottery winner Dennis Elwell dies at work, shortly after telling a coworker that he had drunk cyanide.

21 Apr 2003 $25 million lottery winner Richard Krenzer is stabbed six times by Randall Hillyard and his son at the Swillburg Stop Bar & Grill outside Rochester, NY.


29 Jun 2003 Lottery millionaire Jody Lee Taylor is arrested in Collinsville, Virginia for attempting to run over a sheriff's deputy. On the night of his arrest, Taylor was driving naked down the wrong side of U.S. Route 58 with his headlights off.

5 Aug 2003 After lottery millionaire Jack Whittaker passes out in a West Virginia strip bar, a burglar steals his briefcase containing $545,000 in negotiable bonds. The money is located in a trash dumpster the next morning.

13 Sep 2003 The London Telegraph reports that 16-year-old British lottery millionaire Callie Rogers has lost her boyfriend, fought with her father, been mugged, and been accused of stealing someone's man. "Some days I don't even want to leave my house because people just scream abuse at me. Two months ago I thought I was the luckiest teenager in Britain. But today I can say I have never felt so miserable."

15 Sep 2003 In his Egg Harbor Township, New Jersey home, lottery millionaire Oscar Cordoba repeatedly stabs his wife and her mother with a kitchen knife, killing the mother-in-law.

17 Oct 2003 In a program entitled Living with the Lottery Lout, ITV1 reports that British lottery millionaire Michael Carroll has completely alienated his neighbors in Swaffham, Norfolk by periodically staging loud, impromptu demolition derbies on his property.

18 Nov 2003 An English court issues a bench warrant for lottery millionaire Satish Patel, charged with defrauding the government for three years' worth of unemployment claims.

6 Jan 2004 After getting banned from Billy Sundays Bar and Grill in St Albans, West Virginia, lottery winner Jack Whittaker reportedly threatens to have the manager and his family killed.

20 Jan 2004 Lottery winner Jack Whittaker reports that shortly after dawn, somebody broke into his SUV in Scott Depot, West Virginia and stole a bag containing $100,000 cash.

25 Jan 2004 Lottery winner Jack Whittaker is arrested for drunk driving in Nitro, West Virginia. Police allege the millionaire blew a .190 blood alcohol on the breathalyzer.
Apr 2004 A judge rules that broke Virginia lottery millionaire Suzanne Mullins owes $154,146.50 to the People's Lottery Foundation, a Florida lending institution specializing in loans to lottery winners.

26 Jun 2004 At his Longmont, Colorado home, state lottery millionaire Kevin Lee Sutton allegedly shoots Cristobal Lopez in the head with a .22 caliber pistol. Lopez survives and Sutton is later charged with attempted murder.

20 Jul 2004 In Minneapolis, MN, lottery millionaire Victoria A. Zell reportedly crashes her SUV into a truck on the way home from a bar, killing passenger Joshua Schmidt and paralyzing Amity Dimock from the waist down.

7 Aug 2004 Incarcerated serial rapist Iorworth Hoare wins $12.9 million in the British lottery.

13 Aug 2004 The nonprofit group Equine Protection of North America files suit against New Hampshire lottery millionaire Mary Ellen Sanderson for failure to deliver on an alleged $70,000 annual donation pledge.

24 Aug 2004 An Arizona bird refuge, The Oasis Sanctuary, files suit against New Hampshire lottery millionaires Mary Ellen Sanderson and former husband Jason Sanderson for failure to deliver on an alleged $100,000 annual donation pledge.

Sep 2004 Minnesota lottery millionaire Victoria A. Zell is arrested for having allegedly violated the terms of her bail and possessing 0.7 grams of methamphetamine. Zell had also reportedly wired $500,000 to a Canadian bank.

10 Oct 2004 Seattle police officers shoot California lottery millionaire Rick Camat to death in a parking lot near Qwest Field. Officers claim that Camat refused to drop his pistol, but Camat's brother claims the cops give him no instructions to do so.

2 Oct 2005 Having spent his $10 million prize in just seven years, Winnipeg lottery winner Gerald Muswagon hangs himself. Notable events in his monied spree include a high-speed chase in 2000 and a sexual assault arrest in 2002.

