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MTV True Life: I'm A New Millionaire

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Win$500Quick

MTV True Life: I'm A New Millionaire. This new episode is about two young men dealing with the pressures of becoming a new millionaire. One won $5.3 million winning second place at a poker tournament and the other one is a 18 year old from Brooklyn who won on a Win For Life scratch off.

On MTV right now.

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Candlelight777

Down $35,000 on poker...did i just hear that right...wow

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Candlelight777

The guy who won the cash for life has got his head screwed on straight. Going to school, investing and looking long term instead of on instant gratification. The other guy...i think he will be broke within 5 years. He makes his living playing poker and with only that to fall back on i see bad times ahead when luck is not in his favor. I certainly hope the best for him though.

Lottery winner stories are always interestingThumbs Up

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Shelby Mustang
In response to Win$500Quick

If you missed as I did it is on again THURS 9 JAN. 14 AT 12:04 p.m. Got it DVR'd

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psykomo
In response to Win$500Quick

W5Q:

MTV True Life: I'm A Freez'N My AssOff>>>>>>>>>>>>>>>>>>>>>>NDUSA!

This new episode is reality TV about 350,000,000>>>>>>people>>>>>>>>>>

eskimoe's R freezing 2 death NDUSA>>>>>>>>>>>>>>and>>>ALASKA222!!!!

On MTV right now..............NDUSA>>>>>Brooklyn. NY aunt no Miamia>>FL!

                                          DrumNo Pity!Drum 

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dallascowboyfan

Thanks WinThumbs Up

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MsNumberDreamer

I missed it Unhappy but it comes back on Thursday at noon!

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IPlayWeekly

I've got it on dvr, will watch it tomorrow

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IPlayWeekly

So I just finished the eposide, they both are smart... in their own way.  By the poker guy investing in another poker player that was a good move.  By the 18yr old going back to school and buying a multi family in a few years (and not right away) is an intelligent decision.  It would be interesting if MTV would do a follow up in 10yrs to see where they are.  I think we'll see them huge in a few years, both of them.

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kapla
In response to IPlayWeekly

Yea I am surprised we don't have a WHOLE new show that is just about 'Where are they now' episodes every week.  We have enough reality TV stars now that there should be plenty of people to pick from.

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Mattapan
In response to kapla

I agree 100%. Having a show about people who just hit the jackpot to me isn't that entertaining, because they're all the same, "I'm going to invest...., I'm going to give to charity..., I'm going to help out family..., etc, etc. I want to see a show based on where the winners are 5 to 10 years AFTER their big win. It would be interesting to see how they turned out. The shows that are out now don't seem to focus to much on what happened to the winners long after their win.

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Toronto

I don't think any of the guys will go broke based on what I watched.

Over the long run (a large sample), poker is a skill.  The poker player will always be able to have income coming in because he has developed those abilities. He makes some impulsive purchases...the desire for the island is completely frivolous. Throughout, though, you could tell he understood the money wasn't infinite and his spending had to come back in line to his earnings.

The cash for life lottery winner is smart in that he's getting a degree that will set him up in a secure field. Otherwise, beside investment income he'd count on, he would have no talent to bring in money if it disappeared tomorrow. I think he's more likely to lose it than the poker player. Despite his admirable vision of growing the windfall, you can tell he doesn't have the wisdom or intelligent people surrounding him to make the best decisions. All it takes is a smooth talking person that has gained his trust to put him in a money-losing investment.

I recall the final dinner scene when he says, "a guy" is helping him with the down payment - he's so eager to get started that he's taking a loan on what should be equity on a property - that's a total of 100% loan-to-home value plus fees. Given the risk that the mortgage lender is taking knowing he's using a loan to cover equity, I can guarantee they are not giving him a favorable rate and terms.If either loan is floating rate, there is risk that they rental payments will not cover the mortgage payments in the future. Further, I looked up Franklin Settlements and found barely any information, couldn't find the guy featured on the show, and saw some blogs that were created just to advertise this company - at least he had the intuition to not do the deal with this sleezy salesman, who spent the entire dinner meeting playing on the dreams rather than speaking honestly.

It's clear the average person is too easily swayed by what people say about their goals than the numbers. That's why it's imperative to hire respected advisors after a windfall. I'd even go as far as saying, it's better to spend money on the costlier, but bigger and more established advisory, law, and accountant firms - ones that are globally known/ranked.

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whiteballz

here is the full episode you can watch for free but you have to watch commercials.

http://www.mtv.com/videos/true-life-im-a-new-millionaire/1720062/playlist.jhtml#series=2211&seriesId=5232&channelId=1

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Shelby Mustang

Yeah I DVR'd it today and just finished watching it. I dont think either of them are smart, I'd say impulsive is more like it. The poker player who is playing poker and not winning but he seems more lucky than anything. He blows the budget on his house but gets lucky because he bought a share in another player who won higher in the tournament. Soon or later his lucks gonna run out. the 18 y.o. who was so hot to buy an investment property that he wanted to sell some of payments, I was so glad he didnt do it, he woulda had to sell more than 10 payments to get that money..Thant's crazy, him going to school and getting an engineering degree is his best investment

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lejardin
In response to whiteballz

I guess I messed up the time and missed it again.  Maybe it will play again.  The link posted here cant find the video. Oh well.

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