Unemployed man wins $17m

Investing in paper assets

.............What I can't believe is someone who has lost their job & house is spending $57 on a lotto ticket!

:eek:

On the other hand the ticket could have been a present.

He's after a new house......are you listening Prop and Jacque and other BA's in Sydney? :p

If indeed he is into that form of investing (57 bucks on a lotto ticket), then it may only be a matter of time where he may indeed owe more than he's won. Some folks are worse off after windfalls due to games of chance.

I hope he's sensible with it for himself and others in his family/circle and doesn't make Tattersals and cohort richer.

On face value a just win for a battler.......hope it lasts ;)
 
I can't see how he could go wrong with 17m but I have seen lotto winners of 1 million be back on the dole within a year :rolleyes:. Maybe he has learned his lesson of bad money management losing his last home anyway? With 17 million, you could put 10 million just in the bank earning 5% which would mean he could live off roughly $500,000 per year interest and spend the other 7 million on more things like buying more lotto tickets, bad business ideas, expensive cars, a couple of homes, give a lot away to friends and family, go on expensive holidays, waste it on food and all the other things bad money management people do. :)
 
Sour grapes?
He was a homeowner who lost his job in the IT industry.

Crikey, some deep seated bigotry there!

Not at all! It is a proven fact that most people who have large windfalls blow the lot and end up worse off. I hope he seeks some professional advice and is able to hang onto it, but if he frequently pays $57 on lotto tickets while on welfare, I wonder if he may progress to more expensive forms of gambling.
 
Sour grapes?
He was a homeowner who lost his job in the IT industry.

Crikey, some deep seated bigotry there!

That didn't sound like sour grapes or bigotry to me. I think Skater is spot on. It's quite well documented that people who have won money, if they are not used to handling a large amount, tend to lose it very fast.

Just in the last couple of months some lottery winner in the UK committed suicide - poor guy just couldn't handle it.
 
Daydreaming about what I could do with $17mil...

Hell, just give me $1mil and I could use it to set myself up for life :D
 
Everyone here gets plenty of exercise jumping to conclusions, don't they.

I must not allow myself to be jealous because I don't buy tickets, so how can I wish it was me? Give the guy a break and allow him to sink or swim without all this nay-saying. It has nothing to do with us.

If he blows it think of it as "stimulus" we don't have to pay for via taxes. :D
 
Not at all! It is a proven fact that most people who have large windfalls blow the lot and end up worse off. I hope he seeks some professional advice and is able to hang onto it, but if he frequently pays $57 on lotto tickets while on welfare, I wonder if he may progress to more expensive forms of gambling.

I rad it exactly as gooram read it too.
Your post dicertainly did suggest he would be "back on benefits".
Not even back working, but back bludging off benefits.

That paint the picture of an soenoe irresponsible.
As gooram pointed out, why, cause he lost his job ?

We know the stats and stories (or the "proven fact" as you put it). You weren't reffering to that though, or you didn't express it very well - I'd have addded I give him 5 years and he'll be back on benefits. like just about everyone else who has a windfall.
But if you weren;t doing the above, what WERE you doing ?

stating the obvious ?

why, who does not know this 'proven fact' ?
 
I think some people are taking this too seriously, nothing wrong with having a laugh about ways they might become poor again, no one knows him and I'm sure most of us are glad that it was someone who needs it rather than some super rich tycoon winning it. :)
 
Laughing at the way someone will lose it cause they're sutpid(er than us), reminds me of the people we complain about who vocalise (maybe they're only joking, but people here seem to get offended) about people who may have made something of themselves as lucky/greedy/thieves/unhappy/snobs etc

perhaps I was having a laugh, at that.

(damn, that was a long sentence, (the first one))
 
I rad it exactly as gooram read it too.
Your post dicertainly did suggest he would be "back on benefits".
Not even back working, but back bludging off benefits.

That paint the picture of an soenoe irresponsible.
As gooram pointed out, why, cause he lost his job ?

We know the stats and stories (or the "proven fact" as you put it). You weren't reffering to that though, or you didn't express it very well - I'd have addded I give him 5 years and he'll be back on benefits. like just about everyone else who has a windfall.
But if you weren;t doing the above, what WERE you doing ?

stating the obvious ?

why, who does not know this 'proven fact' ?

I'm kinda confused. I really don't understand what you are trying to say here.

I'll admit that I didn't bother to read the article, so missed out on the fact that this person was working before being laid off. So, to his credit, he is not a perpetual welfare recipient. But I stand my ground that if a person is in such a poor state financially that they have had to sell their home and are living on welfare (even if it is short lived), and they go out and blow $57 on lotto or powerball, then I would presume they have little in the way of any financial intelligence.

If you are handing a huge sum of money to someone in this situation, then there is an extremely good possibility that they will end up with little to nothing left of it. I hope I am wrong. I hope he does seek some professional advice and can set himself up for life, but unfortunately I fear the worse. Hopefully if all is lost, he will at least be left with a home, which is still better than where he is now.
 
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