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View Full Version : A work friend of mine won the lottery.



genglandoh
08-24-2017, 08:36 AM
Last November a work friend on mine won a scratch off lottery game and is getting about $300K per year for 20 years.
He is 55 never been married no kids, house paid off and no debts.
He is a very goofy (weird) PhD of Engineering and a very likable guy.

He did the following
1. Bought himself a new car for about $30K a KIA something.
2. Paid off his brothers debt of $45K
3. Gave his sister $25K
4. Gave his dad $25K
5. Went on a 1 week cruise with his dad.

He has decided to continue to work but not as an employee as a consultant instead.
This way he can take more time off.
He expects to work about 50%-60% of the time.
We just spent 3 weeks together on a project startup and he worked just as hard as he always did.

During the startup he opened up to me a little about how his family is making his life hell.
1. His brother is upset because he did not get any money, he just go his debts paid off.
2. His sister is upset because he only gave her $25K.
3. His sister and husband want him to co-sign on a large loan.
His bother-in-law has a track record of bad business deals.
4. His dad is very upset about all the infighting and just wants him to give them more money to keep the peace.

mmd
08-24-2017, 08:39 AM
Nothing brings out the best in people better than jealousy.

AlanMc
08-24-2017, 08:47 AM
there's several write ups that follow what happened with lotto winners. most of them end up broke and everyone hates them. having money isn't all it is cracked up to be... especially when it's been dumped on you by the lotto. i would really only like to win the lotto if i lived in a state where i could keep my identity out of the news. and i would also opt for the payments and not the lump sum. the lump sum people were always worse off in those stories.

Rich Jones
08-24-2017, 08:52 AM
I've thought about how life would change with instant wealth. How relations with family and friends would never be the same. If you gave everyone a ton of money, they would feel beholden to you. If you gave them little or nothing, they might feel slighted.
Adjusting from a normal life to one where money to no object has to be an enormous psychological strain. Which jet to buy? Do I buy the 100' schooner or 100' motor yacht? Or do I buy both?
However, I'd like the chance to find out!

Garret
08-24-2017, 08:53 AM
He sounds like a very smart man.

His family sounds like 90% of the families you hear about in lottery stories.

Odd that the brother is upset - he got 20K more then the sister or dad. Your friend also should not touch that cosign with a 12 ft. pole.

AlanMc
08-24-2017, 08:58 AM
i would also likely move out of state. and out of the city. i would definitely quit work with anything over 10 million after taxes.

CWSmith
08-24-2017, 09:07 AM
During the startup he opened up to me a little about how his family is making his life hell.
1. His brother is upset because he did not get any money, he just go his debts paid off.
2. His sister is upset because he only gave her $25K.
3. His sister and husband want him to co-sign on a large loan.
His bother-in-law has a track record of bad business deals.
4. His dad is very upset about all the infighting and just wants him to give them more money to keep the peace.

Your friend sounds like a terrific guy. I admire him. His family, not so much.

I have heard so many horror stories like this. It sounds like he's the one level head in the whole bunch. I wish him well.

SKIP KILPATRICK
08-24-2017, 09:12 AM
I'm sorry for your friend. I agree he sounds like a nice man. Greed and envy are two of the worst of the seven deadly sins.

I hope he and his family find peace.

amish rob
08-24-2017, 09:15 AM
Well, for $100,000 a year, I'll help him manage the other $200,000...

Seriously, everyone knows what they'd get if I won the lottery. ;)

Peace,

AlanMc
08-24-2017, 09:17 AM
i just hope rob doesn't forget about the poor boaters in alabama :ycool:

James McMullen
08-24-2017, 09:26 AM
If I had a huge financial windfall, I would move out of the country, myself. Easier yet.

amish rob
08-24-2017, 09:28 AM
i just hope rob doesn't forget about the poor boaters in alabama :ycool:

Alan, anyone who honestly believes a pile of cash would materially change their lives would be welcome to it.

Honstly, I'd quite enjoy placing it all in a pile and torching it.

Bunch of scrip anyway, anymore.

Peace,
Robert

genglandoh
08-24-2017, 09:32 AM
My dad had a business friend who started out as a Book Salesmen and ended up owning his own publishing house, Hotels etc.
My dad was the only friend he had from the old days because my dad never asked him for money.

