Jaguar
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Fear does not stop death. It stops life.
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Post by Jaguar on May 5, 2012 14:33:51 GMT -5
I got this from Sympatico.ca , it's Bell Canada's site. 10 lottery winners who blew it all By Brandon Miller Narrowing down a list of lottery winners who lost it all is difficult. As rare as it is to strike lotto gold, it is rather common for that good fortune to turn sour. Some people party the money away, others can't say no to moochers, and many develop dangerous addictions. A lot of lottery sob stories even end in suicide or murder, though there are only a couple of morbid tales on this list. Here are 10 lottery winners who blew their entire fortune and went from riches to rags. yourmoney.ca/Advice/Galleries/articles/lottery_winners_who_blew_it_all.htm?pos=1 |
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TD2K
Senior Associate
Once you kill a cow, you gotta make a burger
Joined: Dec 19, 2010 1:19:25 GMT -5
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Post by TD2K on May 5, 2012 15:53:43 GMT -5
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cronewitch
Junior Associate
I identify as a post-menopausal childless cat lady and I vote.
Joined: Dec 20, 2010 21:44:20 GMT -5
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Post by cronewitch on May 5, 2012 17:43:32 GMT -5
A fool and his money are soon parted/partying? Too much money make people feel they have no need to budget but no amount is unlimited. If a person thought a little more about how much is really is they might budget better and make it last.
I would budget a goodly sum for gifts but it would be a finite amount not open ended. The same with spending money, I would have a spending budget and make sure the new things didn't have ongoing cost that was unbudgeted. But I am a YMer so smarter than those who blow money on lottery tickets so I won't win.
If I won say 5million I might pay taxes so have 3 million. Use about 1 million as gifts and spending on myself but if I got a more expensive house I would have to budget future taxes and things. I would save the last two million for my future spending so at 4% a year have an extra 80K a year to spend. It seems like a lot more money to most people and they think they can buy everything for everybody.
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Deleted
Joined: Nov 21, 2024 21:10:32 GMT -5
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Post by Deleted on May 5, 2012 18:16:35 GMT -5
I am glad that I will be able to turn to the YM community for advice when I win the lottery. I would hate to end up like anyone in that story.
Step 1 - buy the tickets dummy!!
Step 2 - formulate the trust that will take and define how the money may be spent. it appears that protecting yourself against yourself might be the smartest strategy!
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Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
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Post by Opti on May 6, 2012 8:43:58 GMT -5
Interesting stories. I think my favorite was the guy who won $16 mil in PA, took the payments which were just under $500K/yr and still blew it. Should I be lucky enough to win that kind of money I plan to have a fair amount left after the payments stop and hope my foundation can become self funding and still do good research, etc. in the world.
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