Bye Tv!won $11 Mill Lottery!

[Thaicoon]

I also have won the lottery, the UK Lottery, last saturday, won a tenner 3 numbers

[roscoe]

<{POST_SNAPBACK}>

Do you want to leave your dependants with nothing?

<{POST_SNAPBACK}>

Too bloody true I do .

Edited June 20, 2005 by roscoe

[Neeranam]

That's why you'd probably still need to work even with a nest egg of 6.5 million.

Probably need to work with 6.5 million dollars

Need to , no. May want to keep busy, but very much doubt it.

I am going to Australia next month for a few days, I think I'll do the lotto.

The last time I went there I think I could fill in a coupon for 15 weeks or so .

[girlx]

a friend of mine in NY also won 11 mil. years ago. it was swindled and spent within 3 years. he said winning the lottery was definitely the worst thing that ever happened to him. he has nothing to show for it now but half an education.

[TokyoT]

Supplement your income from work – please.  A valid statement and defensable statement maybe for someone that wins only a couple of million – but not for $6.5 mill after tax.

Unless you love your job or have some pretty significant debt/ cash management problems.  Most people should be able to pack it in and live a pretty comfortable life on $6.5 million after tax. 

$6.5 million even in a bad money market account in the US right now would draw at lease 2% which is well over $100,000 US per year.  Even if you assume 0 net worth or even negative $500,000 net worth current.  One should easily be able to pay off all current debt, move to one of a number of destinations and live a happy life on $100,000 US per year.

The problem most lottery winners seem to have is living in moderation.  Set aside 10% of the after-tax winnings to spend on what ever in the he11 you want.  Stick the rest in low risk guaranteed return type investments and live within your means – easier said then done it appears.

<{POST_SNAPBACK}>

Yup, that's right 2% off 6.5 mil is about $130,000 a year, but then you're forgetting inflation. That's why I wasn't really counting investment earnings in my off-the-cuff calculation, because even if you put the whole 6.5 mil in the bank, you'd barely be keeping pace with inflation at that rate. You'd need roll over the whole $130,000 just to keep the SAME amount of money you had when you started.

Forty years from now, 6.5 million dollars will be worth a fraction of what it's worth today. Do you want to leave your dependants with nothing? That's why you'd probably still need to work even with a nest egg of 6.5 million. You have to remember, you're going to be alive (hopefully) for at least 40 years, and what you'd really, really like is to have MORE money in the bank after 40 years (after factoring in inflation), not less.

A diversified portfolio with a variety of investment choices, and a modest semi-retired lifestyle would be the best option. Open up a nice business, work 3 days a week, keep rolling your investment earnings over, and have some fun, that's what I'd do.

<{POST_SNAPBACK}>

I will be lucky to make anywhere near $6.5 million in TOTAL income over my entire lifetime (unless we run into like a couple of decades of double digit inflation). I think I am pretty much the same boat as most people in the world on that account. So if one can not manage to retire (no mater what your current age) with a $6.5 mill bankroll then chances are you have seriously misspent your funds. Other wise I (and most of the rest of the working class) am in for some seriously difficult retirement years – he77 I may never be able to retire.

While you point in regard to inflation is valid and the MM rates are typically lower than the average inflation rates and therefore your total net worth would decline over time. This would also assume that you have somehow been able to spend $130K a year and accumulate nothing of value - that you actually spend the entire $130K on monthly expenses. That means you spent over $10K per MONTH and did not save/accumulate anything of value - Wow.

I agree that putting everything in to bonds or MM accounts is not the best strategy to take if you want to turn that money into the biggest possible legacy for your kids. The point I am trying to make is that pretty much everyone at a middle class level or lower should be able to retire happily and peacefully on $6.5M – and still leave the kids a decent chunk of change.

So is $6.5M enough for you and your family to never have to work again in perpetuity – probably not. Is $6.5M enough for pretty much anyone – regardless of current age to retire and never work again (if that be their choice) – should be.

[The Dude]

I've gotta ask, serious post or not?

<{POST_SNAPBACK}>

Definite troll. If you hit the lotto, would those places and activities be on the top of your to-do list?

<{POST_SNAPBACK}>

Yes, and a very lame one at that. I can't believe so many morons fell for it.

yeah and I just won the 15 state 150 mil powerball jackpot and guess what? I'm not changing my lifestyle at all

Edited June 20, 2005 by The Dude

[TokyoT]

I've gotta ask, serious post or not?

<{POST_SNAPBACK}>

Definite troll. If you hit the lotto, would those places and activities be on the top of your to-do list?

<{POST_SNAPBACK}>

Yes, and a very lame one at that. I can't believe so many morons fell for it.

yeah and I just won the 15 state 150 mil powerball jackpot and guess what? I'm not changing my lifestyle at all

<{POST_SNAPBACK}>

Ah come on – I bet you would increase your “white Russian” intake at least a little bit?

[The Dude]

ok ok, perhaps I'd buy a new rug to replace the one that got peed on

[maerim]

What about the begging letters?

Will you still keep on writing them?

