Unemployed man wins $17m

[Andrew_A]

He should go and read three times! the excellent thread on what he might do with 5M

http://www.somersoft.com/forums/showthread.php?t=59141

 

[jaycee]

Im sur he has his own imagination !

I'd be looking at what the fuss is about that Bora Bora place or what Paris have to offer for starters... surely with $17m I can take a bloody holiday

 

[Amadio]

But but, she's right

The research of Charles T. Clotfelter and Philip J. Cook shows that the fate of most large lottery winners is pretty tragic, financially.

They are researchers in economics from Duke University, no lightweights.

 

[jaycee]

We know, I think someone's mentioned it before

it was the "back on welfare" bit that soudned like a stab to me as stated. the rest is as Basil Fawlty put it "the bleeding obvious" !

couldn't happen to any of us though, surely not ?

 

[Ridin-High]

Im just cut because he only spent 57 bucks and made 17 million. Yes im in the haters club

 

[jaycee]

Im just cut because he only spent 57 bucks and made 17 million. Yes im in the haters club

Oh I hate him !

 

[ianvestor]

Yes im in the haters club

Me too I'd be quite amused if he was relieved of it as soon as possible.

Monsoon, I'd much rather see the money go to someone who's already rich. Sort of like barracking for my own team, even though I'm not rich yet.

 

[weg]

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.

Firstly, good luck to him.

My thoughts... if you can't manage a paypacket then you won't manage a windfall.

I've known 2 that have lost the lot; around 700K and 1.2M.

One of them was a guy I worked with that was a gambler, and the other simply mismanaged it and the bank took her house 3 years later, after she bought a business that clocked up huge debt from day one. Both people divorced after losing the lot.

I know of others that have won and now live comfortably but I would not consider them wealthy as they didn't invest.

Is it possible to blow 17M... absolutely.

 

[kathryn d]

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 . 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.

A man in our town won 9 mil.
In less than 5 years it was all gone, and he is now working at a call center.
He has nothing to show for it.
All the friends he bought, are now gone

 

[skater]

Why are you always involved in controversy Skater?

Are you always a grumpy old fart, Sunfish?

 

[natmarie73]

My first thought on hearing this was "good luck to him". So what if he was unemployed because of the GFC and had to sell his house. How does this make him a dole bludging loser like so many seem to think he is? The fact that he was able to buy a house in the first place says he has some financial nouse and might actually put the money to good use instead of waste it.

And if he does waste it so what? It's his money to do with what he wishes. I would rather see windfalls go to people who need it then people who are already well off (unless it's me of course).

 

[ianvestor]

I would rather see windfalls go to people who need it then people who are already well off.

Haha, that's pretty much what Skater is predicting will happen

 

[jaycee]

Butapparently she wasnt calling him a dole bludger of any sort or anything like that

She was just saying it would happen to eveyrone

except her I suppose cause she has financial nouse, unlike him & eveyone lese

Or something like that..