Not so sure I want to win the lottery now

[RAMd®d]

Walter Payton once said something about never trusting any one person with your money.

Money *is* work. But it's a job I'd probably enjoy more than those I've had.

'fil, you crack me up.

[jimbrady]

[OWC Jamie]

The Wikipedia article reads like he would have been in dire straits with or without the lottery.

[SteveO]

Yeah, I caught that story. Sad. But also sadly true. I used to write ads for a state lottery and learned that the first thing most lottery winners did in that state (and presumably everywhere else) was proceed to blow all their money. Most lost it all and more within two to three years.

I don't write gaming ads anymore.

[BigGuynRusty]

I remember that story, that guy was an idiot.
Money is a tool, you have to know how to use it properly.

BGnR

[Racer X]

[quote pRON aHOLIC]Maybe money doesn't really change people, it just accelerates the path they were on.
Very likely. When Washington State started up the lottery years ago, the first winner was a nurse friend of my moms. She ended up broke, out of work and a heroin addict in less than a year. And as someone who had been arrested with a drug-related felony, she couldn't be a RN in our state anymore.

[macphanatic]

Never take the annuity. Typically, if the winner dies, the money is forfeited. Second, you never know what is going to happen with the tax rate. Third, if invested wisely the investment income will equal or exceed the annuity. The key is to hire a good financial planner before claiming the money. Have a plan as to what you are going to do. And don't show up in person to collect. Why anyone would want their name/photo blasted around the country is beyond me.

Personally, I would designate both of my sisters as 10% stake holders in the winnings, start a trust fund for my kids, give to certain charities, and invest the rest. And maybe a new Macbook Pro.

[jimbrady]

[Jp!]

Jimbrady, your links/images are prohibited and do not show up.

[BigGuynRusty]

[quote macphanatic]Never take the annuity. Typically, if the winner dies, the money is forfeited.
"What happens if you die before the 20 or 26 years are up? The answer varies by state. In California, as in most states, the annual payments continue to your estate and heirs. But that's worth checking. If the payments stop upon the death of the winner, then you are well advised to talk to a lawyer before you claim your winnings. A lawyer may suggest setting up a trust fund, so that payments will continue to the fund regardless of what happens to you – assuming, of course, that you want your heirs to get the remainder of the money rather than having the state keep it."

BGnR