some lotto winners tick me off

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crazymike

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the ones that win millions and still work for a living.

What the hell is up with that? It doesn't make you a better person, it makes you a loser.

If I won $1000 I would probably not show up for work for a week and hope they didn't fire me. I think they just do it for the attention. LOSERS

(ps, I'm partly jealous)
 

theacoustician

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Unless you win several million dollars and can get to it in one lump payment, most people have to keep working. You get to pay inflated taxes for being in a higher bracket, and if you don't hire a lawyer and a personal financial assistant, you're a dumbass. With those added expenses, you don't exactly get to quit working right away. I know a lot of people keep working simply for something to do so they don't get bored.
 

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I'd keep working no matter how much I won. I don't want to be a bum.





Ha, I lie. If I won a billion bucks I'd stop working and help the homeless.





Heh... I'm such a liar. I'd really just stop working and eat sno-cones all day.
 
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crazymike

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mmm sno-cones... except maybe the one from Jackass.


They still get enough money each month to make more than $6 an hour.
 

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crazymike said:
mmm sno-cones... except maybe the one from Jackass.


They still get enough money each month to make more than $6 an hour.
I used to sell sno-cones as a kid. I had the snoopy sno-cone maker you put ice in the chimney and manually shave it out. Then put koolaid with lots of sugar on top.

Showed those lemonade standers up. :fly:
 
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crazymike

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April23 said:
I used to sell sno-cones as a kid. I had the snoopy sno-cone maker you put ice in the chimney and manually shave it out. Then put koolaid with lots of sugar on top.

Showed those lemonade standers up. :fly:

I like blue ones and purple ones but I like orange ones best.
 

thrawn

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For some people, work is all that their life is. They don't do anything else. My aunt won two million, gave each of her kids a hundred grand and put the rest in the bank. Both her and her husband still work full-time. They had quite a bit of money to begin with, not like they really needed it. But they still work and she still plays the lotto every week.
 

wr3kt

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Depends on how much you one.
Those powerball winners could quit...but a typical lotto winning in Texas is not worth quitting your job over.
Basically...if you were to win a $10mil jackpot, you'd realistically only see 5 mil after taxes for a lump sum. Then you'd have to learn how to handle that amount of cash. I don't see how taxes after the initial lump sum would be a problem since you can't be taxed on it again after a year since it's not an earned income.
But, unless you make that money work for you, most people will go into a spending craze and deplete it quickly.

Steps should you win the lottery:
1.) Don't go crazy. Money is water.
- Ooooh....a shiney $5 million...$1million house...few sports cars...overzealous donations...and you're broke

2.) ALWAYS CHOOSE LUMP SUM
-This is not debatable, you will end up with more money after 20 years even with half of what you started. Should you even put it into a regular savings at 2%, you will end up with ~7.5 mil after 20 years.
Should you invest wisely and push closer to 10% APR, you will end up with ~34mil after 20 years.

3.) Learn how to invest or find someone who knows how to.
- This applies to step one. Make money work for you. Just because you start out with 5mill does not mean you can't get more. The more money you have, the more money you can make.

4.) If you're afraid of investments or do not trust anyone enough with your account, at least invest a minimum of 20% of your winnings in some sort of investment and put the rest in a protected savings account.
- If you are afraid of taking risks, the plain and simple truth is you have to. Take baby steps. 20% is a decent amount to start and work with to get you accustomed to investing. You can gain a lot with a million and if you lose it...you'll have it back with no work in about 10 years. You will end up paying taxes on any extra money made off investment earnings. It counts as an earned income.
Tax brackets are based off annual income, not savings.

5.) Allocate and budget how you spend your winning yearly.
- This is probably the most important step. What's the point of having money if you can't spend it? The truth is you should, but not in excess. It's just like your income...except it's not renewable if you don't make it work for you. Money will dissapear if you don't keep track of it.
 

wr3kt

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April23 said:
I giggle at people who just put it in thier savings account. :fly:

Investing++
I laugh at ignorant people who win $5-10million, buy a 3 mil home, and then wonder why they're broke 2 years later.
 

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wr3kt said:
I laugh at ignorant people who win $5-10million, buy a 3 mil home, and then wonder why they're broke 2 years later.
10 million is a LOT of money to people who spend and invest wisely. Ooohh the things I would do with that amount of money if allowed to play with it investing wise.
 
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crazymike

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I wouldn't quit my job, but I don't have a real job. I just ride horses all day long.

But if I'm a waitress making minimum wage, I would sure as hell quit!
 

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crazymike said:
I wouldn't quit my job, but I don't have a real job. I just ride horses all day long.

But if I'm a waitress making minimum wage, I would sure as hell quit!
You'd make a hot waitress. :elfpenis:
 

wr3kt

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April23 said:
10 million is a LOT of money to people who spend and invest wisely. Ooohh the things I would do with that amount of money if allowed to play with it investing wise.
I'd break it down:
50% in slow growth stock/mutual funds
30% in 3-5 year mature company stock and currency investment(includes gold and such)
10% for day-trading and gambling(not Vegas) Always 10%. It increases or decreases based on earnings of investments
5% reserved in pure savings account just for shits and grins
5% in safe deposit box
 

wr3kt

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crazymike said:
I wouldn't quit my job, but I don't have a real job. I just ride horses all day long.

But if I'm a waitress making minimum wage, I would sure as hell quit!
Hehe...in that case I'd quit, finish any and all school, find a job I like, and stick with it for at least 10 years while soundly adjusting investments and living sort of miserly...sorta...
 

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wr3kt said:
I'd break it down:
50% in slow growth stock/mutual funds
30% in 3-5 year mature company stock and currency investment(includes gold and such)
10% for day-trading and gambling(not Vegas) Always 10%. It increases or decreases based on earnings of investments
5% reserved in pure savings account just for shits and grins
5% in safe deposit box
How into trading/investments are you? Do you personally do some?
 

wr3kt

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April23 said:
How into trading/investments are you? Do you personally do some?
I would if I could procure a stable income. :(

Right now, I'm simply throwing money into a mutual fund at random times.
School drained me for all I was worth financially and some sanity.
I wasn't able to finish, but I left Oklahoma and finishing school up in Dallas. Cheaper and I don't have to work 40+ hours a week to pay a $5500 tuition for 12 hours of engineering classes.

I was at the end of my rope. Now I have an opportunity to regroup, which will see a rise in my investment activity once I figure out what I can and can't do when classes start again.


So yes, I'm very into investing if I have the opportunity.

/Cliffs
Burned out at school from work + school overload
Moved back to parents
Going back to school
Stable and sane
 
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