Woman wins $107 million powerball and is going to keep working.

Discussion in 'Australia, NZ, Pacific' started by billy the kid, Jan 17, 2019.

  1. billy the kid

    billy the kid Well-Known Member

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    Youd have to have rocks in your head wouldnt you....definitely certifiable....
    At 2% she'd be earning what $3 grand a day in interest after tax on an investment of the lot......if my maths are correct....
    Why would you keep working.....
    Reminds me of the bloke as he was being loaded into his coffin..popped up and said...
    "God, I just wish I could have kept working for a few more years"
    Fair dinkum, some people are so dumb, theyd think they have to study
    to take a pap test....
    What would you do..would you keep working...Im bloody sure I would......
     
  2. Renee

    Renee Well-Known Member

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    When my husband left Wall Street I could have easily retired on his obscene bonus....I loved my job, everything isn’t about money
     
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  3. billy the kid

    billy the kid Well-Known Member

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    Oh yes...youre the one that believes in Zeus.....I think Id take your opinion with a grain of salt....
     
  4. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    What does she do? I mean, if she's cashiering at Walmart with $100M in the bank, shes prolly nuts.
    If shes hunting pirates on the high seas in the tropics in a refurbished WW2 torpedo boat, I would totally understand.
     
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  5. Renee

    Renee Well-Known Member

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    . Do you really think I believe in Zeus? And the reason I gave? Reminds me of little children who you have to explain sarcasm too. If I don’t believe in God why would I believe in mythology?
     
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  6. billy the kid

    billy the kid Well-Known Member

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    I think if I won that amount of money Id go out and buy a WWII Spitfire....and a lamborghini...or three....
    Then Id spend the rest of my life learning how to fly/drive them....
     
  7. billy the kid

    billy the kid Well-Known Member

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    Come in spinner....
     
  8. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    You'd be surprised how many winners end up bankrupt within 7-10 years after winning.
    People think, erroneously but understandably, that they now have all the money in the world and can spend without any afterthought.
    One of the facts of human nature, when people have more money, they find more ways to spend it. Their lifestyle adjusts.

    A lot of these people weren't very responsible before (what would you expect from someone who buys loads of lotto tickets) and they are no more responsible with their money after winning.

    There's actually a very high rate of divorce and suicide among prior lotto winners.

    While it might not make sense to you, this woman is probably making the right decision keeping her day job and not spending all her money lavishly. At least if she blows all her money in 10 years she'll still have a job.
    Probably she'll be less inclined to spend all her money so fast if she's kept occupied.
    Having a job (the right job) can give one a great sense of purpose and fulfillment that lots of money necessarily can't.
     
    Last edited: Jan 18, 2019
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  9. BleedingHeadKen

    BleedingHeadKen Well-Known Member Past Donor

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    I work for myself and even I would tell my employer to go f- himself.
     
  10. BleedingHeadKen

    BleedingHeadKen Well-Known Member Past Donor

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    It has a lot more to do with conditioning we receive as children. We grow up with patterns that lock us into a certain mindset about wealth, and just how much is "rich." For some people, that number is very low, and when they obtain a great deal of wealth they mentally cannot handle it. They are much happier with a small amount, perhaps enough for a modest retirement. It's getting to that is where they fail.

    There are ways to correct that situation, but most people don't work to improve themselves and the types who play the lottery a lot especially do not.

    They may be very responsible. They just aren't equipped for the challenge.

    It would make more sense to drop about $4 million into a permanent trust and retire on that. The rest she can blow or donate. I have a friend who did that after inheriting $10 million. She locked away some in a trust because she knew how irresponsible she would be. She blew through $7 million in 3 years and now lives in a nice house in California with a small monthly allowance.

    Assuming that she has the right job. Here's her chance to find something more fulfilling and on her own schedule.
     
  11. billy the kid

    billy the kid Well-Known Member

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    So why buy the tickets....to win money, give it all away, and keep working....yeah right....
     
  12. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    Tons of lotto winners quit their job, blew all their money in 8-10 years, then had to go back to work, but it was really hard to get their careers back on track because they had been absent from the workplace so long. (Have any idea what it's like to have a 10-year work experience gap and then try to get your foot back into the door? Not to mention now you're older middle-aged and employers are getting more reluctant to hire you)

    You say 107 million, but over half of that's going to go back in taxes. Then if they choose to take the lump sum and get their money all at once (which they often do) it's going to be half that again (many didn't read the fine print).
    So even though you "won a 107 million prize", you might actually only get to take maybe 25 million of that home with you.

    Then you have friends and family members that suddenly want you to buy things for them. And there's going to be resentment if you don't.

    You might buy a 4 million home. But the taxes on that are 120,000 every year.
    And then there's big maintenance and upkeep costs on your new huge home you weren't expecting.
     
    Last edited: Jan 18, 2019
  13. billy the kid

    billy the kid Well-Known Member

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    So I ask the question again......why buy the tickets in the first place....
     
  14. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    There are some people who buy 1 ticket a year for recreation purposes.

    But very few of the winners were people who only bought 1 ticket that year.

    Mathematicians have shown that an individual is many times more likely to get killed in an accident on their way to buying a ticket than they are to win a big jackpot.

    Think of it this way: all the money it is possible to win is coming from all the millions of tickets that people purchased.

    If you had the money to be able to do it, would you buy all the lotto tickets to be able to win?
    Of course not, that would be illogical and absurd.
     
    Last edited: Jan 18, 2019
  15. FatBack

    FatBack Well-Known Member

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    I buy some property and a decent (but by no means extravagant) house, built to my specs. Have my own machine shop and plenty of storage area. Do some ranching and farming, have a few toys (boats, ATVs) Sit on my wrap around porch and shoot my empty beer cans as I watched the sunset.

    Budget my needs into retirement, help my family and donate to St Judes and other worthy causes. Sit on a decent bit.
     
  16. Liberty Monkey

    Liberty Monkey Well-Known Member

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    I'd make Bio Dome 2:- With Pauly Shore :)
     
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  17. Sallyally

    Sallyally Well-Known Member Donor

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    You don't get taxed on lottery winnings until you start to make interest or income from it.
     
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  18. Liberty Monkey

    Liberty Monkey Well-Known Member

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    You do in the US, but EU it's tax free I assume the same in Oz.
     
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  19. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    I agree (on keeping working) doesn't mean she has to go and sit on her backside and do nothing... go and do charity, use your time better or help others
     
  20. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    delete
     
    Last edited: Jan 18, 2019
  21. billy the kid

    billy the kid Well-Known Member

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    Once you invest the winnings and show a profit on that investment, you are taxed on that profit....
     
  22. Sallyally

    Sallyally Well-Known Member Donor

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    That's what I said.
     
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  23. Sallyally

    Sallyally Well-Known Member Donor

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    Wonder how many posters could win that money and keep working?
    Are many people in jobs for which they wouldn't need wages?
    I never was.
     
    Last edited: Jan 18, 2019
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