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(KZBB Fort Worth)   Ah, the irony of spending money to conduct a silly study to find that most lottery winners blow their money and end up bankrupt. Brilliant, guys   (kzbb.com) divider line 128
    More: Ironic, account of profits, bankruptcy  
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5686 clicks; posted to Main » on 24 Jun 2013 at 1:34 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-23 11:42:40 PM  
"satifactorily"--that's some good spelling there Lou
 
2013-06-24 12:19:59 AM  

plushpuppy: "satifactorily"--that's some good spelling there Lou


seems cormulent to me
 
2013-06-24 12:23:39 AM  
Don't most of them die the next day?
 
2013-06-24 12:35:13 AM  

The Beatings Will Continue Until Morale Improves: Don't most of them die the next day?


Usually from a lightning strike.
 
2013-06-24 12:44:35 AM  

SpikeStrip: plushpuppy: "satifactorily"--that's some good spelling there Lou

seems cormulent to me


+1, good troll.
 
2013-06-24 01:47:10 AM  
I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.
 
2013-06-24 01:49:36 AM  

AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.


People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

/and doesn't your second opinion invalidate your first opinion?
 
2013-06-24 01:50:14 AM  
I guarantee I would not end up bankrupt. As long as I had $100,000 yearly for life, plus another two million  set aside for medical expenses (no job = no health insurance) and legal costs (I did not know I had a destitute third cousin in Indianapolis), I'd be fine.

Beyond that, charities, schools and foundations would benefit greatly from my generosity.
 
2013-06-24 01:50:21 AM  
Croft says most
people aren't equipped, far less taught,
how to handle millions and millions of dollars.
img521.imageshack.us
 
2013-06-24 01:57:46 AM  
I was born a poor black child...

img.fark.net
 
2013-06-24 01:58:13 AM  

gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?


This.

I've decided that if I ever suddenly become filthy rich, I'm going to seek the advice of an expert when it comes to investing and managing my money.  Sure, it would be tempting to gorge myself on hookers and blow until I used up all my fortune, but I'd rather be able to live comfortably for the rest of my life without ever having to work again.
 
2013-06-24 02:06:54 AM  

gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

/and doesn't your second opinion invalidate your first opinion?


And you're clearly quite bad at reading comprehesion...
 
2013-06-24 02:06:57 AM  
That is like soooooooooo ironic
 
2013-06-24 02:10:03 AM  

gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

/and doesn't your second opinion invalidate your first opinion?


Answer to the second question is "no".

My second opinion takes your comment into account - the pool of folks who play the lottery are worse with money than the pool of people who don't play the lottery.

And yet  . . .  I'm not buying the 'most of them go bankrupt' argument.  (1) Quoted statistics vary wildly, from 2% to 30% to 70%; (2) What constitutes a lottery'winner'?  Every winner over a million?  Over $100,000?  $5 on a scratch ticket?; (3) Where do they the researchers get their data?  Not from the lotteries, which don't release such information.
 
2013-06-24 02:10:37 AM  
you can't take it with you when you go. or you could but you couldn't spend it.
 
2013-06-24 02:16:13 AM  
meh. Money only works when it's being circulated.
 
2013-06-24 02:21:01 AM  

KrispyKritter: you can't take it with you when you go. or you could but you couldn't spend it.


That's another idea. In my will I'd specify that I be buried with $10,000 cash.

Someday I'd make some archaeologist very puzzled.
 
2013-06-24 02:22:55 AM  

darkjezter: gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

This.

I've decided that if I ever suddenly become filthy rich, I'm going to seek the advice of an expert when it comes to investing and managing my money.  Sure, it would be tempting to gorge myself on hookers and blow until I used up all my fortune, but I'd rather be able to live comfortably for the rest of my life without ever having to work again.


Second.

I don't play the lottery because it is a waste, but if I were to find a wining ticket. Lump sum option, drop it into some investments and then live off the interest. It may be a bit more complicated than that because of various tax strategies like creating a company that invests and then take a salary from said company, whatever scheme the experts could come up with. Either way the winnings would not be touched.