28 Oct 2005 Million dollar jackpot winner Christina Goodenow is arrested after Oregon police discover that she had purchased the winning ticket with a credit card stolen from her dead mother-in-law. Police searching her home discover her stash of methamphetamine, but find no trace of her first $33,500 installment.
1
5 Jan 2006 Bankrupt ex-lottery millionaire William "Bud" Post III dies of respiratory failure in Seneca, Pennsylvania. Post had won $16.2 million in the Pennsylvania lottery on February 24, 1988. From a 1993 interview: "Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems."




I knew the guy that I highlighted. He was already a raging alcoholic and winning the lotto only made it worse. He divorced his wife, drank more and almost died.

I was in a bar having a few sodas with my friends when this guy came in and started hitting on my buddies girl thinking that whatever he wanted was his... Well my buddy just about killed him on the spot. Two weeks later we heard about the story of him being stabbed. Got what he deserved IMHO.
JFP  [Member]
1/14/2007 6:06:02 AM EST
typical
ffsparky26  [Team Member]
1/14/2007 6:09:23 AM EST
If I won the lottery I would get a good big name lawyer with experience in taxes and estates, and a financial advisor from a large outfit like Merrill lynch.

Then I would max out my insurance on my house and cars and get a multimillion dollar umbrella policy.

I would hire a service to monitor my credit and a PI to investigate any issues and people that work with me.


Then I would gorge myself with guns and property.
RikWriter  [Team Member]
1/14/2007 6:11:28 AM EST
Moron. FIRST thing you do when you win the lottery is pay off all your debts. Second thing is buy property so no matter what happens to the rest of the money, you'll have the property.
Current-Resident  [Member]
1/14/2007 6:12:45 AM EST
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.
580DBF  [Member]
1/14/2007 6:12:46 AM EST
Luck does not = smart.

In a way, I feel sorry for the poor sucker. Bad enough to hope you win, even worse would be winning and then pissing it all away, or losing it.
Taxman  [Team Member]
1/14/2007 6:15:12 AM EST
I would blow money on a few things, stay working until someone pissed me off and got a good cussing (about 4 hours)

Get some guns, car, house and relax
wyrm-001  [Member]
1/14/2007 6:16:24 AM EST


A man beset by problems


Sounds like most of his problems were self inflicted. Drugs, drinking, gambling, etc. IIRC some thieves paid some hookers to distract him while they almost succesfully walked off with a briefcase he was carrying that had $100K in cash in it a year or so ago.

I'm still trying to imagine blowing $28 million a year, but I'm having trouble.
WalkerTexasRanger  [Member]
1/14/2007 6:16:44 AM EST
The guy is not stupid. I have read his story before and he was, prior to winning the lottery, already a multi-millionaire. He owned and managed a very successful construction company.

So how many of you calling the guy stupid can say that you are self made millionaires?

Something there sounds fishy, though....
glimmerman68  [Member]
1/14/2007 6:17:53 AM EST
He's broke, but has enough money to retain lawyers?

nationwide  [Team Member]
1/14/2007 6:18:48 AM EST
This guy started out pretty good... he had a construction business and gave a lot to charity after he won...

But he was not a good person... hung out at casino's and strip clubs. I remember reading about a briefcase stolen out of his SUV outside a nudy bar that had something like $75k in it. He had bragged to a dancer, and she, of course, called her boyfriend and hijinks ensued.

If you are a good person, good things tend to happen to you.

If you are not a good person, well, you reap what you sow.
BURN  [Team Member]
1/14/2007 6:19:31 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


hey I play the lotery....
Balming  [Team Member]
1/14/2007 6:20:53 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.



Graveyard78  [Member]
1/14/2007 6:21:51 AM EST
Wasn't he the guy who had $500,000 stolen in a vehicle burglary outside a strip club?
threefeathers  [Member]
1/14/2007 6:22:23 AM EST
One of my best friends is a lottery winner. (4 mil.) He lives next door to me, he bought a large motor home and uses it to do what he always wanted, to be an archioligist on old abandoned military posts.
Taxman  [Team Member]
1/14/2007 6:22:42 AM EST

Originally Posted By BURN:

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


hey I play the lotery....



Me to $10 a week
WalkerTexasRanger  [Member]
1/14/2007 6:22:50 AM EST

Originally Posted By Graveyard78:
Wasn't he the guy who had $500,000 stolen in a vehicle burglary outside a strip club?


