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/biz/ - Business & Finance

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11090542 No.11090542 [Reply] [Original]

https://www.thepennyhoarder.com/smart-money/lottery-winners-who-lost-it-all/

>> No.11090557

>>11090542
They listened to /biz/

>> No.11090558

>>11090542
because theyre fucking idiots that were poor to begin with because they couldnt manage money. so when they get a fuckton of it they just do the same stupid shit they did with their money before

>> No.11090598

people are targeted for white collar crime like these lottery winners. They will follow the same steps and always take professional advice. They almost all hire financial planners like kpmg and that is where they are funneled into the jewish machine of total theft. An endless series of economic 'blunders' are actually just tipping traps to rob them. NEVER TRUST SCHWAB FIDELITY KPMG AND ANY SO CALLED PROS With your new wealth. keep it in as many federally insured accts as it takes and only use guaranteed investments for the 95% of money

>> No.11090603
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11090603

same reason many ex pro athelete who have made tens of millions go broke. they are 100iq npc's it's just sustainable not to go broke for them

>> No.11090611

>>11090542
I have no clue, it's quite an achievement though spending that much money.

>> No.11090618

>>11090542
they never knew how to manage a large amount of mone

>> No.11090622

>>11090603
yep kind of. prosports actors etc they are all targeted by the same financial planner, managers, lawyers types whos sole goal is to rob the wealthy person through 'legal' white collar crime. Jews mostly do the dirty work, so if you hit big BEWARE the jews in suits

>> No.11090623

>>11090542
It is statistically impossible to win the lottery I refuse to believe this guy exists.

>> No.11090638

>>11090542

The whole premise of the lottery is fucking stupid.

This is why there shouldn't be lottery.

>> No.11090657

>>11090638
It's a huge source of income for many states. It's called a tax on stupid people for a reason

>> No.11090722

>>11090542
Reading that article it seems that most people lost their money due to
>addiction
>mismanagement of wealth
>murder & divorce
Guess a lesson from this is don't tell people how much you made, stay anonymous and try to live frugally untill you really understand how to manage such large sums of money.

>> No.11090740
File: 50 KB, 640x480, 2B4734CB-2D1A-41EA-97BC-4CDFC3F82FF8.jpg [View same] [iqdb] [saucenao] [google]
11090740

>giving away money to friends and family
>buying retarded shit
>letting other people manage your money
>buying meme cars for millions
>having 6 children and lots of ex wifes
>forgetting to pay back debts
>gambling
>having retards in the family that try to kill you for the money
>buying a private jet when you don‘t need one
>leaving your assets unsecured so niggers can steal them

Is it really so hard to evade all of this?

Feels like many chainlink holders will end up like this.

>> No.11090743

>>11090623
based and redpilled

>> No.11090757

>>11090740
Those winners were obviously no bankers or anyone that has a clue about money management. Mostly drug or gambling addicts or people to naive to believe that some people could actually be out to hurt them for their money

>> No.11090766

It's reasons like this why I won't let people know how much money I have once I make it. People fucking change when there's money involved. I've learned that even with the amount that I have now.

>> No.11090795

>>11090542
Why don't these fools just dump their winnings in VTSAX and use the 4% rule?

>> No.11090805

>>11090542
They are stupid NPCs and impulsively waste the money instead of investing into property/stocks/gold/weed/whatever. Playing the lottery is pretty brainlet in the first place.

>> No.11090813

>>11090598
Yeah.....or more likely they get a sum of money they can’t comprehend and start spending like crazy. Yachts, mansions, trips for family and “friends”. Then they realize after 10 years they’re broke again because they’ve been spending $20 million a year on depreciable assets.

>> No.11090815

>>11090766
How much have you made?

>> No.11090850

>>11090805
The lottery is like $2. How does that make someone a brainlet?

>> No.11090868

>>11090795
Have you ever met a poor person?

>> No.11090872

>>11090850
Considering these people are likely to throw 2$ every week at something they have no chance in even winning, it's pretty brainlet.

>> No.11090876

>>11090850

Do you have any idea how unlikely it is to win the lottery?

