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Boy am I glad I didn''t win 370 million buckaroos!

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TravelingGal

Super_Ideal_Rock
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Dec 29, 2004
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I was telling TGuy last night about Jack Whittaker, who won that 313 million. He''s been in the press on and off the last few years with stories of his bad luck and family tragedies. But I found an article in the Washington Post that really detailed what happened to him after the big win. It''s a long article, but fascinating in how that much money affected this man...

http://www.washingtonpost.com/ac2/wp-dyn/A36338-2005Jan25?language=printer
 

asscherisme

Ideal_Rock
Joined
Mar 6, 2006
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2,739
He made some awful decisions and had some bad luck too. I remember reading about how he had $500,000 cash stolen from his truck. I mean thats awful. BUT I had trouble feeling sorry for someone who takes a briefcase with $500,000 leaves it in his truck parked outside a bar while he is inside having drinks. And they he sad something siimilar happen again.

I do feel bad for the deaths in his family. Those are tragic.
 

codex57

Brilliant_Rock
Joined
Dec 18, 2004
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1,492
Sucks for that guy, but I certainly would love to have to deal with that problem.

It all depends on the person. That guy''s personality led to some of his problems.

I''m inclined to be reclusive. I''d never leave that much cash lying around anywhere and I''d be doing my darnedest to disappear off the face of the earth as far as the public is concerned.
 

belle

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Nov 19, 2004
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10,285
wow...that is a tragic (and long!) story. there are so many issues that could be addressed in there. the bottom line is, money is power (good or bad) and with power, there comes responsibility.
at what point will the consequences for his irresponsibility outweigh the perceived benefits? seems like it should have happened already.
sad.
 

Gypsy

Super_Ideal_Rock
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Aug 8, 2005
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40,198
Money changes people, its true. But it doesn't have some mythical or magical power... it can only exploit what's already there. And only to the extent that people let it exploit them. On a smaller scale, I saw it happen with people I went to school with. Once they started working in firms and making all that money... many of them made some very poor choices, they underwent personality changes, and lost touch with reality. Heck, I felt it happening to me to. But well, to be honest my DF and Best Friend were my touchstones and held a mirror up to my face so that I would see, really see, what was happening to me. It was realy revealing, but has subsequently made me much more down to earth and more appreciative of what I have.

First thing I would have done is hire a financial manager and a public realtions coordinator. Discussed any gifts or donations I was considering with them and work on a plan to reduce any publicity related to the money. Any and all correspondence soliciting money would have been vetted by them. And I would have hired someone watch over them too-- a lawyer. And any house I purchased would be in a safe neighborhood with similarly sized and priced houses and sporting a tight security system.

And I would NOT have given that child cash $$ in that way. That's just asking for trouble and shows a basic lack of common sense. Unfortunately while money can buy you trouble... it doesn't buy you common sense.
 

divergrrl

Ideal_Rock
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Dec 9, 2002
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2,224
Is it just me or was that article written horribly? OMG, I could barely get through it!

At any rate, I''ve never been a fan of giving kids money. Every once in a while I buy a ticket for our state lotto (1 or 2 mil...nothing big) but I tell DH if we win, I''m putting $$ in trusts for my neice & nephew and they can''t have it until they graduate from college, have a career for at least 7 years, are over 30 and buying a house.

I''m mean. hee hee.

Jeannine
 

Gypsy

Super_Ideal_Rock
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40,198
Diver... must be that having tough moms has rubbed off on us, because that''s exactly what I would do with these exceptions:

It could be used for college expenses... but retroactively. After graduation it would be used to pay off any loans. So that there is incentive to graduate.

It could be used to start a business... but only on a case-by-case basis if it is proven that the child (adult at that point) had done the research and thought into the venture that would be required... and only then after a bank approves part of the financing.

It could not be used for a wedding. Or for a car. Or anything like that until after 32 years of age when all restrictions are removed.
 

VegasAngel

Brilliant_Rock
Joined
Oct 12, 2005
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1,532
I dont know that I''d want to win a large sum of money & if I did I''d want it kept confidential as long as possible. People are sick & get crazy over things like that. Maybe someone that hates me would want me dead & take me out because they are jealous, maybe people will want to break into my house, car etc.. & I can only imagine how many family members including ones I have never met would be asking for money. I can honestly say I would be completely paranoid 24/7.
 

monarch64

Super_Ideal_Rock
Premium
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Aug 12, 2005
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17,761
Honestly I wouldn''t wish winning that amount of money on my worst enemy. From what I''ve heard through the media about these big dollar amount lotto winners, everyone comes crawling out of the woodwork with their hand out wanting a piece of what you won, kind of like you''re an overnight celebrity. If it happened to me, I think I''d want to disappear off the face of the earth as fast as possible, and what''s the fun in that? Even as a winner, you might be the most responsible, well-intending person in the world, but you can''t count on everyone else around you (or removed) to feel that way too and not try to take advantage of you. Money can buy nice things, but it can''t ever buy true freedom, IMO.
 

divergrrl

Ideal_Rock
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Dec 9, 2002
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2,224
Gypsy, great minds think alike. Or survivors of tough moms that is! LOL.

I don''t think you can keep your lottery winning a secret. I think its a public domain kind of thing. But I have no idea, perhaps someone with a law degree or knowledge of the subject can chime in on that.

I''d love to win JUST ENOUGH to pay off my house & maybe start buying a rental property or two. We''d still have to work -- but we''d be able to really get ahead for retirement.

I don''t need riches beyond compare...and if this is as good as it gets for us financially, I''m so fine with that. Shoot, I grew up without a TV, car, and one winter with no heat, and often no electricity, so.....dang...by those standards I''m a freakin'' Rockefeller.

If we have people who love us and if we have our health, we have all the riches we need.

(but a few sparklies sure do make it fun)

Jeannine
 

allycat0303

Ideal_Rock
Joined
Nov 19, 2004
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3,255
Whoa. That''s a really long article. I do agree, that money just works with whatever personality is there. I don''t think that it''s inherently evil and will bring ruin to everyone around you. I think Jack was a fool, and his attitude about buying people, big money, caused a lot of it. I really don''t know how anyone who is a responsable parent or grandparent can give their children $5000 a day and unlimited cash, and just say "do whatever you want with it" that''s just irresponisble, because you KNOW that it''s only going to bring trouble. What else can it possibly bring?

I actually know a man who won the lottery (alright a paltry 5 million compared to 340 million) but it was not the downfall of his family or his life. He was a cop, (it was a 10 million prize split between him and his partner), so he retired early (at 50) and bought a pretty house in a nice part of town. Bought a house for his son who quit the blue collar job he had to go back to university. He did a degree in art history. I asked him (the son) what the money had changed in his life, and he said "all the money problems I worried about went away" I definintely don''t think money is going to solve whatever is wrong with you, I doubt any kind of success/material thing can, but it can make life easier (as long as you keep functioning as a sane, responsible adult).
 
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