Yep, but it was more like $75k IIRC...
Belmont31R  [Member]
1/14/2007 6:23:10 AM EST
Lottery winners and their demise is pretty often. You soon learn who your friends are and the ones that just want a hand out.

100m+ is a lot of money but its not at the same time. There are a lot of ways to spend that money real quick.

If I won? Id buy a modest house with lots of property. Make myself comfortable but not over indulged. Id still work, maybe open a nice gun store. Id setup college funds for my neice/nefew, travel and then donate the rest to buying gear for the troops.
nightstalker  [Team Member]
1/14/2007 6:23:25 AM EST
I doubt he ever had any luck till he won.

Next time take it in small doses, the luck(money) and it MIGHT last.,
Tactical_Jew  [Team Member]
1/14/2007 6:23:55 AM EST
you can take the pig out of the filth, but you can't ever take the filth out of the pig.

...unless you bbq it
BozemanMT  [Team Member]
1/14/2007 6:26:05 AM EST
a lottery is a tax on people who can't do math

People who can't do math to begin with aren't going to do any better with money afterwards.
Harp  [Member]
1/14/2007 6:34:47 AM EST

Originally Posted By BozemanMT:
a lottery is a tax on people who can't do math

People who can't do math to begin with aren't going to do any better with money afterwards.


You are right on the money there, brother!

Harp
XDBACKUPGUN  [Team Member]
1/14/2007 6:37:52 AM EST

Originally Posted By Balming:

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.





+
einnor1040  [Member]
1/14/2007 6:47:56 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


<remark removed. -NorCal>
XDBACKUPGUN  [Team Member]
1/14/2007 6:50:06 AM EST

Originally Posted By einnor1040:

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


Fuck you.


What a Judgemental Prick.
toast  [Team Member]
1/14/2007 7:08:27 AM EST
Damn, this went downhill quickly....
BUCC_Guy  [Team Member]
1/14/2007 7:12:34 AM EST

Originally Posted By Taxman:
I would blow money on a few things, stay working until someone pissed me off and got a good cussing (about 4 hours)

Get some guns, car, house, women, and relax



Yep.


- BG
VoodooChile  [Team Member]
1/14/2007 7:15:27 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


Most people play the lottery for the entertainment value as opposed to the belief that they can actually win..

Jack Whittaker was a Millionaire businessman before he even won the lottery

en.wikipedia.org/wiki/Jack_Whittaker_(lottery_winner)

Pretty much shoots the shit out of your little generalization doesn't it?

I'm an MBA and a former Financial Advisor for Prudential Securities in case you were wondering and yes I play the lottery once in awhile
57Strat  [Team Member]
1/14/2007 7:24:35 AM EST
A friend of mine told me something that makes sense. He said if you took all of the money and assets in the world, and distributed it equally to everyone. In 20 years, for the most part the people that had nothing or next to nothing to start with would end up with nothing or next to nothing, and the people that had substantial assets and money would have figured out a way to make it back.
NorCal_LEO  [Moderator]
1/14/2007 7:26:03 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


astronwolf  [Team Member]
1/14/2007 7:29:15 AM EST

Originally Posted By nationwide:
If you are a good person, good things tend to happen to you.

If you are not a good person, well, you reap what you sow.


