No textNo textNo text

Fear of Winning

Avatar
jt1217

I am a very odd person.  I find the lives of lottery winners fascinating, but I really don't envy the tons of money they receive.  I actually fear the idea of having millions.  To me having that kind of money is a responsibility that I just don't want to deal with.  I have a great life now (albeit I am broke--not in an irresponsible way--I quit my job to finish my degree in Math Education, so lately things have been rough), but I am happy.  I have a great immediate family all around--spouse, kids, parents. However, I think money brings out the evil in people. I don't know how all lottery winners end up, but you do hear a lot of negative stories.  A relative of mine won a $2 million jackpot about 10 years ago, which they chose to take in the form of an annuity. A couple of years end to it, they took the remainder of the cash in a lump sum. At this point they are broke.  Imagine $2 million and being broke. I don't know about you, but they were going to get $50,000 a year for something like 20 years. They could have done so much, but again having tons of money does not make you smart enough to take care of it.  I tend to think that making $50,000 per year is great money (right now my husband and I are only living off of $56,000/year)

At this point in my life I would like to win a jackpot of $200,000 so I could pay off my debt and finish up my degree and my husband could finish his teaching degree--he will be teaching Physics and Chemistry.  Again, I have no desire to be rich otherwise I would not be going to school to be a teacher.  We are showing our girls how far hard work can get you.

Avatar
pacattack05

I've said this before and I will say this again and again.

Please feel free to send any amount that makes you feel really uncomfortable , or guilty, to the following address.......LOL

Come on...give me a break.

Down's avatar - Sphere animated2.gif
Down

well i think no one is really prepared for a lottery windfall, because people think that after they win the lottery all their problems are over, you can't just spend spend spend you have to be smart and really know what you are getting in to. i think this is a good topic, like i said before i don't think anyone is really prepared for a lottery windfall because no one realy expects to win the lottery. i would love to win the lottery, anyone would, but if you do win the lottery, you have to do what is right for you before you do what is right for your money or close friends and family. 

RJOh's avatar - chipmunk
RJOh

jt1217,

Ohio has the Rolling Cash5 which starts at $100K and has never rolled to $500K.  Sounds like your type of game, you'll never have to worry about being a millionaire if you win.  Good luck to you.

Avatar
pacattack05

well i think no one is really prepared for a lottery windfall, because people think that after they win the lottery all their problems are over, you can't just spend spend spend you have to be smart and really know what you are getting in to. i think this is a good topic, like i said before i don't think anyone is really prepared for a lottery windfall because no one realy expects to win the lottery. i would love to win the lottery, anyone would, but if you do win the lottery, you have to do what is right for you before you do what is right for your money or close friends and family. 

You're absolutely correct. Why the hell in the world would I want to have no bills. Why the heck would I want to go on living life not working , like a complete bum?.....

I play spanish...rock but doesen't pay any bills.....

The problems of not having money is the following.

Play better Spanish-Rock- Music.......LOL

Avatar
Chewie
Let me see if I understand what you are saying. You have children, are married, and you quit your job to obtain a degree in Mathematics. You, and your husband, currently make $56K annually, and have managed to get yourself into a debt of at least $200K; which, if you do not pay off, your children have to pay it off. Bankruptcy is no longer an option.

 

Yet you feel $50K a year is great; even though it is $6K less than what got you into that enormous debt. Ten years ago, some relative hit a $2M win and managed to waste the money. You, who have won nothing, are already almost a quarter million dollars in debt; and have little or no possibility of paying off without a lottery win. In reality, you are a heartbeat away from a welfare state. Me thinks, it is not the whole world full of lottery winners who cannot manage finances, it is actually your family who can’t handle money. $200K indebt, and your still gambling?

 

 

dvdiva's avatar - 8ball
dvdiva

After the IRS gets through with you even if you win 2-4 million you will feel a lot less rich.

Avatar
Chewie

After the IRS gets through with you even if you win 2-4 million you will feel a lot less rich.

Some one working towards a math degree would already know that. Hopefully.

Avatar
pacattack05

After the IRS gets through with you even if you win 2-4 million you will feel a lot less rich.

Forget the IRS. When life gets done with you, it has a field day.....

Rich??????

You can't take it with you........

The rotating planets and the such....

Where do I begin?

It's all clear now......

Very Clear.....

It's like a wakening up.......

So what if there is a hot star giving us skin cancer?

It's been glowing for 4 and half billion years....

Food for the flowers....Sunshine City......

If it 's good for plants and flowers then it must be good for us. I say!!!

Burn my skin why don't you?

Stars in the sky....what is their story?.....Why am I even being bombarded, with objects of thought?

Just think about this.

