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Old 09-08-2012, 03:05 PM   #1
maslex
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The Lottery Changed My Life (TV Show)

Does anyone watch this show? I came across it sometime earlier this year and have recorded ever since. I think it's on TLC.

Anyhow, I'm watching an episode right now where a guy won $2 million dollars. After taxes he got a check for just under $1 million ($998,000 I believe) He's probably mid fifties/early sixties and single. He does have a son who is probably late twenties/early thirties. He did some of the normal things winners would do. He tore down his old trailer and built a ranch style house on it and then went and bought a Camaro. Which they showed him driving off the lot once he got the keys. He drove right up on top of the curb. I'm sure there was some under carriage damage on that one.

This son is totally unbelievable. He's spending his father's money like it's going out of style. But he's buying stuff out of a thrift shop to open his own thrift shop??? Then he brought his dad out to Michael Symon's restaurant "Roast" out in Chicago, I believe to have a crash course in "dining etiquette" because he said that now that his dad has all this money, they will be eating in nothing other than 5-star restaurants. He then looks at the guy who is "teaching" them this etiquette stuff and says to him, "Tell me that this man right here isn't THE most eligible bachelor in America. This man has a 2011 Camaro SS, he has a brand new $170,000 house paid in full. I believe this man is The most eligible and single man in the world, in the United States and I think this man should have his chance at his own bachelor show" OMG...it's so funny watching this episode.
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Old 09-08-2012, 03:45 PM   #2
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That show just proves to me that God does provide for the stupid. Most of these people are broke in a few years. 998,000 is nothing in reality. Even 5 or 10 million is not alot of money in the grand scheme of things, escpecially with the way these people spend.
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Old 09-08-2012, 05:54 PM   #3
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Originally Posted by BellePrincessBelle View Post
998,000 is nothing in reality. Even 5 or 10 million is not alot of money in the grand scheme of things
I'll take that "nothing" or "not alot" off your hands if you should ever stumble across it .
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Old 09-08-2012, 06:01 PM   #4
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Originally Posted by maslex View Post
Does anyone watch this show? I came across it sometime earlier this year and have recorded ever since. I think it's on TLC.

Anyhow, I'm watching an episode right now where a guy won $2 million dollars. After taxes he got a check for just under $1 million ($998,000 I believe) He's probably mid fifties/early sixties and single. He does have a son who is probably late twenties/early thirties. He did some of the normal things winners would do. He tore down his old trailer and built a ranch style house on it and then went and bought a Camaro. Which they showed him driving off the lot once he got the keys. He drove right up on top of the curb. I'm sure there was some under carriage damage on that one.

This son is totally unbelievable. He's spending his father's money like it's going out of style. But he's buying stuff out of a thrift shop to open his own thrift shop??? Then he brought his dad out to Michael Symon's restaurant "Roast" out in Chicago, I believe to have a crash course in "dining etiquette" because he said that now that his dad has all this money, they will be eating in nothing other than 5-star restaurants. He then looks at the guy who is "teaching" them this etiquette stuff and says to him, "Tell me that this man right here isn't THE most eligible bachelor in America. This man has a 2011 Camaro SS, he has a brand new $170,000 house paid in full. I believe this man is The most eligible and single man in the world, in the United States and I think this man should have his chance at his own bachelor show" OMG...it's so funny watching this episode.
That's funny about the son's comments! I feel sad for the dad though because it doesn't sound like he did anything really outlandish but that DS's attitude will have it spent quickly!

There was a couple on one of the HGTV's shows buying a new house. They won $600,000 and had pretty much spent it & then some on renovating the new house. The guy was saying how he thought that money would have lasted them for years.
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Old 09-08-2012, 06:01 PM   #5
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999,000 approx is really nothing. It's a lot, yes, but if ya get me, it's really nothing. Here, it could buy you a decent 4 bedroom house... Maybe 5 bedroom house... And not much else.

I've seen this tv show and think some of them are really nice but some are spending the money in a way it will be gone in two weeks.