I wouldn't quit my job nor would I slack off, I would however speak my mind with 0 regard for what anyone thought including ripping upper management for poor decisions.
 
2013-06-24 02:23:52 AM  

AliceBToklasLives: gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

/and doesn't your second opinion invalidate your first opinion?

Answer to the second question is "no".

My second opinion takes your comment into account - the pool of folks who play the lottery are worse with money than the pool of people who don't play the lottery.

And yet  . . .  I'm not buying the 'most of them go bankrupt' argument.  (1) Quoted statistics vary wildly, from 2% to 30% to 70%; (2) What constitutes a lottery'winner'?  Every winner over a million?  Over $100,000?  $5 on a scratch ticket?; (3) Where do they the researchers get their data?  Not from the lotteries, which don't release such information.


Well, the answer to #3 is they are probably SLOPs, so they're as reliable as any self-selecting poll--and along the order of "Come tell us your sad story of how you wasted all your lottery winnings on hookers and blow" and not "Come tell us how you parlayed your lottery winnings into a CEO-ship with Chase Bank." So all the ones who have reported they went bankrupt have gone bankrupt; but all the ones who didn't go bankrupt didn't bother to tell anyone.

That said, the number of multimillion dollar lottery winners is small, so it's not that hard to keep track of them, and a lot of them DO end up worse off than when they started, for the same reason that so many one-hit wonders and movie stars end up badly. "Cool, I have lots of money right now! I think I'll buy lots of crap I don't need and can't afford!" But nobody does A&E specials about the ones who say "Cool, I have lots of money right now! I think I'll get a financial advisor who can help me invest this money wisely so I can have a lot of money later on, too."
 
2013-06-24 02:25:08 AM  
Done in one.
 
2013-06-24 02:36:08 AM  
I wouldn't quit my job nor would I slack off, I would however speak my mind with 0 regard for what anyone thought including ripping upper management for poor decisions.

I don't see that much difference between quitting now or a week from now...
 
2013-06-24 02:39:28 AM  
darkjezter: ...but I'd rather be able to live comfortably for the rest of my life without ever having to work again.

Apparently, one of the tricks to not blowing it all is not to stop working - as much as we dislike working, it gives some structure to life...

You just have more options - you could do a couple of days a week at a social/personally fulfilling job that pays poorly.
 
2013-06-24 02:40:42 AM  
I'd like to think I'd be good about lottery winnings. Dump 80% into boring ass municipal bonds at 5-6%, then go wild with the other 20%. Then if I burn through the 20% while seeking greater fortune I still have that boring ass investment.

Of course, I only spend $40-$60 when it's over $300 million. I know how to consistently turn $200/wk into $1000+, so I don't waste the little stuff on scratchers. Unless I find myself at the Carl's Jr. in a truck stop. Then I'll blow $20 on scratchers while waiting for my food.

It helps that my long term lifestyle goal is that of The Dude. I'm part way there. I just need to find a thin robe.
 
2013-06-24 02:45:19 AM  
"Studies show..."

What farking studies, you jackwagon journalist? Show your work! I hate articles like that.

/Welcome to Fark.jpg
 
2013-06-24 02:47:15 AM  
Personally, I wouldn't know what to do with any huge lottery winnings. I'd genuinely have no idea what to spend it on. I've lived a pretty ascetic lifestyle as an adult, which goes with the territory of the occupation I ended up in. I've done fine financially, but I just don't have any interest in the usual trappings of the "good life" -- shiny cars, fancy clothes, big houses, high-end electronics, etc. Owning stuff has just never thrilled me. I do enjoy traveling, but (of course) the low-cost variety, like road trips or backpacking around a country. And in terms of retirement planning, I'm well ahead of the curve for my age (which is easy to do when if you're not much of a spender).

I have kids, but I certainly wouldn't want to leave them that kind of money. (No way I'm letting them degenerate into a couple trust-fund brats.) The rest of my family, I don't particularly get along with. And general humanity, I like quite a bit less.

So...yeah. Good thing the universe apparently agrees I don't need that kind of money. I guess.

*shrugs*
 
2013-06-24 02:49:13 AM  
It's like 10,000 spoons when all you need is self-control.
 
