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Old Yesterday, 02:22 PM
 
1,555 posts, read 1,456,248 times
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Quote:
Originally Posted by PriscillaVanilla View Post
Big myth about lottery winners. I used to believe that one, too. The fact is that when people win these state lotteries, they are vulnerable to crooks, users, con men coming out of the woodwork to take their money away from them; that's because, unlike other wealthy people, they can't keep the amount of money they have private. Lottery winnings are posted publicly.


Some states offer the option of anonymity.
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Old Yesterday, 02:28 PM
Status: "Disagreeing is not the same thing as trolling." (set 28 days ago)
 
Location: Texas
9,904 posts, read 3,765,276 times
Reputation: 20145
Quote:
Originally Posted by Chaofan View Post
Some states offer the option of anonymity.
I don't wish to debate this. I'm not going to dig up statistics on which states offer anonymity or how many lottery winners lost money or anything else. Just not interested.
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Old Yesterday, 02:49 PM
 
6,272 posts, read 2,912,267 times
Reputation: 15932
Scientist:Tesla. Died broke.
Mickey Rooney. Famous child actor...as he was reaching his year of adulthood...found out he had nada. Back then his parents and agents pocketed his earnings. Along with his studio contracts being one sided. Never mind that in his adulthood he married numerous times and thus paid spousal support...

I'm going to presume anyone of royalty who had their kingdom overthrown pretty much lost their wealth and power.

They say it's harder to fall...and for years I couldn't muster compassion for someone who had it all and lost it. Then I got to sit in a dining hall beside a person who endured that fall. Had zero ability to adapt to "doing without ". I felt terribly sorry that this person couldn't "stoop" to wearing non brand clothes and eating from a paper plate. I was assured in that moment this person was going to get plenty full with slices of humble pie.

Big lesson learned..your self respect and dignity is not tied to your bank account or career. It's a character trait most can incorporate .
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Old Yesterday, 02:53 PM
 
1,555 posts, read 1,456,248 times
Reputation: 11406
Quote:
Originally Posted by PriscillaVanilla View Post
I don't wish to debate this. I'm not going to dig up statistics on which states offer anonymity or how many lottery winners lost money or anything else. Just not interested.


Wow. I was just offering a comment to add some perspective. There was no reason to take offense or experience even minor twisting of knickers. No offense was offered, so there was no reason to take any, but maybe you feel better now, anyway. Bless your heart.
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Old Yesterday, 03:04 PM
 
Location: Knoxville, TN
1,164 posts, read 585,190 times
Reputation: 1620
Most lottery players are degenerates, and that’s why they always end up broke and don’t know how to manage money (probably why they play the lottery in the first place).

I know that sounds pretty harsh, but it’s true.
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Old Yesterday, 03:08 PM
 
Location: Knoxville, TN
1,164 posts, read 585,190 times
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Quote:
Originally Posted by fumbling View Post
The professional can't manage money better than a stock index fund and over a decade will take the equivalent of a new car from her to pay for his new car.
Perhaps, but sheís happy with her guy. Iím not privy to the details but I know he has made her a lot of money, and she simply opens up mail about every other day from Cetera, the investment firm or whatever itís called. I joke with her all the time asking if they mail her stuff every day, because it seems like they do.
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Old Yesterday, 03:48 PM
 
Location: Erie, PA
2,898 posts, read 1,280,881 times
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Yes, I know of one. My friend was dating this guy whom I will call Scott in high school and then went on to marry him. Scott's parents were loaded since his dad had started his own business and expanded it into several states. I actually liked his parents a lot but didn't care for Scott much.

Fast forward to 2017 when both of his parents have passed away and Scott has control of all of the funds/businesses. He sells the businesses to an investor very cheaply and starts blowing all of the inheritance money on drugs, prostitutes and a private jet. Funny story about the jet since his wife found out about the prostitutes and took a blowtorch to the inside of the plane. He made some bad investment decisions and between that and his drug habit he ended up broke.

My friend stayed with him through rehab then ended up leaving him when she found out he was cheating again.
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Old Yesterday, 03:53 PM
 
5,523 posts, read 2,341,228 times
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I've worked with any number of multi-generation, family-owned companies. With few exceptions, they follow a similar arc:


First Generation -- Company founder who had a great idea or business model, worked his butt off, took a couple of calculated risks, and wound up incredibly successful. Typically charismatic.

Second Generation -- Typically kids who usually still have a strong work ethic, but lack the Old Man's dash. These are people who are more about not squandering their lead.

Third Generation -- These are the ones most likely either blow the money or start the long spiral downward. They don't want to work in Grandpa's company. They want to do other things. Or they just take the money for granted and live off the trust funds.

My wife is in commercial real estate and she sees a lot of the Third Generation people. One lives in Paris and inherited some of her parent's retail shopping centers, one of which has a national retailer. She makes something like $50,000 in rent a month, but needs every single dime to keep up with her extravagant lifestyle. She won't improve the property and can barely scrape enough together for the normal maintenance. As a result the retailer, her cash cow, is beginning to look to move centers.

Another example is a brother of a friend of ours. Their grandfather slowly acquired huge real estate holdings around Atlanta. When he died, my wife's friend, her sister, and her brother all inherited part of his massive fortune. My wife's friend and her sister have prudently invested the money, taking courses in real estate and accounting to keep things growing. The brother--a prominent physician--married a total spendthrift who burned every single dime they inherited and every dime he earned. They literally had to file for bankruptcy, despite the fact that this guy made something like half a million a year from his surgery practice. Their massive house was foreclosed on. He tried to hit up his parents for more cash and they absolutely refused because his wife would have absolutely thrown that money away, too.

My wife and I do well, but we're not rich. But even if we hit it big, there's absolutely no way on earth we'd create a trust fund for our children or our grandchildren. None. Even in our will, we don't give out our estate in one lump sum, instead parceling it out after they reach benchmarks such as obtaining a degree or reaching a certain age.
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Old Yesterday, 03:57 PM
 
5,523 posts, read 2,341,228 times
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Quote:
Originally Posted by Mister 7 View Post
Most lottery players are degenerates, and thatís why they always end up broke and donít know how to manage money (probably why they play the lottery in the first place).

I know that sounds pretty harsh, but itís true.

Most? That's just fantasy on your part. I mean, heck, if the jackpot is high enough, I'll pony up for a ticket.
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Old Yesterday, 04:02 PM
 
5,523 posts, read 2,341,228 times
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A perfect example is Huntington Hartford, the infamous heir to the A&P fortune.


https://www.vanityfair.com/news/2004/12/hartford200412
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