>> No.11090877

>>11090623
This.
Oy vey. See this guy goyim ! He won the lottery, of course he does not have the money.
He has spend it. hehe.
But you saw him with that big cardboard check, that is enough proof for you dumb cattle.
You can win millions so don't miss the chance and buy this ticket goyim.

>> No.11090892

>>11090542
Kek I actually have a newspaper article of some fat biztard who got 'rich' of crypto and now drives a Ferrari and his gf a Porsche. He quit working. The thing is my gut feeling tells me he could have netted 350k tops.

>> No.11090896

>>11090558
/thread

>> No.11090921

>>11090872
Except it's only $2 and it probably makes them feel good. People make way worse choices with more money regularly.

>> No.11090941

>>11090868
The guy in the OP's pic won 300 million...300 million in VTSAX and using the 4% rule is 1.2 million a year for the rest of one's life...I just refuse to believe people are this stupid when it comes to finances, I thought this whole "American's are financially illiterate" was a exageration.

>> No.11090955

>>11090941
My math is wrong..it's 12 MILLION per year, holy shit I couldn't even spend that money per year even if I tried.

>> No.11090998

>>11090542
People who play lottery are dump and cannot manage money. In our country its 5$ average a week (2 times 2 lottery numbers). So lets calculate. This is 22.5$ a month, 270$ a year, 8.1k$ in 30 years average. Win chance 1 / 8,145,060 = 0.0038 = 0.38 % chance in 30 years.
Hm not bad ... actually maybe I start playing.

TL DR: Most people cant manage money. Especially people playing lottery. Why else do they play? Cause they cant manage their shit money.

So lets invest more in crypto, haha - arent we dumb? Fuck.

>> No.11091003

>>11090850
>>11090921
I said 'pretty' brainlet because there are dumber things but the statistic unlikelyhood of winning still makes it a stupid idea.
It makes them happy just like 'free beers on friday if you work over time' makes the average stupid wagecuck happy

>> No.11091005

>>11090921
Very likely someone who regularly buys lottery tickets buys several and not just one. So you're looking more in the direction of upward of 10$ each week. which adds up quite fast. There are people who litterly spend almost all their money after basic necessities and bills on scratch tickets and lottery tickets. So yeah it's still a pretty brainlet fucking thing to do. Even if it is just $2,- just buy a fucking loaf of bread, or save it up and go have a fun weekend or something.

>> No.11091012

>>11090941
Not only Americans, poor people are helpless. Their best chance is to be as surrounded as possible by smarter people.

>> No.11091125

>>11090740
>Feels like many chainlink holders will end up like this.
you unironically need to be very high IQ to hold chainlink so it probably won't happen

>> No.11091169

Knew a kid that won 1million on his 18th. First and only lottery ticket. Fucking hate that cunt, only good thing is that he was an idiot with the money

>> No.11091183

>>11091125
we can only hope

>> No.11091193

Most people on that list were too generous to frendies and family.
A similar things happens in africa. Any time someone tries to start a business, like a vegetable stand, family and friends bully them into getting special treatment, discounts, free gibs, etc, until they go broke.

>> No.11091221

>>11091193
I'm so happy I'm an extreme introvert, 99% of people are basically like furniture to me.

>> No.11091226

>>11091169
>only good thing is that he was an idiot with the money
How so?

>> No.11091238

>>11091193
This. Hide your fucking wealth, Anon.

>> No.11091242

>>11091193
this
no true friend asks his friend to give shit to him for free from his business. a true friend pays and supports the business

>> No.11091247

>>11091238
Or he can just do what I do, don't associate with people at all.

>> No.11091286

>>11090542

Lottery winners are vulnerable. Not only do they suddenly get huge sums of money with no experience dealing with it (they didn’t have to build a business and learn how to save or even grow up with wealth and see how it was managed) but the laws mandate that their names become public. That means every friend and family member comes out of the woodwork to beg and there are a bunch of scammers who seek them out and rip them off. My dad once knew a guy who’s won $10 million in the lottery back in the 80s. Within 2 years he was divorced, had lost most of his friends, was estranged from his family, and bankrupt. He literally flipped out and burned down the mansion he’d bought with his lottery money just to watch it burn, then joined a biker gang and sold meth after that.