George Jung
08-24-2017, 09:40 AM
Smartest 'winner' I heard of took the lump sum - and he/his entire family bought a large (really large) ranch in Western SD, where they all live/continue to work. They'd been very poor before that. Had to move - the entire town, which had not been friendly before, suddenly felt this family 'owed' them. Yeah, money can change folks, or at least let you see their true selves.

I think the stat is that 75% of all lottery winners have lost it in just a few years. The 'annual payout' would get around that. I'd likely do much like this guy is doing.

AlanMc
08-24-2017, 09:49 AM
Smartest 'winner' I heard of took the lump sum - and he/his entire family bought a large (really large) ranch in Western SD, where they all live/continue to work. They'd been very poor before that. Had to move - the entire town, which had not been friendly before, suddenly felt this family 'owed' them. Yeah, money can change folks, or at least let you see their true selves.

I think the stat is that 75% of all lottery winners have lost it in just a few years. The 'annual payout' would get around that. I'd likely do much like this guy is doing.



that's what i talk about doing. buying up a few thousand acres and moving the extended family out there. we can all hang out and farm stuff, hunt stuff, ride stuff. but mainly, STAY AWAY from the public that wants handouts.

S.V. Airlie
08-24-2017, 09:49 AM
He sounds like a very smart man.

His family sounds like 90% of the families you hear about in lottery stories.

Odd that the brother is upset - he got 20K more then the sister or dad. Your friend also should not touch that cosign with a 12 ft. pole.He owed more!

genglandoh
08-24-2017, 09:51 AM
His ears must be burning he just texted me that he bought 2 new shirts for the next project.
During our 3 week startup I noticed 2 of his shirts has some small holes in them so privately I would joke with him about getting some new shirts.
I even jokes that I could loan his the money if he was a little short.

amish rob
08-24-2017, 09:58 AM
His ears must be burning he just texted me that he bought 2 new shirts for the next project.
During our 3 week startup I noticed 2 of his shirts has some small holes in them so privately I would joke with him about getting some new shirts.
I even jokes that I could loan his the money if he was a little short.

Oh, please do harass him about them. Were they on sale, for example?:)

Peace,
Robert

jack grebe
08-24-2017, 10:06 AM
And some soon to be miserable sob just hit for 759 million........


I have a son who once came into a bit of change once, nothing was put back.

He claimed he could be dead any minute..... He bought himself a new car
Bought his sister and bil a pickup, sent me and Donna to classes, and the
Down line generation had a Christmas to remember....

We have always been a close family, where if someone has a need, we all
Know and help. Nobody keeps track, but we all have had our lows a little
high and our highs a little lower, but never had issues with this. 100% it is
Unwritten, but nobody could enjoy wealth while another is in need..... My
Son also extends to his close friends as well, recently buying new bike tires
for a friend so he could accompany my son on a weekend bike event in
Michigan......


Crazy thing is, we have never all been broke at the same time.

genglandoh
08-24-2017, 10:30 AM
One of my standing jokes with my boys is.
If you get rich do not buy me anything, but you can buy your mother a nice sailboat.

CWSmith
08-24-2017, 10:44 AM
Unwritten, but nobody could enjoy wealth while another is in need.....

There are some words worth remembering! Good job, Jack!

mmd
08-24-2017, 11:00 AM
Best line I heard about winning large sums of money was, "It isn't what new things that you could buy that you never could before, but what good things you could do that you couldn't do before." Like, give to charities, invest in businesses and civic projects in your home area, send deserving kids to school who wouldn't normally be able to afford it, practice random acts of kindness, etc. After buying the new boat, of course.

Garret
08-24-2017, 11:09 AM
Best line I heard about winning large sums of money was, "It isn't what new things that you could buy that you never could before, but what good things you could do that you couldn't do before." Like, give to charities, invest in businesses and civic projects in your home area, send deserving kids to school who wouldn't normally be able to afford it, practice random acts of kindness, etc. After buying the new boat, of course.

All good - but I wouldn't buy a new boat - it'd let me afford to keep the one I have (though she'd get some upgrades...)

One fantasy I've had was to throw a party in some exotic location for a bunch of friends & to announce it by having 'em over for dinner & making the plane tickets their place cards.

Jim Bow
08-24-2017, 11:09 AM
Years ago a fellow near Bremerton won several million, he blew it all by building several specialized apartment buildings for low income muscular dystrophy patients.

