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If and when you did win a jackpot...Would you ever finance anything ever again??

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Shelby Mustang

So you win a nice size jackpot. Let's say 100 million before taxes. do you see yourself ever financing anything ever again or would you just pay cash for everything there on out? Me personallly it depends on what it was and how big the part Im financing would be. I know there a billionaires who finance some particular purchases, so it doe happen, but would you do it? Why or why not?

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bigbear29

no, it's best just not to have any payments.  Ex. look at hollywood stars and sports stars that don't payout off their stuff.  You don't know what's going to happen in the future.  Buy it pay it off.

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jjtheprince

Not just no, but HELL NO!  Why make the banks richer & yourself poorer?

Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
Pita Maha

Even if I won 10 million before taxes, I'd not want to owe anyone anything.  Billionaires who finance probably get tax write-offs or use the debt in ways they can make more money.

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Toronto

Yes, even Warren Buffett uses leverage.

rcbbuckeye's avatar - Lottery-062.jpg
rcbbuckeye

Only same as cash finance. That way you are using someone else's money for free.

CDanaT's avatar - Nolz june15.jpg
CDanaT

If I was purchasing a new very expensive luxury auto and they offered interest free financing for 2-3-4 years ??

What ta heck...why not let my money grow interest and make the monthly payments. Only costing me a stamp a month if I mail the payments in.

Wink 

sully16's avatar - sharan
sully16
In response to rcbbuckeye

Thumbs Up

Coin Toss's avatar - shape barbed.jpg
Coin Toss

No. Why pay for something three times or more when you can buy it outright.

savagegoose's avatar - ProfilePho
savagegoose

i might lease a car to see if i like it. after all lease agreements include costs and maint. and a reg fee on lease is easier to baance  the books with.

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helpmewin's avatar - dandy
helpmewin
In response to Toronto

I Agree!

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Mattapan
In response to bigbear29

This confuses the hell out of me all the time. You see all the hollywood stars who've made money, yet you still hear about how their houses are facing foreclosure!? Are you kidding me? If you make a couple of million per film, you can't buy a home in cash? (i.e. nick cage). I would never finance if I don't have to. I try to pay everything in cash now as I hate using credit cards/debit cards.

Jon D's avatar - calotterylogo
Jon D
In response to Mattapan

The reason is:

Talented people are often not good with money.

That's why celebrities and athletes need financial people around to protect them, often from themselves. Many times this fails. They often try to live beyond their means, living a lifestyle far and above their level of income.

That's part of the reason for the economic mess we're still recovering from now, people living beyond their means, using financing for houses, education, etc, far and above their level of income.

Rich people don't do that. The rich are frugal and live within their means. And like Toronto said, they typically only use financing as leverage for economic or business benefit, NOT to buy something for themselves far beyond their means.

Many lottery winners are poor people and carry their bad habits of living beyond their means after a big win. That's why so many go broke in a few years, no matter how many millions they've won.

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mypiemaster

DEBT FREE...I like the way it sounds.

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KY Floyd

If I'm earning n% on an investment why on Earth would I withdraw it faster than necessary to pay for something I can finance for <n%?

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