Discussion in 'Off The Beaten Track' started by manleywoman, Jul 27, 2011.
Really? What are the odds?
I won three dollars last week.
Her mother won 15,5 million dollars and didn't pay off her daughter's student loans?
^ I was wondering the same thing, but then I thought it was kind of cool she was making her daughter pay her own way.
(then again it did say she won that $15m back in 1991? Perhaps it's been squandered already)
Three dollars was my biggest (and only) lottery winning.
I love Karma stories:
I don't think its cool to make her pay her own way after you win 15.5 million $$! She WAS paying her own way so why not say "hey, I can really help you out now, I am proud of you for going to college but you shouldn't need to pay that bill every month when I am stinking filthy rich." LOL! Unless her student loans were worth hundreds of thousands, I am shocked she wouldn't pay it off. I know I would for my kid or sibling or even a good friend if I won enough money! Oh well, I better stop, not my place to spend her money.
I wonder if this family spends a LOT of money on lottery tickets. I have seen this many many times. Once people win they realize it IS possible and they go crazy on the spending. This is how casinos draw people in. They hit a few hundred or thousand on a slot machine and they will put every penny back over the next few weeks or months trying to do it again. I wouldn't be shocked if they spend hundreds every month on the lottery, although not enough to go through all 15 million the mom won, I hope.
You'd be surprised. Statistics show the majority of lottery winners end up right back where they started finacially in a relatively short period of time. Plus, you don't get the winning amount. The cash payout is about 60% or so and there's a 30% tax deduction (federal and state before the money is released).
I, OTOH, have a perfect plan if I win. I'm not telling anybody until an investment lawyer has it secured. Then, I'll give each family member a million and tell them to go away. Then, I have very specific plans for the rest of my days.
Depends on the situation. I have a friend who comes from a stinking rich family. She got into Georgetown, and daddy paid her full tuition. Then she flunked out. Georgetown said they'd take her back if daddy paid $$ again for tuition. He told her flat out he'd bail her out once, then never again. She flunked out again. To this day (decades later) she still never finished college, daddy is still filthy rich while she and her husband make a modest living. But daddy said nope, never again, and you had your shot at a quality education.
So if it was a situation like that, yes, I think it's cool to make the kid pay their own way. If they want it bad enough, they can do like everyone else does and take out loans.
Me too. Not telling anyone (even husband) until it's in the bank and secured. Then I'm giving him an allowance (he's terrible with money, he needs an allowance system).
That seems like the logical thing to do, but I don't think I could keep it a secret if the sum was really large!
What an unfortunate situation. I just wonder...how was she accepted to such a prestigious school in the first place?
plenty of people who did well in the more structured confines of high school lose their way a bit in college.
or maybe daddy bought her way into Georgetown. who knows?
No, she was brilliant in HS so she got in on her own grades/merits. But she was always needing a very rigid structure at home to get anything done. MAJOR procrastinator. We even went to summer camp together and were in a lot of the same clubs/groups and she did the same at camp as she did in HS. Once she got to college and didn't have the structure of home, she wasn't self-directed enough, and procrastinated to the point of inertia. Plus she partied a bit too, which didn't help her turn in assignments.
She can't get her transcripts released from Georgetown to go elsewhere until she pays off the bills from there (which daddy refuses to pay since he already bailed her out once). She's still brilliant, but has been a life-long waitress for 15+ years (at very high-end exclusive places) because she has no college degree. But she reads voraciously, is wicked smart, and is writing a screenplay and I have no doubt you'll all hear from her in the future. But it's going to take her a while to finish, I imagine!
She doesn't blame her dad. She understands the opportunity she was given (especially as a minority as well) and concurs she blew it. She made her choices.
It depends on the state. Legally, they have to announce who wins but some states allow you to just name the trust it is going to (i.e. the winner list could be the FSU trust).
I myself am deeply jealous.
I've always said I wouldn't tell a soul if I won the lottery and claim it thru a trust (allowed in my state), but the bitter part of me would want to go public to let every damn bytch out there who made my life hell know that I won millions of dollars. But then again, I wouldn't want people hassling me for moola the rest of my life either.
Although if I won crazy lottery money (like millions++), I would end up giving most of it away. Really. All I want is enough to build a house e-x-a-c-t-l-y the way I want it (and I'm talking simple 3 bed, 2.5 bath, about 2200 square feet with great big rooms, not a MegaMansion .... but yea okay its gotta have a pool ); and then enough to live my simple life and never worry about money again, even if I lived to be 100. I would enjoy being able to give it away to organizations I wanted to support. Or see a story on the news about someone having a fundrasier for a local family and be able to pop off a check to them. Oh, and buy a lifetime subscription to FSU.
The next time I'm in NC, tell me where to go to get the winning tickets she bought.
