Lottery winners who went broke after winning millions

[Deleted]

Well this is a good example of why some people are poor and how its not the fault of the society or the magical "rich people" .

[nicoleivy5]

That's a great outlook on life. Too bad the awesome part is so short, and then you are middle aged, broke, and completely fucked for the rest of a long, hard life.

real talk thats a good quote

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Plenty of Lotto, and inheritance, millionaires of an average or poverty background do stupid things because they don't have a clue on how to handle the sudden influx of cash... thinking "it'd last a life time", going full retard in their spending.

yeah they need to get better accountants

[Aeula]

The problem is when people try to use it to change their lives, they should be using it to enhance their current life, just use it to buy pay off your bills,buy the odd treat and pick up a more relaxing, enjoyable job with shorter hours instead of blowing it all in one go.

[Deleted]

real talk thats a good quote

Play it safe, plan for the future, get hit by a bus tomorrow.

That's a better quote.

[nicoleivy5]

Well this is a good example of why some people are poor and how its not the fault of the society or the magical "rich people" .

agreed wit this

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i feel bad for some of them

[ranzino]

Well, you have to keep your mouth shut. Move immediately with your close family abroad, no experiments.
Fortunately in germany and most european countries lottery winnings are anonymous ( ok, lottery officials know your name of course, but nobody else besides your bank). But you can still fall victim to useless advices.

[nicoleivy5]

Stories of lottery winners who went broke after winning millions

"After winning $10 million Cdn most people would expect their lives to change, not to end. But that’s the fate that befell Winnipeg native Gerald Muswagon: After winning the lottery in 1998, he bought a house for drug use and partying, and he bought his friends and family TVs and cars.

After starting a logging business, which failed, Muswagon faced numerous run-ins with the law and served jail time for dangerous driving and sexual assault. He ended up spending all his money and went back to a minimum wage job to support his six children. In 2005, he tragically hanged himself in his parent’s garage."

Damn thats crazy. I cant imagine someone going broke after winning $10 million. In the other stories they won much more and blew it all away

how can 1.8 million wreck a life

[ranzino]

how can 1.8 million wreck a life

it is ~ 2,2 milion US$

to less to live in luxury, to much to live unharmed by beggars and false friends.

[Deleted]

Stories of lottery winners who went broke after winning millions

"After winning $10 million Cdn most people would expect their lives to change, not to end. But that’s the fate that befell Winnipeg native Gerald Muswagon: After winning the lottery in 1998, he bought a house for drug use and partying, and he bought his friends and family TVs and cars.

After starting a logging business, which failed, Muswagon faced numerous run-ins with the law and served jail time for dangerous driving and sexual assault. He ended up spending all his money and went back to a minimum wage job to support his six children. In 2005, he tragically hanged himself in his parent’s garage."

Damn thats crazy. I cant imagine someone going broke after winning $10 million. In the other stories they won much more and blew it all away

10 mil would get me a small house, new furniture, new gear. I'd prob buy some essential stuff for my family as well, then live off the interest of the rest of the money.

[Self Inflicted Wounds]

Sadly, all those people are likely stupid or bad people anyway. Its not the monies fault. "Money wreck my life..." .. more like you wrecked your own life.

[Deleted]

Well this is a good example of why some people are poor and how its not the fault of the society or the magical "rich people" .

Because as we all know, all rich people are fiscally responsible, intelligent people... >_>

[Self Inflicted Wounds]

it is ~ 2,2 milion US$

to less to live in luxury, to much to live unharmed by beggars and false friends.

You're right, but its enough to settle down, pursue a job/education you want, and invest the rest.

[Asiwassaying]

Some people are poor for a reason.

If I won millions, I'd live a basic life and live off the interest. I don't know how to run a damn business. And most of my excess cash would go towards yearly vacation adventures.

I don't drink much so even that would just be me chilling at a resort for a couple weeks eating shrimp and watching cartoons.

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I already decided if I get rich I'm staying at my job. I'd just work part time and use that money for bills. Shit, I just realized I wouldn't change shit except buy a one family house near my job.

[Shadowferal]

Hmf...I think the percentage I used to hear was that 90% of big winners end up broke within five years...or something.

If I had $10 million I probably wouldn't go broke. I would however look into municipal bonds (tax free dividends) to add to my already taxed winnings.

[mizeri]

i'd probably just buy my self a small house, pay off all the loans and just live my life like i have been. i bet if you divide up all the money the US has among everyone evenly, in few years you will have rich and poor again

[ranzino]

give away some part of it to immediate family (5 persons) and move away from here. and i hope it will be enough to life off interest or at least 50 years off capital + interests. as soon my house is settled, all it needs is upkeep and maintenance, 100.000 € should do the trick nicely for anything. no private planes and cars are on leasing. vacations are a must, i want my passport full of stamps.

[Logwyn]

pretty much. a lot of people overvalue how much 10 million is because they've never seen that much in their life. with inflation 10,000,000 is about how much you would spend in a lifetime of a upper class lifestyle with 2 kids.
50 million isn't even too much. now 100 million that's a lot.

Why do you have to live a upper class lifestyle at all? I'd be just as happy in a 150k-200k house as I would be in a million dollar mansion. I don't need 20 cars from the 1960s or with 1000 horse power.

[ranzino]

Why do you have to live a upper class lifestyle at all? I'd be just as happy in a 150k-200k house as I would be in a million dollar mansion. I don't need 20 cars from the 1960s or with 1000 horse power.

ok, do the math for fun: how much do you need to keep your 200k house in order and entertain the family a bit for ~ 50 years ?

[Logwyn]

ok, do the math for fun: how much do you need to keep your 200k house in order and entertain the family a bit for ~ 50 years ?

It way lower than 10 million. If I were to work my current job rate over 50 years. I wouldn't even crack 3 million.
If I took 2 million and stuck it in a simple interest account that made 1% a year it would just about cover the entire monthly expenses for 50 years. But there are better ways to save/invest.

[MatthewOU2015]

I remember I got $3000 total for graduation money and I almost lost my mind. Imagine having $1.8 million.