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Link Posted: 12/12/2013 2:00:20 PM EDT
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Originally Posted By kmizzyyfive9:

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Originally Posted By kmizzyyfive9:
Originally Posted By Mikhail_86:
Poor people are poor because they can't handle their money



This, usually. It amazes me how people can hit the jackpot and just blow it by doing dumb shit like he did instead of taking it slow and wisely investing most of it. I'd of course spend some of it but for the most part I'd be scared as hell to lose it and would do everything in my power to make sure I didn't squander it. He must've been a dumbass if he bough a jet. That's a sure way to lose money if you aren't using it to make money.
Link Posted: 12/12/2013 2:00:36 PM EDT

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Originally Posted By Mech2007:
Hey now! I play a couple of times a decade!!!





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Originally Posted By Mech2007:



Originally Posted By runcible:


Originally Posted By Mikhail_86:

Poor people are poor because they can't handle their money
Exactly.  



Want to know why so many lottery winners end up broke, just ask yourself what kind of people play the lottery.





The day this guy picked up the check, there was no doubt how it was all gonna end.















Hey now! I play a couple of times a decade!!!









 
Mega millions is up to $400 mil, might spend a $2 bill on it
Link Posted: 12/12/2013 2:01:31 PM EDT
"Police were called to their home on one occasion in 2004 after Shawna Edwards stabbed her husband with a crack pipe."



That's awesome  




Read more here: http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html#storylink=cpy
Link Posted: 12/12/2013 2:01:54 PM EDT
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Originally Posted By testify4:


You got it.  I once read a theory that you could take all of the money out there, evenly distribute it, and eventually the innovators would have their pile again and the bad money managers would wind up poor again.
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Originally Posted By testify4:
Originally Posted By Mikhail_86:
Poor people are poor because they can't handle their money


You got it.  I once read a theory that you could take all of the money out there, evenly distribute it, and eventually the innovators would have their pile again and the bad money managers would wind up poor again.


Remember that episode of chappelle show where the blacks got reparations? Lol
Link Posted: 12/12/2013 2:02:04 PM EDT
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Originally Posted By MonkTx:
I've never purchased a lottery ticket so I'm not exactly sure how my fantasy of winning the lottery is going to work out, but is it possible for average working Joe to win and not blow it all?

Me and my wife live modestly, no credit card debt but a mortgage and 2 small car loans. Is that an indicator that I could possibly not lose my freaking mind and go crazy with lottery winnings?  
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Don't give a bunch of it away to everyone with their hand out, don't buy stuff on credit, don't develop a drug habit, diversify at least half of the money in a variety of lower-risk investments. You should be fine.
Link Posted: 12/12/2013 2:04:17 PM EDT
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Originally Posted By DrRemulak:
Don't they all end up broke?
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No they don't, quite a number of them actually use their money wisely and some make more money with it.
Link Posted: 12/12/2013 2:04:29 PM EDT

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Originally Posted By Mikhail_86:





 
Mega millions is up to $400 mil, might spend a $2 bill on it
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Originally Posted By Mikhail_86:



Originally Posted By Mech2007:


Originally Posted By runcible:


Originally Posted By Mikhail_86:

Poor people are poor because they can't handle their money
Exactly.  



Want to know why so many lottery winners end up broke, just ask yourself what kind of people play the lottery.





The day this guy picked up the check, there was no doubt how it was all gonna end.















Hey now! I play a couple of times a decade!!!







 
Mega millions is up to $400 mil, might spend a $2 bill on it




 




That would be 10 million a year for 30 years in Texas or 166.5 million cash.  I'd have to get an adviser.  I wouldn't even know how to spend 166.5 million.
Link Posted: 12/12/2013 2:06:10 PM EDT

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Originally Posted By gym007:
Don't give a bunch of it away to everyone with their hand out, don't buy stuff on credit, don't develop a drug habit, diversify at least half of the money in a variety of lower-risk investments. You should be fine.
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Originally Posted By gym007:



Originally Posted By MonkTx:

I've never purchased a lottery ticket so I'm not exactly sure how my fantasy of winning the lottery is going to work out, but is it possible for average working Joe to win and not blow it all?



