Guy on another forum I visit won $1,000,000 scratch off in Missouri
- Thread starter scott9050
- Start date
Wow. I wonder how much the tax man will take. Most I ever won was $100 on a Florida scratch off.
Top income tax rate is 37% then one may need to pay state income tax. He may clear $600k which is nice bout it’s not enough to stop working. Hell it may not be enough to change ones lifestyle.
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Nice. Did you ever do anything with the money? Car, boat, house?
Crazy orange thing in his avatar?
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smart man right here !
That takes extreme self control right there. In true SVT style, I dont have much debt and make decent money. Id probably blow it all.
Drops $90 on scratch tickets on paydays, yet posts...
"We live in a run-down mobile home. The central air unit gave out years ago so we have window units situated throughout to keep cool.
The floors are sagging in places because of numerous water leaks. Whenever one leak gets fixed and sub-floor is replaced, another leak appears. My wife drives a 2005 Dodge Grand Caravan with almost 300,000 miles on it. The AC, heater, defroster and radio don't work. My Jeep is in a bad way too. Turn signals quit working and the throttle body is shot. This couldn't have come at a better time."
EDIT: He ended up getting just under 500K via check after taxes and claims he's down to 150K already. He bought a 5th wheel, 2021 model of course, and a house. I'll bet he paid cash for the house vs locking in 2.75% or so and tossing the house money into basic investments. Says he's getting a truck too.
Ahhh, lotto life, easy come, easy go.
"We live in a run-down mobile home. The central air unit gave out years ago so we have window units situated throughout to keep cool.
The floors are sagging in places because of numerous water leaks. Whenever one leak gets fixed and sub-floor is replaced, another leak appears. My wife drives a 2005 Dodge Grand Caravan with almost 300,000 miles on it. The AC, heater, defroster and radio don't work. My Jeep is in a bad way too. Turn signals quit working and the throttle body is shot. This couldn't have come at a better time."
EDIT: He ended up getting just under 500K via check after taxes and claims he's down to 150K already. He bought a 5th wheel, 2021 model of course, and a house. I'll bet he paid cash for the house vs locking in 2.75% or so and tossing the house money into basic investments. Says he's getting a truck too.
Ahhh, lotto life, easy come, easy go.
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That's everyone's lotto story. Rich people dont play the lottery lol
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"According to the National Endowment for Financial Education, about 70 percent of people who win a lottery or receive a large windfall go bankrupt within a few years."
I thought it was higher than that actually.
I've seen it done myself.
OP's link, dude even seems to have bought a shitty house. He paid 190K for a 2/1 because it comes with some land and is 3 miles outside of town when he could have saved 50-100K and got the same size place in town...which is still a small town. So he paid all that extra money for an ungodly dated small house, for the land, to store his 5th wheel what he foolishly bought a 2021 model.
I was a bit grossed out to see that within days they had bought a home and all.
Surely they didn't have a nice situation before but atleast they could ride it out for atleast a few weeks in order to properly find the home they wanted. Seemed like an impulse.
And buying shit like a 5th wheel home and all is just waste. A man like that should know the value of money a bit better than that...
Anyway, as always he'll be broke within a few years again...
Myself, most I've ever won is like $10. So I never play for win.
My friend and I still have an agreement that who ever wins big money will take care of the other one. Funny part is that he buys scratch tickets every now and then, I only do when he's around. We'll see how that pays out when the times comes (if it ever will).
For money like that I'd definetly take a few grand in order to start up my own business. Funny part is that if I'd take like $30k it would be enough to start up my own business from my own garage.
So why wouldn't I do it now if I only need $30k?
Because I don't have the financial stability to back me up once it backfires
As said, easy come, easy go.
Myself, 490K in cash or whatever he got... I was already house browsing when covid hit, and am now just waiting things out, but I would up my budget 50K. I would then likely want new flooring/cabinets/counters, as I HATE 99% of FL homes, plus whatever other basic upgrades for the house, so say another 50K maybe. I would set aside another 50K for a car upgrade, and after that total of 150K, invest the other 340K. I think I would be responsible. That seems fair/logical.
Financially desperate people don't usually think logically, nor to they usually understand the concept of planning, budgeting and waiting for the right time to buy. They live for the moment. Given the choice to buy a $150 pair of shoes or a $700 pair of shoes, both which feel great and look great, the lottery winner will usually spend big....and foolishly. It's their chance to obtain "stuff" they could never afford before. Most of us know that it is very common for lottery winners (big money winners) to spend through their money in quick time. It's very rare that they set aside a good portion for the future through savings or wise investments. For them, it's much less an opportunity to be financially secure than it is to have, right now, what they've wanted but could never afford. Tell the average big money lottery winner that if they wait 6 months to save, say, $30K on a house vs. buying it right now, they'll usually spend the extra "right now" because they have it to spend. JMO.
I had a client who won $2,000,000 in the lottery, before you could take it lump sum. Every January he had a big check come in. And every June we had to put him on a strict budget to get to the next check. If we didn't do that we couldn't pay the lease on the 3 Cadillacs and 2 Jeeps for his kids.
He upgraded his home -- to a double wide. Bought a new 5th wheel and truck. On weekends he and his wife would spend $10,000 at K-Mart. How they managed to find more crap to buy we could never figure out. Also spent money on "art" (think velvet Elvis type).
The last time I spoke with him we reminded him he only had 2 more checks coming and needed to get things under control and think long term. That was an annual discussion with him and he always agreed that he needed to follow our advice. I left that job but I'm sure that he ended up in bankruptcy after 2 years.
He upgraded his home -- to a double wide. Bought a new 5th wheel and truck. On weekends he and his wife would spend $10,000 at K-Mart. How they managed to find more crap to buy we could never figure out. Also spent money on "art" (think velvet Elvis type).
The last time I spoke with him we reminded him he only had 2 more checks coming and needed to get things under control and think long term. That was an annual discussion with him and he always agreed that he needed to follow our advice. I left that job but I'm sure that he ended up in bankruptcy after 2 years.
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