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I knew a man who had won $5 million when he was 22. He was around 30 when I knew him. His father had convinced him at the time to let him handle the money and they paid him out a sizeable income each year from the winnings. Presumably, it was invested well.
The guy was a total jerk who loved to brag about how he had all this money and didn't have to work. He would have to eventually and wasn't doing anything to make sure he could replace his lottery income when it happened. I'm sure if he had total control over the money, it would have been fast cars and expensive women for a few years and then bankruptcy.
I knew a man who had won $5 million when he was 22.<>I'm sure if he had total control over the money, it would have been fast cars and expensive women for a few years and then bankruptcy.
That was my goal at one time.
"Most of my money I spent on slow horses, fast women, and cheap whisky. The rest I just wasted."
A girl I once worked with won ~ 4M (after taxes) in a powerball several years back. She was foolishly showy and predictably all of her extended family, friends, acquaintances were reaching out with sob stories, health problems, etc. The guy she was dating was bad news and ended up funneling small but frequent chunks of the dwindling fortune to pay for sex with teenagers and drugs. He ended up getting arrested and that's how this was uncovered. The only thing I know for sure was that she bought her parents a house in West Palm Beach and a blinged out Bentley for herself. I don't know what she's up to nowadays but a common acquaintance said she blew through everything and had to sell the car and parent's house in FL. Single mom.
My neighbor across the street years ago won $50,000. I started noticing "toys" showing up in their driveway, and asked another neighbor what was up. They blew every penny in the span of 2 weeks. Young couple with 2 young kids. Stupid.
Geez. One of the saddest things to see is a fool and his money.
Now if the couple you mentioned were NOT parents and foolishly blew their winnings, that's just being an idiot but hey, we could argue that they can do what they want with the winnings.
But the fact that they ARE parents and squandered the money is grossly irresponsible on SO many levels.
We had pooled jackpots in construction sites and everyone paid off their house. However, in Canada a lottery win is considered a "windfall", an unexpected gain, and is therefore NOT TAXED. You get it ALL.
if YOU WIN IN THE US you pay tax big time, and if you are NOT a US citizen, you have to prove, with original documents, who you are along with huge withholding and resistance on the part of the IRS to your winnings being returned.
No, but I heard of people winning, living it up for a couple of years, then going back to their previous state of mind before the winnings. A co-worker told me of someone who spent it all on cocaine and hookers.
My husband bought me $25 worth of tickets when he went to California last year. I won! $17.
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