Congratulations, you're no longer a winner
Quote:According to NBC affiliate KGW8 [1], Wyllie received an annual check for $260,000 every January. The money let him retire and buy a house on six acres in scenic Bellingham, Washington. But this year, the checks suddenly stopped. A few months later, Wyllie learned why: PCH had filed for bankruptcy without warning him or other winners.
Wyllie told KGW8 the turn of events “feels like a nightmare,” made worse by the fact that he hasn’t worked in more than a decade and can’t find a job now. With bills piling up, he’s sold off big-ticket items like a jet ski and trailer, but still expects to lose his home.
I can't say, I really feel sorry for someone who puts himself in a lot of debt after winning a lot of money, but there are also another 10 winners whose payments stopped.
Another cautionary tale of instant wealth.
https://finance.yahoo.com/news/oregon-man-won-cash-life-130000253.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANtBGy-1I0U90Xz0dMq1CKPs-DxY7kVE60KYyG07XWn9DxNRsP5uvZmAArPq2WrEJJBZFSUAONCGhO09-EAPNEy6o9MmsdyXpsWTrBkMqxcMLjGXHGiCJ0LhZcI4Fkk3d7NBhjVDb1-RdKmlXUQ3lTj7JwzLJkwbBVZPvTcuIV0K
Quote: rxwinePublisher's Clearing House filed for bankruptcy.
Quote:According to NBC affiliate KGW8 [1], Wyllie received an annual check for $260,000 every January. The money let him retire and buy a house on six acres in scenic Bellingham, Washington. But this year, the checks suddenly stopped. A few months later, Wyllie learned why: PCH had filed for bankruptcy without warning him or other winners.
Wyllie told KGW8 the turn of events “feels like a nightmare,” made worse by the fact that he hasn’t worked in more than a decade and can’t find a job now. With bills piling up, he’s sold off big-ticket items like a jet ski and trailer, but still expects to lose his home.
I can't say, I really feel sorry for someone who puts himself in a lot of debt after winning a lot of money, but there are also another 10 winners whose payments stopped.
Another cautionary tale of instant wealth.
https://finance.yahoo.com/news/oregon-man-won-cash-life-130000253.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANtBGy-1I0U90Xz0dMq1CKPs-DxY7kVE60KYyG07XWn9DxNRsP5uvZmAArPq2WrEJJBZFSUAONCGhO09-EAPNEy6o9MmsdyXpsWTrBkMqxcMLjGXHGiCJ0LhZcI4Fkk3d7NBhjVDb1-RdKmlXUQ3lTj7JwzLJkwbBVZPvTcuIV0K
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You don't feel bad for him? 😐 I feel bad for him. 😱😳😭He was supposed to be set for life and the rug got suddenly pulled from under him and he's now going to end up in big trouble for something he had nothing to do with.😱😳😭 He's the victim in this whole mess who is most likely about to lose his house because of a company's bankruptcy! 😱😳😭
Quote: NathanQuote: rxwinePublisher's Clearing House filed for bankruptcy.
Quote:According to NBC affiliate KGW8 [1], Wyllie received an annual check for $260,000 every January. The money let him retire and buy a house on six acres in scenic Bellingham, Washington. But this year, the checks suddenly stopped. A few months later, Wyllie learned why: PCH had filed for bankruptcy without warning him or other winners.
Wyllie told KGW8 the turn of events “feels like a nightmare,” made worse by the fact that he hasn’t worked in more than a decade and can’t find a job now. With bills piling up, he’s sold off big-ticket items like a jet ski and trailer, but still expects to lose his home.
I can't say, I really feel sorry for someone who puts himself in a lot of debt after winning a lot of money, but there are also another 10 winners whose payments stopped.
Another cautionary tale of instant wealth.
https://finance.yahoo.com/news/oregon-man-won-cash-life-130000253.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANtBGy-1I0U90Xz0dMq1CKPs-DxY7kVE60KYyG07XWn9DxNRsP5uvZmAArPq2WrEJJBZFSUAONCGhO09-EAPNEy6o9MmsdyXpsWTrBkMqxcMLjGXHGiCJ0LhZcI4Fkk3d7NBhjVDb1-RdKmlXUQ3lTj7JwzLJkwbBVZPvTcuIV0K
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You don't feel bad for him? 😐 I feel bad for him. 😱😳😭He was supposed to be set for life and the rug got suddenly pulled from under him and he's now going to end up in big trouble for something he had nothing to do with.😱😳😭 He's the victim in this whole mess who is most likely about to lose his house because of a company's bankruptcy! 😱😳😭
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Honestly, I'm more excited for the person who gets a good deal on the property due to a "motivated seller". The sunrises over the lake should be invigorating.
