Why Lottery Winners so Rarely Remain Wealthy

[charby]

"Tax attorney and an investment advisor."

This.

Although I know enough about investing that I'd feel confident in handling that myself. The legal aspect of it? No.

and learn how to be an ahole with a really thick skin, you're going to have people coming out of the woodwork begging for money and calling you all sorts of names because you won't give them any money.

[AJ Dual]

and learn how to be an *expletive deleted*hole with a really thick skin, you're going to have people coming out of the woodwork begging for money and calling you all sorts of names because you won't give them any money.

Wait... This isn't one of the benefits of being a winner?

[Fitz]

I know i'll never win.... but I occasionally play.

Not because I think i'll win, but because it's fun to think about the cool *expletive deleted*it you can do.


Me, for example, i'd find a nice house on an airpark, buy a cool plane, and then go back to school for something I just want to LEARN about, instead of something I need to use to work.

Id pay cash for some decent vehicles. Probably buy a room full of really nice guitars and guns, then shove the rest into investments where I could safely and comfortably live off the earnings from the investments, leaving the principal in tact

[BlueStarLizzard]

I don't even play, but I do realize that if i did play and win, I have a feeling my "spending spree" would get a but boring after taking care of getting the necessities taken care of (and even that would be boring, since I'd just buy the land I already live on and put up one or two relatively small abodes)

I don't even think the "toys" would even come close to what some of you guys could blow. The two most expensive habits I have are guns and horses, and even then I would probably be fairly conservative, since once you have the guns, you have them, and I wouldn't want more than one or two horses, because I can only ride one at a time and I'm to lazy to do more than that and I'm not going to pay someone else to ride my horse.

I'd probably spend most of my time telling people (one person, really) to *expletive deleted*ck off.

[KD5NRH]

I don't even think the "toys" would even come close to what some of you guys could blow. The two most expensive habits I have are guns and horses, and even then I would probably be fairly conservative, since once you have the guns, you have them, and I wouldn't want more than one or two horses, because I can only ride one at a time and I'm to lazy to do more than that and I'm not going to pay someone else to ride my horse.

Well, if you've got guns and horses, you could buy a PITA horse, and shoot it when you get tired of it.

[BlueStarLizzard]

Well, if you've got guns and horses, you could buy a PITA horse, and shoot it when you get tired of it.

having had to shoot a horse before, I speak from experience when I say, it's not much fun.

I'd rather just not buy a PITA horse to begin with...

[French G.]

My biggest challenge would be having to work. I have to work, I do not do well with the retirement life. Being motivated to work on the things I wanted to do would be the hardest. Owning a piece of land so big you could shoot any direction and the bullets would land on your property would be nice. Every APS'r can shoot every one of my new machine guns as much as they want. NFA would be probably the biggest playground. Then there is the whole race car thing which would probably be my main business focus. And the poker vacations to Vegas. Yeah, I can spend as many numbers as you can put on the check Mr. Lottery Man.

[bedlamite]

Hookers and blow 

http://www.youtube.com/watch?v=EbOLqVSr5OY

[charby]

My biggest challenge would be having to work. I have to work, I do not do well with the retirement life. Being motivated to work on the things I wanted to do would be the hardest. Owning a piece of land so big you could shoot any direction and the bullets would land on your property would be nice. Every APS'r can shoot every one of my new machine guns as much as they want. NFA would be probably the biggest playground. Then there is the whole race car thing which would probably be my main business focus. And the poker vacations to Vegas. Yeah, I can spend as many numbers as you can put on the check Mr. Lottery Man.

I'd become a farmer of some sort, figured that would keep me busy.

[Andiron]

Pay for a handful of politicians.  Always wanted a paid for senator,  and mine don't seem to have any actual scruples. 

[Fitz]

Oh, and also a really nice airplane

nah, eff that.

Multiple nice airplanes.

After all, every civilized, sophisticated man needs a long range cruiser... and an open canopy biplane. And a cub. And a warbird. And some sort of exotic former military jet. And a DC-3...

[French G.]

I'd become a farmer of some sort, figured that would keep me busy.

Well that too, love to have a huge beef operation. The sticking point would be who to trust, employees and a farm manager, no shortage of applicants to work for Mr. Moneybags and then take advantage of you.

I'll hang out with the cows in the winter, but not when the sound of race motors are in the air. Oh wait, they run real race cars in Australia in the winter. Yep, gonna be broke.