Me and my wife live modestly, no credit card debt but a mortgage and 2 small car loans. Is that an indicator that I could possibly not lose my freaking mind and go crazy with lottery winnings?  




Don't give a bunch of it away to everyone with their hand out, don't buy stuff on credit, don't develop a drug habit, diversify at least half of the money in a variety of lower-risk investments. You should be fine.




The first thing I would do is enroll and/or audit financial classes from the local university (SMU here).  If you think you are up to it, manage your money yourself in safe investments with a reputable broker.  If you take the class and your eyes glaze over, learn just enough to realize which financial planners are BSing you.  As an aside, I figure the SMU co-eds would prefer a red Ferrari.






 

Link Posted: 12/12/2013 2:07:51 PM EDT

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Originally Posted By alphabavo:


The fact that he couldn't pay his water bill, but spent his last couple of borrowed dollars on drinks, says a lot about this guy.
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He bucked up when it truly came time for hookers and blow?



 
Link Posted: 12/12/2013 2:08:15 PM EDT
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Originally Posted By CTM1:
He was interviewed some years back about his lottery winnings and his house was littered with crap he bought, swords and all sorts of ugly crap.
He said he decided to live in that community because he would not stand out as he was just another rich guy among many others. He felt that would keep people from targetting him. I believe he lost his home because of unpaid homeowners association fees or that was the start of it.
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I saw it too, It was on a cable show about lottery winners. There was 2-3 other stories from

other winners. He had bought some statues for a shit load of money and they looked like shit


Link Posted: 12/12/2013 2:09:35 PM EDT
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Originally Posted By alphabavo:
The fact that he couldn't pay his water bill, but spent his last couple of borrowed dollars on drinks, says a lot about this guy.
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and powerball tickets.
Link Posted: 12/12/2013 2:09:58 PM EDT
The guy bought a freaking JET and wasn't MAKING any money to sustain it.  No wonder he was poor.  Sounds like he had absolutely ZERO financial sense.
Link Posted: 12/12/2013 2:10:17 PM EDT
Lol.  The show he was on was called "The Curse of the Lottery", IIRC.  At the end, they showed a few "success" stories, and I believe his was one of them.  I guess they spoke too soon.

Link Posted: 12/12/2013 2:12:06 PM EDT
Poverty is a mental disease.
Link Posted: 12/12/2013 2:12:43 PM EDT

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Originally Posted By jestice75:
Fucking asshole borrowed money from his friend to get drunk and gamble, lied and said it was to turn water on.
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Originally Posted By jestice75:



Originally Posted By WildApple:

Former Powerball jackpot winner dies penniless at 58 yrs old



http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html



Mr. Edwards was thrust into the national spotlight in August 2001, when he won a one-fourth share of a $280 million Powerball jackpot. At the time, it was the third-largest lottery pot in U.S. history. He opted for a lump-sum payment of $41 million, banking $27 million after taxes.



At the time of his windfall, Mr. Edwards was 46, had been laid off from his job installing fiber-optic cable and was living in his late parents' house on Victoria Avenue in Westwood. He had borrowed money from a friend to get his water turned back on, and, after doing so, he had enough left to take his then-fiancee, Shawna Maddux, 19 years Mr. Edwards' junior, to go out for drinks at the Ashland Plaza Hotel. Along the way, the couple stopped at Clark's Pump-N-Shop on Wheatley Road, and Edwards bought $7 worth of Powerball tickets.



 




Fucking asshole borrowed money from his friend to get drunk and gamble, lied and said it was to turn water on.
I hope he repaid his friend a 100 fold, but doubt it.

 
Link Posted: 12/12/2013 2:12:46 PM EDT
It would probably be better for people like the guy in the OP to take the annuity.