He received more in four years than most Americans earn in their lifetime.
Quote: rxwinePublisher's Clearing House filed for bankruptcy.
Quote:According to NBC affiliate KGW8 [1], Wyllie received an annual check for $260,000 every January. The money let him retire and buy a house on six acres in scenic Bellingham, Washington. But this year, the checks suddenly stopped. A few months later, Wyllie learned why: PCH had filed for bankruptcy without warning him or other winners.
Wyllie told KGW8 the turn of events “feels like a nightmare,” made worse by the fact that he hasn’t worked in more than a decade and can’t find a job now. With bills piling up, he’s sold off big-ticket items like a jet ski and trailer, but still expects to lose his home.
I can't say, I really feel sorry for someone who puts himself in a lot of debt after winning a lot of money, but there are also another 10 winners whose payments stopped.
Another cautionary tale of instant wealth.
https://finance.yahoo.com/news/oregon-man-won-cash-life-130000253.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANtBGy-1I0U90Xz0dMq1CKPs-DxY7kVE60KYyG07XWn9DxNRsP5uvZmAArPq2WrEJJBZFSUAONCGhO09-EAPNEy6o9MmsdyXpsWTrBkMqxcMLjGXHGiCJ0LhZcI4Fkk3d7NBhjVDb1-RdKmlXUQ3lTj7JwzLJkwbBVZPvTcuIV0K
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We had a local guy win the lottery 25 years ago and it was $3 million dollars cash in his pocket and he managed to spend $4 million dollars in the next 5 years so that he had every business in the area he owed money to coming after him. He had like three pickup trucks two vans and five or six cars that all got auctioned off. He eventually barricaded himself in his house and the state police had to surround it and break in and arrest him because he was heavily armed with assault rifles that he also owed money on. It was good local drama.
Quote: EvenBob
We had a local guy win the lottery 25 years ago and it was $3 million dollars cash in his pocket and he managed to spend $4 million dollars in the next 5 years so that he had every business in the area he owed money to coming after him. He had like three pickup trucks two vans and five or six cars that all got auctioned off. He eventually barricaded himself in his house and the state police had to surround it and break in and arrest him because he was heavily armed with assault rifles that he also owed money on. It was good local drama.
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It is sad how people are with money. If I won $3 million I don't think anyone would even know based on my consumption.
Wealth is a much a mentality as a number.
Most? I don't believe that's true. I do not think it's close to most.Quote: MDawgMost big lottery winners are dead, broke or in jail within 5 years.
Of course, most is kind of ambiguous, is most considered 51? 60%? 70%?
Even if we call it 51%. I don't believe your statement above would be true.
Quote: DRichQuote: EvenBob
We had a local guy win the lottery 25 years ago and it was $3 million dollars cash in his pocket and he managed to spend $4 million dollars in the next 5 years so that he had every business in the area he owed money to coming after him. He had like three pickup trucks two vans and five or six cars that all got auctioned off. He eventually barricaded himself in his house and the state police had to surround it and break in and arrest him because he was heavily armed with assault rifles that he also owed money on. It was good local drama.
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It is sad how people are with money. If I won $3 million I don't think anyone would even know based on my consumption.
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I forgot to add that he was barricaded in his house because the bank had foreclosed on it and he refused to leave and said he had guns and would shoot anybody who tried to make him. One of the problems was it was in a small town and everybody knew that he won the lottery so all the local Merchants gave him as much credit as he wanted.
I think the bottom line is, if you are responsible with money, winning the lottery isn't going to make you broke. If you're bad with money, you will be broke, whether you win the lottery or not.Quote: AxelWolfMost? I don't believe that's true. I do not think it's close to most.Quote: MDawgMost big lottery winners are dead, broke or in jail within 5 years.
Of course, most is kind of ambiguous, is most considered 51? 60%? 70%?
Even if we call it 51%. I don't believe your statement above would be true.
