21 lottery winners who blew it all

Lottery winners are such morons. If I won the damn lottery, I would pay off all of my debts, buy a new car, and place the rest of it in savings and investments. Of course, I'm probably not ever going to win.
 
Threedee said:
Lottery winners are such morons. If I won the damn lottery, I would pay off all of my debts, buy a new car, and place the rest of it in savings and investments. Of course, I'm probably not ever going to win.
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Assuming the winnings were in the 7 to 8 figure range the first thing I would do is hire a CPA, A lawyer, a financial adviser and an auditing firm to keep an eye on the CPA, Lawyer and Financial advisor. Assuming the winnings were enough to permit me to quit my job I would then proceed to obtain an education in finance.

Winning or earning a huge amount of money can crush a person who is not prepared to manage it. That is why a significant number of lottery winners, pro-athletes and celebrities lose their fortunes.
 
Mott the Hoople said:
Assuming the winnings were in the 7 to 8 figure range the first thing I would do is hire a CPA, A lawyer, a financial adviser and an auditing firm to keep an eye on the CPA, Lawyer and Financial advisor. Assuming the winnings were enough to permit me to quit my job I would then proceed to obtain an education in finance.

Winning or earning a huge amount of money can crush a person who is not prepared to manage it. That is why a significant number of lottery winners, pro-athletes and celebrities lose their fortunes.
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It is the same for those that inherit money. Many times they simply don't have an appreciation for the dollar, because it wasn't earned through hard work. In other cases, the person never had 'that much money' and the number seems so big that they don't believe they can ever spend it all.

Then you have the morons who go out and buy a 700k piece of jewelry. Because they are fucking idiots.
 
I'd buy a 120 lbs solid gold chair to sit in at work. As a sign of my status and lot in life.
 
Superfreak said:
It is the same for those that inherit money. Many times they simply don't have an appreciation for the dollar, because it wasn't earned through hard work. In other cases, the person never had 'that much money' and the number seems so big that they don't believe they can ever spend it all.

Then you have the morons who go out and buy a 700k piece of jewelry. Because they are fucking idiots.
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Yea a guy I went to high school with had parents who owned a small business and had a significant net worth and a decent life insurance policy. When he was 19 they were killed in an automobile accident. He was their only child and inherited around $1 million. He blew threw that in about two years of partying. Some people were never intended to be rich.

I'm probably going to play the powerball this weekend cause like who can resist...but the actual thought of winning that much money is really kind of scary. Any intelligent person would understand that from then on a large part of your life will be consumed by managing that money. Those who don't....will get crushed by it or lose it fairly quickly.

If I won I'd probably go on a small spending spree but probably within my modest middle class frame of reference but my first impulse would be to stash it someplace safe until I can get my self up to speed on managing that kind of money. With this kind of money I'd probably make some charitable contributions. Probably endowments to some educational institutions in my will. Don't really know what I'd do from there.

I read an interesting article recently, I'll see if I can find it, but the theme of the article was that money could only buy happiness up to around $75,000 a year and that above that the money became a concern in regards to managing it.
 
Mott the Hoople said:
Yea a guy I went to high school with had parents who owned a small business and had a significant net worth and a decent life insurance policy. When he was 19 they were killed in an automobile accident. He was their only child and inherited around $1 million. He blew threw that in about two years of partying. Some people were never intended to be rich.

I'm probably going to play the powerball this weekend cause like who can resist...but the actual thought of winning that much money is really kind of scary. Any intelligent person would understand that from then on a large part of your life will be consumed by managing that money. Those who don't....will get crushed by it or lose it fairly quickly.

If I won I'd probably go on a small spending spree but probably within my modest middle class frame of reference but my first impulse would be to stash it someplace safe until I can get my self up to speed on managing that kind of money. With this kind of money I'd probably make some charitable contributions. Probably endowments to some educational institutions in my will. Don't really know what I'd do from there.

I read an interesting article recently, I'll see if I can find it, but the theme of the article was that money could only buy happiness up to around $75,000 a year and that above that the money became a concern in regards to managing it.
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you wouldn't have to be consumed by it. Investing in treasuries or ultra conservative investments like that would produce an income stream you could never outlive. If you decided to live off just the income... you would have a very nice lifestyle. Take a few million to buy the home/cars etc... then invest the rest in treasuries and the like and be done.
 
