Learn How A $27 MILLION Jackpot Winner Went Broke In 5 Years

ORSRT8 said:
Its crazy that in todays world 25mil aint even a lot anymore. Especially living in LA. I honestly would still keep my job for 2-3 years if I won 25mil. Knowing that you have that in the bank would change anyones attitude at work lol. I'm still young enough to wait a few years to quit, it pays well and I have good benefits (even after Obamacare) . My wife and I haven't had kids yet so I would at least wait until we have them to take advantage of them lol. Just take some extravagant vacations in the meantime but once the kids come Im out!
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You must have a pretty good paying job if 2-3 extra years will add a drop in the bucket to $25M. No matter how much you're worth, if you don't have good money management skills you can easily blow it.
 
ATGD7154xBBxMZ said:
I could spend 27 mil in 2 months easily so I aint surprised.

I know those 5 years were fun for dude. He should've just committed though and put some stuff aside so he could return to his regular life after spending all that money.
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His regular life was shooting up though.
 
crcballer55 said:
You must have a pretty good paying job if 2-3 extra years will add a drop in the bucket to $25M. No matter how much you're worth, if you don't have good money management skills you can easily blow it.
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I'm not saying that 25mil is a drop in the bucket, I just think that when you keep busy, it gives you less of an opportunity to waste money and helps you stay responsible. I think a reason these people go broke is because they don't have anything else to do. So with all that free time they waste money. I do agree with you that if you don't have money management skills you will blow it.
 
af1 1982 said:
Half would go to my parents so they can retire and travel the world.

A quarter to my bro.

A million to my aunts, uncles, cousins, etc.

Another million to charity

Pocket the rest.

I would probably keep working in order to keep me sane. I got everything I want/need
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So out of 27 mil, you would walk away with about 4.75 mil. lol

You got good intentions though haha, but these numbers don't add up at all.
 
Durden7 said:
So many people saying theyd manage their money well, save it..... and im sure some of these same people are the ones buying stuff they dont need on black friday simply because its "a deal".
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Nothing you do with 27 million will fall into the "things you really need" category.

Spending a couple hundred on a holiday sale is not the same as blowing through 27 mill in a few years.

It takes a special breed of idiocy to be able to do that.
 
Man, if I had that much money, I would OD off life after about a month. Too much to do, plus I have a drinking "habit".
 
It's crazy that the government takes half of the Mega Millions Jackpot and if you want to share it with family members after a certain amount they tax it again:smh:
 
J3rm00 said:
It's easy for one to say that they'd spend their lottery money conservatively... Until you actually win it.
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Best believe i'm not going to spend it all recklessly and end up living in a storage unit filled with feces like that.
 
A leer jet? He deserves to be broke. You need to be making 20 mill a year for a leer jet. Not a 1 time wining of 27 mill. ****. BMW M3 e46 and an a penthouse in Midtown Manhattan is all I need with a jackpot much bigger than 27 mill.
 
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ORSRT8 said:
Its crazy that in todays world 25mil aint even a lot anymore. Especially living in LA. I honestly would still keep my job for 2-3 years if I won 25mil. Knowing that you have that in the bank would change anyones attitude at work lol. I'm still young enough to wait a few years to quit, it pays well and I have good benefits (even after Obamacare) . My wife and I haven't had kids yet so I would at least wait until we have them to take advantage of them lol. Just take some extravagant vacations in the meantime but once the kids come Im out!
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lol what kind of life are you living? after taxes 25 mill in the bank is a lot unless you dont know anything about spending money,

hand me 25 mill right now and see me live the rest of my life no problem SRS
 
Keep his job for 2-3 years? How did i miss that :lol:

You either make bank or something is wrong with your math to think 2-3 years of salary is anything in comparison to the 25 mill
 
RIP to the mayne.

