Lottery winners who went broke after winning millions

[haxartus]

Here is the thing: 1% interest on 10 million is 100k per year for doing literally nothing.

[Deleted]

https://en.wikipedia.org/wiki/Michae...ottery_winner)

This is held as an example that money cannot buy class, scum will always find a way to fuck themselves.

[ranzino]

Here is the thing: 1% interest on 10 million is 100k per year for doing literally nothing.

Also means you could spend 100k per year and it would last 100 years or blow 200k for 50 years. No need for saving the capital i think; set yourself a limit per year and invest the remaining amount for a year. Rinse and repeat.

[Deleted]

Also means you could spend 100k per year and it would last 100 years or blow 200k for 50 years. No need for saving the capital i think; set youself a limit per year and invest the remaining amount for a year. Rinse and repeat.

Pretty much, the only reason to live off the interest alone is if you intend for people to inherit it.

[Felya]

It actually makes sense... those who are good at math are not the ones playing lottery.

[classic username]

dont tell anyone but your parents maybe.... dont buy lot of stuff you didnt need before. just think before you do anything.

That way you remain rich until you die or inflation fucks you

[Deleted]

You could spend 4% of that ten million a year and it would probably last forever. That's 400000 usd a year to blow on whatever you want. You'd have to be a moron to fuck that up.

[Felya]

dont tell anyone but your parents maybe.... dont buy lot of stuff you didnt need before. just think before you do anything.

That way you remain rich until you die or inflation fucks you

Catch 22... they didn't need to buy a lottery ticket. In fact, buying the lottery ticket implies they are bad with money. If they continue with similar speculative spending, they will end up in the same spot. You need to change your spending habits when you land a sum like that. Most people just go the wrong direction...

[Captain N]

Catch 22... they didn't need to buy a lottery ticket. In fact, buying the lottery ticket implies they are bad with money. If they continue with similar speculative spending, they will end up in the same spot. You need to change your spending habits when you land a sum like that. Most people just go the wrong direction...

That's because nearly everyone thinks that a lottery winning is going to solve all of life's problems. On a smaller scale it also happens when people receive decent raises at their jobs. The more money you have the more things you'll end up having to pay on because people don't know how to budget -- It's like Biggie said "Mo Money Mo Problems"

[Karlz0rz]

It's because the lottery doesn't chose the "right" people to win, so even the most retarded pieces of shit will win sometimes.
He had no self control, had no idea how to handle his economy...
Of course it's going to go down the shitter for people like that :P.

[Felya]

That's because nearly everyone thinks that a lottery winning is going to solve all of life's problems. On a smaller scale it also happens when people receive decent raises at their jobs. The more money you have the more things you'll end up having to pay on because people don't know how to budget -- It's like Biggie said "Mo Money Mo Problems"

Yeah, the idea to buy for what you will have and not what you do, is silly. Going to Costco to buy 10 pounds of tomatoes, when you eat less than a pound before they rot, is not savings. Buying a game you didn't want for 50$ because steam summer sale has a 90% sale, is not savings.

Those are the two big things I do wrong...

[breadisfunny]

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

1.8 million is about how much a lower middle class person spends in a lifetime. making 50k a year. if you think 1.8 million is a lot just wow.
it's about the cost of a house in hawaii.

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That's because nearly everyone thinks that a lottery winning is going to solve all of life's problems. On a smaller scale it also happens when people receive decent raises at their jobs. The more money you have the more things you'll end up having to pay on because people don't know how to budget -- It's like Biggie said "Mo Money Mo Problems"

actually money does solve problems since the u.s. requires you to pay for your healthcare. there are innumerable people who can't afford operations or medications and go without them.

[Triggered Fridgekin]

Everyone has a plan until they win.

[Felya]

1.8 million is about how much a lower middle class person spends in a lifetime. making 50k a year. if you think 1.8 million is a lot just wow.
it's about the cost of a house in hawaii.

Hawaii has a horrendous local economy. People talking about Detroit need to check how the homeless populations compares to Hawaii and see how much of their local funding depends on tourists. Their economy is very shallow...

[Adam Jensen]

10 million is easily enough to live well for the rest of your life if you don't blow it on a bunch of stupid useless crap.

Put five million in the bank, live off the interest. Blow the rest on hookers.

[bondgirl]

If anyone is interested. In Germany 1 guy won the euro lottery which filled with 90million €. Here is the article.
http://www.t-online.de/nachrichten/i...o-jackpot.html

Highest single person win in history for Germany.

@ Topic: I can't imagine what this guy has done with his life if he got himself a house for drug abuse. I mean cmon. You have the money to change your life and make a new start (if you are in trouble/addicted etc.) why just don't try it instead of going hard with drugs

[Captain N]

actually money does solve problems since the u.s. requires you to pay for your healthcare. there are innumerable people who can't afford operations or medications and go without them.

Oh sure money can definitely assist with healthcare and the bills. I was more focused on the absurd things people spend their money on just because they have money. Just as a personal anecdote the wife did our spending for the last three months and discovered that we spent $3000 just in restaurants/take out. That's insane for such a small time frame. However as I mentioned previously it's a common occurrence when the new money isn't properly budgeted -- You end up spending money on things you really don't need leaving you the same as you were before just with more useless stuff or more bills.

[DrStiglit]

That used to be true. Interest rates are borderline stagnant nowadays. I'm not saying you can't properly invest money, but you're not going to get a return in a savings account. Not even close to 1%. Not even .1% from savings.

That is true with most. But Ally, Barclays & Synchrony all reportedly have 1% interest savings account.

https://www.nerdwallet.com/blog/bank...ings-accounts/

But if you've got 10mil there are plenty of other safe options with better yields.

[Easo]

I have always been fascincated how quickly quite a lot of people can burn through cash once they suddenly get it. Seen it myself too...

[ArguesWithStrangers]

My wife and I occasionally buy lottery tickets for fun. The inevitable "what if we win" conversation always ends with such extravagances as, pay off what remains of our debt, put a year's salary in emergency funds, set up a trust for our daughters' higher education, and buy some property where we intend to build a house. I'd still go to work the next day and we'd still live the same life. Maybe we'd also take that long postponed dream vacation to Ireland as well.