>> No.11091296

>>11090722

Most states have laws that don’t allow you to stay anonymous if you collect your winnings. There are complex ways around this through creating a trust and having the trust claim the winnings for you, but then that opens you up to embezzlement by shady financial planners, which happens all the time.

>> No.11091311

honestly I would "lose it all"

If the public knew my identity. Your basically painting a big target on your back to be shot, hated, swindled etc.

So I would set up a load of trusts and companies that I control at a distance, and let them "swindle" me out of my investments, and then get it published that I had lost it all.

Then you actually get to live a good life, with the money and know if people are your real friends.

>> No.11091365

>>11090657
regressive tax....

>> No.11091447

the other thing is all these people seem to buy a large single property, that is going to not realy create positive cash flow if you rent it.

How hard is it to bu multiple small properties that return good cash flow so you never run out of money.

Also their spending habits....nope

>> No.11091551

They are gambling addicts to begin with, they are hardwired to throw their money in the toilet.

>> No.11091579

>>11090795

Because they have literally never heard of those things and have no clue they exist. If they did, more of them would do it.

>> No.11091618

>>11091579
>
I find it hard to believe people have never heard of investing before.

>> No.11091635

>>11090766
Same happened to me. Fat boomers are waiting, watching, ready to steal anything the next generation(s) get. Government, corporations, family. It's all the same cultural narrative of theft and slavery.

>> No.11091651

>>11091635
In theory, let's say I win the lottery and I dump all of it into VTSAX and use the 4% rule...realistically what can anyone do to me?

>> No.11091669

>>11091618

They’ve heard of investing, but don’t know much about it beyond maybe a 401k. They have not heard of VTSAX or the 4% rule, edgelord.

>> No.11091677
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11091677

>>11090740
>>11090757
Also keep in mind the only time the media ever covers lotto winners is when they fuck up and lose all their money and are poor again. No one cares about a reasonable winner who knows how to handle it. There's messaging bias

>> No.11091685

>>11091296
Just take the money and fucking leave town. Ditch your friends and family. Don't buy a mansion or Ferrari, and you'll make it.

>> No.11091722

>>11091685
Or you can be an autist like me and never associate with people in the first place.

>> No.11091738

Denise Rossi won $1.3 million in the California Lottery in 1996. But instead of telling her husband of 25 years — who thought they were happily married — she asked for a divorce, and said she wanted it done quickly.

>Soon after the divorce, Rossi’s ex-husband discovered her deception. In 1999, a judge determined that she had broken asset disclosure laws, and he awarded her husband every penny of her winnings.

unironically based and redpilled

>> No.11091741

>>11091651

Depends on how much you win and how the stock market does. If you win $100 million, you’ll probably get hit for like $40-50 million in taxes depending on where you live. Then if you get literally no gains, you can withdraw $2 million a year for 25 years under the 4% rule, ideally you’d actually get a 4-5% return, at a minimum, so you can just keep safely withdrawing that 4% for life and occasionally sell some of it to buy a home or invest in other opportunities without losing much, if any, of your principal and be set. Your biggest risk is a total stock market crash that wipes out 10-20% of your fund in a year.

>> No.11091747

>>11091741
So in other words, nobody can really do anything to me. Also the 4% rule for me would most likely be 1% or even less, I live very frugal.

>> No.11091846

>>11091169
care to elaborate?

>> No.11092136

>>11090542
Simple. It's the same reason why everyone struggles to make it in this world. There's a big money sucking machine called kikes. No matter how much you have, you will be reduced to nothing with their many deceptive practices designed to destroy anyone from billionaires to people who have no money. It's the great kike destruction machine.

>> No.11092213

>>11091738
>he awarded her husband every penny of her winnings
damn. ALL of it?
can't say she didn't deserve it for being a deceitful whore.

>> No.11092241

>>11090542
financial illiteracy

>> No.11092339

>>11090542
The is precisely why UBI won't work. Give people money for free and they'll just spend it all away on useless shit and continue asking for more.

