Lottery Winner or Lottery Loser?

[Hillcrest]

Most states forbid anonymous winning. There’s only like 6 or 7 that allow it. Reason being, announcing winners keeps faith in the public that it’s not rigged and real people actually win.

Yes, but the Trustee is the public winner ... not necessarily the beneficiary ... so could be the attorney.

 

[Hillcrest]

Watch Rumpole's Last Case ! Wherein he thinks he's won a 4 horse accumulator and L350,000. !

 

[Streeper541]

I bought a Powerball ticket last week. I won $8. I was able to buy a couple hotdogs & a coke.
I call that a win.

 

[renfield]

Several years ago a close friend of mine won 1 million (pre-tax). Being a frugal type he was able to retire several years early.

Apparently a million isn’t enough to ruin a person.

 

[AJL67]

Several years ago a close friend of mine won 1 million (pre-tax). Being a frugal type he was able to retire several years early.

Apparently a million isn’t enough to ruin a person.

My ex wife (may she rott) had a friend, that i also disliked lol, that bought her parents scratch cards for Xmas, one of the cards was $100,000 winner. Her parents cleared let’s call it 50% after taxes, bought the other daughter a car and blew the rest on one of those months long world cruises, everything first class. Didn’t give the daughter i hated a dime so…. The perfect outcome as far as i was concerned ?

 

[mawnansmiff]

My ex wife (may she rott) had a friend, that i also disliked lol, that bought her parents scratch cards for Xmas, one of the cards was $100,000 winner. Her parents cleared let’s call it 50% after taxes, bought the other daughter a car and blew the rest on one of those months long world cruises, everything first class. Didn’t give the daughter i hated a dime so…. The perfect outcome as far as i was concerned ?

You have to pay tax on lottery wins?

Blimey.....pretty sure you don't here.

Regards,

Jay.

 

[anotherbob]

It has been widely reported here that the latest EuroMillions Lottery winner was a Brit who has scooped an eye popping £195,707,000! By all accounts that is the biggest ever win for a lottery player in the UK.

Now I have never bought a lottery ticket in my life….and I don’t intend to for a variety of reasons, one being that if I spent £1 per week on a lottery ticket, after a year I’d be kicking myself for being £52 short with nothing to show for it .

But seriously, of all the major lottery winners (over here at least), most have had a pretty poor time of it once the initial excitement is over. The divorce rate is considerably higher amongst winners which kind of proves that money doesn’t buy happiness.

To have untold millions of pounds suddenly thrust upon you what are you to do with it? Most will give monies to their nearest and dearest so they are 'comfortable', the more socially aware will make donations to causes close to their hearts but even then, they’re still left with amounts of money most folk can only dream of.

It’s a sad fact that there are so many stories in the newspapers of lottery winners that rue the day they had that call telling them they were richer than their wildest dreams could have made them.

If I were to make the decisions, wins would be pegged at £1m, then the latest win would have given 195 people a perfectly reasonable amount for their future but what do I know?

So, what are the thoughts of Forum members on lottery wins & winners, do you know any, were you a winner yourself?

Regards,

Jay.

for a long time it was thought giving people a ton of money out of no where was the problem. Now it's more considered that most people who playing the lottery enough to win just aren't good with money and numbers and are kind of screwed over by their own mind and inability to understand their situation.
And from watching people who tend to play a lot, they're often desperate people who are of the type where it doesn't matter what life throws at them they'll screw it up.

 

[Chasing Embers]

I don't play it or any other games with gambling.

 

[mso489]

I'd find playing for many rounds without winning exceedingly boring. However, if I played a few times and won, I realize this does not make you an instant rich retiree. Rather, it makes you a money manger, or a manager of money managers, which means you have to be able to size up the available expertise and fend off grifters and swindlers on a regular basis, which doesn't always make you an available friend or even family member. This isn't just sour grapes.

Every rich kid is a money manager in training, so they have years of training and acculturation, and many of them are none too pleasant in the personality department. Check the business pages.

So, is it wonderful luck to win? I think that's true. But does it make for a wonderful life? The records shows, not too often.

I'd rather eat a nice chocolate sundae than spend the cost of one on a one in 400K chance of making a heap of money. The sundae, I can eat and enjoy. The long odds I can't eat and am unlikely to enjoy.

 

[cshubhra]

1. In probability theory there is a concept call Expectation. In general terms it literally means how much you expect to win. Expectation in a lottery is much less than what you spend in tickets, and you are better off saving / investing the money which you spend on tickets.
2. I suspect that expectation from lottery is much less than gambling
3. in my opinion lottery is predatory- Capitalizing on greed of folks who does not have a sound basis of mathematics
4. Gambling also has the same problems but at least the expectations are higher and there is some (although doubtful) entertainment value
5. Human beings are terrible in planning for the future- Scientific studies has shown
6. If you earn your money through hard work - You generally spend it better compared to a windfall

Having said that - the amount OP suggested if managed properly can theoretically last for infinite generations, or as long as the social constructs are similar would last for 200-300 years. The annual return even if invested poorly would be beating inflation, and a extremely large pool for both capital and operational expenses and will continue to grow

 

[kcghost]

My wife and I constantly thing about what we'd do if we won the lottery. It's getting so that we are thinking about buying a ticket. Well, maybe.

 

[jaytex1969]

I used to buy about one ticket per month.

I never expected to win. I was merely buying hope and a dream.

It never kept me from going to work or paying the bills.

I may have to go get a ticket this week. It's been a while.

If I hit, free Captain Black Grape for everyone! ???

 

[smudgersmissingleg]

I'm with this guy?

 

[jpmcwjr]

I think I'd be up to the task of handling $100,000,000. Would use professionals to advise on tax minimization as well as investments. Would set up several trusts. Probably blow $5-10 Million on me. Ain't gonna happen, as I buy a ticket once very few years when the jackpot is huge.

Penzance for everyone!

 

[pantsBoots]

You have to pay tax on lottery wins?

Blimey.....pretty sure you don't here.

Regards,

Jay.

Yeah, but don't you have television licenses?

 

[mawnansmiff]

"6. If you earn your money through hard work - You generally spend it better compared to a windfall."

@cshubhra, I couldn't agree more chum.

Regards,

Jay.

 

[jaytex1969]

Penzance for everyone!

One-upsmanship. Geeze....

 

[mawnansmiff]

Yeah, but don't you have television licenses?

No, I don't personally have one, I found out many years ago that my TV works perfectly well without one .

Saved me a bloody fortune

Regards,

Jay.

 

[warren]

I never play state lotteries. My gambling is done, very conservatively in the markets. I don't like losing hard earned monies and even less I refuse to give various governments more moneys than required by law. I will by a rare raffle (tax deduction) from non-profits I desire to support.

I won the lottery many years ago when I was adopted by a loving, caring family.

 

[jpmcwjr]

Shhhh! Don't tell Inland Revenue!