[freakazoid]

I play every now and then when the pool gets large. After getting things set up with an agent and everything I'd pretty much get a nice piece of land I can shoot in any direction, a decent house with a nice workshop and the tools to fill it. A few cars I've always wanted. A very nice gun collection. Guitars. Other things that I have a habit of collecting. Classes to learn different things I've always wanted to learn. An airplane. Probably set up some sort of farming or something on the land for extra income. Making sure my family can live comfortably. And a missle silo. 

[Northwoods]

$1mil (before taxes) would be nice, but wouldn't even pay off the mortgage by the time I got to that.  After tithe and tax, paying off some student loans, filling up the emergency fund, boosting retirement savings, and putting a reasonably amount in the kids' college accounts I'd have enough left to get my mortgage down to $100k, give or take.  I think I figured $2mil (before tax) and after paying off the house along with all the rest of the above I'd have $250k left.  With that I could see a couple of newer (but not new) cars and a vacation somewhere with the whole family.  Maybe designate $5k or so each for the wife and I for toys, fix a few things around house, and then sock away the $150-175k still remaining for something later on down the road, or make it an extra boost to retirement savings.

$400+mil ($250mil ish after taxes)?  Crap, by the time I did all of the above I'd still be round-off error from the full amount.  I'd probably quit my day job so I could spend the time necessary to use that money to do the most good for society possible.  Which would mostly consist of trying to find ways to annoys leftists.

[De Selby]

I'd give to asadulah in finance

[Devonai]

How much would it cost for me to produce a TV show based on my novels with myself in a starring role?

[bedlamite]

How much would it cost for me to produce a TV show based on my novels with myself in a starring role?

If you have to ask, you can't afford it.

[T.O.M.]

One things is that a win of $350,000,000 (cash up front after taxes), you just became worth enough to be a power broker in most states, and at least get an invitation to most big events in DC.  So, what do you do with this new found power?  Push for law changes?  Influence policy?  Heck, even a 1% return on investment would give you a few million per year to throw around...

One thing I would love to do is socialize with the Hollywood set.  Not because I want to be around them, but because it would be fun to see how many of the Hollywood elites I could give strokes due to my conservative attitudes...

[charby]

How much would it cost for me to produce a TV show based on my novels with myself in a starring role?

How big of a cast? How many sets? Outdoor locations have miles between them? Special effects?

If you can keep it to one location and hire college interns for the production crew and post processing crew, you can easily do 8-10 season sitcom for under a couple milion. Unless you want A list actors, then figure $500-1m per actor per episode for their salary.

Distribute on Amazon or something like that.

[Devonai]

After five minutes on Wikipedia, the only analogous show with budget info is Stargate Universe at $2 million per episode. I'm pretty sure that doesn't include the actors salaries.

[wmenorr67]

I know I would quit my job if I were to win north of $5 million.  I would fulfill my NG contract but god the after AT parties would be epic.

Biggest thing I would do is set up a couple of trusts to take care of the money for my family.  Make sure my sister and her son as well as both my mom and the MIL are as well.

[charby]

After five minutes on Wikipedia, the only analogous show with budget info is Stargate Universe at $2 million per episode. I'm pretty sure that doesn't include the actors salaries.

The cheap shows to make are like Pawnstars, the actors get paid ~$25k per episode for filming, not sure what broadcasting/syndication pays.

[charby]

I know I would quit my job if I were to win north of $5 million.  I would fulfill my NG contract but god the after AT parties would be epic.

Biggest thing I would do is set up a couple of trusts to take care of the money for my family.  Make sure my sister and her son as well as both my mom and the MIL are as well.

I'd be penniless on paper, but be the benefactor of a trust fund.

Actually I need to buy a ticket, but if I win, I'm splitting it 50/50 with my wife then setting up a trust for my 50%, she can do whatever she wants. I probably won't give a dime away until after my death and it will be via perpetual trusts.

[Brad Johnson]

All I ask is a chance to prove money won't make me happy. If it doesn't? At least I can afford to be miserable.

I'd take the winnings as an annuity, leveraging against the annual payments for growth purposes, using basic investment/spending strategies to offset taxes, and setting up trusts for my parents and siblings.

Brad

[KD5NRH]

One things is that a win of $350,000,000 (cash up front after taxes), you just became worth enough to be a power broker in most states, and at least get an invitation to most big events in DC.  So, what do you do with this new found power?  Push for law changes?  Influence policy?  Heck, even a 1% return on investment would give you a few million per year to throw around...

I could make line dancing illegal?

I gotta go buy some lottery tickets.