- Jan 4, 2012
- 11,444
- 12,704
Smart, responsible people don't. All you really need is an advisor to get you set up.
Most people who win lottery jackpots probably aren't too financially savvy
The OFFICIAL Powerball and Megamillions thread:
Most people who win lottery jackpots probably aren't too financially savvy
- May 31, 2007
- 4,925
- 3,483
Agree with the second part, I’d argue against the first. Putting your trust in just one individual makes you more susceptible to fraud and conflicts of interest.Smart, responsible people don't. All you really need is an advisor to get you set up.
Most people who win lottery jackpots probably aren't too financially savvy
Get a team consisting of a tax pro, accountant, investment advisor, and a lawyer (to handle trusts, lawsuits, etc.). Decreases your exposure to risk and impact of self serving individuals. No matter how lowkey or savvy you think you are at the very least you’d still want a tax expert and a lawyer.
$tacy
formerly willchamberlain
- Nov 24, 2012
- 26,267
- 25,280
U get that money u really can’t trust no one. Lawyers, advisors etc somebody gonna be taking more than they should. Sad reality. Especially if your a person that never had money.
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
If I won, I’m really only consulting an accountant so they can maximize my winnings. In NY, your name is public, so really no need to hire an attorney out right. I would plan on attending university again and get a minor in financing so I can be my own financial advisor. Eventually I’d hire a law firm to manage my trusts and inheritance.
Every other advisor or lawyer can stay the hell away from me lol.
Every other advisor or lawyer can stay the hell away from me lol.
- Apr 16, 2014
- 24,311
- 49,274
I'm paying off my debt. (25k) Buying a modest crib, leaving a mill in my bank account and putting every single last penny into an index fund and retiring in 15-20 years.
- Oct 8, 2002
- 42,749
- 44,894
More or less to help curve the inevitable loss of self control you’ll experience once the deposit hits.
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
One would have to be the most irresponsible person on earth to blow $400 plus million.
Even if you bought houses, cars, and lavish goods, to a certain extent they would be considered assets.
I agree that most people would engage in massive splurging for the 1st few years. However in my humble opinion after a few years, you’ll start to develop the “rich man’s mindset”, and your taste in lavish goods will likely die down tremendously. You’ll start to move a lot quieter, and you’ll be more interested in building upon the wealth you have and creating opportunities for others, than you would showing it off. Just my humble opinion.
- Apr 16, 2014
- 24,311
- 49,274
You have high opinions of people. I think 90% of people would blow it.
The issue with buying those things is that expensive things come with expensive upkeep. Expensive house comes with an expensive mortgage, same thing with car, and that doesn't even go into factoring property taxes.
So unless they are bringing in more income to replace what they're spending eventually they will run out. Of course this is all relative and dependent on how above their means they are living.
- Apr 30, 2010
- 69,912
- 106,791
Most winners do blow it though. Things add up.
- Oct 8, 2002
- 42,749
- 44,894
I JUST got finished talking to a grown man that didn’t know you needed to at least know your SSN to open a savings account. You’d be surprised how little financial prowess the average American has. People don’t realize 1 million dollar homes be having $15k light bills and such. God forbid you live somewhere with property taxes. You have to pay that annual.
Yes, if you know even just know the basics about how accounts it is practically impossible to go broke with 400 million. You could live lavishly off the interest of the average credit union. But that takes a little knowledge and a LOT of self control and responsibility. Lets keep it real tho, the REAL reason why anyone wants to win the lotto, regardless of the mental gymnastics your ego is going to try, is live life without responsibility and self control.
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
This is true for those that have won amounts below $1,000,000. We’re talking about $400 mil take home after taxes. It’s almost impossible to blow that much. The interest you would incur alone would keep you rich.
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
Both jackpots are over $350 mil. 
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
Both jackpots over $400 Mil.
- Apr 18, 2014
- 8,768
- 5,735
PB and Mega looking ripe.
Anyone notice that Lotto America hasn't rolled in years? I feel like its been around 20ish M's for so long. Did some digging and I guess Lotto America took over for Hot Lotto after someone got busted for a scam. I wonder if nobody buys tickets because of that.
Anyone notice that Lotto America hasn't rolled in years? I feel like its been around 20ish M's for so long. Did some digging and I guess Lotto America took over for Hot Lotto after someone got busted for a scam. I wonder if nobody buys tickets because of that.
- Feb 15, 2014
- 2,381
- 4,095
Wishing everybody the best of luck..
- Apr 5, 2007
- 7,243
- 2,082
Powerball 1 billion on Monday im buying $4 ticket
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
Every few months it’s getting this big.
- Apr 23, 2001
- 2,333
- 970
will someone win a BILLION on halloween????
- Dec 19, 2013
- 17,370
- 24,483
Welp. I guess I’m playing the next one 
- Feb 15, 2014
- 2,381
- 4,095
Good luck everybody..
- Apr 5, 2007
- 7,243
- 2,082
1.2 billion on Wednesday
- Feb 23, 2010
- 23,543
- 26,720
ccastro02
Supporter
- Jun 27, 2007
- 4,504
- 11,341
Yeap, nobody won. Although after taxes, in nys, take home is about $310 million.
- Oct 8, 2002
- 42,749
- 44,894
Jesus! Its the state that actually wins.
- Mar 19, 2013
- 16,250
- 32,861
That’s why they want you to play. You’ll benefit if you win, they just benefit more. It’s not fair damnit
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