If I won The Lottery I Would........

SnowRidge · Aug 1, 2005

A guy once asked me if I'd ever won anything on the lottery. I replied that I won the lottery every day. He looked at me like I was nuts and said, "Every day?"

"Yep," I said, "As long as suckers like you give your money to the state by playing the lottery, I win daily as you help pay what might have been my taxes."

I don't think he liked that very much. /forums/images/graemlins/cool.gif /forums/images/graemlins/mad.gif /forums/images/graemlins/cool.gif

chucko · Aug 1, 2005

I would keep working................think how fun your job would be if you did not care about getting fired! When they fired me I would file for unemployment

RedRocker · Aug 1, 2005

( A former coworker actually did win 20 mil about 10 yrs ago. His wife immediately left him and took half. He gets about 365,000/yr after taxes and runs out of money before the next yearly payment comes around. Will probably not have a cent when the last of his 20 payments comes and goes. Interesting article (on msn.com I think) some time ago where they did a study on a number of winners from about 2.5 mil to over 25 mil. All the ones noted in the article had received lump sums and all were now broke after only a few years. All had the same problems. Too many friends and relatives suddenly showed up, couldn't say no, and couldn't manage money. )

Like I said, try not to let it ruin my life. Seems like the folks that have money know how to manage it, the ones that don't, don't. If everybody had equal shares of money, in a few years the same folks would be broke and the same folks would have the bucks. I bet that sudden wealth has ruined a lot more lives than it's helped. Gee, kind of a downer outlook, sorry. /forums/images/graemlins/crazy.gif
Gatorboy: That had to hurt to lose that kind of cash, what a dissapointment that must have been. /forums/images/graemlins/frown.gif

Gatorboy · Aug 1, 2005

( Gatorboy: That had to hurt to lose that kind of cash, what a dissapointment that must have been. ) 

I was pretty depressed for a couple of years, but those days are pretty much gone.

My theory on why many lottery winners waste their money away: Most lottery players are those that can least afford to play. So, when they get a big lump of money, they think it will never run out and buy many material things for themselves and others that they could have never afforded -- and do not take the proper steps in the beginning to assure they can retain their wealth.

Cityboyfarmer · Aug 1, 2005

Lots of interesting replies here. I was taught when I was a child that:

"A Fool And His Money Soon Part".

That will always be an irrefutable truth of life.

Sometimes it is just fun to think about what you would do if you had "stupid" money, that is, so much money that you would have to be completely stupid to blow it all. Some people are pretty stupid though.

I know I would take the vast majority and invest it. Maybe buy a John Deere dealership after moving to a location where relatives who haven't spoken to me in 30 years can't find me. /forums/images/graemlins/grin.gif

Somebody said a million bucks just doesn't go very far these days, and that's true, however for a financially astute individual, it could be life changing in a very positive way.

SnowRidge · Aug 1, 2005

Gatorboy,

Just curious, but did you get stuck in the minimum alternative tax trap (I think I've got that right)? I talked to a couple out in Silicon Valley that picked up a bunch of options for signing on to a start up that were worthless when the lock out period expired. In the meantime, they had to pay $40K in extra taxes on the paper gain that they never were able to realize. The guy said by the time all taxes, commuting, and other job expenses were paid, he basically worked for a year for nothing.

They were very bitter and absolutely hated the government.

Gatorboy · Aug 1, 2005

( Just curious, but did you get stuck in the minimum alternative tax trap (I think I've got that right)? ) 

I bought my Incentive Stock Options (ISO) my first week on the job -- 1.5 years before going public and filed Form 83b. The price I paid was the same as what they were worth; This generated a $0 tax-event. If we never had gone public, I would have just lost that money. The best part is that the day I bought them, the clock started as far as long-term capital gains are concerned.

I do know many people that had some huge tax bills as you described.

Bird · Aug 1, 2005

( Maybe buy a big RV and drive across the states and Canada, but just go.............see........learn.......live............ )

We did that when I retired, without winning the lottery. It made poor folks out of us, but sure had a good time for several years. /forums/images/graemlins/laugh.gif And if I won the lottery I'd probably do it again, but I don't guess there's any chance of that 'cause they tell me you can't win without buying a ticket. /forums/images/graemlins/tongue.gif

_RaT_ · Aug 1, 2005

There is the saying, "the lottery is for people who can't do math". The chance of being killed on the way to the supermarket far exceed the chance of winning the lottery. Every now and then I see the nerd that wins the lottery and figure it worked for him, maybe I could be a nerd too. So when it hits $100 million plus, I sometimes buy a ticket. Total cost so far, about $10. Winnings, zero. Still waiting to be that nerd.

vetteman · Aug 1, 2005

A local guy won the same lottery... He forgot he bought a ticket ... bought another one, with his same numbers.... He and another person share 19 million he won 2/3 the other person won 1/3 he had 2 winning tickets just shear luck!!!!!!!!!!!