What if you won the lotto? How to survive?

mneedham said:
I think there have been a couple of British studies that followed the winners of jackpots to see how they made out. I think a lot of those folks wound up burning the cash and were ultimately unhappy. I think accumulating wealth through your own efforts is a better deal for "survival" purposes (its a more gradual process). I grew up pretty poor, and over the last 10 years have built a couple of reasonably successful businesses. At the end of the day I can buy pretty much what I want, but now I have less time for my family, fishing, camping, friends, etc... I was happy as a poor kid (albeit a little hungry sometimes), and as an adult I've always considered myself to be the luckiest man I know, so I don't how much influence money has on happiness... The cliches that we all hear about money are substantially true in my estimation....
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I have read dozens to hundreds of "lottery winners go broke" truisms and never found a single actual case, let alone a majority of cases.

I look at this thread and I see a lot of people talking about keeping their jobs. The thing is, managing money at that level is a job, and if you consider yourself duty bound to provide as best you can for your family and have this level of means, managing the money is your job. You may need some education. some lawyers, a new computer, whatever.
 
Talfuchre said:
Okay - let's imagine this scenario. Your brother just won 10 million dollars - you, then happen to have a house fire the day after your insurance lapsed.

You WOULDN'T think to call your brother? You don't think EVERY friend that has come on hard times or needs some money hasn't thought to call your brother too?

Before the lotto - your brother could offer you some help and you would be greatful - now - he has the means to help you - and one part of you is going to think he should.

If he did NOT help you, because everyone has been hitting him up and he is sick of it - you don't think that it wouldn't change your thoughts about your brother?

TF
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nope. aside from my overall strained family relations on one side, I don't expect that. Dead honest. I'm also avoiding being put in a situation like that by tying my OWN hands with the trust arrangements.
 
I'll give you a hint.
[youtube]IqdtzJvliMk[/youtube]
 
I would invest 9.5mill so the money would start working for me. The rest of the money i would use to travel across the USA then go across the big pond and visit our friends over there. Go as many places and see as many sights as i can before i die. Buy a HUGE warehouse where i can store everything i buy or find in my travels. On my way i would stop with some of you folks and have join you on some of the hikes. That you all of you post pics of. Buy a small sail boat to sail up the coast to Alaska. Give it as a present to some kid up there and ride a motorcycle back south.. Yes thats what i would do. Then when i cant walk no more i should have enough money to live the good life and enjoy all of my treasures i found in my travels..

Sasha
 
Make my parents (In-Law), Brothers/Sisters (In-Law), debt free. One time love from the Lotto.

Establish a $1M trust in the names of each of my children.

Invest 2/3 of the remainder in ultrasafe securities/blue chip/Treasury etc...living on the interest and never touching the principle. Maximizing my tax benefits to preserve my wealth so I can pass it on to my children and become what the chinese call an "ancestor".

With the balance buy a nicer place back home outside Bandera, TX...ranch of some sort...nothing in particular on it except game...maybe do guided deer/pig hunts. Travel with my old lady. Provide the best education I could get for my children. Refuse to buy them a car at the age of 16 and make them get a job just like I did. Send them to college.

Annually provide a check to a couple of my favority charities.

That should keep me busy.

Oh yeah...and have the finest blade collection in Texas, hehe.
 
Talfuchre said:
Okay - let's imagine this scenario. Your brother just won 10 million dollars - you, then happen to have a house fire the day after your insurance lapsed.

You WOULDN'T think to call your brother? You don't think EVERY friend that has come on hard times or needs some money hasn't thought to call your brother too?

Before the lotto - your brother could offer you some help and you would be greatful - now - he has the means to help you - and one part of you is going to think he should.

If he did NOT help you, because everyone has been hitting him up and he is sick of it - you don't think that it wouldn't change your thoughts about your brother?

TF
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I wouldn't have to call my brother, just as he wouldn't have to call and ask me for money. I hit a hard time a while back and was in danger of some serious legal issues, my brother covered me. I have loaned him money, time, cars, etc for years. We have an understanding: we are FAMILY.
 
Talfuchre said:
It is a matter of public record - you would have to change your name - go all incognito and stuff - like Doc Canada.

TF
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Funny you should say that, because that's exactly what I di............I mean, that's exactly what I'd do. :thumbup:

Doc
 
I agree Koyote, but I think that is the point of your trust - just like mine. If the money is there -but not yours - it can't come between you and your family.

TF
 
i would have a house on the water at lake fork texas with a bass boat in the slip and I don't care about the rest
 
koyote said:
I have read dozens to hundreds of "lottery winners go broke" truisms and never found a single actual case, let alone a majority of cases.

I look at this thread and I see a lot of people talking about keeping their jobs. The thing is, managing money at that level is a job, and if you consider yourself duty bound to provide as best you can for your family and have this level of means, managing the money is your job. You may need some education. some lawyers, a new computer, whatever.
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I can't say that I ever studied the phenomena closely, I saw a snippet about the British "study" on television. I do have a cousin in Bavaria who won the equivalent of a couple million $ in a lottery. Before winning, he was a happy drunk with no money, now he is a happy drunk with a big house (and a recording studio in the basement) and no money. But he's no worse for it, so who knows.... I'm also not sure that WS&S is fully representative of our culture, a lot of the folks here strike me as being pretty grounded.. but I do believe that it is better to accumulate wealth slowly, and through your own doing. As you indicated, money requires management and responsibility...