A Seattle guy won the very first McDonald's monopoly game. They asked what he was gonna do. He said his truck needed a valve job.

Gerarddm
08-24-2017, 11:14 AM
Bumper sticker: All I ask is the chance to prove that money can make me happy.

Garret
08-24-2017, 11:17 AM
Met a guy who won the Megabucks here - back when it was small (by today's standards - about 400K. He was working as a house painter. Went to work the next day, asked for a week off (the boss was shocked that he even showed up!), then, during the week, got the money, paid off his (small) mortgage, bought his wife a new car (nothing flashy), bought himself a used BMW bike, put the rest in mutual funds & went back to work the next week.

Sailor
08-24-2017, 11:28 AM
I always said if I came across a large lottery win like that, i'd simply invest every last penny. Winning anything over 100k I'd just bank it in my investment portfolio. Never touch a penny of the principle, live off my dividend payments if it was over 2 mil. Winning anything under 100k, I'd use to pay down debt, mortgage, car etc and I'd return to work Monday morning.

George Jung
08-24-2017, 11:33 AM
Yeah. I can't imagine not doing 'something'. I like my work. Before moving 'back home', I had 6 months off except for some locums work; drove me nuts. I like being productive. But.... if the finances were covered so well, I'm sure I could concoct an alternative lifestyle that would meet my needs, and being thoroughly enjoyable! And I'm willing to be the 'test subject'; pls send money...

genglandoh
08-24-2017, 11:40 AM
Unwritten, but nobody could enjoy wealth while another is in need


One problem with many is how do you define need.

My sister who is always claiming that she is poor upgraded her bathroom and put in $1,000 toilets.

John of Phoenix
08-24-2017, 11:54 AM
My office had a pool for this latest Powerball drawing. $220 worth of tickets got us $12 (three Powerballs @ $4 each).

The 22 of us are going to share a pizza for lunch. :D

Dan McCosh
08-24-2017, 11:56 AM
Paul McIntire was a stockbroker who hit it big in the early part of the 20th century, who proceeded to give it all away:

He gave nearly $750,000 to the University of Virginia in named gifts, in addition to gifts to the city of Charlottesville and other anonymous donations, and that by 1942 he had given away so much of his fortune that he "was struggling to live within his annuity of $6,000." He is best remembered for his $200,000 gift establishing a school of commerce and economics, today the McIntire School of Commerce, in 1921.

One of McIntire's most notable contributions to UVa was the endowment of the chair of Fine Arts, with the explicit goal of enriching the Charlottesville cultural experience. While a professorship of fine arts had been part of Jefferson's original plan for the University, no provision was made for a faculty of Fine Arts until McIntire's 1919 gift of $155,000 endowed the chair. He wrote to then-President Edwin Alderman that he hoped that "the University will see its way clear to offer many lectures upon the subject of art and music, so that the people will appreciate more than ever before that the University belongs to them; and that it exists for them." The McIntire Department of Music and the McIntire Department of Art were subsequently named in recognition of his gift.

Another of McIntire's contributions to the University was the McIntire Amphitheatre. At the time only the seventh Greek-style outdoor theatre in the United States, the theatre, established with a $120,000 gift in 1921, was intended as an outdoor performance space. He also donated $50,000 toward a new building for the University Hospital in 1924, a 1932 gift of $75,000 for the study of psychiatry, $100,000 for cancer research; $47,500 for the purchase of Pantops Farm, the financing of a concert series in Old Cabell Hall, the gift of a rare books collection to the library, and nearly 500 works of art to the University of Virginia Art Museum.

To top it off, he commissioned a statue of Robert E. Lee.

AlanMc
08-24-2017, 12:04 PM
Paul McIntire was a stockbroker who hit it big in the early part of the 20th century, who proceeded to give it all away:

He gave nearly $750,000 to the University of Virginia in named gifts, in addition to gifts to the city of Charlottesville and other anonymous donations, and that by 1942 he had given away so much of his fortune that he "was struggling to live within his annuity of $6,000." He is best remembered for his $200,000 gift establishing a school of commerce and economics, today the McIntire School of Commerce, in 1921.