+1 on that, but with a caveat. Scumbags some of these people might be, but many probably were just regular folks like anyone of us. I feel sorry for them. You spend a life of going to work to pay bills and keep a roof over your family. You have a spouse with which you share daily struggles. You might worry about this or that thing that involves paying for it (a car so you can go to work, your children's education, a house, medical expenses, that all too short one week vacation, etc. etc.). You depend on other people. That's the way you and everyone you know lives. Then suddenly you have 10, 20, 50 times more cash than you'll ever earn in your lifetime. You quit your job. You can buy anything you want. You have no worries. But everyone you know is still "back there." The need to depend on others has been removed. But they still depend on you. You just got blind-sided because your great fortune has already begun to pull on the threads that hold your life together. The social glue between you and others is softening. The choices you make right at that point will have a huge impact down the road. Have problems with your spouse? Next time you have a fight you'll be dumping her in a flash Hollywood-style because now, you don't need her anymore. You might want to do and see things, but your family and friends can't take time off of work. Isolation and lonliness can set in. Your buying habits will be amplified by your spending power, but your buying habits will still be patterned by a lifetime of not having enough or not quite enough money. Emptiness can set in. A "good person" shaped by the facts of life suddenly gets the rug pulled out from them by receiving a huge sum of money. That "good person" might become a victim of isolation, lonliness, emptiness, envy, anger, and new forces will start to shape their life, and these forces won't shape it into anything very good. Bit by bit it goes, until you end up on that list of casualties. To overcome this will take extraordinary measures. Some turn to faith. I hope more do. A few might have very strong personalities, positive life experiences, and brains, but most are not that gifted. Best bet would be to already have your house in order when great fortune (or great catastophe) arrives. Take it or leave it, my personal recommendation is to live the way God wants you to live. He doesn't want to say, "I told you so," when your life falls apart. I hope all of you take a moment relect on your lives, and even athiests can be introspective, and wonder what would happen to you and yours if you win big.
CajunMojo  [Team Member]
1/14/2007 7:31:08 AM EST
Sounds like a hard life, but I'm willing to give it a try.



Originally Posted By ZW17:
28 Apr 1997 Lottery millionaire Michael Allen is bludgeoned to death in a Lewiston, Maine motel room.

22 May 1999 Billie Bob Harrell, Jr. commits suicide. In June 1997, Harrell won $31 million in the Texas state lottery.

4 Sep 2001 Patrick Collier randomly wins $1 million at a McDonald's in Holly Hill, Florida. "I'm getting a Harley and a couple of houses." Two weeks later, Collier is arrested for allegedly choking and punching his fiancee in the face.

19 Dec 2001 British lottery millionaire Phil Kitchen is found dead on his couch. Kitchen had apparently drunk himself to death (whiskey).

11 Jul 2002 British lottery winner Dennis Elwell dies at work, shortly after telling a coworker that he had drunk cyanide.

21 Apr 2003 $25 million lottery winner Richard Krenzer is stabbed six times by Randall Hillyard and his son at the Swillburg Stop Bar & Grill outside Rochester, NY.


29 Jun 2003 Lottery millionaire Jody Lee Taylor is arrested in Collinsville, Virginia for attempting to run over a sheriff's deputy. On the night of his arrest, Taylor was driving naked down the wrong side of U.S. Route 58 with his headlights off.

5 Aug 2003 After lottery millionaire Jack Whittaker passes out in a West Virginia strip bar, a burglar steals his briefcase containing $545,000 in negotiable bonds. The money is located in a trash dumpster the next morning.

13 Sep 2003 The London Telegraph reports that 16-year-old British lottery millionaire Callie Rogers has lost her boyfriend, fought with her father, been mugged, and been accused of stealing someone's man. "Some days I don't even want to leave my house because people just scream abuse at me. Two months ago I thought I was the luckiest teenager in Britain. But today I can say I have never felt so miserable."

15 Sep 2003 In his Egg Harbor Township, New Jersey home, lottery millionaire Oscar Cordoba repeatedly stabs his wife and her mother with a kitchen knife, killing the mother-in-law.

17 Oct 2003 In a program entitled Living with the Lottery Lout, ITV1 reports that British lottery millionaire Michael Carroll has completely alienated his neighbors in Swaffham, Norfolk by periodically staging loud, impromptu demolition derbies on his property.

18 Nov 2003 An English court issues a bench warrant for lottery millionaire Satish Patel, charged with defrauding the government for three years' worth of unemployment claims.

6 Jan 2004 After getting banned from Billy Sundays Bar and Grill in St Albans, West Virginia, lottery winner Jack Whittaker reportedly threatens to have the manager and his family killed.

20 Jan 2004 Lottery winner Jack Whittaker reports that shortly after dawn, somebody broke into his SUV in Scott Depot, West Virginia and stole a bag containing $100,000 cash.

25 Jan 2004 Lottery winner Jack Whittaker is arrested for drunk driving in Nitro, West Virginia. Police allege the millionaire blew a .190 blood alcohol on the breathalyzer.
Apr 2004 A judge rules that broke Virginia lottery millionaire Suzanne Mullins owes $154,146.50 to the People's Lottery Foundation, a Florida lending institution specializing in loans to lottery winners.