I think you'd need at least 10million to be comfortably off... Not having to work... Etc. We can dream
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Old 09-08-2012, 06:06 PM   #6
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Originally Posted by meggiebeth
999,000 approx is really nothing. It's a lot, yes, but if ya get me, it's really nothing. Here, it could buy you a decent 4 bedroom house... Maybe 5 bedroom house... And not much else.

I've seen this tv show and think some of them are really nice but some are spending the money in a way it will be gone in two weeks.

I think you'd need at least 10million to be comfortably off... Not having to work... Etc. We can dream
That's about what you'd get around these parts. A 4 maybe 5 bed house on a acre of decent land, or maybe 4 or 5 crappy acres. Nothing too big maybe 3500 sq feet.
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Old 09-08-2012, 06:27 PM   #7
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I just saw the episode where a young guy won $3million from a scratch off. He'd already spent $65 on scratch offs that day without winning. When they stopped for gas the wife told him "no more scratch-offs today". He didn't listen -luckily.
He feels rich because he grew up wearing hand me down clothes and living in a trailer park. He "sold" the first 3 years worth of winnings to buy a modest home. His yearly after-tax winnings are $90,000. I hope he's putting money away. He'll be 53 when the payouts end
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Old 09-08-2012, 07:31 PM   #8
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Originally Posted by meggiebeth View Post
999,000 approx is really nothing. It's a lot, yes, but if ya get me, it's really nothing. Here, it could buy you a decent 4 bedroom house... Maybe 5 bedroom house... And not much else.

I've seen this tv show and think some of them are really nice but some are spending the money in a way it will be gone in two weeks.

I think you'd need at least 10million to be comfortably off... Not having to work... Etc. We can dream
Wow! Really? The 3BR, 2BA house across the street from me just sold for $72,000. We live in a nice neighborhood, have most of the top schools in the state, and we're only 30min from Atlanta. If I won $1million I would take 50,000/year the first year and invest the rest. Even if I took out additional $50,000/yr that money would last me well over 20 years. At which time i would be 76yrs old.

IMO, $1million is a lot of money. I think as long as a person is judicious about his spending, you could make out rather well on it.
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Old 09-08-2012, 07:47 PM   #9
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Wow! Really? The 3BR, 2BA house across the street from me just sold for $72,000. We live in a nice neighborhood, have most of the top schools in the state, and we're only 30min from Atlanta. If I won $1million I would take 50,000/year the first year and invest the rest. Even if I took out additional $50,000/yr that money would last me well over 20 years. At which time i would be 76yrs old.

IMO, $1million is a lot of money. I think as long as a person is judicious about his spending, you could make out rather well on it.

That's what I was thinking too. I guess it really depends on where you live on how much houses and stuff go for. We bought our house (3 bedroom, 1 bath, ranch on 2/3 acre, just under 1000sf) for $99,400....20 years ago. I would say we live in a decent neighborhood. It's not where all the big, elegant houses are but it's not the low-end of the town either.

I just can't imagine winning a ton of money. Trust me, I really wouldn't mind though. I know I'd buy a new car, pay off the house, stay here till the kids were out of the house, then build a small house for the two of us. Or maybe an RV and do road trips. But I know we're not the type of people to go out buying boats, 7 cars/trucks, ATV's, jewelry, blah, blah, blah. We'd still keep things on the simpler side, but a little upgraded. I know that I would help some people out. I would definately buy my sister a house up this way, instead of out of state. I would pay off my brother's house and my husband's sister's house. I would also help a friend of mine who isn't in the greatest of financial shape right now. And I'm sure my husband (who has the money-brain in the family) would invest some of it, somehow.
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Old 09-08-2012, 08:11 PM   #10
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Originally Posted by maslex View Post
Does anyone watch this show? I came across it sometime earlier this year and have recorded ever since. I think it's on TLC.

Anyhow, I'm watching an episode right now where a guy won $2 million dollars. After taxes he got a check for just under $1 million ($998,000 I believe) He's probably mid fifties/early sixties and single. He does have a son who is probably late twenties/early thirties. He did some of the normal things winners would do. He tore down his old trailer and built a ranch style house on it and then went and bought a Camaro. Which they showed him driving off the lot once he got the keys. He drove right up on top of the curb. I'm sure there was some under carriage damage on that one.