[Ken]

a friend of mine in NY also won 11 mil. years ago. it was swindled and spent within 3 years. he said winning the lottery was definitely the worst thing that ever happened to him. he has nothing to show for it now but half an education.

<{POST_SNAPBACK}>

Awe, gee. Then I certainly don't want to win any big money like that. No more lottery tickets for me.

I have "heard" that kind of comment before....oh, my life was so much better before I won all that money. BS. Ok, let me win and then I can judge this matter for myself.

Edited June 20, 2005 by Ken

[pluto_manibo]

You could have a really nice retirement/ life with $6.5 million....and leave something behind for your family! This talk of 2% return on capital is utter crap, no fool would invest at just 2%. You could diversify your investments into stocks/ bonds/hedge funds/fx trading....Also invest in some property/real estate. But most importantly invest in a serious and dedicated financial advisor.

Having a conservative approach, to maintain cash flow and avoid capital erosion, you could easily make 4- 5% per annum....$325,000. More realistically, lets say you spend $500,000 the first year...You still have your investment of $6 million@5%...$300,000. Even with half of this yearly income, you could have a very comfortable life, and you are adding $150,000 a year to the capital.

[Neeranam]

Having a conservative approach, to maintain cash flow and avoid capital erosion, you could easily make 4- 5% per annum....$325,000. More realistically, lets say you spend $500,000 the first year...You still have your investment of $6 million@5%...$300,000. Even with half of this yearly income, you could have a very comfortable life, and you are adding $150,000 a year to the capital. 

With 1 million baht a month coming in, I think I may just be able to retire!

[daleyboy]

Having a conservative approach, to maintain cash flow and avoid capital erosion, you could easily make 4- 5% per annum....$325,000. More realistically, lets say you spend $500,000 the first year...You still have your investment of $6 million@5%...$300,000. Even with half of this yearly income, you could have a very comfortable life, and you are adding $150,000 a year to the capital. 

With 1 million baht a month coming in, I think I may just be able to retire!

And die a very happy man

[Bentley 7]

The Tax Man does get his share!!

Recently a guy in the US won 220 Million dollars he decided against the 30 year annuity payment and took the lump sum upfront- he got 125 million after tax he was left with 85 million.

85 million is still great but compared to the original 220 its a bit of a pisser!

[gburns57au]

My Lotto dream....

just to win it....

if that happens I will sort it out at the time but you can bet that I wont be living in Oz anymore.....

[kreon]

just look at mike tyson, blown $300m, now is slugging it of to pay the taxman

moral of story, if you win that kind of cash, go to switzerland and get the best possible advice you can get from at least three advisors, employ one, follow his advice and then live out your dreams

[~G~]

I wonder how many PM's this guy got so far.

I think a safe bet will be they all include at least one of the words "give" / "deposit" / "loan" / "assist"/ "appreciate" / "please" / "please" and.. "please!!!"

Edited June 20, 2005 by ~G~

[aughie]

I agree burnsie, I'd like to win and take my chances on screwing it up.

Take a look here: Interest rates on CDs

A 30 day CD will pay 2.6% a four year CD will pay 4.2%. There are also tax free municipal bonds. Traditionally a well balanced portfolio pays 8%.

[jackr]

At the end of the day, if you have 3.5 or 6.25 million and have to carry on working for fear of spending it all or it's not going to be enough to last you then you're one useless &lt;deleted&gt;! Troll or not, it seems to me that people are just plain jealous (pudge) of others who do get these windfalls and say sh1t like, it won't last, you can't buy that, you can't live like that, blah blah...sickening! Good luck to the guy even if he is trolling, at least it's a different topic from some of the usual diatribe, and if he's legit, then why the &lt;deleted&gt; not piss off round the world a couple of times..he could do it every year and still not blow it all. Spend 10% on bits n bobs as someone else said, couple of cars, big bike, nice villa somewhere and then bung 75-odd% in the bank. Uk ones are paying 5% and inflation's nowhere near that. Further still, if you're living in los with that kind of money and keep your head screwed on you're laughing.

At the other end of the scale, it makes me cringe when people say something like, 'well what are you going to spend it all on then?' Why the &lt;deleted&gt; spend it? You don't blow it all, if you do you didn't deserve it in the first place. Yeah, splash out but be wise and use it to live off of. The thing is with lotteries, people will always get jealous, especially if someone that's already rich wins it. Pathetic! If Bill Gates does the lottery and wins big, good luck to him, he put his money in the same as everyone else and that's it.

Thaiaan, try some of the lovely paradors (luxury Spanish hotels) in Toledo and around western Andalusia - Spain's beautiful this time of year. Valldemossa in Majorca; Lake Constance in Germany; Tuscany province in Italy, particularly in the Cianti region - San Gimignano's nice. You could afford all this even if you haven't won.

[bkkmadness]

Well said Jackr, there seemed to be such a turn of jealousy here from some people, not just calling him a troll but a "lying bastard" I think someone said and it just gave the impression that some people were pretty pissed off about someone else's good fortune and hoped that thaiann hadn't won anything.

Really, I don't see why the shouts, ok maybe a troll but then again there is a chance that they won the cash, and there is many people that would win that cash who might chuck the note on a message board that they frequent in a moment of excitement.