There is a hot round object, 93 million miles away that 's been going on for about 4 and a half billion years.

That's pretty deep in my book.

We are on a  floating planet....a rock....just floating in space and time....

Around a center....we follow...

That solar system rotates around in the milky way.

The Milky Way rotates simultaneously, with it's surrounding rotational up-grades.

The next step would be from the start.....LOL

sirbrad's avatar - Lottery-062.jpg
sirbrad

As I said before, money is merely a 'tool to prosperity and happiness' - not a prerequisite necessarily. If you had problems managing money before winning the lottery, chances are you will still have them afterwards. Even if you do hire a team of professionals, you need to be educated as well, and be able to keep an eye on them also. But I do believe all the tax problems would still not be nearly as bad as being broke all your life, and working everyday. I would rather have all that free time to do what I wanted to do, and work the way I wanted to work.

Sure there would be a huge 'cultural shock' value for awhile, but I could get used to it. For me, millions is not an open invitation to start blowing money mindlessly...but an invitation to start living life the way I would enjoy it the most.

four4me's avatar - gate1
four4me

If you did win the lottery and you wanted to you could set up all your accounts with a financial planner pay off all debts and live debt free for the rest of your life. I don't see what so odd or difficult about that. A financial planner could also set up your accounts so you could only spend so much each month. Any purchases above and or over the amount you specify would have to go through the planners approval. Of course since your a mathematician you do know that an interest bearing account could net you a great sum of money over the length of your lives.

If you don't feel satisfied that you can deal with a big win fall then don't play cause it just might be you that wins and you'll end up a nervious wreck. Spending it all on therapy to some doctor who will clean your account out so you woln't have to worry about it.

 

mt7895's avatar - kanji for_peace.jpg
mt7895

As I said before, money is merely a 'tool to prosperity and happiness' - not a prerequisite necessarily. If you had problems managing money before winning the lottery, chances are you will still have them afterwards. Even if you do hire a team of professionals, you need to be educated as well, and be able to keep an eye on them also. But I do believe all the tax problems would still not be nearly as bad as being broke all your life, and working everyday. I would rather have all that free time to do what I wanted to do, and work the way I wanted to work.

Sure there would be a huge 'cultural shock' value for awhile, but I could get used to it. For me, millions is not an open invitation to start blowing money mindlessly...but an invitation to start living life the way I would enjoy it the most.

I Agree!

Well said and so very true.

 

Thumbs Up 

Avatar
jt1217

For the person who said I was in bad financial shape, I will let you know that "not really".  I own a house and have two car payments--both cars will be paid off in three years--.  Granted I don't have millions, so really I have no "bragging rights"  but I am not a financial idiot.  We have 401k accounts and eventually we will have a lot in student loans--but really student loans are a fact of life for many Americans and the cost of educating ones self is often high.  I have no credit card debt, therefore for the most part we do not spend outside of our means. Do we take fancy vacations--no, most of what we do in life is free--other than the cost of gas.  I happen to think that is not a bad thing.  If I had $200k, we would pay off the cars and the house and would still have left overs to do some updates to our house.

I guess in most respects I do not want to live in fear that because I have an absurd amount of money that maybe my children would be threatend and that I could not live in peace each day.  I myself do not play the lottery, I have never bought a ticket, but I will not lie and say the thought has never crossed my mind. Especially on Thursday, when I am most burned out.  For me, I happen to enjoy working--I quit my job because the classes I needed were not offered at night, and I did not want to be away from my kids at night.  I go to school two full days per week and the remaining days I hang out with my kids. I do deliver some ads for extra cash and that goes directly to a college fund for my kids. 

Debzo's avatar - disney29
Debzo

I understand what you are saying, jt1217, and good luck to you.

I on the other hand, would not mind winning millions at all, could pay off my debt,

have all the things I wanted, help my family, and be set for the rest of my life.

To me that sounds great.

 

 

Debzo's avatar - disney29
Debzo

As I said before, money is merely a 'tool to prosperity and happiness' - not a prerequisite necessarily. If you had problems managing money before winning the lottery, chances are you will still have them afterwards. Even if you do hire a team of professionals, you need to be educated as well, and be able to keep an eye on them also. But I do believe all the tax problems would still not be nearly as bad as being broke all your life, and working everyday. I would rather have all that free time to do what I wanted to do, and work the way I wanted to work.

Sure there would be a huge 'cultural shock' value for awhile, but I could get used to it. For me, millions is not an open invitation to start blowing money mindlessly...but an invitation to start living life the way I would enjoy it the most.

sirbrad,

This is really a good post, and so very very true!

Log In

Log InCancel

Forgot your username?

Forgot your password?