This son is totally unbelievable. He's spending his father's money like it's going out of style. But he's buying stuff out of a thrift shop to open his own thrift shop??? Then he brought his dad out to Michael Symon's restaurant "Roast" out in Chicago, I believe to have a crash course in "dining etiquette" because he said that now that his dad has all this money, they will be eating in nothing other than 5-star restaurants. He then looks at the guy who is "teaching" them this etiquette stuff and says to him, "Tell me that this man right here isn't THE most eligible bachelor in America. This man has a 2011 Camaro SS, he has a brand new $170,000 house paid in full. I believe this man is The most eligible and single man in the world, in the United States and I think this man should have his chance at his own bachelor show" OMG...it's so funny watching this episode.
I was watching it today before we lost power with the storms, but those two were pathetically funny. I told DH, all that money will be gone in less than 5 years. The son thinks they're rich. They're not and he's spending his dad's money on stupid things. Ignorance doesn't even begin to scratch the surface with these two. I particularly loved the etiquette lessons. The son really doesn't know what it means to be "rich" which they are not. My guess is when this show was taped, they had probably spend half the money which means it won't be long til the rest was gone.

He had to have damaged that car. I think his son will drain him dry and not think twice about it. He talks about being "retired" at 31. He's not retired, he's a leach.

What'd you think of the "motel" the guy had his stuff in? First he gave the hotel name, location and room number? really? It's very easy to break into a hotel room, I wonder if the stuff is still there. Then he talks about how upscale it is because it has a heart shaped tub LOL. Then he says it's $80/night. Has he ever heard of renting a storage unit? OMG. Those two take the cake.

Some of the other stories were excellent. Of course, the better educated and better off before winning were the ones that had the most common sense.
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Old 09-08-2012, 09:10 PM   #11
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Bad news (from an Accounting Standpoint).

1. The current Powerball jackpot, based on payouts over 30 years, is $100,000,000. The current annuity based $100,000,000 Lotto (pretax) would be worth $66,500,000 (pretax) if it were to be taken as a lump sum.

2. For Federal Income Tax purposes, on a single payment of $250,000 or more the amount withheld is 28%.

3. However, the actual top tax rate is 35%.

4. So for the $66,500,000, the amount of withholding would be $18,620,000, leaving a balance of $47,880,000.

5. However, the actual tax on the $66,500.000 would be $23,275,000, leaving a true balance of $43,225.000.

6. Considering both #4 and #5, the person would have to come up with $4,655,000 at the time the taxes are filed.

7. At least Florida does not have a State Income Tax. So a person who is in a state with an income tax and does not exempt in-state lottery winning would also have to pay state income taxes.

8. So a quick figure if you take a lump sum, your result after taxes would be about 43% of the jackpot amount if you did not have a State income tax.

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Old 09-09-2012, 04:43 AM   #12
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I was watching it today before we lost power with the storms, but those two were pathetically funny. I told DH, all that money will be gone in less than 5 years. The son thinks they're rich. They're not and he's spending his dad's money on stupid things. Ignorance doesn't even begin to scratch the surface with these two. I particularly loved the etiquette lessons. The son really doesn't know what it means to be "rich" which they are not. My guess is when this show was taped, they had probably spend half the money which means it won't be long til the rest was gone.

He had to have damaged that car. I think his son will drain him dry and not think twice about it. He talks about being "retired" at 31. He's not retired, he's a leach.

What'd you think of the "motel" the guy had his stuff in? First he gave the hotel name, location and room number? really? It's very easy to break into a hotel room, I wonder if the stuff is still there. Then he talks about how upscale it is because it has a heart shaped tub LOL. Then he says it's $80/night. Has he ever heard of renting a storage unit? OMG. Those two take the cake.

Some of the other stories were excellent. Of course, the better educated and better off before winning were the ones that had the most common sense.

