Isn't it odd...

[disney junky]

we know that people who win lotteries more often than not end up in dire situations, but we still look at lottery winners as "lucky".

 

[worm761]

They are lucky. The odds of winning the lottery are astronomical. It is pure luck that they won.
Now the dire straights they end up in are their own fault. If you have never had 40 million dollars (or whatever you win), you should go see a financial adviser to help you figure out how to live the lifestyle you want and never have to work a real job again. They are in dire straights because they did not realize the money would not last forever, they over spent, and didn't understand the tax implications. That is their own fault for not doing the research.

 

[disney junky]

They are lucky. The odds of winning the lottery are astronomical. It is pure luck that they won.
Now the dire straights they end up in are their own fault. If you have never had 40 million dollars (or whatever you win), you should go see a financial adviser to help you figure out how to live the lifestyle you want and never have to work a real job again. They are in dire straights because they did not realize the money would not last forever, they over spent, and didn't understand the tax implications. That is their own fault for not doing the research.

Sorry. I was just making conversation.

 

[worm761]

I wasn't trying to be snarky. I see your point but I feel it is of their own making. Sort of like my sister. She is broke, has no money, doesn't know how she is going to buy groceries. They both work. She is going to pay for her daughter to run in Cross Country-$75 plus shoes and uniform. But doesn't have money for groceries? WTH!!! She makes decent money for where they live but chooses to go to movies, bowling, mall shopping, and out to eat than pay bills or buy groceries. I just cannot feel sorry for people who make their own financial messes, won't clean it up, and then want to whine poor me. I am not saying that all of my financial decisions are the smartest but I know what priorities have to be at the top of the list.

 

[EMom]

Winning the lottery is lucky. What you do with the money is up to you. Studies have shown that middle class people who are financially stable before winning the lottery tend to "hold on" to their winnings......They had already taught themselves to be financially discliplined. Adding money to that may have given them the ability to do more things, buy a better home, etc., but they don't tend to go nuts.

I have a relative...let's call her Ann. If Ann won the lottery, she'd run through that money like a drunken sailor. I say this with complete confidence because that's what she's done every time she's gotten her hands on money. Right now, she's sitting on a chance to provide her kids with a college education via some money they came into. But oh no! Instead, she can't spend it fast enough. On herself, not the kids.

Other relatives would be set for life if they won. And probably generations of their descendants. Same amount of money, different outcome based on the winner.

 

[Handbag Lady]

My taxman and I have a deal. We both enjoy gambling. He beat me in a poker tournament and that's how he became my tax guy. He's great with money.

Anyway, our deal is if I ever win the lottery or a jackpot at a casino, I am to call him first. He will then tell me exactly what to do from the get-go, including the 20% you're supposed to pay right away for large pots for tax.

Then, he'll set it up such that I can have x% go to charity, x% to go to family (so that they get a one-time payment and are to not keep asking), XXX% to have as an income, and then he'll have me on a budget so fast it would make your head spin. Then, I'd be able to not work and not worry, while at the same time making my new job managing my money with his guidance.

All I have to do now is just get lucky.

 

[Arielle22]

I think that many lottery winners are happy. It is just that the tragedies are more interesting reading.

The parents of one of my daughter's friend won the lottery at least 15 years ago. Both work jobs that they enjoyed and used the money for a nice house, boat and to fund college for their children.

I know someone else who won a million dollars which over 20 years is 33k per year. He uses it to make life a little nicer and to be able to afford 3 children but both he and his wife work and seem like any other family on their street.

I agree with the PP who said that if you were financially responsible before you would continue to be.

 

[sbell111]

It is an urban myth that lottery winners typically end up penniless. While some certainly do fritter away their winnings, the bulk of the big money winners live happy lives in their new tax bracket.