How many people who win the Lottery end up broke?

[75th]

I heard a while back it was an extremely high percentage, in the US at least. Something like 60%.

Although, this does make some sense if true considering the qualifications for playing the lottery are being ignorant of the principles of mathematics. And the fact that (according to a recent study I saw) the poorest 10% of the population bought 67% of all the lottery tickets...and a usual prerequisite for being poor is overall irresponsibility when it comes to the financial aspect of your life.

One of my friend's uncle won about $4,000,000 back in the '80s. You had to take the annual payments back then. He burned through his first two years worth in 6 months and obviously had to borrow until the money came in. It was like that for 20 years. His payments ran out a couple of years ago and he has nothing left except half of a house that he will get in his upcoming divorce. He is literally on welfare now and has no health insurance despite being 62 years old and 120 lbs. over weight.

 

[seizer]

ill just make money the old fashion way

...pimpin hoes

 

[75th]

ill just make money the old fashion way

...pimpin hoes

Good man.

Remember, dont spend the principal.

 

[seizer]

isnt it funny though how people get that "gut feeling" every week like they are going to win it all, dont win it, and when it comes to next week, they do the same thing again. Hello? Anybody there? This gut instinct that you claim you have is only costing you money. It musn't be too good of an instinct because they're all suckered.

 

[BrothaBill]

isnt it funny though how people get that "gut feeling" every week like they are going to win it all, dont win it, and when it comes to next week, they do the same thing again. Hello? Anybody there? This gut instinct that you claim you have is only costing you money. It musn't be too good of an instinct because they're all suckered.

like youve never paid the idiot tax before.

I buy them now and again to dream for a few hours, rarely do I check if I won

 

[UA_Iron]

I bought powerball tickets when it was upwards of 320million - didnt expect to win.

My dad made me too cause he's in CA and they dont have powerball there.

 

[jerkbox]

damn, what a moron. I guess people get a bit ahead of themselves thinking there is an endless supply of money there. seems like it wouldn't be that hard to maintain some self control and be able to live comfortably the rest of one's life with that kind of money.

but like you said....irresponsibility

 

[GoldenDelicious]

i know a couple of people who won

one family won 400k, back when a house was worth 80k. they went to greece and blew the lot within 3 years. they live a very average life now.

the other guy was loaded to start with. he just added the cash to his pile and kept going.

 

[BrothaBill]

but what about the bastards that win it twice, one family with the exact same sonofabotching fraking icehole numbers

 

[GoldenDelicious]

but what about the bastards that win it twice, one family with the exact same sonofabotching fraking icehole numbers

that just falls into the "this is bullshit" category

man you guys have me dreaming now im going to go buy a ticket

 

[BrothaBill]

that just falls into the "this is bullshit" category

man you guys have me dreaming now im going to go buy a ticket

*dreaming* "mmmmmmm, chicken pot pie, mmmmm"




What would I do if won 320$million dollars like the last lottery ticket I bought after several months last week. Would I still come to EF?? hmmm?? If I did, what would my posts be like??

 

[Mr. dB]

Your odds of winning are infinitely small if you don't play.

 

[samoth]

http://www.xoxohth.com/thread.php?thread_id=281754&mc=45&forum_id=2

There's a couple good articles in that thread, one's specifically about several cases of rich --> debt after winning the lottery.

HTH

 

[pintoca]

http://www.xoxohth.com/thread.php?thread_id=281754&mc=45&forum_id=2

There's a couple good articles in that thread, one's specifically about several cases of rich --> debt after winning the lottery.

HTH

SAMOTE'S next avatar,

 

[Megalomaniac]

The guy who hit big in Idaho was dirt poor and picked up a couple of good advisors right away. He has been investing most of his over 100 mil and is projected to turn it into a billion in the next 20 years. Not all of them go broke some make way more than they won. I'd party like a rockstar, I wonder how fast I would be broke.

 

[Buddy_Christ]

damn, what a moron. I guess people get a bit ahead of themselves thinking there is an endless supply of money there. seems like it wouldn't be that hard to maintain some self control and be able to live comfortably the rest of one's life with that kind of money.

but like you said....irresponsibility

Yup, all you gotta do is plan accordingly. It's not too hard.

$6 mil is all I need (after taxes). I'd set it up so I got $100K/year out of that. That'd carry me for 60 years, and considering I'm almost 30, I'll probably be dead by the time it's all gone.

Of course, in 30 years 100K/yr will probably be poverty level, but at least I'll still have it coming in.

 

[PICK3]

Your odds of winning are infinitely small if you don't play.

and if you do play too

 

[PICK3]

BTW, if I ever won I would "lock down" 4 or 5 million so I couldn't get to it even if I wanted to.

But, I would be pissing the interest money away!

 

[bullett]

I think the number is somewhere around 30% of ALL lottery winners wind up on some sort of government assistance....

Amazing isn't it?

 

[milo hobgoblin]

I would probably die with most of it in the bank. Im a simple person.. dont like cars.. dont care about a big house.

GREAT pussy every night and Im happy, and or course some world of warcraft when I got time.

Id probably lie to take the kids on some vacations but I just cant see myself buying some obnoxious car or fuckign mansion.. Im not gonna buy something I have to pay soemone else to clean

 

[pintoca]

Lottery is a form of tax for people that are mathematically-impaired

 

[UA_Iron]

I think the number is somewhere around 30% of ALL lottery winners wind up on some sort of government assistance....

Amazing isn't it?

no, it represents the demographics on who plays the lottery.

The guy who got advisors is smart and responsible - thats how I would do it (after buying a whole shitload of pills haha jk).

 

[75th]

I dont see why people dont invest the whole thing in government bonds. The current 10-year bond rate is 4.5%, which on $3 million (which is a pretty small jackpot) would give you an annual "salary" of $135,000. And as long as you only spend the interest and never spend from that original $3 million, that salary will keep coming (with variations according to interest rate changes) for the rest of your life and your childrens' lives.

 

[Mr. dB]

My state doesn't have a lottery, but if it did, I could see blowing $5/month on it just for shits and giggles. Besides, doesn't the money go to a worthy cause, like the state education budget?

 

[javaguru]

Lottery= ineffecient tax

 

[megamania500]

I knew of a guy in his late teens/early 20s who won $100,000, $70,000 after taxes. He said he was going to use the $$ to go back to college, but didn't. He blew it all within a year renting a house by the lake, partying and shit. Soon after that, I heard that he was selling fruit on the side of the road in El Paso, Texas.

 

[Buddy_Christ]

My state doesn't have a lottery, but if it did, I could see blowing $5/month on it just for shits and giggles. Besides, doesn't the money go to a worthy cause, like the state education budget?

Depends on the state. In PA, last I knew of, the "proceeds" went towards programs for the elderly. I'm sure that means for every $1 people spend on the lottery, 1 CENT goes towards senior citizen programs.

My grandfather played every week just for fun. He said he was getting the money back anyway because of the Senior center that was built a few blocks from their house. However, I think the location of that senior center was horrible, as it was put in a nice neighborhood where most everyone was financially stable. 15 years ago it wasn't a bad location, as a lot of the people in the immediate area had been living there for 20+ years and were nearing retirement or already retired. Today, that area is becoming home to a lot of younger families who have no need for a Senior Citizen's center.

They should've put the thing in a lower income area to give seniors that didn't have the spare cash to go out occasionally a place they could go and be with other people.