26 Jun 2004 At his Longmont, Colorado home, state lottery millionaire Kevin Lee Sutton allegedly shoots Cristobal Lopez in the head with a .22 caliber pistol. Lopez survives and Sutton is later charged with attempted murder.

20 Jul 2004 In Minneapolis, MN, lottery millionaire Victoria A. Zell reportedly crashes her SUV into a truck on the way home from a bar, killing passenger Joshua Schmidt and paralyzing Amity Dimock from the waist down.

7 Aug 2004 Incarcerated serial rapist Iorworth Hoare wins $12.9 million in the British lottery.

13 Aug 2004 The nonprofit group Equine Protection of North America files suit against New Hampshire lottery millionaire Mary Ellen Sanderson for failure to deliver on an alleged $70,000 annual donation pledge.

24 Aug 2004 An Arizona bird refuge, The Oasis Sanctuary, files suit against New Hampshire lottery millionaires Mary Ellen Sanderson and former husband Jason Sanderson for failure to deliver on an alleged $100,000 annual donation pledge.

Sep 2004 Minnesota lottery millionaire Victoria A. Zell is arrested for having allegedly violated the terms of her bail and possessing 0.7 grams of methamphetamine. Zell had also reportedly wired $500,000 to a Canadian bank.

10 Oct 2004 Seattle police officers shoot California lottery millionaire Rick Camat to death in a parking lot near Qwest Field. Officers claim that Camat refused to drop his pistol, but Camat's brother claims the cops give him no instructions to do so.

2 Oct 2005 Having spent his $10 million prize in just seven years, Winnipeg lottery winner Gerald Muswagon hangs himself. Notable events in his monied spree include a high-speed chase in 2000 and a sexual assault arrest in 2002.

28 Oct 2005 Million dollar jackpot winner Christina Goodenow is arrested after Oregon police discover that she had purchased the winning ticket with a credit card stolen from her dead mother-in-law. Police searching her home discover her stash of methamphetamine, but find no trace of her first $33,500 installment.
1
5 Jan 2006 Bankrupt ex-lottery millionaire William "Bud" Post III dies of respiratory failure in Seneca, Pennsylvania. Post had won $16.2 million in the Pennsylvania lottery on February 24, 1988. From a 1993 interview: "Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems."




I knew the guy that I highlighted. He was already a raging alcoholic and winning the lotto only made it worse. He divorced his wife, drank more and almost died.

I was in a bar having a few sodas with my friends when this guy came in and started hitting on my buddies girl thinking that whatever he wanted was his... Well my buddy just about killed him on the spot. Two weeks later we heard about the story of him being stabbed. Got what he deserved IMHO.


WinstonSmith  [Team Member]
1/14/2007 7:31:10 AM EST

Originally Posted By WalkerTexasRanger:
The guy is not stupid. I have read his story before and he was, prior to winning the lottery, already a multi-millionaire. He owned and managed a very successful construction company.

So how many of you calling the guy stupid can say that you are self made millionaires?

Something there sounds fishy, though....


Money can't buy you brains. Or morals. Or self control. Hang with some crazy-rich people for long enough and you'll realize they're no smarter than anyone else. In some ways, even less so.
akethan  [Team Member]
1/14/2007 7:33:07 AM EST
I saw a story a year ago about him, he had 100K stolen out of his truck while he was in a titty bar.
armoredsaint  [Team Member]
1/14/2007 7:34:41 AM EST
i play about $5 a year or less
SpecialOperator  [Member]
1/14/2007 7:35:19 AM EST
I know someone who won something like 3 million in the lottery. She said it was incredible how many people came out of the woodwork expecting a hand-out. From the women she worked with who insisted that, because they told her to check her lottery ticket that they deserved 10% of the winnings, to the neighbors who called saying that their kids *really* needed new dirtbikes, and so on.

Some of the stories she has are just nuts! And she didn't even win a great deal of money relative to some of the people discussed here!

If I won a hundred million dollars I'd get a lawyer, financial planner, and set up a corporation to take title of my land and cars, then disappear onto a very large, very well-protected ranch for a couple years.
MetalChef  [Member]
1/14/2007 7:36:20 AM EST
Since the average American does not know how to save or make money all that well, it goes to follow that the average Lottery winner does not know how to either.