If I would have won I'd still have most of it doe, not much I really need in life. Don't really need a flossin house or car just my own secure space. :smokin
 
Him and his wife were fiends. The story was going to have the same ending regardless. It also explains why he didn't leave anything to his daughter... probably had something in place for her but then... "It be callin me man!" and a phone call later to his advisor and boom, the trust fund is liquidated
mean.gif
 
BuddhaChris said:
 
if he died happy, he used his money right. 
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I wouldn't really classify hospice as dying happy. Not exactly going out on a high note considering it's been 7 years since he had ANYTHING.
Joshuatree2192 said:
It's crazy that the government takes half of the Mega Millions Jackpot and if you want to share it with family members after a certain amount they tax it again:smh:
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Set up a corporation/non-profit and make your relatives managing directors of it with international subsidiaries and tax sheltered bank accounts. Buy the assets in the corporation's name and allow them access to those assets for personal use. Problem solved.
 
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OK you guys are not getting me. Sure 25Mil is a lot but like I said, in LA where I'm from it doesn't go as far as it does in other places. And compared to even 10 years ago 25mil isn't what it was in 2003. I
Never was I comparing my salary to 25mil. Its about keeping your wealth not splurging it all. Idle time will lead you to spending your money foolishly. Its not only about keeping a salary its about the medical benefits as well. Sure I could afford it but why when I got good medical benefits that take care a big chunk of it. Especially if I plan on having kids. I got hundreds of vacation hours too so if i need to get away I can do that. It may seem cheap but wealthy people stay that way by being a bit frugal. My mother has worked around rich people in Manhattan Beach,CA for years. These people got money. One of the things Ive noticed is how they live,dress and cars they drive. They can be some of the bummiest looking people when it comes to dressing. That whole, just got outta bed look . Cars aint always the top of the line,newest model. Not to get into another topic but I think its just something that us minorities do when we get money is blow it all on clothes and cars and a lifestyle that we really cant maintain. And I'm not even trying to make it a racial thing or take this topic there in that area. But you see it all the time with athletes wasting money.

Basically what I'm trying to say with all of this is that if you are a little frugal with your money it will go a longer way. And my methods may be different from yours.
 
ORSRT8 said:
OK you guys are not getting me. Sure 25Mil is a lot but like I said, in LA where I'm from it doesn't go as far as it does in other places. And compared to even 10 years ago 25mil isn't what it was in 2003. I
Never was I comparing my salary to 25mil. Its about keeping your wealth not splurging it all. Idle time will lead you to spending your money foolishly. Its not only about keeping a salary its about the medical benefits as well. Sure I could afford it but why when I got good medical benefits that take care a big chunk of it. Especially if I plan on having kids. I got hundreds of vacation hours too so if i need to get away I can do that. It may seem cheap but wealthy people stay that way by being a bit frugal. My mother has worked around rich people in Manhattan Beach,CA for years. These people got money. One of the things Ive noticed is how they live,dress and cars they drive. They can be some of the bummiest looking people when it comes to dressing. That whole, just got outta bed look . Cars aint always the top of the line,newest model. Not to get into another topic but I think its just something that us minorities do when we get money is blow it all on clothes and cars and a lifestyle that we really cant maintain. And I'm not even trying to make it a racial thing or take this topic there in that area. But you see it all the time with athletes wasting money.

Basically what I'm trying to say with all of this is that if you are a little frugal with your money it will go a longer way. And my methods may be different from yours.
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balance

i hit a deer head on on the way from work today

cop said if i was going any faster id prob be dead

im chilling browsing NT, im not gonna be so tight i cant have fun im not gonna burn it though, also diversify yo bonds B
 
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J3rm00 said:
It's easy for one to say that they'd spend their lottery money conservatively... Until you actually win it.
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I COMPLETELY disagree with that. Especially in this case since I don't consider 27 mil an amount that would be impossible to squander.

I'd open an excel spreadsheet & make a 50 year budget.

27 mil for 50 years is 45k a month, about 11k a week. It'd be VERY easy to go over those numbers consistently.

But on average, I'd stick to that over time. My word is bond
 
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Further proof that taking the annuity is the way to go. If he had taken the annuity he would still have had 25 more years of ballin to enjoy.

And instead of 27M he would have gotten a prize of 70M Before taxes are taken out each year
Which is about 2.3M for the next 30 years of your life, or almost 1.6M a year after taxes.

But most people would rather take the lump sum or "cash option" and give away half of the money right from the gate.
And thats BEFORE taxes even touch the money.
 
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