>> No.11092407

David. Lee. Edwards.

>> No.11092441

>>11092136
its sick fucked up nonsense. and totally real

>> No.11092461

>>11090998
>Win chance 1 / 8,145,060 = 0.0038 = 0.38 % chance in 30 years

not really how that works. It is 1 / XXXXXXXXX every time

>> No.11092705

>>11092136
A bunch of financial retards blowing through millions due to lack of personal responsibility has nothing to do with kikes.

>> No.11092757

>>11090542

Smart people don't play the lottery, so only legitimate buffoons win it.

>> No.11093095

there's a common thread in all these stories. All the broke lottery winners were either
1) women
2) men with women that took them for all they were worth.

The problem with lottery winners is that winners must be publicly announced, letting everyone (especially) their women incentive to take it from them (and they can easily exploit the legal system to that).

>> No.11093176

>>11093095
There was an experiment where a homeless guy was given hundreds of thousands of dollars. It didn't take long for him lose it all. Most compulsive gamblers are men. It all boils down to dumb people doing dumb things.

>> No.11093195

>>11091365
all taxes are regressive

>> No.11093206

>>11091247
This is part of my wealth strategy as well. No bullshit. It’s working.

>> No.11093244

>>11090542
>win lottery
>"I'm gonna quit my job, buy a house, nice car, go on holiday"

and thats in, now they're poor again

>> No.11093281

>Jack Whittaker was already a millionaire when, on Christmas of 2002, he won $314.9 million, the biggest single-person lottery win in history. He opted for a lump-sum payment, which after taxes, left him with $93 million

Wait, what? like 60% tax? the fuck?

>> No.11093311

>>11093281
Some states take bigger chunks out of lottery winnings than others. The lump sum is also lower than the installments.

If the lottery was $314M the lump sum was probably in the 200s range.

>> No.11093319

>>11093311
Why not take the installments then? in the UK its tax free so I don't know how this works

>> No.11093323

>>11093319
hyperbolic discounting my dude

>> No.11093328

>>11093176
>comparing average man to homeless men

>> No.11093331

>>11093319
Its over 30 years. And a lot of things can happen to your currency over 30 years like inflation.

You will also make more money off the lump sum in those 30 years by just putting it in an interest bearing account not to mention the other investments you can make. Only idiots take the installments.

>> No.11093339

>>11090598
Tfw you simply buy bitcoin

>> No.11093348

>>11093281
>take 93m
>put into idex fund
>5%divies
>$5m a year

not that hard

>> No.11093352

>>11090542
>https://www.thepennyhoarder.com/smart-money/lottery-winners-who-lost-it-all/

Because I haven't won the lottery yet.

Let me win, and I'd live the quietest, most unassuming life. Too many bozos waste it all of expensive crap.

>> No.11093357
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11093357

>>11090542
That's what this dude here tried to explain, but people got butthurt for whatever reason.

>Poverty to a large extent is a state of mind
>You take somebody with the wrong mind-set, you can give them everything in the world (and) they'll work their way right back down to the bottom,

>> No.11093379

>>11093348
This is what I have been saying as well...dump everything into VTSAX, use the 4% rule...and voila, millions of dollars per year for the rest of your life.

>> No.11093658

>>11091635
Strewth dude

>> No.11093716

>>11090542
They're the the ultimate meaning of what the word "loser" means.

>> No.11093718

>>11093195
Really?

>> No.11093720

>>11090598
>>11090813
It's both actualy

>> No.11093767

>>11091247
Your network is going to be ruined

>> No.11093774

>>11093767
What do you mean?

>> No.11093794

>>11090542
>https://www.thepennyhoarder.com/smart-money/lottery-winners-who-lost-it-all/
>But when money got tight, she borrowed from a company that lends cash to lottery winners. In 2000, the lottery rules changed, allowing Mullins to collect the rest of her money all at once. She apparently spent the money rather than pay back what she owed to the lottery lender, and in 2004 a court ruled she still owed the company $154,147.

wow

>> No.11093807

>>11093774
No jobs, no oppurtunity.
It's a good option to have someone to help you if you want something. You can gain some discounts if you know the certain person

>> No.11093812

>>11090542
All these posts are faggotry. The reason they go broke is because they don't know how big taxes are. They plan out 60-75% of their massive fortune and plan to live on the rest of it for decades to come. Then it turns out that 44% of the total is owed in taxes and they've already spent the rest.

