Lottery winners who went broke after winning millions

[DarkAmbient]

Basically, the trick to being happy after winning the lottery is to never let anyone know you won the lottery. Ever.

It would be very hard to enjoy the money without your friends becoming aware that something was up.

[nicoleivy5]

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.

do you know conor mcgregor

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It would be very hard to enjoy the money without your friends becoming aware that something was up.

it would also be hard to enjoy your money if your friends beg you for it all the time and ask for you to pay off their bills and buy things for them

[Djuntas]

People like him should had bought someone to lead his money. No fucking way Id go broke with that much money. Id buy a few houses, or at least make sure my nearest family is better off, especially my Uncle who's faced hardships....Seeing a man in his 40's cry.....Ok it was due to death in family, but still it took on him hard.

I would defiantly just move within a bout 2 weeks if I got that much money. Screw living in apartments...Its fucking vile, dont understand how anyone could be happy living in apartments....which just makes my life even shittier. I want my 4 walls and a green hedge....thats all I want in life.

[ranzino]

.....

it would also be hard to enjoy your money if your friends beg you for it all the time and ask for you to pay off their bills and buy things for them

Well, maybe the hardest trick: you have to abandon your old habits, friends included. Unless you can trust them with your life ( and made no mistake: there's always some crazy dumbshell of a friend of your friends who will threaten your family) you cannot tell them much, if anything at all.

[PixelFox]

Basically, the trick to being happy after winning the lottery is to never let anyone know you won the lottery. Ever.

My solution is to set up a charitable foundation which will have the exclusive ability to give out money to those who want it. The contract with the foundation will say that I'm not allowed to give money to any 3rd party directly. The foundation will have one major requirement: anyone who ever ASKS for money will be permanently barred from ever receiving any.

So maybe you can get a handout, but if you ever ASK me for money I'm forever contractually prevented from giving you any.

But as always, the whole "win the lottery without having it destroy my life" thing is a challenge I'm willing to undertake.

I'm hoping to win the lottery soon. I've never bought a ticket, but that doesn't seem to substantially change the odds so it doesn't really seem necessary.

[Gamdwelf]

yes, it's too much to spend, I could just put the money in a bank with high interest and live like really good on the interest

High interest in a bank...lulz

[DarkAmbient]

So nicoleivy5 who is now banned, and tiffanyjealous5 are both the same person? Some weird people around.

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Well, maybe the hardest trick: you have to abandon your old habits, friends included. Unless you can trust them with your life ( and made no mistake: there's always some crazy dumbshell of a friend of your friends who will threaten your family) you cannot tell them much, if anything at all.

Problem is, what if you live in a shitty house/area and want to move without losing friends that perhaps you've known for years? If you want the money to change your life - and if you don't then wtf are you doing the lottery for anyway - then you can't hide your money from the people closest to you.

[ranzino]

....


Problem is, what if you live in a shitty house/area and want to move without losing friends that perhaps you've known for years? If you want the money to change your life - and if you don't then wtf are you doing the lottery for anyway - then you can't hide your money from the people closest to you.

You cannot solve that problem. Hmm perhaps if you are able to lie a bit: dont tell them the whole truth.
if you are worth 10 millions then, tell them you made 1 million and see how they react. If they become greedy: run !

[ItachiZaku]

I think i'd buy the most expensive car in the world and then jump it between skyscrapers. And hang out with The Rock.

That's just me though.

[Jotaux]

10 million canadian is enough I could never work again and live comfortably.

[A dot Ham]

even if i had that much money i dont know how i would ever spend it in my life, that is too much money be able to spend

Clearly it isn't THAT hard.

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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

That's why I'd take the annuity.

[yetgdhfgh]

Well my dads a financial adviser so he would definitely help me invest most of it after i bought the essentials. Then just make sure i lay off the hard drugs and then go see the world.

[Laqweeta]

First things first with winnings of $10m (AFTER TAXES)
1. Update closet
2. Purchase a new vehicle
3. Purchase a reasonably priced home (Lots of gorgeous homes where I'm at for 100k - 150k)
4. Obv furnish the home. Nothing super extravagant (I'm not going to buy a $10k chair because of the name)
5. Easily live off of the rest (I'm assuming I'd flat out spend around $500k right off the bat)

[Rotted]

nice list bro

Not sure if legit..... Or sarcasm a 12 year old could come up with

[Aori]

High interest in a bank...lulz

I think he meant high interest for banks. Issue with that is keeping everything FDIC insured so you'd have to spread your money out quite a bit.

[Ielenia]

[URL="http://bit.ly/2dT1z07"] he bought a house for drug use and partying

There's your money sink, right there. I am willing to bet he not only didn't buy a simple shed, but a big, expensive-looking house, but also his parties weren't the 'cake and balloons' kind of parties. I bet he would hire dancers, strippers, and maybe even DJs for his parties.

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.

The rest of the money probably went there, on legal fees.

[sarahtasher]

As at least few posters implied, lottery winners are sometimes bombarded by sollicitations, from ''friends'' to relatives to investors.

[De Lupe]

How to not be a lottery loser:

1) Win Lottery
2) Set aside no less than 25% of maximum winnings for tax related things.
3) Establish minimum annual expenses. Add $5000 for emergency purposes.
4) Establish plan to ensure that minimum expenses are covered each year.
5) Place the rest of the money into bank account.
6) Celebrate winning the lottery.
7) Indulge in your wealth responsibly.

[Faethor]

I didn't read every post in here, but I skimmed a bunch of them.
The one thing a lot of people seem to either forget, or never know in the first place, is how much they'll actually get if they win a lottery. All of the following is based on being in the US where I live.

Let's say you win the $10 million powerball lottery. Sounds great, right? Well let's break it down a bit.
If you take it as an annuity, you'll get that money over a 30 year period in yearly installments. You then need to pay taxes each year on that to the Federal, State, and local governments (depending on state). If you take it as a lump sum as many people do, you'll get (estimated) $6.2 million as a lump sum.

From that $6.2 million you got as a lump sum, you now owe taxes on. Lottery winnings are considered income and you will pay taxes in your appropriate bracket, in this case 40%. They take out 25% right away, with you owing the other 15% at the end of the year. After just Federal taxes are paid, you have $3.72 million left out of your $10 million win.
Next they take out state taxes. They vary from state to state, from 0% up to 8.82%. In my state, Pennsylvania, the state does not tax lottery winnings if the ticket was bought in state and you are a resident of the state. Let's say you live in a state that does tax. Take 5% as an example. That's another $310,000 in taxes, taking your winnings down to $3,410,000.

So by winning the $10 million Powerball you will actually come out of it with $3.4 million, give or take. That's still not shabby by any means, but if you start going apeshit buying cars, houses, vacations, etc, you'll burn through that in no time flat.

It may work differently in other countries, but winning the lottery here in the states is never quite as good as it sounds. That being said, I'd take it any day.

[Jotaux]

I didn't read every post in here, but I skimmed a bunch of them.
The one thing a lot of people seem to either forget, or never know in the first place, is how much they'll actually get if they win a lottery. All of the following is based on being in the US where I live.

In canada lottery winnings are not taxable.