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re: Powerball is back up to $1 billion annuity ($433.1 million cash) drawing tonight

Posted on 8/12/26 at 11:20 am to
Posted by Dire Wolf
bawcomville
Member since Sep 2008
40746 posts
Posted on 8/12/26 at 11:20 am to
quote:

Yep. He said “if you’re that good at managing money then you’d have it already.”


Well cubes I’ll take my shot at it
Posted by Tiger Prawn
Member since Dec 2016
26271 posts
Posted on 8/12/26 at 11:22 am to
quote:

I think in theory that sounds like an amazing idea, it's just fighting the "I'm rich!" mentality and spending high and blowing large chunks of it before it can make you passive income. That $10 million private island, $5 million yacht, $5 million jet, $2 million helicopter...all sound pretty good


I'd have no problem budgeting when the monthly budget is like $600K

Only big chunks I'd take out up front would be maybe around $10M for a house on the water and a few toys like a new truck, inshore boat, offshore boat, etc. I don't need to spend 10's of millions buying houses all over the place. Easier to just rent when I feel like traveling as opposed to buying and then having all the upkeep and maintenance on properties I might only spend a few weeks a year at.
Posted by Sun God
Member since Jul 2009
52734 posts
Posted on 8/12/26 at 11:24 am to
Why did they add coconut
Posted by F1y0n7h3W4LL
Below I-10
Member since Jul 2019
4487 posts
Posted on 8/12/26 at 11:24 am to
quote:

Just the upkeep, HOA, and taxes on the houses is a high bill that goes on indefinitely.

But if I own the HOA.....
Posted by Sun God
Member since Jul 2009
52734 posts
Posted on 8/12/26 at 11:26 am to
Had a blast with him and super chef Bobby Flay on the Bonita run
Posted by biglego
San Francisco
Member since Nov 2007
85438 posts
Posted on 8/12/26 at 11:26 am to
quote:

its like you have little concept of how interest works


It’s like you have little concept of the numerous lotto winners who have blown their fortunes. You’ve never had to deal with such temptation so you have no idea how hard it would be to curate your windfall.
Posted by Sun God
Member since Jul 2009
52734 posts
Posted on 8/12/26 at 11:28 am to
It’s like you have little concept of the average lotto winner

Somewhat related but I love the injury lawyer commercials where they got $200 grand and act like they’re set for life
Posted by prplhze2000
Parts Unknown
Member since Jan 2007
58766 posts
Posted on 8/12/26 at 11:30 am to
I'd go for the annuity. More money for heirs in the end.
Posted by Salviati
Member since Apr 2006
7943 posts
Posted on 8/12/26 at 11:33 am to
quote:

My wife thinks I’m dumb for buying a ticket each drawing. One ticket a few times a week is not going to break us but if I ever win, I’m trading her in.
If you had invested $3 per week into QQQ over the past 20 years, your portfolio would be worth approximately $17,175 today.
Posted by oldtrucker
Marianna, Fl
Member since Apr 2013
3845 posts
Posted on 8/12/26 at 11:33 am to
If I win I'm buying everyone on TD a beer. Yep one beer for everyone on TD, one beer
Posted by jchamil
Member since Nov 2009
19874 posts
Posted on 8/12/26 at 11:35 am to
quote:

It’s like you have little concept of the numerous lotto winners who have blown their fortunes.


Most of those most likely won a few hundred thousand to a few million
Posted by Sun God
Member since Jul 2009
52734 posts
Posted on 8/12/26 at 11:39 am to
I’ll take a bourbon county stout
Posted by Dire Wolf
bawcomville
Member since Sep 2008
40746 posts
Posted on 8/12/26 at 11:45 am to
quote:

Most of those most likely won a few hundred thousand to a few million


One of the few times I was engaged at LSU was for business law

We spent a week discussing lottery winning cases

One that was interesting was a business man in I believe West Virginia. Owned a few car dealerships. Was well off prior to winning then went broke. Won like 70mil in the 90s

His problem wasn’t necessarily that he was bad with money but that he was pillar of the community and couldn’t help himself from donating to every sad sack that knocked on his door.

He spun it as a discussion like what happens if the company you own shares out cashes out big and you need to suddenly manage wealth that you didn’t have before but really he just wanted to talk about the lotto


We also talked about when it was ok to shoot someone.

I don’t remember any of the actual business legal stuff
Posted by lsu777
Lake Charles
Member since Jan 2004
38621 posts
Posted on 8/12/26 at 12:02 pm to
quote:

It’s like you have little concept of the numerous lotto winners who have blown their fortunes. You’ve never had to deal with such temptation so you have no idea how hard it would be to curate your windfall.


oh yea thats it

there has been 1 winner of 100+ million take home that went broke

he was the multi millionaire Dire Wolf was talking about I believe. he was worth roughly 17 million from construction before he won the ~315 milion jack post (~113.5m after taxes) in 2002 in WV.


want to know why he went fricking broke

1) donated 15 million to local churches within a week of getting the money. (tithe)

2) immediately setup a foundation in his name to help the poor and gave another 15 million to it

so right off the top, over 1/4 of his winnings were gone for being a dumb frick and giving away 30 million

then he started being a fricking jackass even further with the money

1) gave the clerk who sold him the ticket ~50k,


then he decided he should go on a fricking alcohol and cocaine multi year bender where he was robbed coming out of a strip club for half a million in cash and then again for 200k in cash less than a year later(who the frick has money like that in your car at a strip club??!!!)

and why the frick would someone worth 100+ million go to a damn strip club? especially as an older married man?


then instead of retiring he tried to keep running the construction business....well being in WV he was a target and got sued dozen times where he spent millions trying to win each case

essentially he blew all the money within 5 years because he was a fricking idiot.

1) I'm not an inbred dumbass from WVU
2) i wouldn't carry hundreds of thousands on me
3) i don't go to strip clubs
4) i don't use bugger suga nor do I shoot up heroin
5) I'm not a complete idiot with money


so yea I think i can handle such temptation and be perfectly fine



Posted by madamsquirrel
The big somewhere out there
Member since Jul 2009
56539 posts
Posted on 8/12/26 at 12:13 pm to
quote:

could just continue to live a quiet life
we would be officially retired and at all of the grandchildrens ball games effective immediately
Posted by fightin tigers
Downtown Prairieville
Member since Mar 2008
79683 posts
Posted on 8/12/26 at 12:20 pm to
quote:

Yep. He said “if you’re that good at managing money then you’d have it already.”


Another of his points were that if your goal is to secure generational wealth for your family you have easily done so with the return rate on winning the Powerball.

You don't have the contacts or vetting skills that come with trying to place that money and grow it at a guaranteed faster rate. You'll waste years of you life managing and meeting instead of living your life.

Also you will likely be getting a yearly annuity that will be returning you more money than you could ever spend and still offers the ability to grow your wealth.
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