They'd be forced to ration spending and be set for 30 years.
Link Posted: 12/12/2013 2:12:57 PM EDT
Link Posted: 12/12/2013 2:13:43 PM EDT
Seems like he was a nice guy albeit with a checkered past but made poor financial decisions.
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Originally Posted By DonKey153:



People who buy lotto tickets don't tend to be financial wizards. It's a tax for people who are bad at math.
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Well yeah, but I still like to play every once in a blue moon.
Link Posted: 12/12/2013 2:14:58 PM EDT


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Originally Posted By macpherson:
I'm surprised he lasted that long, spent almost half his money in one year.  What could possibly go wrong?
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Originally Posted By macpherson:





A year after he'd won the lottery, he estimated that he'd spent $12 million






I'm surprised he lasted that long, spent almost half his money in one year.  What could possibly go wrong?
Some of the shit that he bought was undoubtedly stupid, but it isn't surprising, or even necessarily bad, that a lottery winner would spend a substantial amount in the first year, since they often start out with nothing.  I'm pretty sure that I would buy at least 2 nice houses, and maybe some acreage.  And several nice cars, and an airplane.

 






What I wouldn't do is buy a house or property with an exorbitant tax rate, or anything that requires very high annual expenses for maintenance, hangaring, docking etc.  Besides which, I don't see the point of owning a jet unless you have pilots on the payroll, or can fly it yourself.







You also need to tell the people who you want to give money to that they're going to get a certain amount, and then no more, no matter what - and stick to it.  And after the initial expenses, you need to establish some self-discipline and do something smart with the rest, providing yourself with an income to cover expenses and a decent amount to have fun with (travel, eating out etc.)  If you can't run the numbers and reasonably expect to make it to old age without running out of money, you're fucking up. It's pretty clear that he didn't do this.







And lastly, hard drugs are bad, mkay?  I don't care how rich you are, drugs like cocaine, heroin, and meth will fuck your life up.

 
Link Posted: 12/12/2013 2:15:23 PM EDT
It's easy to say that we would have the discipline not to blow it... but the reality is.... We would all have CNC machines and pump out AR's N stuff.... Who knows what going from paycheck to paycheck then to a bunch of 0's on your account would be like.... I think nobody knows until they start to live that life. I know a man who hit the lottery for $180,000 and died with that $180,000 in the bank... plus interest. So who knows.
Link Posted: 12/12/2013 2:16:19 PM EDT
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Originally Posted By QwikKotaTx:
In November 2001, Mr. Edwards and Maddux moved into a 6,000-square-foot, $1.5 million home in Palm Beach Gardens, Fla. The couple married in Maui on New Year's Day 2002.

During his time in Florida, Mr. Edwards amassed a fleet of exotic cars, for which he paid more than $1 million. He also told NBC News that he paid $78,000 for the gold-and-diamond watch on his wrist and $159,000 for the ring he wore. He also boasted of having 200 swords in his collection of replica medieval weapons, and a plasma TV he said set him back $30,000.

Mr. Edwards also bought a $600,000 house in Palm Springs, Calif., his own limo company, a $1.9 million Lear jet, three racehorses and a fiber-optics installation company, which he acquired for $4.5 million. A year after he'd won the lottery, he estimated that he'd spent $12 million.

BAM, atta boy.
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Dipshit spent HALF of it in one year when in reality his actual means were about $800k per year tops PRE-TAX and even then that's living on the edge at his age (at the time).





Link Posted: 12/12/2013 2:16:28 PM EDT
A fool and his money........
Link Posted: 12/12/2013 2:18:36 PM EDT


If I hit the lottery big time, a lot of people would know it where I live now.

Nobody would even suspect it where I would move to.



Link Posted: 12/12/2013 2:19:04 PM EDT
I've already got it planned out how to avoid beggars if I hit the lotto.

I don't think a winner can claim it anonymously in NY, so I wouldn't be able to hide that fact.  But I would tell anyone who comes looking for money that I didn't actually win.  I was paid to claim it so that the real winner could remain anonymous.  I am bound by legalities and am not allowed to say who it is, how I know them, etc, etc.  I've been given a couple hundred thousand from the real winner for my troubles (which will explain for my new house and 2 cars).  I don't have any more money.  K, bye.

Link Posted: 12/12/2013 2:19:29 PM EDT
Opulence. He had it.
Link Posted: 12/12/2013 2:19:30 PM EDT
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Originally Posted By Mech2007:


If I hit the lottery big time, a lot of people would know it where I live now.

