$365 Million
Now THAT is filthy rich…
Actually, i am glad of heart to see a group of people won, versus just one person…
it spreads the wealth around a bit…Neal Boortz has a great piece about this lotto jackpot on his site- hits right on mark
Hopefully none of them will fritter it away and let it ruin their lives.
Posted by SouthernDoll
02/22/2006 at 03:19 PM
You are on the mark though, Skipper! (Not that that is unusual!
)
I would really be interested in what percentage of people that win sizable lotteries become bankrupt within a few years. We had a fairly highly publicized case of a woman here in the midwest. The details escape me, but it involved a several million dollar win and the woman was bankrupt within a very short time.
I was always given the advice that if I won the lottery to disconnect the phone, bar the door and get a good attorney to take over. Not that I would ever win, I decided since I would never bet on getting struck by lightning, that it was foolish to spend my money on something with worse odds.
This is turning into a mini rant, but it always makes me sad to see people spend $25-50 a month on lottery “because that is the only way they will ever be able to retire” when if that money had been saved and invested, they WOULD have been able to retire. Well, maybe it makes me more MAD than sad.....
You are truely a saint.
I strive to ever be the humanitarian. I’m only looking out for these poor souls.
BWAH-HAH-HAH-HAH-HA-HA-HA-HA .....
Best of luck to them all. I hope they invest well and never have to work again.
Posted by MAJ Mike
02/22/2006 at 05:11 PM
dpmock...that is sad...i am sorry to hear that
Money does not buy happiness, and that is a true understatement…
but, in the same breath...money can make life a bit easier, if managed wisely,and one keeps their wits about them.
i just wish these people the best of luck…
and....i concur with Beccayinn....change the phone number, change address or get security if needed, get a good financial advisor, a good tax attorney…
and hang on to your pantaloons and britches, because your life is going to change exponentiallyany problem with interpersonal relationships will suddenly become glaringly magnified.
Posted by SouthernDoll
02/22/2006 at 05:32 PM
I also joke about wealth being a curse, ”May God SMITE me with it!” But it is true that sudden $millions are not always a total blessing.
I will bet ... a sum to be named later, that in five years half of these guys will look back on this event like Meursault’s (in the novel “The Stranger") “Three sharp raps on the door of Misfortune”.
Posted by Oink
02/22/2006 at 08:45 PM
Congrats to the winners...........I buy the tickets on occasion - alas, never win......
Posted by Dottie
02/22/2006 at 10:19 PM
Oinkster! do you know i have a list of must read books i have gleaned from your comments alone?
i have ordered several, and now on my bedside table ( and the floor beside it...neatly stacked, of course!) have about a stack of 26...i am a voracious reader
no! all 26 are not from your list...but a good amount are
all hail to the King of Oink !!
Dottie: Megamillions which includes Georgia (where i am ) has their next drawing tomorrow night...for an estimated 203 million...people are going NUTS here buying tickets...and yes, I did buy 5, which is what i do when the jackpot hits a certain number....of course, it is all in vain....as my chances of winning are nil ha! of course , i always think how FUN it would be to win....daydreaming about such things in moderation is harmlessm and yes, if i win ...i will remember SOME of the people at BMEWS
Posted by SouthernDoll
02/22/2006 at 11:16 PM
We have a guy here in Milwaukee that won the first big state lottery a few years ago. Just a normal guy that liked to hang in his favorite bar with his friends. After he won it big, he starts giving away money and big ticket gifts to buddies and relatives. Now I heard that he’s on the lam from the IRS and the court for the crime of having no dime.
Money really doesn’t buy happiness, it just rents it.
Wish I could win the lottery just to prove everyone wrong.
Posted by MAJ Mike
02/23/2006 at 08:09 AM
Howard Hughes did a lot of good with his genius way of investing his $Gazillions, but personally he’d have been better off without them. He might have been forced to get help --or maybe he’s just have been another mumbling Crazy on the street ....
In any case, someone needed to squirt Thorazine down his throat with a turkey-baster.
Posted by Oink
02/23/2006 at 08:09 AM
Yep, they will all self-destruct in a few short years. If they take the lump-sum and split it 8 ways, that’s about 22 Million each after taxes. Most of those who strike the lottery have no end of trouble afterwards. Here is the proper and “smart” way to handle the situation.