I will say this though-I would say for every lotto winner listed here, there are most likely 5-10 winners who did not blow the money like that.

I know for a fact that I took home 100mil on a lotto win after taxes, I would never have to work again. But I would also pay off my debts(and my parent's), buy real estate, deposit money into CDs, get a reputable advisor to invest with, etc...basically live off of interest/resuidal checks.
swingset  [Team Member]
1/14/2007 7:38:43 AM EST

Originally Posted By BozemanMT:
a lottery is a tax on people who can't do math

People who can't do math to begin with aren't going to do any better with money afterwards.


I'm pretty good at math, I put $1 every week on it. Why the fuck not? $1 is the price of a can of coke.

If I hit it, I'm good enough at math to know that $16,000,000 is more than I make now. Also smart enough to know if I take $10mil and invest it, I can just sit and live off the interest, and still have $6giant to invest in silly things like NFA.

There was a guy here in my area that hit $8mil after taxes back in the late 80's. Retired executive for a glass company, probably already a millionaire. He was good at math too. He's not white trash, stupid, or poor. He's in Galveston, TX living very well. I know his kid pretty well, and pops is doing fine with his dough.
The_Gooch  [Team Member]
1/14/2007 8:02:59 AM EST
I'm already somewhat wealthy, so i'm not hurting for money, but I do play the lottery about 4-5 times a year just for the hell of it. I buy a $1 lotto ticket whenever the superlotto gets over $40mil for the uberslim chance I might hit.

If I won, at least half would go into various investments: mutual funds, bonds, stocks, CD's. I would buy a LOT more rental property, residential, commercial and industrial, so I have an even more substantial steady cash flow.

I would buy a nice spread of land and build my own mansion and shooting range on the property. Get good insurance and kick back with my huge arsenal of NFA I will buy with my money. I would have my own armory/bunker packed full with ammo, guns, and reloading equipment and supplies, probably build a machine shop as well so I can make cool stuff, do gunsmithing work and make my own guns from raw forgings or 80% lowers.
akubli  [Team Member]
1/14/2007 8:09:05 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.

ffsparky26  [Team Member]
1/14/2007 8:09:46 AM EST

Originally Posted By astronwolf:

Originally Posted By nationwide:
If you are a good person, good things tend to happen to you.

If you are not a good person, well, you reap what you sow.


+1 on that, but with a caveat. Scumbags some of these people might be, but many probably were just regular folks like anyone of us. I feel sorry for them. You spend a life of going to work to pay bills and keep a roof over your family. You have a spouse with which you share daily struggles. You might worry about this or that thing that involves paying for it (a car so you can go to work, your children's education, a house, medical expenses, that all too short one week vacation, etc. etc.). You depend on other people. That's the way you and everyone you know lives. Then suddenly you have 10, 20, 50 times more cash than you'll ever earn in your lifetime. You quit your job. You can buy anything you want. You have no worries. But everyone you know is still "back there." The need to depend on others has been removed. But they still depend on you. You just got blind-sided because your great fortune has already begun to pull on the threads that hold your life together. The social glue between you and others is softening. The choices you make right at that point will have a huge impact down the road. Have problems with your spouse? Next time you have a fight you'll be dumping her in a flash Hollywood-style because now, you don't need her anymore. You might want to do and see things, but your family and friends can't take time off of work. Isolation and lonliness can set in. Your buying habits will be amplified by your spending power, but your buying habits will still be patterned by a lifetime of not having enough or not quite enough money. Emptiness can set in. A "good person" shaped by the facts of life suddenly gets the rug pulled out from them by receiving a huge sum of money. That "good person" might become a victim of isolation, lonliness, emptiness, envy, anger, and new forces will start to shape their life, and these forces won't shape it into anything very good. Bit by bit it goes, until you end up on that list of casualties. To overcome this will take extraordinary measures. Some turn to faith. I hope more do. A few might have very strong personalities, positive life experiences, and brains, but most are not that gifted. Best bet would be to already have your house in order when great fortune (or great catastophe) arrives. Take it or leave it, my personal recommendation is to live the way God wants you to live. He doesn't want to say, "I told you so," when your life falls apart. I hope all of you take a moment relect on your lives, and even athiests can be introspective, and wonder what would happen to you and yours if you win big.