I can understand keeping it as quiet as possible but I'd tell my husband and children. Can't imagine not.
My sister and I have a 50/50 dead - if either of us hits for over $1M after taxes, we split the money. We didn't cut our brother into the deal because we don't trust his sons or ex-wife, lol. Plus, he's not really that smart about money - his ex was the financial guru in that relationship. We'll just pay his bills for him somehow so he doesn't piss it away or get bumped off for the inheritance. (We play the "What would you do if..." game a lot in my family.)
Along those lines, a local private school once received a generous check towards a special-needs program they were bringing on campus. It was an unsolicited contribution: the Donor read about the program in the local paper and sent a trusted man (friend/employee/minion?) to act as his proxy, turning over a check that took care of all the construction needed to make the building and grounds wheelchair-accessible. The check came from a trust of some sort that they didn't really trace back, for fear of losing the $$$. (My money was on Mafiosa money laundering, lol.)
I think I would love to do something mysterious like that and testing people to not snoop.
I would love to be able to buy my dad some nice property on Lake Superior and get his house fixed up. And he'd be happy that I wouldn't have to worry about my student loans.
I definitely agree about getting it in the bank and investing wisely immediately. I would have no idea how to do this but that would be my first action.
That's why I will only buy tickets in Canada - no taxes. Matched 5 numbers on 6/49 once, just over 2 thousand, split with my friend. We took a holiday together up north.
I always thought if I won a lot I'd like to fund a study on movement disorders - like Parkinsons.
There was a billionaire in NYC who died several years (maybe ten years?) ago. After his death, it was discovered that he was the secret guy who had been secretly giving out money (via a proxy) to people he'd read about in the papers. One went to medical bills for a promising young model who had gotten her face slashed with razors in an attack, another to a guy who was homeless on the streets but had been really honest-to-goodness trying to right his life with no success, etc etc. When he died, his widow let everyone know it was he who had been behind it, and that she would be continuing the generous work.
I'd love to do it too.
I wouldn't give my family anything.
I'd make sure my parents were well taken care of and I'd give my mum a regular allowance but that's it.
A small part of the sum would be stashed in a savings account and the majority invested in funds of varying risk.
And I'd start a figure skating NGO, of course.
I really can't believe how so many of the lottery winners can come back to square one. How stupid do you have to be...
It must be easier than we think to squander all that money, otherwise it wouldn't happen so often!
I think many people buy multimillion dollar homes and who knows the cost on the upkeep and taxes for something like that. Most quit their jobs so they have zero income for the rest of their lives. If they don't invest the remaining money or put it in a decent savings account then it will eventually be gone but their bills will continue to poor in.
I would pay off my large (and mounting) student debt, buy myself a house, buy each of my immediate family a cool holiday and then go off around the world with my closest friends
I used to think I'd be sensible, but I would spend it all on travel and then get back to work when I was out of money
I think that the annuity payout represents the full lottery prize. If you take the lump sum up front, that amount is much less because they're not investing it - the interest is what brings up the value over 20-30 years to the full amount.
So, they're starting out with a smaller amount than the published prize value.
The government takes its share up front, so the final check is even smaller.
Once you see your million-plus prize drop to a "measly" six-figure amount, I think people get a little depressed and start spending it too quickly and without a plan. It's really easy to take a few first-class vacations, buy overpriced homes and give money away.
As an aside, the NY Lottery used to offer ONLY the annuity option, which sucked if you died before collecting all the payments.
The payouts couldn't be transferred or made part of an estate bequest.
The mother in this case won $15.5 million 20 years ago - she just collected her last check. Good thing she won that "little" lottery in 2007, huh?
I think the mom is young, so hopefully, she's set for life and has been saving her winnings.
Really interesting story!
Yes, the technical term is "the present value" of the annuity payout.
I used to think I'd take the annuity option - didn't realize that it couldn't be transferred upon death though (not that I've been planning to go anywhere, but it's worth considering).
It varies by state. Remaining annuity payments in Florida go to the deceased's estate.
No, no, no. You have to know exactly what to do before hand or you'd be in trouble very quickly. Preplanning is the key. You need to start studying up now. And the number one thing is not to tell your friends. You'd find they really aren't your friends after all. Planning, dear, planning.
And good causes come out of the woodwork with their hands out. There was a guy here in WV who won big several years ago and has lost most of it. A lot spent in bars on hookers, a grandkid used a lot for drugs then Od'd, multiple legal bills, and just being friendly and taking friends on vacations. He's a sad pathetic drunk. He didn't have a plan.
I'd take out a full page ad in the paper saying "I WON THE LOTTERY!!!! Party at my house - here's the address, wheeeeee!!!!!!" and be so happy to meet all my new friends