>> No.11093821

>>11093812
that's why you don't quit your job when you win

>> No.11093824

This is what happens when people come into big money without earning it the proper way

>> No.11093828

>>11091003
Something a NEET would say. Free beer is always good.

>> No.11093831

>>11093807
>No jobs, no oppurtunity.
>>11093807
...why would these be necessary if I am rich?

>> No.11093835

>>11093807
>No jobs, no opportunity

im so happy my family owns a business

>> No.11093867

>>11093807
Also for the the whole point of getting rich is so I don't have to associate with people anymore at all.

>> No.11093881
File: 1.58 MB, 330x297, 1534346612362.gif [View same] [iqdb] [saucenao] [google]
11093881

>>11091221

>> No.11093886

>>11093867
based and redpilled

>> No.11093897

>>11091286
Fuck

>> No.11093927

>>11093886
smart anon

>> No.11093949
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11093949

>>11093867
You unironically need Jesus and a family.

>> No.11093963

>>11090542
Top fucking kek

>> No.11093973

>>11091003
You're just mad that there are people who choose to spend money on lotto tickets instead of pumping your crypto bags.

>> No.11094023

>>11090877
checkd based and redpilled

>> No.11094041

>>11090623
it is also statistically impossible to die in a plane crash while riding a modern commercial jet from boeing or airbus, operated by an airliner that reliably maintins their aircraft.

do you also believe people never died in plane crashes?

>> No.11094346

I don't honestly know how, but I've seen plenty of stupid. Some people get the notion though that if you're poor and you get a large sum of money, it's guaranteed that you're going to lose it all. I can't agree with that one. Not everyone poor has been that way due to mismanagement.

>> No.11094364
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11094364

>>11092705
>A bunch of financial retards blowing through millions due to lack of personal responsibility has nothing to do with kikes.

>> No.11094385

It was all in penny stocks. I bet.

>> No.11094444
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11094444

>>11092136
>Simple. It's the same reason why everyone struggles to make it in this world. There's a big money sucking machine called stormweenies. No matter how much you have, you will be reduced to nothing with their many deceptive practices designed to destroy anyone from billionaires to people who have no money. It's the great stormweenie destruction machine.

>> No.11094534

>>11092136
Absolutely fucking based.

>> No.11094855

>Assuming you were the absolute worst with any amount of money. Explain how one would even blow a 50m let alone a 100m dollar lottery win...

I know a few people who won like 500k or a million through bingo or some bullshit. They ended up spending it quickly because they bought a house and a new car.

But even if you bought 10 or 20 "new lambos" at million a piece. Where does the other 80 million go? Say you bought five 5 million dollar homes and had a 1000$ a day coke habit? Where does the rest of it go? Numbers don't add up.

>> No.11094886

>>11093379
what is the 4% rule? withdraw 4% of the total each year nd live on it?

>> No.11094889

>>11094444
Four fours! Nice get

>> No.11094938

>$314.9 million
>$93 million after taxes
what the fuck's the point america

>> No.11094944

>>11092136
there are literally millions of wealthy whites and chinamen who are not kikes

>> No.11094961

>>11094855
Either those large jackpots are fake and the people who lost their money are just crisis actors or the winners are simply just ridiculously stupid.

>> No.11094968

>>11094938
Cause it's a state-sponsored lottery. The tax is the entire point of the lottery

>> No.11095666

Biz, I offer to take all your profits to spare you from becoming homeless and suicide

>> No.11096337

>>11090542
people who play the lottery are bad with money?
who would have thought

>> No.11096356
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11096356

>>11094444
>>11094944
Fuck off right back where you came from, kike trash

>> No.11096357

People forget that people who play the lottery probably KNOW that they're retarded and therefore know that there's little reason to expect to make any sizeable amount of money ever.

