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Started By
Message
re: $324 million California Lottery winner steps forward
Posted on 1/3/14 at 4:50 pm to stendulkar
Posted on 1/3/14 at 4:50 pm to stendulkar
quote:
Suggested reading for those who think their life is set just because they won the lottery:
Just because some idiots blow through it doesnt mean I would
1
Posted on 1/3/14 at 4:51 pm to TampaBayTiger
quote:
Especially those that think they can live off the principal for the rest of their life.
what da fun? If he continues the same lifestyle as before, he could never spend 100 miliion! The ones that go broke are the morons that listen to others and they think because they won the lottery it made them investment and business geniuses.
Posted on 1/3/14 at 4:53 pm to wish i was tebow
quote:
Just because some idiots blow through it doesnt mean I would
I suppose that's what they all say
Posted on 1/3/14 at 4:53 pm to GeeOH
Plus, I would be curious to see a breakdown by amount won.
Sure, I can believe some dip can party hard and go through five million with nothing to show for it but there's probably a point where even the dumbest of the dumb don't lose it all.
If that point exists, I'm guessing that a nine figure net worth is in the ballpark.
Sure, I can believe some dip can party hard and go through five million with nothing to show for it but there's probably a point where even the dumbest of the dumb don't lose it all.
If that point exists, I'm guessing that a nine figure net worth is in the ballpark.
Posted on 1/3/14 at 4:55 pm to Draconian Sanctions
quote:
After taxes that's like $100 million, you telling me he can't live off that???
Smartly - yes.
The way most lottery winners try to do it - no.
Most people aren't smart enough to pull a little off the top, then invest the majority of the money and give it time to earn interest before spending the interest.
Posted on 1/3/14 at 4:55 pm to TampaBayTiger
quote:
Especially those that think they can live off the principal for the rest of their life.
I could maintain my current lifestyle (which I would consider middle class) with $3 million for the next 50 years.
This guy is looking at $100 mill or so after taxes. You can easily live off that for the rest of your life.
Will he? I have no idea. But it's 100% plausible to think you could live off a few million for the rest of your life.
This post was edited on 1/3/14 at 4:56 pm
Posted on 1/3/14 at 4:57 pm to SouthOfSouth
quote:
You can play around with 60 million and just put 20 million in 30 year bonds at 3.9% and you are making 780,000 a year... I just don't understand how people just waste it all away.
I think very quickly these people decide they are not content to live a "normal" life, even if that be $780k a year. They live the $6M a year life, and poof, its gone.
Posted on 1/3/14 at 4:58 pm to TampaBayTiger
quote:
Something like 80% of lottery winners are broke and bankrupt within 5 years of winning.
That probably includes dudes who win $1.2 million and think they are suddenly Rockefellers. If you win $170 million you get a little more leeway.
Posted on 1/3/14 at 5:10 pm to Tigah in the ATL
quote:
yeah, because that extra 27,5 a year he makes driving a van would make a huge difference.
Yeah that is why I want him to continue to work - to make an extra $30K a year.
I am surprised so many folks here have zero clue of why changing your behavior so soon after winning a lottery blinded by the money is a bad idea.
There was an article not long ago where two lottery winners locked up their ticket in a bank locker for a year and went about their normal lives because they had heard about the bad decisions lottery winners make with their money. They took a year to decide what to do with their money and how to be smart with it. Although that might be overkill, you still shouldn't go and quit your job the next day. People need to take a breath, contact a financial advisor, and seek professional advice on what to do with such large sums of money.
Posted on 1/3/14 at 5:13 pm to stendulkar
quote:
Although that might be overkill, you still shouldn't go and quit your job the next day. People need to take a breath, contact a financial advisor, and seek professional advice on what to do with such large sums of money.
Well, to be fair, as long as you get the financial advice in short order, it doesn't really matter when you quit your job.
Now, I understand and even agree with the point that it's stupid to call your boss and quit with the explanation that you've just won 100 million dollars because, well, you probably would be well served to fly as far below the radar as possible but the manner in which he resigned isn't much of an indicator as to how he'll manage his money.
Posted on 1/3/14 at 5:14 pm to stendulkar
quote:
People need to take a breath, contact a financial advisor, and seek professional advice on what to do with such large sums of money.
Who says he didn't do that as well? You really think a financial advisor is going to sit down and tell him "for the love of God, whatever you do, don't give up your UPS route."
Posted on 1/3/14 at 5:16 pm to stendulkar
quote:
Although that might be overkill, you still shouldn't go and quit your job the next day. People need to take a breath, contact a financial advisor, and seek professional advice on what to do with such large sums of money.
I will do that when Im chillen at home not at work
This post was edited on 1/3/14 at 5:17 pm
Posted on 1/3/14 at 5:16 pm to Pilot Tiger
quote:apparently, the lives of the ultra-rich are consumed with kidnapping & fraud avoidance.
I would feel very uncomfortable with the world knowing I just came into that kind of money
Posted on 1/3/14 at 5:17 pm to stendulkar
quote:
Suggested reading for those who think their life is set just because they won the lottery:
The vast majority of those were tiny compared to what this guy just won. The only one in the ballpark was the guy from 2002.
quote:
This guy is probably going to lose all the money in less than 10 years. It has happened to a majority of the lottery winners.
I would guess that he is not going to.
Posted on 1/3/14 at 5:18 pm to Big Scrub TX
agree with the guys that say most won less money. and also these people arent the sharpest normally
Posted on 1/3/14 at 5:21 pm to wish i was tebow
And we already know that this guy was smart enough not to do the full on public appearance. Viets in California are stingy with money and stick together. He will be more than fine.
Posted on 1/3/14 at 5:31 pm to stendulkar
quote:Well using your logic, if you won the lottery, you would also lose all your winnings in 10 years, right?
This guy is probably going to lose all the money in less than 10 years. It has happened to a majority of the lottery winners
Posted on 1/3/14 at 5:46 pm to stendulkar
quote:
If history is any indication, it does not bode well that this guy quit his day job so soon after winning the lottery.
I would have went back to work and just WAITED for someone [above] me to screw with me. THEN say UP YOURS............
But serious.. I would still work for a while.. Gotta keep the routine going for a while anyway.
Posted on 1/3/14 at 5:52 pm to shel311
Nice try Shelley. A majority of the lottery winners lose their winnings because they are not smart. The way this guy quit his job and the general tone makes me think he is going down the same route. But if he took the past week to set his financial affairs in order and was just joking about calling his boss and quitting his job over the phone, good for him. He is set for life and will probably also secure his children's future.
Another thing that might be working in his favor is that he is Vietnamese. I've learned that those guys are really hard working and are very sincere from my engagements with them in the past at work and outside of work. So he might be fine after all.
Another thing that might be working in his favor is that he is Vietnamese. I've learned that those guys are really hard working and are very sincere from my engagements with them in the past at work and outside of work. So he might be fine after all.
Posted on 1/3/14 at 5:53 pm to dukke v
quote:
I would have went back to work and just WAITED for someone [above] me to screw with me. THEN say UP YOURS............
This is a good point. We can all say that we'll do the "smart" thing and go to work and keep up our cover for a few weeks but I'm guessing with 100 million plus getting put into the bank within a few weeks, anyone's tolerance for petty office politics will be at zero.
So, yeah, you'll go to work until the boss or a colleague so much as looks at you funny and then it's the double bird and dropping the mike and walking off stage.
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