Posted on 10/04/2010 3:13:42 PM PDT by domeika
Edited on 10/04/2010 4:51:45 PM PDT by Admin Moderator. [history]
ST. LOUIS - For eight years, Janite Lee lived the good life.
She moved into a gated community in Town and Country. She dined with world leaders. She had a reading room at Washington University's law school named for her.
(Excerpt) Read more at jamaicanforum.com ...
I also have to include that I don't have enough middle fingers to let a person like that know how truly sorry I am for them.
18 million is well over the amount needed to live a normal person standard of living for the rest of your life, on the interest alone, and never work again.
No sympathy for these lottery winning idiots.
She won 18 million, but she didn’t get 18 million.
Taxes and a lump sum payment takes it down quite
a bit, nonetheless, it’s still a lot of money,
not if you spend as if it’s growing on trees, though.
It you win $18 million, you get about 60% if you take a lump sum and pay 40-45% in tax. They therefore should have received about $6.6 million or so.
If you invest that at 4%, which is not difficult if you are willing to take some risks, your lifetime income is $264K a year plus capital gains, without touching the principal.
But people who think like that don’t play the lottery....
Stupidity sounds like the real cause and an absolute failure in doing the simple math required in order to figure out you are spending money faster than you are making it, kinda like the US government.
A couple of years later she left our club. I asked about her and was told that she was "broke".
I understand this happens with a lot of lottery winners.
People rise or fall to the income levels that they are used to. Just review some of the cases of lottery winners from lower income levels. Nearly all blow thru it in a few years, returning to the income level that is normal to them.
One of the worst curses a person can have is winning the lottery.
It reminds me of something someone said to me in the '80s, "The lottery is a tax on the poor." I responded with, "No, it's a tax on the stupid, but stupid people are often poor."
I have a theory that money magnifies what is already in
your life - habits, discipline, character - for good or
for bad...
Smart people can be poor but they usually don’t stay that way.
>>> Remember this guy from West Virginia who won the 300 mill. powerball? His face says it all
This case was not the average poor-person lottery winner burnout. He was a successful businessman to begin with, not superrich but probably a millionaire in his own right. Well liked and respected in his community.
With the powerball money he was over-generous. His own family, the church, the poor, etc found a soft touch. And the more he gave the more they demanded. They wore him down. I’ve seen his pastor interviewed, they sure miss that checkbook.
It was capped off by giving his beloved young grand-daughter free money, cars, etc. She and her leech friends used this largess for drugs and parties, until she killed herself in an overdose. This pretty much destroyed him.
I’ve pretty much concluded the only chance a big lottery winner has of survival is to be the SOB who says “no”. And be willing to shed the “friends” and worthy causes who demand you buy their love and respect.
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