Superfreak said:
you wouldn't have to be consumed by it. Investing in treasuries or ultra conservative investments like that would produce an income stream you could never outlive. If you decided to live off just the income... you would have a very nice lifestyle. Take a few million to buy the home/cars etc... then invest the rest in treasuries and the like and be done.
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I wouldn't buy any horses. That's for sure. Those hay burners are worse than cars!
 
Superfreak said:
you wouldn't have to be consumed by it. Investing in treasuries or ultra conservative investments like that would produce an income stream you could never outlive. If you decided to live off just the income... you would have a very nice lifestyle. Take a few million to buy the home/cars etc... then invest the rest in treasuries and the like and be done.
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True. If you invested $100 million in a conservative investment with an annual 3% ROI you'd still be earning $3 mill/year without touching the principle.
 
Superfreak said:
It is the same for those that inherit money. Many times they simply don't have an appreciation for the dollar, because it wasn't earned through hard work. In other cases, the person never had 'that much money' and the number seems so big that they don't believe they can ever spend it all.

Then you have the morons who go out and buy a 700k piece of jewelry. Because they are fucking idiots.
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a least you could resale that
 
Hulagu Khan said:
I'd buy a 120 lbs solid gold chair to sit in at work. As a sign of my status and lot in life.
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That would set you back a little over $2.1 million at todays gold prices. Better get some silk pillows to go with it. Would you hire some eunuch's to fan you or buy some slave girls? I know air conditioning would work but that's rather gauche, right?
 
Mott the Hoople said:
That would set you back a little over $2.1 million at todays gold prices. Better get some silk pillows to go with it. Would you hire some eunuch's to fan you or buy some slave girls? I know air conditioning would work but that's rather gauche, right?
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No, just the solid gold chair. That's probably the only luxury (guns are a necessity before you ask) that I'd buy. Boats are too much maintenance.
 
Mott the Hoople said:
Yea a guy I went to high school with had parents who owned a small business and had a significant net worth and a decent life insurance policy. When he was 19 they were killed in an automobile accident. He was their only child and inherited around $1 million. He blew threw that in about two years of partying. Some people were never intended to be rich.

I'm probably going to play the powerball this weekend cause like who can resist...but the actual thought of winning that much money is really kind of scary. Any intelligent person would understand that from then on a large part of your life will be consumed by managing that money. Those who don't....will get crushed by it or lose it fairly quickly.

If I won I'd probably go on a small spending spree but probably within my modest middle class frame of reference but my first impulse would be to stash it someplace safe until I can get my self up to speed on managing that kind of money. With this kind of money I'd probably make some charitable contributions. Probably endowments to some educational institutions in my will. Don't really know what I'd do from there.

I read an interesting article recently, I'll see if I can find it, but the theme of the article was that money could only buy happiness up to around $75,000 a year and that above that the money became a concern in regards to managing it.
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I would definitely share my good fortune with my family members.
Each adult would receive a set amount and everyone under 18 would have a trust fund; but there would be oversight, to avoid wasting it away.

Then I would want to give back to my community.
Some kind of expanded homeless shelter, with a food kitchen.
Services for our Homeless and Wounded vets.
But with the idea of a Hand Up and not a Hand Out.

I've got other projects in mind also.

But outside of a few luxuries, my lifestyle probably wouldn't change much.
My overall goal would be for this windfall to grow and be able to provide future generations; which of courst to liberals, this is evil and must be taxed to ruination.
 
I guess it's called the rat race for a reason. You hear people say if I made a little more money I wouldn't have financial problems but when that person makes more money they want a better car or bigger house etc. and they are basically in the same financial struggle to meet all their bills.
 
cawacko said:
I guess it's called the rat race for a reason. You hear people say if I made a little more money I wouldn't have financial problems but when that person makes more money they want a better car or bigger house etc. and they are basically in the same financial struggle to meet all their bills.
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Well as Pearl Baily once said "I've been poor and I've been rich...I'd rather be rich." :)
 
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