Author Topic: Smart lottery winners  (Read 929 times)

mrmoonymartian

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Smart lottery winners
« on: November 24, 2018, 04:24:36 AM »
https://www.bbc.com/news/world-us-canada-46321541

Quote
They netted $1.3m after state and federal taxes, and say they plan to put the winnings away for retirement.

"We don't have any plans to buy anything crazy or go on any big trips," Ms Ehrenberg said.

Mr Ehrenberg said "the most fun is going to be depositing that cheque".

Abe

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Re: Smart lottery winners
« Reply #1 on: November 24, 2018, 07:27:29 AM »
I watched an HGtV show about lottery winners buying houses, and for the most part they bought reasonable houses and saved the rest of the money. It was disappointing on one hand but good to see on the other.

LaineyAZ

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Re: Smart lottery winners
« Reply #2 on: November 24, 2018, 07:43:43 AM »
Is it true that Canadians don't pay taxes on lottery winnings?  That's a nice chunk of money to be able to keep the entire amount.

zolotiyeruki

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Re: Smart lottery winners
« Reply #3 on: November 26, 2018, 11:05:48 AM »
That's an awesome story, and I wish we would hear more of this kind of story, rather than all the ones about lottery winners that blow through all their money and end up just as poor as before.

Dave1442397

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Re: Smart lottery winners
« Reply #4 on: November 26, 2018, 11:25:33 AM »
Is it true that Canadians don't pay taxes on lottery winnings?  That's a nice chunk of money to be able to keep the entire amount.

Yes, along with some other countries (last time I looked). I always buy a couple of tickets when I'm visiting family. If I hit a big enough prize, I might never come back :)

Australia
Finland
Germany
Ireland
Italy
Liechtenstein
New Zealand
United Kingdom.

SwordGuy

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Re: Smart lottery winners
« Reply #5 on: November 27, 2018, 08:40:39 AM »
I have a story about 4 lottery winners, 1 smart, 1 sad, and 2 really dumb.

This couple lived across the street from my parents.  I had met them a couple of times, they seemed really nice.

They go to the casino and on the way out the door the wife sticks a coin in the slot machine.  Bells, whistles, flashing lights!  Security people!   They just won $10,000,000.    Not bad for a weekend excursion!

They had their own small business and it had been struggling a bit from the debts for its equipment.  They paid off all their debts.

They gave some to their son and some to their daughter.    They retired and gave their son the business to operate.

So far, so good.

The son hires his "good buddies" at inflated salaries and spends every dime that comes into the business as it comes in.   Runs thru his share of the money, runs the business into the ground, AND loses the fully paid-for house he owned before all this mess.

The wife gets the idea that's she's now "a somebody" and starts hanging out with the society folks.   She divorces her husband and "invests" her money in projects her society friends recommend to her.   They fleeced her good and proper and she ends up destitute.   She lost everything because she didn't buy things outright with her money, she bought them all on payments.   The daughter buys her mom  a house to live in but retains the title because mom still wasn't over the stupids.

The husband is heartbroken that his wife leaves him.  He starts drinking.   He passes out drunk in the driveway one winter evening and dies of hypothermia.   That truly was sad, he was a nice guy and deserved better.

The daughter is the only one who kept her head thru the whole process.

As Jim Rohm said, "If you get a million dollars, you better learn how to be a millionaire or you won't be one  for long."

soccerluvof4

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Re: Smart lottery winners
« Reply #6 on: November 28, 2018, 09:16:03 AM »
I have a story about 4 lottery winners, 1 smart, 1 sad, and 2 really dumb.

This couple lived across the street from my parents.  I had met them a couple of times, they seemed really nice.

They go to the casino and on the way out the door the wife sticks a coin in the slot machine.  Bells, whistles, flashing lights!  Security people!   They just won $10,000,000.    Not bad for a weekend excursion!

They had their own small business and it had been struggling a bit from the debts for its equipment.  They paid off all their debts.

They gave some to their son and some to their daughter.    They retired and gave their son the business to operate.

So far, so good.

The son hires his "good buddies" at inflated salaries and spends every dime that comes into the business as it comes in.   Runs thru his share of the money, runs the business into the ground, AND loses the fully paid-for house he owned before all this mess.

The wife gets the idea that's she's now "a somebody" and starts hanging out with the society folks.   She divorces her husband and "invests" her money in projects her society friends recommend to her.   They fleeced her good and proper and she ends up destitute.   She lost everything because she didn't buy things outright with her money, she bought them all on payments.   The daughter buys her mom  a house to live in but retains the title because mom still wasn't over the stupids.

The husband is heartbroken that his wife leaves him.  He starts drinking.   He passes out drunk in the driveway one winter evening and dies of hypothermia.   That truly was sad, he was a nice guy and deserved better.

The daughter is the only one who kept her head thru the whole process.

As Jim Rohm said, "If you get a million dollars, you better learn how to be a millionaire or you won't be one  for long."



Thats tough. You hear so many lottery winners that go broke for reasons you said and then compound it by the fact so many businesses go out when the kids take it over.