2013-06-24 02:51:09 AM  

darkjezter: gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

This.

I've decided that if I ever suddenly become filthy rich, I'm going to seek the advice of an expert when it comes to investing and managing my money.  Sure, it would be tempting to gorge myself on hookers and blow until I used up all my fortune, but I'd rather be able to live comfortably for the rest of my life without ever having to work again.


The smart millionaires continue working. If you quit work, you get bored real fast. Sitting at home, bored, basically tempts you to spend money for no reason. Bye bye fortune.

/not retiring anytime soon.
 
2013-06-24 02:55:33 AM  
Bah, I'd just give it all to Charity.

/damned pre-nups
 
2013-06-24 02:59:45 AM  
I live my life like I've already won and pissed away a million dollars and I'm working on crawling my way back to being an average Joe and am having some success.

It's very rewarding.
 
2013-06-24 03:00:29 AM  
Another stellar use of "irony".
 
2013-06-24 03:02:57 AM  

gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?


And a real problem that big lottery winning have is they seem infinite. People feel like they'll "never run out of money." No, in reality you've just entered a whole new class of way to blow your money even faster. You have all kinds of new ways to waste it open to you and if you don't mind after your funds, you will waste them quite quickly.

I mean as a simple example: Let's say you win one of those absolutely massive jackpots and walk away with $300 million dollars (maybe it is in Canada, where you don't pay tax on it). So, no way you could spend all that right? However you decide, being the rich boy you are, you want to travel in style. You want to travel like the US President. So you buy your very own brand new Boeing 747, with total custom high end pimped out interior... and you are now nearly or completely broke, as that'll run you in the range of $260-$350+ million dollars depending on variant and interior options. You could literally spend your fortune and more on ONE purchase.

Whatever amount you have to spend, you can find ways to blow it and there are companies out there who will help you do that. That is precisely what happens. People scale up their lifestyle and then scale it up more and more, past what they can sustain. What seems like an infinite amount soon becomes nothing.

I mean take a more moderate jackpot, like $2,000,000. That's a nice amount, but not tons. That's the same amount you'd make working for 40 years making $50k a year. So that is around the kind of lifestyle it would sustainably buy. You could live a nice middle class life, have a house but not a huge one, a regular car, amenities but not anything excessive, and not have to work for the rest of your life. You couldn't live it up like a star, that can easily exceed $2m per year.

So it is a problem period, and when you combine it with people who are bad at math and don't have good financial sense, who are the kind who often play the lottery, it is a recipe for bankruptcy. I mean while some people buy occasional tickets for fun, a cheap short thrill, those jackpots wouldn't rise like they do if that were all. There are people who regularly plug away a bunch of funds in it because "I'll win if I just play enough and all my problems will be solved!" without any regard for how much more problem solving that money could do in the bank. Hence even if they win, it usually doesn't help.
 
2013-06-24 03:03:31 AM  
You know what I would do if I won the lottery? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities-
 
2013-06-24 03:08:58 AM  
static.guim.co.uk

I can't get no... satifaction.
 
2013-06-24 03:31:24 AM  

sycraft: gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

And a real problem that big lottery winning have is they seem infinite. People feel like they'll "never run out of money." No, in reality you've just entered a whole new class of way to blow your money even faster. You have all kinds of new ways to waste it open to you and if you don't mind after your funds, you will waste them quite quickly.

I mean as a simple example: Let's say you win one of those absolutely massive jackpots and walk away with $300 million dollars (maybe it is in Canada, where you don't pay tax on it). So, no way you could spend all that right? However you decide, being the rich boy you are, you want to travel in style. You want to travel like the US President. So you buy your very own brand new Boeing 747, with total custom high end pimped out interior... and you are now nearly or completely broke, as that'll run you in the range of $260-$350+ million dollars depending on variant and interior options. You could literally spend your fortune and more on ONE purchase.

Whatever amount you have to spend, you can find ways to blow it and there are companies out there who will help you do that. That is precisely what happens. People scale up their lifestyle and then scale it up more and more, past what they can sustain. What seems like an infinite amount soon becomes nothing.

