https://thehill.com/homenews/nexstar_media_wire/4579183-1-33-billion-powerball-jackpot-won-by-single-ticket-in-oregon/
After several hours of waiting, Powerball has announced the winner for its $1.3 billion jackpot.
-of their local pastor who would elsewise have to sell both of his private jets to cover the costs of homeopathic treatment in Tibet
For their sake, I hope they've read one of those posts of advice for this situation or otherwise have a good plan. Their life getting fucked seems the more likely outcome, though.
If they gave me $1bn i would do stupid things too. I mean with that much money it really doesnt matter anymore. I would like to think i would be smart about it, but i really doubt it.
I mean out of nothing BAM you’re a billionaire and not ease into it like most, will be trouble
Yeah, the bloke's a bit of a penis, but I can't help but respect the whole "it was there for a good time, not a long time" thing.
I wouldn't have wanted him launching cannon balls at my car or shop, but I like the idea that it happened.
Occasionally people win and immediately put it all in low-liquid assets so they can't screw up their lives and others intentionally get rid of it fast enough because they don't like trying to sustain that life, but I think both are in a minority compared to the fuck-ups
God, just in terms of local economy imagine having someone in your community suddenly throwing around millions of dollars like it's nothing...
meh, my life probably wouldn’t change much. I would definitely keep it quiet. But there would be signs 😉
Only items I would do:
My current life is gucci. I don’t care about fame, status (ie, buying midlife crisis cars like Porsches or insecurity compensators like trucks or SUVs), expensive clothes, or gigantic overpriced homes in the suburbs.
At the end of the day, it’s just a number in the bank account(s).
I believe that's included in the gallivanting around the world. Or at least that's what I'd be doing.
Make sure to “gift” yourself the same million that your family gets. Make it anonymous. “Who gave everyone all this money???”
Half a million dollars for risky investments is 0.037% of the value.
You sneeze, and your networth changes by millions in even the safest of investments.
I'd do the basics of paying off my house and doing some renovations on it. Or buy and move into a slightly bigger one in the same area. Maybe buy/rent a condo right next to Wrigley Field. Nothing fancy, but I would like to be able to stay near the park.
After I put most into safe investments I would have some fun.
I'd find some financial advisors and give each of them a million to invest for me. Then fire the one who performs the worst after a period of time. Then put that money to a new investor and repeat.
I'd buy a small warehouse to turn into an auto shop to house and work on the cars I buy. Which would be daily drivers, so things like a Miata and a classic mustang. The only fancy car I'd buy, and drive, is a Catterham. This would be my main hobby, so I don't consider it a waste of money. Repairing/restoring cars and selling them.
I'd set off on a road trip and love to be able to just see and experience everything without worrying about how much hotels, food, and gas cost. If it weren't for girlfriend and her daughter I'd consider even just living in a van for a while. Spend a year and go to literally every Cubs game.
Why can't my family ever win at least a chunk of money from the lottery? I know it's statistically highly unlikely to win, but the hope of a better future if you just spend a few bucks a month sounds pretty good right about now.
The lottery is really a 'poor and stupid' tax to put it harshly. You are literally more likely to be crushed by a meteorite, than to win the powerball. Your family would be better off if they took the money that they spend on the lottery every week and invest it in the stock market.
ETF and Index funds are pretty safe and grow by about 7-10 percent every year. They could invest in more volatile stocks and still gamble a bit, too, but at least the odds are in your families' favor that way.
I worked in retail for many years selling lottery tickets to thousands of different people. Never once, did I ever hear of anyone winning anything significant in my whole city. It felt bad every time some obviously struggling person bought one.
It is truly a tax on desperation for those who spend more than $10 at a time. But it's harmless under that amount, even if someone plays every few days.
Don't lie to people and tell them "that money is better spent on investments". $10 will not meaningfully affect your retirement quality. You may end up with $50 - $100 extra.
If anything, these people should find a hobby that is cheap and healthy. $10 spent on sports equipment or clothing can actually affect someone's life for the better. You can get a basketball for $10 or save up for a tennis racket ($30). The key to a good retirement is cheap healthy hobbies like cooking or gardening.
You know what, that's fair, I was more generalizing about the people who spend a bit more money on it. Still, anyone buying a lottery ticket would have better results spending the money on pretty much any other form of gambling.
I just have a particular hate for the lottery, because from my experience, it seems to target those who need to save their money the most. Its literally a system that robs poor people by selling them false hope.
Imo you should play the lottery, to play mind game scenarios of your future in a financially independent situation. And that is something, that can be fun. But never out of desperation.
I've heard the "stupid-tax" metaphor many times before but I'd always argue that buying a $2-3 quick-picks ticket just to give yourself a few hours to indulge a fantasy every now and then doesn't hurt.
The people that have gambling problems are addicted to that dopamine fix, win or lose.
—I never felt a hit of dopamine when I saw the growth of my Retirement Investment fund during tax season, as real as it may be.
I’ve heard the “stupid-tax” metaphor many times before but I’d always argue that buying a $2-3 quick-picks ticket just to give yourself a few hours to indulge a fantasy every now and then doesn’t hurt.
Some would even call it a form of entertainment.
Did you know that Oregon has its lottery funds go straight to the government? I guess having only eighth place is a good thing