The Lottery Changed My Life (TV Show)

[burnurcomputer]

What I think is funny is when they buy a huge house that is close to what they won, less taxes, and do not think about the cost of upkeep. One does wonder why they don't check out other states for lower cost of living in an area that is similiar to wha they lived in when they won, or even better.

 

[tigercat]

Here if you win 10,000,000. you get it all. There is no tax's on it at all.
I live in a smallish town in a semi-detached house that is 1300 sq. ft. It is listed at about 300,000.00. Far too high as far as I am concerned but that is the cost around here.
tigercat

 

[meggiebeth]

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.

I do live in south England where property is pretty expensive because land is in so much demand here. I knew homes in America were cheaper, but not THAT much cheaper!

$50,000 a year isn't bad going, but it still wouldn't be enough to live the lavish lifestyle most people would expect from lottery winners. It isn't too much in the grand scheme of things (though it could be for badly off people) and if we won a million we would use it to pay off the mortgage- just so we were under no financial pressure.

Would $1million be enough to put in the bank and live off? Maybe not, but the interest earned would make life financially a lot easier.

 

[FergieTCat]

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.

If someone gave me $1 million, I'd be very happy. I could buy a much nicer co-op than the one I currently own, or even a small house.

 

[Gumbo4x4]

If you're already retired & comfortable, $1,000,000 is a lot of money. If you have a decent job & plan to continue to work, $1,000,000 is a lot of money. If you plan to seriously upgrade your life in terms of better real estate, lifestyle, and/or retire VERY early, $1,000,000 isn't very much money.

For those who live in expensive places where demand for real estate is high, you can always cash out & move to a cheaper place. In fact, I know several people who plannED to do exactly that with their homes in CA only to see the stupid gains they'd been making in equity all go down the toilet. But, the plan was always the same - take the money made off the house to retire early somewhere with a lower cost of living.

 

[cornflake]

If you're already retired & comfortable, $1,000,000 is a lot of money. If you have a decent job & plan to continue to work, $1,000,000 is a lot of money. If you plan to seriously upgrade your life in terms of better real estate, lifestyle, and/or retire VERY early, $1,000,000 isn't very much money.

For those who live in expensive places where demand for real estate is high, you can always cash out & move to a cheaper place. In fact, I know several people who plannED to do exactly that with their homes in CA only to see the stupid gains they'd been making in equity all go down the toilet. But, the plan was always the same - take the money made off the house to retire early somewhere with a lower cost of living.

Yeah, but then you're living there.

 

[Gumbo4x4]

Oh, and I've said for many years my # is $250,000 free & clear. That's the minimum amount that I could have in my hands & be able to pay off the house, finish the college funds, and then never have debt again. The plan calls for me to keep working indefinitely though

 

[MamaLema]

Here if you win 10,000,000. you get it all. There is no tax's on it at all.

...until you do your yearly income tax and that's when you give some back

 

[Gumbo4x4]

Yeah, but then you're living there.

For some, that would be a problem. For others, it'd be preferable to where they are now. To each their own

 

[cornflake]

...until you do your yearly income tax and that's when you give some back

Not in Canada, where the poster who said that is from - lottery winnings are tax free, they're not counted as income afaik.

 

[Gumbo4x4]

Not in Canada, where the poster who said that is from - lottery winnings are tax free, they're not counted as income afaik.

I'd assume they'd pay taxes on interest/capital gaines earned off the winnings (assuming they don't blow it), correct? Obviously not the same as taking a direct hit on the winnings though. And, I like the idea of the one time "get out of jail free" though

 

[Pikester]

Watched an episode yesterday with a man who had won the lottery and his partner that was spending it hand over fist. I cannot remember how much he won but I do remember the two men looking at houses with one costing 3.2 million and thinking to myself how and the heck he could afford that as his winnings where close to the price of the house. I don't think he did buy it.

 

[PrincessBelle39]

Here if you win 10,000,000. you get it all. There is no tax's on it at all.
I live in a smallish town in a semi-detached house that is 1300 sq. ft. It is listed at about 300,000.00. Far too high as far as I am concerned but that is the cost around here.
tigercat

Same here. You don't pay tax on anything you have won.

 

[worm761]

I read somewhere that most people who win lotteries end up filing bankruptcy in 5 years. They don't know how to handle money and think they are rich. DH likes to play the lottery with no real intention of winning. It comes out of his entertainment fund. It makes him happy to play the what if game.

A family not too far away from here won a million in the lottery very recently. They are using the money they get to build a handicap accessible home for their child. It is nice when someone wins that could really use the money.

 

[Ephany]

Is this show currently playing? I see that it's on TLC but nothing comes up on my tv when I search.

 

[tigercat]

A family here in town won 1.5 million. They bought a big house and 2 new cars to start with. One was a sports car. She weighted about 350 lbs. She destroyed the car in a matter of months and then bought another car. He decided that he really didn't like the car he bought so they got rid of that one and bought a truck. The decorated their new house and then decided that they didn't like it so redecorated it again. Last I heard they were having money problems.
You do have to pay tax's on the interest but never on the original amount. And you get the whole thing at the start. If you won 34 million you get 34 million. I hear of people winning 34 million and their take is 1/2 of that.
tigercat

 

[cybrkitn]

Watched an episode yesterday with a man who had won the lottery and his partner that was spending it hand over fist. I cannot remember how much he won but I do remember the two men looking at houses with one costing 3.2 million and thinking to myself how and the heck he could afford that as his winnings where close to the price of the house. I don't think he did buy it.

Sounds like he wasn't taking into consideration the taxes that will be taken out of his winnings and the yearly property taxes associated with the house. I doubt that those who look at houses too close to their winnings are thinking about that.

 

[S. C.]

A family here in town won 1.5 million. They bought a big house and 2 new cars to start with. One was a sports car. She weighted about 350 lbs. She destroyed the car in a matter of months and then bought another car. He decided that he really didn't like the car he bought so they got rid of that one and bought a truck. The decorated their new house and then decided that they didn't like it so redecorated it again. Last I heard they were having money problems.
You do have to pay tax's on the interest but never on the original amount. And you get the whole thing at the start. If you won 34 million you get 34 million. I hear of people winning 34 million and their take is 1/2 of that.
tigercat

It's a shame that they blew thru the money. I don't see why her weight had to be mentioned!

 

[tigercat]

Sorry about mentioning her weight. It was because the sports car just wouldn't hold her weight. The shocks kept giving out on the car.
tigercat

 

[S. C.]

Sorry about mentioning her weight. It was because the sports car just wouldn't hold her weight. The shocks kept giving out on the car.
tigercat

Wow! I would think that was more of defective shocks problem if anything.


I'm watching old shows on youtube of The Lottery Changed My Life. This is the first time I've watched this show.