Nobody would even suspect it where I would move to.



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I would find you.

Link Posted: 12/12/2013 2:21:14 PM EDT
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Originally Posted By NY_Shooter:


I would find you.

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Originally Posted By NY_Shooter:
Originally Posted By Mech2007:


If I hit the lottery big time, a lot of people would know it where I live now.

Nobody would even suspect it where I would move to.





I would find you.



No way!

My nude selfies would start coming to you from behind seven proxies!


Link Posted: 12/12/2013 2:22:00 PM EDT
[Last Edit: 12/12/2013 2:23:16 PM EDT by Visionary]
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Originally Posted By serbu50:
It's easy to say that we would have the discipline not to blow it... but the reality is.... We would all have CNC machines and pump out AR's N stuff.... Who knows what going from paycheck to paycheck then to a bunch of 0's on your account would be like.... I think nobody knows until they start to live that life. I know a man who hit the lottery for $180,000 and died with that $180,000 in the bank... plus interest. So who knows.
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I'd take 10 mil and invest it in various high yielding stocks.  I'd invest 5 mil in precious metals.  I'd take the remainder and buy myself a moderate home, nice car(but not that nice), and basically I'd try to make it last a lifetime and never work again.
Link Posted: 12/12/2013 2:22:38 PM EDT

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Originally Posted By happycynic:






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Originally Posted By happycynic:



Originally Posted By gym007:


Originally Posted By MonkTx:

I've never purchased a lottery ticket so I'm not exactly sure how my fantasy of winning the lottery is going to work out, but is it possible for average working Joe to win and not blow it all?



Me and my wife live modestly, no credit card debt but a mortgage and 2 small car loans. Is that an indicator that I could possibly not lose my freaking mind and go crazy with lottery winnings?  




Don't give a bunch of it away to everyone with their hand out, don't buy stuff on credit, don't develop a drug habit, diversify at least half of the money in a variety of lower-risk investments. You should be fine.






The first thing I would do is enroll and/or audit financial classes from the local university (SMU here).  If you think you are up to it, manage your money yourself in safe investments with a reputable broker.  If you take the class and your eyes glaze over, learn just enough to realize which financial planners are BSing you.  As an aside, I figure the SMU co-eds would prefer a red Ferrari.






 





I'm an accountant and my eyes glaze over at the thought of going back to school and managing my own wealth.



 
Link Posted: 12/12/2013 2:23:46 PM EDT
This guy was on TWO different shows.  In one, he was showing off all of these swords and knives (no guns, felon).  He was in a really nice house in Florida.  He had a lambo in the driveway.  All sorts of opulent looking crap in his house.  


The other show was about people losing it all and he was featured on their. They covered how he was on drugs really bad and out of money. He was buying Kilos of coke and getting high for long stretches of time.

As another poster already noted:  A fool and his money are soon parted.
Link Posted: 12/12/2013 2:24:30 PM EDT
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Originally Posted By Mech2007:


No way!

My nude selfies would start coming to you from behind seven proxies!


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Originally Posted By Mech2007:
Originally Posted By NY_Shooter:
Originally Posted By Mech2007:


If I hit the lottery big time, a lot of people would know it where I live now.

Nobody would even suspect it where I would move to.





I would find you.



No way!

My nude selfies would start coming to you from behind seven proxies!




Wait, is that supposed to deter me, or encourage me?




Link Posted: 12/12/2013 2:24:54 PM EDT
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Originally Posted By AlamTX:
It's a strong indication that your life is taking a turn for the worse when your wife stabs you with a crack pipe.  
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Link Posted: 12/12/2013 2:25:37 PM EDT
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Originally Posted By Visionary:

I'd take 10 mil and invest it in various high yielding stocks.  I'd invest 5 mil in precious metals.  I'd take the remainder and buy myself a moderate home, nice car(but not that nice), and basically I'd try to make it last a lifetime and never work again.
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Originally Posted By Visionary:
Originally Posted By serbu50:
It's easy to say that we would have the discipline not to blow it... but the reality is.... We would all have CNC machines and pump out AR's N stuff.... Who knows what going from paycheck to paycheck then to a bunch of 0's on your account would be like.... I think nobody knows until they start to live that life. I know a man who hit the lottery for $180,000 and died with that $180,000 in the bank... plus interest. So who knows.