So you lost your millions on hookers and blow didn't ya.

iuworker  [Member]
1/14/2007 8:13:30 AM EST
I have two lottery winning friends that I deal with as part of my job. They followed a standard windfall plan. This is what I told them to do. FYI-- They are not in the state I currently live in.

blow no more than 10%
gift 10 to 20%-church-family-non profits
invest the rest in programs you can not raid quickly and offer income, security or growth. Every investor is different so I wont go there...

build your life around 50% of the investment income and reinvest what is left over from taxes. That will allow each year forward for your investment income to give you a raise!

Both of these two families are doing very well with this program

after taxes

one won about $ 4 million

He spent 10% bought a $300,000 house and new pickup, gifted $200,000 and invested the rest. . He still works, has no debt and has a nice investment program. From what I know he still can afford to gift about $25,000 a year to his family.

the other won $20 million.

built a million dollar house and spent another million and stayed under the 10% spending rule. He created a $4,000,000 non profit group that pays out funds each year to charity. His fund has grown to over 8 million and it is a god send for the small town he lives in.

He has invested the remaining amounts in stocks, bonds and several companies. All I can tell you is he has seen significant growth in his investments. They have over 100 employees and his operations continue to grow.

Both of these families stay under the radar, are good people and enjoy life.

Niether of these people were wealthy before the windfall, but they were not stupid either!

edit - spelling
www-glock19-com  [Team Member]
1/14/2007 8:14:39 AM EST
I buy a ticket if it is over 100 MIL
Nimrod1193  [Team Member]
1/14/2007 8:24:22 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.


The only people who engage in hyperbole are morons who can't make a cogent argument.

Uh, wait a second...
Kaliburz  [Team Member]
1/14/2007 8:25:32 AM EST

Originally Posted By www-glock19-com:
I buy a ticket if it is over 100 MIL



Yup. If it seems big, I buy one. Beats spending my cash on junk food (and my waist line is big enough ).

Best coarse of action has been suggested if one wins money. Invest it in "secure" investments (ie proven stocks w/ good track record), banks, etc. If the money you make currently while employed is enough to live on, continue with it. Use the interest of the winnings.... so the original amount is still there.

Property, is a good thing. But don't forget that property taxes have to be paid also. If the property is just sitting there not making money/breaking even, it will cost you.

The_Gooch  [Team Member]
1/14/2007 8:35:23 AM EST

Originally Posted By Kaliburz:

Originally Posted By www-glock19-com:
I buy a ticket if it is over 100 MIL



Yup. If it seems big, I buy one. Beats spending my cash on junk food (and my waist line is big enough ).

Best coarse of action has been suggested if one wins money. Invest it in "secure" investments (ie proven stocks w/ good track record), banks, etc. If the money you make currently while employed is enough to live on, continue with it. Use the interest of the winnings.... so the original amount is still there.

Property, is a good thing. But don't forget that property taxes have to be paid also. If the property is just sitting there not making money/breaking even, it will cost you.



That is a very important point.

Buy rental property as part of your investment plan. Apartment buildings, strip mall, office park or industrial warehouse. The property will generate income and pay for its own prop. taxes and insurance and still provide you with very good steady income. Also the operating expenses make for good tax deductions.
CWO  [Team Member]
1/14/2007 8:42:42 AM EST
If you look at the history of lottery winner, the vast majority end up broke, divorced and without friends.
jtb33  [Member]
1/14/2007 8:50:26 AM EST

Originally Posted By RikWriter:
Moron. FIRST thing you do when you win the lottery is pay off all your debts. Second thing is buy property so no matter what happens to the rest of the money, you'll have the property.


If you're spending wasting money on lottery tickets, you better be out of debt already.

Lottery = a tax on stupid people.
Win_88  [Team Member]
1/14/2007 8:56:10 AM EST

Originally Posted By Current-Resident:
The only people who play the lottery are scum with poor financial habits. It stands to reason that any winner would immediately revert back to being the natural loser s/he was before.



Boy.. You really like making friends..

Current-Resident
Member
Joined :: September 2005
Post Number :: 391

PSE

No wonder your post count is so low...




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