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  1. #21
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    Quote Originally Posted by FigureSpins View Post
    I think I would love to do something mysterious like that and testing people to not snoop.
    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.
    In my spare time, I like to interview figure skating legends.

  2. #22
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    Quote Originally Posted by rfisher View Post
    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.
    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...

  3. #23

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    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.
    -Brian
    "Michelle would never be caught with sausage grease staining her Vera Wang." - rfisher

  4. #24

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    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
    One day your life will flash before your eyes. Make sure it's worth watching.

  5. #25
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    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?
    http://www.blueridgenow.com/article/...018/sitemaps05
    I think the mom is young, so hopefully, she's set for life and has been saving her winnings.

    Really interesting story!
    Last edited by FigureSpins; 07-28-2011 at 07:17 PM.

  6. #26

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    Quote Originally Posted by FigureSpins View Post
    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.
    Yes, the technical term is "the present value" of the annuity payout.

  7. #27
    drinky typo pbp, closet hugger
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    Quote Originally Posted by FigureSpins View Post
    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.
    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).
    Q: Why can't I read the competition threads?
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  8. #28
    engaged to dupa
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    Quote Originally Posted by genevieve View Post
    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.
    3539 and counting.

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  9. #29
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    Quote Originally Posted by michiruwater View Post
    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.
    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.
    Last edited by rfisher; 07-28-2011 at 11:35 PM.
    Those who never succeed themselves are always the first to tell you how.

  10. #30
    drinky typo pbp, closet hugger
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    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
    Q: Why can't I read the competition threads?
    A: Competition forums on the board are available to those with a Season Pass or a premium membership How to View Kiss & Cry

  11. #31
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    Quote Originally Posted by genevieve View Post
    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
    Hi Friend! Drinks are on you since you have all the money, eys?
    Those who never succeed themselves are always the first to tell you how.

  12. #32
    drinky typo pbp, closet hugger
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    of course
    Q: Why can't I read the competition threads?
    A: Competition forums on the board are available to those with a Season Pass or a premium membership How to View Kiss & Cry

  13. #33
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    Eh, I'd just make a Facebook notice. "Dear friends: yes, I just won the lottery. I figured you'd find out at some point. I am not giving any of you any money, because then you will all want money. However, if you have any suggestions for charities, please feel free to let me know. Thanks "

    Really, though, I have no concept of how to plan as you suggest, rfisher. Really. I'd do those two things I mentioned and then feel at a loss as to what else to do beyond that.

  14. #34
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    Quote Originally Posted by michiruwater View Post
    Eh, I'd just make a Facebook notice. "Dear friends: yes, I just won the lottery. I figured you'd find out at some point. I am not giving any of you any money, because then you will all want money. However, if you have any suggestions for charities, please feel free to let me know. Thanks "

    Really, though, I have no concept of how to plan as you suggest, rfisher. Really. I'd do those two things I mentioned and then feel at a loss as to what else to do beyond that.
    I tell you what. Just call me and send me the money and I'll take care of everything.
    Those who never succeed themselves are always the first to tell you how.

  15. #35
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    Quote Originally Posted by genevieve View Post
    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
    Some guy on Staten Island won the lottery and had a party that lasted for days! Remember "Easy Money" with Rodney Dangerfield - the neighbors got a little tired of the crowds after the third day and called the cops.

  16. #36
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    Quote Originally Posted by rfisher View Post
    I tell you what. Just call me and send me the money and I'll take care of everything.
    Will do As long as I get my Inquisitorial Squad badge back.

  17. #37
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    Quote Originally Posted by michiruwater View Post
    Will do As long as I get my Inquisitorial Squad badge back.
    Not a problem. You can have two! And don't be concerned if I don't answer the phone. I'll be really busy protecting your interests and stuff.
    Those who never succeed themselves are always the first to tell you how.

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