One of McIntire's most notable contributions to UVa was the endowment of the chair of Fine Arts, with the explicit goal of enriching the Charlottesville cultural experience. While a professorship of fine arts had been part of Jefferson's original plan for the University, no provision was made for a faculty of Fine Arts until McIntire's 1919 gift of $155,000 endowed the chair. He wrote to then-President Edwin Alderman that he hoped that "the University will see its way clear to offer many lectures upon the subject of art and music, so that the people will appreciate more than ever before that the University belongs to them; and that it exists for them." The McIntire Department of Music and the McIntire Department of Art were subsequently named in recognition of his gift.

Another of McIntire's contributions to the University was the McIntire Amphitheatre. At the time only the seventh Greek-style outdoor theatre in the United States, the theatre, established with a $120,000 gift in 1921, was intended as an outdoor performance space. He also donated $50,000 toward a new building for the University Hospital in 1924, a 1932 gift of $75,000 for the study of psychiatry, $100,000 for cancer research; $47,500 for the purchase of Pantops Farm, the financing of a concert series in Old Cabell Hall, the gift of a rare books collection to the library, and nearly 500 works of art to the University of Virginia Art Museum.

To top it off, he commissioned a statue of Robert E. Lee.



racist bum if you ask me. let's burn those buildings.

genglandoh
08-24-2017, 12:07 PM
If I won the same amount as my friend ($300K for 20 years) I would do the following
1. Pay off my kids student loans.
2. Put $1,000 a month into a retirement plan for each of my 3 kids.
3. Give $1,000 a month to each family member (brothers and sisters)
This would total to about 50% of the $300K.
I can live very well off $150K per year.

AlanMc
08-24-2017, 12:19 PM
i'd buy a bunch of gold coins and swim in it like scrooge mcduck

Joe (SoCal)
08-24-2017, 12:22 PM
My lottery plan has always been the same, even though I never win :)

#1 call my lawyer
#2 Set up trust's and one major one that would collect the winnings and dispense to sub trusts.
#3 Have attorney collect the money on behalf of the trust.
#4 Set up four trust's - one for my daughter, one for family, one for myself & my wife, and one for charity.
#5 Here's the fun part: Have attorney give me $1million cash
#6 If I live for a year and don't flame out on that $1 million then I can show I'm stable enough to manage the individual trust set up for myself and my wife :)

Joe (SoCal)
08-24-2017, 12:37 PM
i'd buy a bunch of gold coins and swim in it like scrooge mcduck


https://www.youtube.com/watch?v=viDL2W0HcJw

AlanMc
08-24-2017, 12:47 PM
https://www.youtube.com/watch?v=viDL2W0HcJw



hahahhahaha, don't ruin my dream!

skuthorp
08-24-2017, 03:50 PM
A hospital worker won the big one in the USA recently and has just gone public. Not sure that is a good idea.

Garret
08-24-2017, 03:54 PM
A hospital worker won the big one in the USA recently and has just gone public. Not sure that is a good idea.

Some lotteries require it. But - no it's not a good idea! :)

Joe (SoCal)
08-24-2017, 04:34 PM
A hospital worker won the big one in the USA recently and has just gone public. Not sure that is a good idea.

Can you form an LLC or a Trust and have your attorney collect for you ?

Norman Bernstein
08-24-2017, 04:47 PM
Can you form an LLC or a Trust and have your attorney collect for you ?

In some states, the winner is public record, and cannot be concealed behind the veil of a trust or corporation.

I'm sure the Lottery Commission works VERY hard to advise winners that they need expert financial advice......

...but the same could be said of NFL players, and many STILL manage to piss away millions and end up, if not destitute, then of meager means.

CK 17
08-24-2017, 05:20 PM
id give it to planned parenthood. The next day I'd go to work.

Shang
08-24-2017, 05:27 PM
As a matter of fact, Geng, you read minds (there's a scary thought, Geng as a clairvoyant!) ...an unexpected windfall shoveled a substantial pile of cash my way--not mega-bucks, but a nice pocket-warmer.

Now to avoid a rush of every human being I've ever met (all of whom want to remind me of our close relationship, and the many kindnesses they have rendered during my less-wealthy days) I have to tell you that I split the dough into three piles, and gave one each to my brother and sister, and kept one for myself.
Evidently money can buy happiness--they were all grins when I handed them their shares.
By the way, I've also changed my name to avoid a stampede.

skuthorp
08-24-2017, 05:52 PM
Education and health for those at the far end of the queue.

That's what a country family here that won A$40 mill has done.