I'd take 10 mil and invest it in various high yielding stocks.  I'd invest 5 mil in precious metals.  I'd take the remainder and buy myself a moderate home, nice car(but not that nice), and basically I'd try to make it last a lifetime and never work again.



Parking a good bit of in municipal bonds and having a residence in Florida would equate to tax free income.  CPA here, and I've prepared returns for some high net worth folks.  I recall a basketball player with millions of dollars parked in muni bonds in GA.  No fed or state tax on 250k of bond interest.
Link Posted: 12/12/2013 2:25:55 PM EDT

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Originally Posted By AlamTX:



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Originally Posted By AlamTX:



Originally Posted By Mikhail_86:



 
Mega millions is up to $400 mil, might spend a $2 bill on it


 




That would be 10 million a year for 30 years in Texas or 166.5 million cash.  I'd have to get an adviser.  I wouldn't even know how to spend 166.5 million.




 
Take cash option, put it in a trust after paying off house. Go finish my criminal justice degree and put myself through POST.




Budget
Link Posted: 12/12/2013 2:27:55 PM EDT
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Originally Posted By EasTexan:
I still swear by Thor's hammer that if win a mega lottery, I will buy a huge vessel and sail the seven seas.

We will plunder and pillage the whale hippies and laugh at their demise.
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Looking for a crew?  I will even legally change my name to Lars or Uthar.

If I ever win the lottery I am taking the cash and running to another nation after changing my identity.  I will disappear and live off of the interest in a modest home somewhere in either Central America or Asia.
Link Posted: 12/12/2013 2:28:09 PM EDT
I'm surprised nobody has posted that they would buy ar15.com using their lottery winnings. I'd make an offer!
Link Posted: 12/12/2013 2:28:24 PM EDT
I would invest 50% of my winnings and make myself comfortable with the other 50%.

I would keep working, and fund my IRA.
Link Posted: 12/12/2013 2:28:45 PM EDT
I would take half to my friend,  Asadula, who works in securities and invest in low risk mutual funds...
Link Posted: 12/12/2013 2:29:23 PM EDT
A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).

The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.
Link Posted: 12/12/2013 2:31:05 PM EDT
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Originally Posted By jestice75:


Fucking asshole borrowed money from his friend to get drunk and gamble, lied and said it was to turn water on.
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Originally Posted By jestice75:
Originally Posted By WildApple:
Former Powerball jackpot winner dies penniless at 58 yrs old

http://www.kentucky.com/2013/12/02/2965528/powerball-winner-edwards-dies.html

Mr. Edwards was thrust into the national spotlight in August 2001, when he won a one-fourth share of a $280 million Powerball jackpot. At the time, it was the third-largest lottery pot in U.S. history. He opted for a lump-sum payment of $41 million, banking $27 million after taxes.

At the time of his windfall, Mr. Edwards was 46, had been laid off from his job installing fiber-optic cable and was living in his late parents' house on Victoria Avenue in Westwood. He had borrowed money from a friend to get his water turned back on, and, after doing so, he had enough left to take his then-fiancee, Shawna Maddux, 19 years Mr. Edwards' junior, to go out for drinks at the Ashland Plaza Hotel. Along the way, the couple stopped at Clark's Pump-N-Shop on Wheatley Road, and Edwards bought $7 worth of Powerball tickets.

 


Fucking asshole borrowed money from his friend to get drunk and gamble, lied and said it was to turn water on.



No shit. Everyone seems to skip over that part. Fuck that shit!
Link Posted: 12/12/2013 2:32:33 PM EDT
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Originally Posted By Red_Label:
A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).

The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.
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I know where you can rent a dream for a dollar.  Don't even have to leave your table!
Link Posted: 12/12/2013 2:32:46 PM EDT
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Originally Posted By Red_Label:
A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).

