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Lottery winners share secrets of their success

fja's avatar - gnome1

The lottery commision should make reading about past lottery winners mandatory, before yu claim yur prize!

dvdiva's avatar - 8ball

Other than the entertainment value I don't see a point in reading about most winners. Maybe the rare winner that has more money with good investments but most winners have little clue what to do with the winnings. People who are irresponsible with money now are just going to continue after a win. Responsibility isn't something that comes from a ticket.

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good read.

Tonight's my night; i'll post my lecture after I win the MM today :) Party

Dream's avatar - dragon1

Remain lower then the grass and quieter then the sea.

DO EVERYTHING POSSIBLE TO REMAIN ANONYMOUS. White Bounce

justxploring's avatar - villiarna

These stories are just for marketing the lottery and selling newspapers, but it makes people feel good to know "real" people win lotteries. The Stalworth's story is exactly what I'd be afraid of - that no matter how much I do for people, they will always think I'm not generous enough. That's why I always say I'll move first and set up residence where nobody knows me.

Lurk More N00b's avatar - ummm

These stories are just for marketing the lottery and selling newspapers, but it makes people feel good to know "real" people win lotteries. The Stalworth's story is exactly what I'd be afraid of - that no matter how much I do for people, they will always think I'm not generous enough. That's why I always say I'll move first and set up residence where nobody knows me.

I Agree! ... on all three points.

However, not on: "Keep your same lifestyle." Which is quoted in the story. If I were happy with my life the way it is now, I wouldn't be playing the lottery.

SassyOhio's avatar - Picture012

These stories are just for marketing the lottery and selling newspapers, but it makes people feel good to know "real" people win lotteries. The Stalworth's story is exactly what I'd be afraid of - that no matter how much I do for people, they will always think I'm not generous enough. That's why I always say I'll move first and set up residence where nobody knows me.

I Agree! ... on all three points.

However, not on: "Keep your same lifestyle." Which is quoted in the story. If I were happy with my life the way it is now, I wouldn't be playing the lottery.

EXACTLYYYYYY 

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Other than the entertainment value I don't see a point in reading about most winners. Maybe the rare winner that has more money with good investments but most winners have little clue what to do with the winnings. People who are irresponsible with money now are just going to continue after a win. Responsibility isn't something that comes from a ticket.

Perhaps it would be instructive to compare people made sudden millions winning the lottery vs. people who made sudden millions by inheritance, selling their business, lawsuits etc. How do people who made big money in other ways handle it? Do they do substantially better than lottery winners?

I doubt anyone knows exactly what to do with $50 million right after they come into the money. You get advice and more experience as you go, like in any aspect of life. 

Twenty years ago I knew a guy who had been living in total poverty for a long time, and got a tax-free $50,000 from a settlement after being injured in a car crash that was the other guy's fault. I told him it was a great chance to pay for school or training for a real career, that he could set himself up good in life with it. Instead he bought a ridiculously expensive car, then went to England and partied and spent like a rock star and called me up 8 months later to ask he could borrow some money (I never asked for a cent when he got the money). The car was repossesed while he was in Europe.  Yeah, that sounds like a typical lottery winner who thinks lightning will strike twice and the gravy train will never stop.  It was a good experience for him because he got serious about money and career and realized he wasn't going to always get lucky in life. Today he is very successful.

I also know a guy who won MA Megabucks 20 years ago, and the first year was such a non-stop spending spree that he ended up calling his friends for loans to pay the bills when he found himself short of money before the second of 20 installments came.  Say what you will about annuities, if this guy had access to the cash he would have blown far more I'm sure. As it was, he found it a sobering and embarrassing position to be in and acted much more responsible after that.

So the 2 examples I know of did not get off to great starts with their sudden money, beyond living it up for several months. I'm sure I'll do better, right?  

 

 

 

 

 

SassysBaibeee's avatar - kiss

Well here's the thing... if the jackpot's big enough that you're going to get enough in the first year of annuities to get yourself a nice house, car, go on vacation, etc all the things that you want to do with that first surge (I'm thinking around a million or so) then it's a much better idea to do that. You lose 1/2 the money taking the lump sum (that doesn't take a brain surgeon Crazy)

But if not, then in our mind at least, hitting the lottery means all those things that are most important to you that you wouldn't have the chance to do otherwise on a regular basis. And there's no reason to go blow it all at once. Of course that's going to be a temptation, but the key should be to budget yourself like you would if you haven't won. And INVEST it!!!! We've got it worked out we can do everything we want to do, not just for us, but for the select members of our family that we choose to, with less than 1 million.

Hell! When we hit, I'm sure we'll still shop @ WAL*MART! Can't beat it, and we love the store. It just means that we can go on bigger shopping sprees and go to every nascar race on the schedule. And that's heaven as far as I'm concerned.

JAP69's avatar - scene sunovermountains.jpg

"When we went to pick it up, the cost of the truck was different from what we'd agreed on," Mrs. Fenner said. Things got heated and unpleasant, and they decided to buy the same vehicle from another dealer.

It figures. I woulda got heated alright.

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I thought it was a good read. We hear about all the things that go wrong, now we see some examples of what to do right. It's a funny thing, there are alot of people out there who will criticize whatever a person does or say they are flat out wrong but when asked what would have been the better or right thing, the critical one has no answers or even a guess. This article gives some good answers.

I run a lottery pool at work and if we ever do hit it big, I have some things I've suggested to the pool members, which are very similar to this article. They don't agree with all of them, but hopefully they'll take them under consideration if that day comes. The things I think we should do basically fall into 2 categories; keeping it quiet and being responsible with the money.

Under the first category, I suggest we reveal it to nobody. Doing things like simply keeping our mouths shut and using an attorney and blind trust to claim the prize will help with that.

Under the second category, get financial advisors to help with the investing/saving of the money. That will help in making sure we never have to worry about money again and will be able to do all the things we want to do with the money, such as not having to work, getting out of debt, providing for children/grandchildren's education, charitable contributions, and so on.

Another suggestion I have is to not go on an obvious spending spree not only because of the chance of wasting all the money, but if others see this, it will raise a red flag. Paying of debts and so forth and buying some modest items is fine, just don't make it too obvious.

In regards to work, I suggested we don't quit our jobs right away. I suggested we wait a few months until all the excitement dies down, then determine a selection method to select who will resign and when, then leave one at a time. All of us quitting at once right after a big jackpot for a ticket bought in our area will again, raise a red flag. After reading this article, it will also give us time to think about what we are going to do once we leave our jobs. One employee in our pool is eligible for retirement so it would be OK for her to quit right away under the guise that she is retiring. That wouldn't raise much suspicion.

I'd like to move after the big win, perhaps like one of the profiled people in the article did, to Nevada, which is far from almost everyone I know and has no state income tax. Other coworkers of mine don't want to move. Even just moving to another house in the same city would be a good idea I think, to keep away the curious.

My fellow pool members think I make valid points but they don't like my ideas on quitting work. They are all anxious to get out of here I guess. Once they have their money they can do what they want, but I hope they at least consider some of my suggestions. I just want to be able to live a happy life without having to worry about money and not have people hounding me all the time.   

Just my opinion.

PrisonerSix

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