One of my business partners has a friend in the South who is extremely wealthy, people often ask him how he made his fortune, he responds "I did it the hard way, I was born to money! Do you realize how difficult that is? Because after all, any fool can go out and make money, but you try being born to it..."
 
I would have a huge week long party of sex, drugs, and rock'n'roll.

Or

Get a decent piece of land/house 1-2mil
invest some 4 mil
start a business 3mil
Miscellaneous stuff with the rest(car, toys, travel, family, friends, etc) 1-2 mil
 
koyote said:
I have read dozens to hundreds of "lottery winners go broke" truisms and never found a single actual case, let alone a majority of cases.

I look at this thread and I see a lot of people talking about keeping their jobs. The thing is, managing money at that level is a job, and if you consider yourself duty bound to provide as best you can for your family and have this level of means, managing the money is your job. You may need some education. some lawyers, a new computer, whatever.
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Here you go Koyote:

Top ten sucky things that have happened:

http://www.content4reprint.com/recreation-and-leisure/top-10-lottery-horror-stories.htm

Here is another one:

http://www.helium.com/items/844411-a-look-at-famous-lottery-winners

The numbers are terrible.

TF
 
First, I would hire some sort of highly competent financial consultant because I am a financial ignoramus. I assume a trust would be set up and conservative investments made.

First, I'd pay off debts, of course. I have just my father for family outside of my household, and he is getting a little older now so I'd want to make sure he is taken care of and comfortable. Some of my in-laws might be a problem though, as far as holding their hands out. . .

I'd make sure my daughter is set up for college, wedding, etc. I'd also engage in some form of philanthropy, but I'm not sure what.

I like where I live, but I'd love to add a well-appointed barn/shop/man-cave, and also buy the undeveloped, woodland adjoining my property. There'd be some toys and some travel, of course.
 
I would most likely NOT let it be known that I won and I would definitely have my family members sign an agreement stating that if they open their traps about my winning they forfeit what I gave them.

I would by up as much land as I could manage on my own and build a home on it. I would travel and have money set aside for my kids for college. I would keep working as a firefighter because it's a great feeling knowing you can just retire whenever you want.

I would also donate a portion of my winnings to several different charities.

And of course...I'd buy a crap load of new knives and run a knife contest everyday on BFC. :D
 
very simialr perception. i would first off pay off my parents and immediate families debts. buy my parets a house! invest at least 2 mil, set aside for kids college, buy a moderate center console bay boat and give the rest to church and charity!
 
Talfuchre said:
Okay - let's imagine this scenario. Your brother just won 10 million dollars - you, then happen to have a house fire the day after your insurance lapsed.

You WOULDN'T think to call your brother? You don't think EVERY friend that has come on hard times or needs some money hasn't thought to call your brother too?

Before the lotto - your brother could offer you some help and you would be greatful - now - he has the means to help you - and one part of you is going to think he should.

If he did NOT help you, because everyone has been hitting him up and he is sick of it - you don't think that it wouldn't change your thoughts about your brother?

TF
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I don't think so.

I also find it strange with all the people who would pay of some relatives house :confused:
I really don't think that would work here, I would be pretty pissed if some one tried to pay of my house.
And I think it would be a pretty fast way, to get an angry mob of relative, screaming at me and throwing money in my face.
 
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Cpl Punishment said:
Well, right now, I have no friends to speak of (I'm strict with my definition of "friend". What most people call friends, I call acquaintances), and only my father for family. So, no, I don't think it'd change anything much.

I'd buy my dad a house where he's been wanting to go for some time now. The house and utilities would be in my name, so the bills, taxes, etc would come to me. He'd like like a high hog on his retirement then.

I'd buy a big spread of land in Montana (to keep people away), and put a small log house on it, and a big log workshop. The holdings would be in a holding company's name. Then I'd work -- on things I want to do. There's some things I'd contribute to, I'd just set up accounts with a good dividend payout and just have the checks go to them.

I'd fence in about 2 acres around my house, so it doesn't look like I own the whole spread. I have no problem with not answering my phone for people I don't know, so gold diggers can piss off.

Then I'd just do my work, sell my products, and probably raise some dogs (not a full-on breeder, but I'd have more than one). And then just enjoy life.
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Sounds about the same with me. I'd like the above. Well put. I am comfortable with myself now. I've been dirt poor growing up and I have what I want now. I keep my life simple and enjoy the day. I enjoy my work as a neonatal respiratory therapist 3 days a week. I would cut the shifts from 12 hrs to 8 if they would even let me work. Some places don't want you there because of the sue factor. I have adopted my grandchildren and it would be nice to have some college funds set up for them. I walked away from my family a long time ago. The only time I hear from them is when they want something. They are still fighting over property near Taos, New Mexico that should have been mine. I just walked away from it. Don't think I would change much. Would like to take a year off and slowly travel this great country. I like to make things and I would have more time to explore different crafts.
 
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