People think hitting the lottery is the answer to life.......it's not.
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It depends on how you handle it. The first thing I would do, if I won, is visit some reputable financial advisors. Probably at my age, just a mutual fund that pays out once a year would be what I would do.
I would also keep working. A million dollars allows me one step up from my situation, not retirement.
People who think a million dollar lotter win == “infinity” dollars.
Most people who win the lottery have no experience in handling money. Most run through the money in a year or two.
A very small number have an idea of how to handle the money.
They invest it and live off of the income from it.
As mentioned, a good investment advisor can help determine how to invest wisely and how to minimize the taxes, which can be substantial.
In America, when you have very little money, everyone tries to price-gouge the hell out of you especially if you are elderly. Can you imagine the kind of price-gouging you get hit with when you actually come into some wealth? And no, most people cannot keep it a secret, not with conspicuous consumption, which most fall prey to. Fine automobiles, prime real estate, high-end clothing, jewelry, etc etc.
When you only have $17 in the bank, a million seems like an infinite amount - like, “I’m rich” sort of money. Except if you live like that you’ll soon find out you’re not rich.
Hopefully this wake-up call happened before he burned through it all. It’s certainly enough to pay off a home, invest, and start a business...a nice bump in life.
I knew a couple that won big in the lottery.
Both drank themselves to death and the kids ended up in jail
Lower class non whites don’t have good impulse control.
Lopez is an ancient Anglo-Saxon name.
The biggest life-changing thing I had was laying in the back of that ambulance and hearing the sirens.
If he’s to stupid to know why it happened he’s to stupid to not do it again.
But but I feeel gooder now it’s ok sirens ensue.
Getting money is a responsability.
A million dollars doesn’t seem like much today. In 1950, my parents bought a house in West Whittier, Calif. for $7,000. Today, similar houses, now around 80 years old, in the area, which is not nearly as safe as it was in the 1950s, are selling for around $8000,000.
Easy come, easy go.
A lot of the time the folks that win the lottery are the ones who need it most but have little or no financial acuity. Partying yourself to death for months does seem a little extreme. 😄
If I ever win the big lottery the only things I can think I’d buy are a black masersati sedan, A 38 ft Sea Ray with permanent docking and a second home right on the beach at Hilton Head. That wouldn’t even make a dent in the Mega millions pay off.
Like water, money finds its level.
Sounds like he would have blown through the money pretty fast and now it goes for hospital bills
Money is the biggest curse for anyone who is addicted to drugs or alcohol or who views "nonstop partying" as an acceptable course of action. Look at Whitney Houston or Matthew Perry. They had enough money to insulate themselves from the consequences of nonstop partying until they died. Hopefully this really is a wake up call for this guy. He still has money, so I guess we'll see.
I’d setup a hobby center for geeks. A maker space.
Becoming a millionaire in the USA is not super difficult, but it takes discipline and time. “The Millionaire Next Door” series lay it all out.
They are a good way for most people to become financially independent.
The Dave Ramsey system works pretty well for people who follow it.
In essence: Live below your means. Save and invest wisely. Let compound interest work for you. Own your own home and pay it off early. Work at increasing your income by being more productive and filling other’s needs.
Don’t try to satisfy your psychological wants through extravagant spending. Great satisfaction can be achieved with relatively low expenditure.
If he takes it as a lump sum, the $$ will be gone in a year, if he takes payments, he’ll be broke between payments.