I mean take a more moderate jackpot, like $2,000,000. That's a nice amount, but not tons. That's the same amount you'd make working for 40 years making $50k a year. So that is around the kind of lifestyle it would sustainably buy. You could live a nice middle class life, have a house but not a huge one, a regular car, amenities bu ...


Dad?
 
2013-06-24 03:41:50 AM  

darkjezter: gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

This.

I've decided that if I ever suddenly become filthy rich, I'm going to seek the advice of an expert when it comes to investing and managing my money.  Sure, it would be tempting to gorge myself on hookers and blow until I used up all my fortune, but I'd rather be able to live comfortably for the rest of my life without ever having to work again.


Exactly. And there's plans you can buy into that essentially pay you like a pension and are relatively untouchable. I'd toss a chunk into that. I'd buy a property and set up funds in some kind of trust thing-y to cover property taxes and all potential future expenses, like way more than I'd need for that. Basically I'd want to make damn sure I always had some place to live, and something coming in each month. If I lost everything else, I could still manage much easier in life with those two things.

But I wouldn't manage it myself. I'd get a farking expert. I don't do my own taxes. I don't operate on myself. fark, I don't even color my own hair. Why the fark would I attempt to manage something so utterly outside my experience and expertise.

You'd think if people weren't smart enough to figure that out, they'd at least have a friend or family member to biatch slap some sense into them.
 
2013-06-24 03:46:22 AM  
I could get 5% interest on a large lottery amount from any of the big 4 banks in Australia. They are stable, survived the GFC without any dramas, and a much safer investment than shares or managed funds. The return isn't necessarily as good, but with an amount of say, $10million, 5% p.a would be enough to live a fairly extravagant lifestyle with ease, and still save an extra $100,000 or so each year after tax (which is incurred on interest here).

Probably wouldn't quite my job. I'd scale it back to 3 days a week and then study in my spare time.
 
2013-06-24 03:54:48 AM  

Terrible Old Man: darkjezter: gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?

This.

I've decided that if I ever suddenly become filthy rich, I'm going to seek the advice of an expert when it comes to investing and managing my money.  Sure, it would be tempting to gorge myself on hookers and blow until I used up all my fortune, but I'd rather be able to live comfortably for the rest of my life without ever having to work again.

The smart millionaires continue working. If you quit work, you get bored real fast. Sitting at home, bored, basically tempts you to spend money for no reason. Bye bye fortune.

/not retiring anytime soon.

... or end up traveling most of the year.  Being semi-retired I don't get bored, always something to do/new to learn.

"retirement" just means you no longer have to work.

 
2013-06-24 04:05:26 AM  
Balderdash. Next thing you tell me NFL rookies who spend their signing bonuses to buy a condor-skin Bentley and hire all their cousins won't be featured on "30 on 30" as cautionary tales. Next thing you'll tell me after that is that college kids who sign up for credit cards in the dining hall to get a free t-shirt will struggle to rebuild their credit.
 
2013-06-24 04:06:46 AM  

gingerjet: AliceBToklasLives: I call bullshiat. I'll wager the majority $1,000,000 plus winners end up just fine. I'll also wager far more lottery winners lose their fortune than millionaires who worked for it.

People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?


I can calculate the square root of any integer, to an accuracy of two decimal places, in my head. And occasionally I spend a negligible amount of money so that I have a very small chance of retiring early. How do you like them apples?
 
2013-06-24 04:46:42 AM  
I'm your fifth cousin twice removed, Billy. I've been having "problems" with my health, see, and the "doctors" say it'll cost $40,000 to provide me with the hookers surgery to fix me up. I hear you've come into a lot of money recently and I would be really appreciative if you could help me out...
 
2013-06-24 04:52:12 AM  
I would buy the Dodgers and move them back to Brooklyn, and also move the Utah Jazz back to New Orleans. How much do I have left? I'll take the ceramic dog for $900 and put the rest on a gift certificate.
 
2013-06-24 05:25:08 AM  

gingerjet: People who play the lottery are mind boggling bad at math.  What makes you think they would be any good at managing their personal finances?