1. Tell absolutely NO ONE that you just Won the Lottery!
2. Hire a lawyer you trust immediately!
3. Have the lawyer pick up the money without revealing your identity and force the Lotto Office to maintain confidentiality.
4. Start shopping for a financial adviser who knows what they are doing. Teresa Heinz Kerry doesn’t work, she invested her prior husbands portion of the Heinz fortune and more then doubled it in 10 years!
5. Keep your day job, or you will go batty trying to stay occupied all day long or you will go bonkers like the retired tend to do when they stop working. It will keep you busy enough so you don’t spend all your money entertaining yourself.
6. Carefully plan how you spend and invest the money.
7. Splurge a little, but don’t go buying a Ferrari or your neighbors will begin to suspect something.
8. Donate to your charities of choice, after all it’s tax deductible.If you are careful, you can have that money as a fantastic safety net. If you have kids, you won’t have to worry about paying for their education. You can travel and see the world via first class transportation and accommodations. Junp start your own business, etc. By carefully investing, you can ensure your families future. i.e. trust funds for the kids that they can’t touch until they are 25, etc. If you are “retired” and you don’t have to care for family then be my guest and go hog wild, life is short and you can’t take it with you! Remember, Nursing Homes will take all your money and property, spend it fast, then you end up on state care anyway and the level of care is just about the same minus the private room.
There was a story of a man who won big in the lotto and partied like there was no tomorrow, bought cars, houses, big screen TV’s, threw party after party, and gave big to his friends. When the money was gone in a few short years he committed suicide for being so stupid!
Me? I would tell no one following 1-8 with care. When I retire, it will be like a king in the Philippines with a mansion compound staffed by armed guards no where near the Muslims nor mountain side. The dollar to peso exchange rate alone is fantastic!
Posted by MJS
02/23/2006 at 10:10 AM
Happened in the city I live in, local paper paints a brighter picture though. 2 of the men who won still worked their graveyard shifts just because their bosses were good to them and they’d be left shorthanded otherwise. They seem to understand the need to invest and not just go out and buy everything shiny they can find. I know they’re gonna get used though, always happens. Either they let themselves get used or they get paranoid that people are only nice to them because they have money and hate everybody. If they do things right and escape the trap, then their kids will just fall in it.
There was a show on one of the Discovery-type channels recently about big lottery winners. Maybe it was a re-broadcast. I missed it. Did anyone see it?
Posted by Oink
02/23/2006 at 06:16 PM
MJS: You are dead-on in your advice. I was a Financial Advisor/Stockbroker/Whatever for over 15 years. Most people piss away their money in 2-3 years, whether lottery, life insurance, inheritance. Maybe the discipline of EARNING money helps in holding onto it?
Posted by Oink
02/23/2006 at 06:43 PM
Oink #19.......Not me - I received an inheritance 2 years ago from my aunt/godmother..........I am “save savvy” - I did spend some to take my wonderful trip to the Galapagos Islands in November of 2004 as I knew Aunt Sue would want me to enjoy it...........the rest is in the bank earning interest until I decide what I might like to do in the future..............am debt free except for my mortgage..........At this stage of my life, can do whatever I like & enjoy..............am currently looking into retiring, albeit part-time as I don’t think I would want to quit altogether right now - we shall see..........
Posted by Dottie
02/24/2006 at 11:13 PM
Dot: But it’s nice to know you are able to hand the Administration their job and a tube of KY Jelly, should they get on your bad side, huh? Your stage in life used to be called “sitting back and clipping the coupons”—named for the old Bearer Bonds where you redeemed your biannual dividend by cutting & mailing a coupon attached to the bottom. I’m happy for you that you got your share of your Ex’s net worth. Waaaay back when, at The Welfare Department, I saw the beginning of what came to be called The Displaced Homemaker. He got the cash & the New Cookie, she got Diddly-Squat & had no marketable skills other than in the Housekeeping & Food-Service Industries.
You sound like you know you shouldn’t be in a rush to pay off a low-interest mortgage. It’s tax deductible, and can give significant property tax reductions. You might also see if you’re eligible for a Senior’s Property Tax benefit—don’t be offended, I get one at age 62 plus a nifty “Disabled Vet” one. It pays (or saves) me to be a Gimp and an Old Crock.
You might also consider the possible benefits to you of having a Working Wife.
It’s called being a “Go Getter”: drive her to work in the morning and “Go Getter” in the afternoon. Works for me. luv, OINK
Posted by Oink
02/25/2006 at 07:24 AM