That's right!!! I completely forgot about that. I was shocked that he would give out all the hotel's info. Wonder if the stuff is still or if it indeed got stolen yet, because I'm sure it was just a matter of time. And yes, the heart shaped tub was classic.

I lost it though when he brought his dad to the "place where I've been buying all the cool stuff" and saw it was a pawn shop. He was bascially buying overly-priced junk to put in his own shop. And while he was at the pawn shop he was acting like such a little 12yr old spoiled brat when he was asking his dad if he could buy him that guitar. He kept saying something like, "it's the most expensive one, can you buy it for me?"

Another thing that I forgot about, was when they were in the "construction" part of the house and the son was talking about how they were going to keep one thing from the former house and it ended up being their toilet??? Looked like it hadn't been cleaned in quite some time either. He said something like, "now we can look back at where we came from" or something like that. Who the hell looks at a nasty toilet and says that?

Oh he was a piece of work. I'm sure within a couple years if not sooner, all that money will be gone!!!
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Old 09-09-2012, 04:57 AM   #13
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Wow! Really? The 3BR, 2BA house across the street from me just sold for $72,000. We live in a nice neighborhood, have most of the top schools in the state, and we're only 30min from Atlanta. If I won $1million I would take 50,000/year the first year and invest the rest. Even if I took out additional $50,000/yr that money would last me well over 20 years. At which time i would be 76yrs old.

IMO, $1million is a lot of money. I think as long as a person is judicious about his spending, you could make out rather well on it.


It has like, walls n a roof n stuff? Heh.

Recently, 300 sq. ft (not a typo, no more zeros), sold for over a quarter mil here.
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Old 09-09-2012, 07:07 AM   #14
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Wow! Really? The 3BR, 2BA house across the street from me just sold for $72,000. We live in a nice neighborhood, have most of the top schools in the state, and we're only 30min from Atlanta. If I won $1million I would take 50,000/year the first year and invest the rest. Even if I took out additional $50,000/yr that money would last me well over 20 years. At which time i would be 76yrs old.

IMO, $1million is a lot of money. I think as long as a person is judicious about his spending, you could make out rather well on it.
In NY, especially here on Long Island, houses are pretty much $400K and up. If you want all the updates and such, it's gonna cost you in the $600k+ range and that may not even be on an acre. There are houses in the $200k to $400K range that are decent, but they still need upgrades (ex. those white cabinets in the kitchen with the wood top from the 1980's and full wall mirrors on the wall).

We do have houses here in the $100k and under, but they are in really bad neighborhoods and are fixer-uppers.

One million dollars isn't what it used to be. In reality it doesn't go far at all, especially if you live in a state and/or area where the cost of living is higher. There have been houses that I've seen on HGTV's House Hunters and Property Virgins that in one state is listed in the $100K to $200K range yet over here would be between $380K to $500k+ range.

I've watched the show(The Lottery Changed My Life) before and there have been a few that have been very smart and wise with their winnings. Those are the ones that have their head on right.
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Old 09-09-2012, 07:16 AM   #15
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Bad news (from an Accounting Standpoint).

1. The current Powerball jackpot, based on payouts over 30 years, is $100,000,000. The current annuity based $100,000,000 Lotto (pretax) would be worth $66,500,000 (pretax) if it were to be taken as a lump sum.

2. For Federal Income Tax purposes, on a single payment of $250,000 or more the amount withheld is 28%.

3. However, the actual top tax rate is 35%.

4. So for the $66,500,000, the amount of withholding would be $18,620,000, leaving a balance of $47,880,000.

5. However, the actual tax on the $66,500.000 would be $23,275,000, leaving a true balance of $43,225.000.

6. Considering both #4 and #5, the person would have to come up with $4,655,000 at the time the taxes are filed.

7. At least Florida does not have a State Income Tax. So a person who is in a state with an income tax and does not exempt in-state lottery winning would also have to pay state income taxes.

8. So a quick figure if you take a lump sum, your result after taxes would be about 43% of the jackpot amount if you did not have a State income tax.

Mike (CPA Retired)
So what? You'd still have over 40 million. You're not "losing" anything. You are gaining the balance. You can't lose something you didn't already have.
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