The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.
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That's how I look at it. Buy my ticket, take a little "mental vacation" for a few days planning on what I would do with my winnings, lose, then repeat the cycle in a couple of years.


Link Posted: 12/12/2013 2:33:34 PM EDT

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Originally Posted By Red_Label:


A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).



The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.
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We studied the lotto in my baby stats class and there is a coherent argument that buying one ticket is rational as you go from zero chance to some change.  A second ticket or more doesn't raise your chances of winning enough to be worth it.



 

Link Posted: 12/12/2013 2:34:33 PM EDT
Link Posted: 12/12/2013 2:36:08 PM EDT

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Originally Posted By Red_Label:


A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).



The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.
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Exactly! For 2 dollars, you get to think, "What if?" until your hopes and dreams are crushed during the drawing.



 
Link Posted: 12/12/2013 2:36:19 PM EDT
How do you go broke with 27 million bucks? What a fuck tard
Link Posted: 12/12/2013 2:36:22 PM EDT

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Originally Posted By HeavyMetal:
Let me be the first to submit my anti-hippie credentials for the First Mate position.  i do't know a lot about ships but I have sure thought a lot about the hippie crisis and how best to solve it.
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Originally Posted By HeavyMetal:



Originally Posted By EasTexan:

I still swear by Thor's hammer that if win a mega lottery, I will buy a huge vessel and sail the seven seas.



We will plunder and pillage the whale hippies and laugh at their demise.






Let me be the first to submit my anti-hippie credentials for the First Mate position.  i do't know a lot about ships but I have sure thought a lot about the hippie crisis and how best to solve it.




I want to be the cook.  We all know that that is the best place for former Navy SEAL Space Shuttle Door Gunners.



 

Link Posted: 12/12/2013 2:36:27 PM EDT
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Originally Posted By Mech2007:



That's how I look at it. Buy my ticket, take a little "mental vacation" for a few days planning on what I would do with my winnings, lose, then repeat the cycle in a couple of years.



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Originally Posted By Mech2007:
Originally Posted By Red_Label:
A guy in ID won a couple of hundred million bucks several years ago and has invested well. He's worth more now than right after winning (despite owning a mansion, Aston Martin, etc).

The wife and I play the lottery here and there. We wouldn't be broke in ten years. We'd buy a few nice toys to treat ourselves, and then save/invest the rest and set a monthly allowance for ourselves. The odds of winning are STUPID small, so we don't blow a bunch of money on lotto tix. But as a Kwikway clerk asked me years ago, "where else can you buy a dream for $1?". I agree, and that's why we throw away a few bucks a week on lotto tix.



That's how I look at it. Buy my ticket, take a little "mental vacation" for a few days planning on what I would do with my winnings, lose, then repeat the cycle in a couple of years.





 Exactly how we do it... only it's more often than that. I used to only buy tix when the Powerball or MegaMillions went above 100-200 million. But I'll usually buy a ticket now when it's above 40 or 50 million. I've always wanted my own bizjet, and that's pretty much the only way that'll ever happen. Actually, I've scaled my dreams down from a Lear or Citation CJ2 to a single-turbo-prop Pilatus PC12 instead. It's bigger, easier for me to fly single-pilot, and CHEAPER (albeit, slower as well). I wouldn't mind a Ferrari 458 Spyder and a few Ducatis in the garage either!
Link Posted: 12/12/2013 2:37:36 PM EDT
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Originally Posted By happycynic:

We studied the lotto in my baby stats class and there is a coherent argument that buying one ticket is rational as you go from zero chance to some change.  A second ticket or more doesn't raise your chances of winning enough to be worth it.
 

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Exactly what I've been telling people for years... buy ONE ticket if you want a "chance", but don't waste your money on more because it's not helping that much. Buying NO tickets is a CERTAIN GUARANTEE for NEVER winning anything though.
Link Posted: 12/12/2013 2:37:43 PM EDT
I'll be dropping $2-$3 on a ticket for the $400mil Mega Millions tomorrow.

If I win, everyone in this thread gets a 7-round magazine for a gun they don't own.  You're welcome.
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