I can actually see an argument for 80 IQ people playing the lottery. It's literally the best odds they have to striking it rich. It's not like they're capable of making money some other way.

>> No.11096382

>>11090622
yeah i sometimes go to my bank they see my balance and immediately start giving me offers and advice. i look at them with a pitying look and say nothing usually. they shit they say makes it clear they are either trying to scam me or don't know the first thing about the markets and investing and i'm a fucking amateur.

>> No.11096415

>>11096357
Crypto aside, even gambling on penny stocks is more likely to make you rich than playing lottery.

>> No.11096451

>>11090542
because they do not accept the winnings anonymously, then they have everyone coming for handouts, and because they couldn't accept it anonymously, they have to keep up that image and they lose all their money.

>> No.11097540

>>11090921
Fuck no. I used to work at a gas station that sold lotto tickets. The average amount people spent on tickets was about $50. This one old boomer came in every week and spent over $200 every time and thought he was being smart by using his scratch off cards he got a week before to buy more lotto tickets and scratch off cards

>> No.11097698

>>11090542
Only retards play the lottery, and retards are prone to losing all of their money really fast.

>> No.11097710

>>11090757
Tell me about it, I told all my friends about the $150 I made in just two years and now there's this asshole who constantly tries to backstab me during D&D night claiming to be "in character" and always puts all the fucking mayo from McD on the fries so I don't get any.

>> No.11097771

low iq

>> No.11097877
File: 1.21 MB, 1419x1840, John_F._Kennedy.jpg [View same] [iqdb] [saucenao] [google]
11097877

>>11090542
Only a very small fraction of people are good with money. Lottery is a random selection of people, most winners are going to be bad at managing their winnings.
Look at /biz/. This fucking board is a place where people who are autistically interested in finance gather. Still, most of us are probably painfully broke. Most of us are also painfully retarded. Now imagine the average population.

>> No.11098510

>>11094886
4% dividends every year bro

>> No.11098788

>>11096451
>they have to keep up that image
What image?

>> No.11098811
File: 144 KB, 400x394, 1537106795469.png [View same] [iqdb] [saucenao] [google]
11098811

You put $100,000,000 into T-bonds, that's over $1 million in income a year after taxes. And you still have $200 million in fun money.

Am I missing something here?

>> No.11098837

>>11090558

yup this

poor people are poor because they keep spending instead of investing.

>> No.11098853

>>11090998
t lottery player
Nigger learn math. 1 / 8145060 isn't .0038 you goddamn retard

>> No.11099276

>>11098853

He's saying that if you play the lottery every week for 30 years, you have that probability of winning.

>> No.11099559

>>11098811
do you honestly think anyone who plays the lottery understands how fixed income works senpai?
thats more retarded than playing the lotto

>> No.11099711

>be canadian have to pay 0 taxes on the lottery winnings
very nice
but man people are retarded when they win, i asked my mother what she would do with a lottery winning, buying a mansion and mostly giving it to relatives leaving her with basically nothing
if at the very least you have to give money to relatives because of your morality or empathy give them something along the lines of 50-60k a year for your relatives unless you have more then 5 you intend on giving to and just live on 100k a year if you won 100 million lottery
but i dont get the idea of sharing, they didnt help you "earn" the money and you normally dont share your cash with them so what makes this so different?

>> No.11099726

>>11097877
A lot of people here are also insecure. I mean, why the fuck do you care whether or not they use/buy a product/service? You can talk about the positive/negative aspects of the product/service, but why would you put people down for using/not using it? It's definitely not because of altruism.

>Anon, why are/aren't you buying/using X? Is it because you're Y?
>Anon, you're X because you have/don't have Y.

>> No.11099780

>>11094938
Am american. Limiting the amount of money I make. It's becoming less and less worthwhile to work.

Why would I work for a fixed salary when it's just taken and given to the bankers through QE? I estimate 50-75% of my working hours are in service to the state. This is what socialism feels like and why it collapses everything it touches.

>> No.11100689

>>11094938
>win lottery
>ask for non lump sum
>use all of money to buy tax sheltered muni/non-muni bonds
>live off tax free income
checkmate atheists