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But if you are playing the lottery...Quote: JoemanI think the bottom line is, if you are responsible with money, winning the lottery isn't going to make you broke. If you're bad with money, you will be broke, whether you win the lottery or not.Quote: AxelWolfMost? I don't believe that's true. I do not think it's close to most.Quote: MDawgMost big lottery winners are dead, broke or in jail within 5 years.
Of course, most is kind of ambiguous, is most considered 51? 60%? 70%?
Even if we call it 51%. I don't believe your statement above would be true.
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Quote: AxelWolfBut if you are playing the lottery...Quote: JoemanI think the bottom line is, if you are responsible with money, winning the lottery isn't going to make you broke. If you're bad with money, you will be broke, whether you win the lottery or not.Quote: AxelWolfMost? I don't believe that's true. I do not think it's close to most.Quote: MDawgMost big lottery winners are dead, broke or in jail within 5 years.
Of course, most is kind of ambiguous, is most considered 51? 60%? 70%?
Even if we call it 51%. I don't believe your statement above would be true.
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I heard it was +EV last week...
Quote: billryanHe could have taken the lump sum, paid the taxes and set up his own system to hold his money. A bird in hand, and all that nonsense.
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Yes, he could have, but a lot of people don't have that self control and self discipline to do that. A guy took the annuity, spent the first annuity check frivolously and the very next month he complained to the Lottery Office that his second annuity check hadn't come. The lottery office had to tell him that an annuity is an annual check, not a monthly check. I have no doubt had he taken the lump sum he would have spent the lump sum check frivolously. 💡
Quote: billryanHe could have taken the lump sum, paid the taxes and set up his own system to hold his money. A bird in hand, and all that nonsense.
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That is what everybody should do if they prefer the annuity. All of the major financial companies sell annuities so you could choose the one you believe is the safest.
Quote: DRichQuote: billryanHe could have taken the lump sum, paid the taxes and set up his own system to hold his money. A bird in hand, and all that nonsense.
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That is what everybody should do if they prefer the annuity. All of the major financial companies sell annuities so you could choose the one you believe is the safest.
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Even then, it doesn't hurt to spread them around. My sister put $100,000 in a Jumbo CD to get a slightly better rate. A few months later she had to break it to get $30,000. She paid penalties and the rates had gone down for the remaining money.
Quote: DRichQuote: billryanHe could have taken the lump sum, paid the taxes and set up his own system to hold his money. A bird in hand, and all that nonsense.
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That is what everybody should do if they prefer the annuity. All of the major financial companies sell annuities so you could choose the one you believe is the safest.
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Of course! Let’s see…. Get a large sum of money today, or depend on ‘Publishers Clearinghouse’ to give me small sums over the next 20+ years? If there was NO risk then it’s an actuarial problem factoring in age/life expectancy/tax factors/inflation estimates/etc. Depending on a company that has a business model of giving away annuities to get people to buy magazines (does ANYONE actually buy magazines anymore?) is not particularly wise. As was just proven.
Quote: NathanThe lump sum vs annuity depends on the age of the winner. A young 22 year old, single and childless man who wins the lottery is most likely going to go live his life up with his millions. He's going to want a wild life, party, buy flashy items, gamble, go on fun vacations, etc. So he's going to choose the lump sum. A middle aged 62 year old man who is married and has a wife, children, and grandchildren is going to take the annuity because he'll want the money to be there for his family. He'll want his children and grandchildren to be able to live off of his millions. He's also going to want to retire and live his life in peace. He's most likely not going to want to run around having a wild life, so he's going to want the annuity. 💡
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One of the reasons I recommend lottery winners take the annuity option is that the lottery commission is unlikely to go bankrupt before they pay you.
I'm not sure that's the case in a no purchase necessary promotional sweepstakes.
Quote: Dieter
One of the reasons I recommend lottery winners take the annuity option is that the lottery commission is unlikely to go bankrupt before they pay you.
I'm not sure that's the case in a no purchase necessary promotional sweepstakes.
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Heh, on the other hand, best check the fine print on your chosen lottery before you assume too much. I imagine that is true, but I would still double check, if I actually won a particular lottery.
Quote: rxwineShoot, if I won something as big as a large Powerball, I'd have lawyers checking lawyers to make sure I was getting things exactly how I wanted.
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Yep, Jason Kurland had Lottery Winners trusting just HIM with their money and he and his Coconspirators stole around $107 Million from Lottery Winners! 😱😳 Jason Kurland should have been just one of multiple Lawyers when it came to protecting their Millions. 💡