You would be surprised.  I knew some amazingly dumb people who through sheer luck/fate came up with a dumb idea that actually worked and earned them a couple million dollar windfall.  They knew traditional investing wasnt for them, so they just went around buying up rental properties until all the money was gone, and then sat back and collected a bunch of money every month for doing basically nothing.  That was years ago, and they still buy up more property every year with the profits.

Assholes and their dumb understanding of capitalism!

/jelly
 
2013-06-24 05:25:23 AM  
img.fark.net

Some people think that coming into a few million dollars means life on easy street, money that will be around forever, and no need for responsibility or work. West Virginia winner Jack Whittaker wishes he'd thrown that $315 million winning Powerball ticket away. (new window)
 
2013-06-24 05:29:45 AM  

sycraft: I mean as a simple example: Let's say you win one of those absolutely massive jackpots and walk away with $300 million dollars (maybe it is in Canada, where you don't pay tax on it). So, no way you could spend all that right? However you decide, being the rich boy you are, you want to travel in style. You want to travel like the US President. So you buy your very own brand new Boeing 747, with total custom high end pimped out interior... and you are now nearly or completely broke, as that'll run you in the range of $260-$350+ million dollars depending on variant and interior options. You could literally spend your fortune and more on ONE purchase.


For perspective sake, I'd just like to point out that you could buy a Learjet, 4 mansions, 20 cars, and still have 215+ million dollars left over earning you tens of millions of dollars a year.

Its possible.. but man would that be farking hard to spend.
 
2013-06-24 05:46:04 AM  

planes: [img.fark.net image 150x195]

Some people think that coming into a few million dollars means life on easy street, money that will be around forever, and no need for responsibility or work. West Virginia winner Jack Whittaker wishes he'd thrown that $315 million winning Powerball ticket away. (new window)


Later Fark headline: Not news: Idiot lottery winner writes book about what an idiot he is to blow through $315 million in a lifetime, Fark: Charges $2 less per copy than what it costs to publish it because "he's rich."
 
2013-06-24 05:49:10 AM  

Alonjar: sycraft: I mean as a simple example: Let's say you win one of those absolutely massive jackpots and walk away with $300 million dollars (maybe it is in Canada, where you don't pay tax on it). So, no way you could spend all that right? However you decide, being the rich boy you are, you want to travel in style. You want to travel like the US President. So you buy your very own brand new Boeing 747, with total custom high end pimped out interior... and you are now nearly or completely broke, as that'll run you in the range of $260-$350+ million dollars depending on variant and interior options. You could literally spend your fortune and more on ONE purchase.

For perspective sake, I'd just like to point out that you could buy a Learjet, 4 mansions, 20 cars, and still have 215+ million dollars left over earning you tens of millions of dollars a year.

Its possible.. but man would that be farking hard to spend.


Man I'd totally settle for two mansions, 3 cars, and hot tubs at both places.
 
2013-06-24 05:59:43 AM  
Anyone who says they would "keep on working" after winning that kind of money is either an idiot or an asshole. If you win that kind of money, *everyone* will know about it. And if you show up at your old job, they will all know you have no reason to be there. They will all be jealous of you, and will not want to trust you, since they know you could up and walk away at any time with no notice.

If you have that kind of money and want to stay busy, start volunteering for a charity. People will actually think much better of you, since they all know you could be off doing whatever you wanted, but are instead trying to help others.

One other thing to think about: If you win a lot of money, there might be some people you know. some people you work with, that will be trying to figure out how to take it from you. People can get crazy over large amounts of money. After calling a lawyer and an accountant, your next step should be hiring a bodyguard and installing a home security system.
 
2013-06-24 05:59:56 AM  
deadhomersociety.files.wordpress.com
 
2013-06-24 06:00:18 AM  
As much as I'd like to believe that I would buy investments and live off interest, I think it very likely that the Barrett Jackson auto auction would happen and I would do something very, very stupid.
 
2013-06-24 06:02:09 AM  

pedobearapproved: Man I'd totally settle for two mansions, 3 cars, and hot tubs at both places.


Yeah, but you wouldnt have to, since $300m would earn you somewhere around $50,000 income a  day.
 
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