This is a message board frequented by a lot of people, odds aren't too astronomical about someone here winning the lottery are they and lets face it'd be a bit of a weird post otherwise?

Good luck to em if they won it, give up work and invest the money wisely and they'll be set for life.

Thaiann, get back on here and make a post, with some proof if you got it to prove some people wrong and piss them off a bit more.

I have no places to recommend for a holiday, except the maldives which always looked nice.

[The Gentleman Scamp]

I agree burnsie, I'd like to win and take my chances on screwing it up.

Yes indeed, better to have won and blown it than never to have won at all.

I say fair play if this is true, I envy you of course but not in a nasty way at all.

Bye Tv!won $11 Mill Lottery!

But your thread title does have me asking why would you say goodbye to an internet forum in which you were a member just because you were a millionaire?

Edited June 20, 2005 by The Gentleman Scamp

[Pie Boy]

Lucky sod! Good luck to you.

PS My mother-in-laws buffaloe is very sick - any chance of a borrow?

[bkkmadness]

But your thread title does have me asking why would you say goodbye to an internet forum in which you were a member just because you were a millionaire?

If I just won millionaires on the lottery you wouldn't see very much of me on here either.

[Spee]

The Tax Man does get his share!!

85 million is still great but compared to the original 220 its a bit of a pisser!

<{POST_SNAPBACK}>

My original quote from a few years back ....

The lottery is another way for the government to get the poor man to pay taxes.

I'm sorry but government sponsored gambling that only returns 35-70 cents on the dollar is the biggest public con of all time.

Modern governments should be ashamed at subjecting their (predominantly) lower classes to such pipe dreams. The people who can least afford it, spend the most on it and get the least return.

It would be much better for governments to revoke state-sponsored gambling and allow private enterprises to run (and then tax it accordinly if they wish).

But government sponsored gambling benefits government only.

Ok mods, I'll get off my soapbox now.

(I've got to go buy my lotto ticket for tommorrow)

[TizMe]

Nearly one-third of lottery winners become bankrupt.

“The CFP Board made an offer to the National Association of State and

Provincial Lotteries to provide the organization's members with

information to distribute to winners. The Investment News article

highlighted the lack of financial guidance many winners receive from

state lottery agencies; estimates show that nearly one-third of

lottery winners become bankrupt.”

Source: Certified Financial Planner Board of Standards, Inc

http://www.cfp-board.org/bulletin.html

[Pudgimelon]

At the end of the day, if you have 3.5 or 6.25 million and have to carry on working for fear of spending it all or it's not going to be enough to last you then you're one useless &lt;deleted&gt;! Troll or not, it seems to me that people are just plain jealous (pudge) of others who do get these windfalls and say sh1t like, it won't last, you can't buy that, you can't live like that, blah blah...sickening!

:D

Nearly one-third of lottery winners become bankrupt.

Never said that 6.25 million can't be made to last a lifetime. Don't be silly, of course it can. I only said that many lottery winners end up bankrupt because they mistakenly assume that they can spend like BILLIONAIRES.

Also, when I said you should still work for a living, I didn't mean at the same piss-poor dead-end job you have now. Duh. A fun, creative job or even volunteer work would suffice. You don't have to make a lot of money or work yourself to death. But having something to do with your day might help you to save your money instead of blowing it.

[jackr]

At the end of the day, if you have 3.5 or 6.25 million and have to carry on working for fear of spending it all or it's not going to be enough to last you then you're one useless &lt;deleted&gt;! Troll or not, it seems to me that people are just plain jealous (pudge) of others who do get these windfalls and say sh1t like, it won't last, you can't buy that, you can't live like that, blah blah...sickening!

:D

Nearly one-third of lottery winners become bankrupt.

Never said that 6.25 million can't be made to last a lifetime. Don't be silly, of course it can. I only said that many lottery winners end up bankrupt because they mistakenly assume that they can spend like BILLIONAIRES.

Also, when I said you should still work for a living, I didn't mean at the same piss-poor dead-end job you have now. Duh. A fun, creative job or even volunteer work would suffice. You don't have to make a lot of money or work yourself to death. But having something to do with your day might help you to save your money instead of blowing it.

Agreed, a lot of these lotto winners do let it get to them and can't control it. As far as work goes, the only job I'd be volunteering for would be getting myself another beer and collecting the interest. :D

[chuchok]

Well if I won, I'd kick the missus for touch and spend the rest on shelias and grog.

I'd invest nought and hope to be dead within a year ,but by christ, i'd die happy.

[Totster]

Well if I won, I'd kick the missus for touch and spend the rest on shelias and grog.

I'd invest nought and hope to be dead within a year ,but by christ, i'd die happy.

<{POST_SNAPBACK}>

Well.. It's certainly a plan...!

totster

[aughie]

Yeah some of them spend it like they have more coming in. If you have 6 mil and buy a 1.5 mil house well there goes 25% of your cash and then come the taxes every year. As far as the govt goes I'd guess they'd like to see you blow the dough in order to provide a stimulus to the economy. I just don't see myself being so foolish though.