So you think you're rich.

Social, economic and environmental issues in our ever-changing world.

So you think you're rich.

Postby Queen K » Jun 1st, 2015, 8:06 pm

The Okangan has been awash with lotto winners lately and I'm jealous.

There I said it.

But what if I did win "the big bux", then what? Would I think I'm rich?

How many lotto winner stories do we read about that the winner actually turn out to be "losers" later. As in, they're broke in five years or less. Do we assume they thought that they were rich? Did they acquire quality financial advice or buy financial books to help them understand how the money could last, or not? Fall for too many sob stories, or help out too many family members?

What made them "rich" wasn't from their ingenuity, entrepreneurship, or income. It was "luck of the draw."

So, are they lucky? Sure. But for how long?

I wish all those the best, but I sure don't want to see you in the news five years from now saying that you're broke now.

Get good financial advice, that's what I've got to add.
Here I thought there was nothing lower than a snakes belly in a rut in a ditch. I was wrong.
User avatar
Queen K
Queen of the Castle
 
Posts: 54895
Likes: 13186 posts
Liked in: 13993 posts
Joined: Jan 31st, 2007, 11:39 am
Location: What? You mean here?

Re: So you think you're rich.

Postby fluffy » Jun 2nd, 2015, 3:38 am

I guess it all comes down to your head-space, and how much you win. Some people let money flow their fingers like water, others have the first dime they ever made still in the bank somewhere.

A million would be nice. I would split if up with my family, it would be great to give my kids a healthy leg up on their first down payment so they would be out there trying to deal with monster mortgages and such.
Okey dokey doggie daddy.
User avatar
fluffy
Buddha of the Board
 
Posts: 19334
Likes: 328 posts
Liked in: 4302 posts
Joined: Jun 1st, 2006, 4:42 pm
Location: Ogo

Re: So you think you're rich.

Postby Nom_de_Plume » Jun 2nd, 2015, 5:22 am

I could literally blow though a million dollars in ONE day.
I'd pay off our mortgage, buy a new tractor + attachments, order 6000 sqft of concrete, buy a couple of walk in coolers, pay off some credit cards get some work done on the 1 ton and buy the kids a car each.
Done.
1 million *poof*
The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
~ Terry Pratchett

3 people like this post.
User avatar
Nom_de_Plume
Guru
 
Posts: 6485
Likes: 230 posts
Liked in: 456 posts
Joined: Mar 7th, 2007, 7:13 am

Re: So you think you're rich.

Postby Bsuds » Jun 2nd, 2015, 5:28 am

I agree, a million doesn't go far these days. If the person winning was smart they would put most of it away for retirement and live their life without having to worry.
Why do they put a round pizza in a square box and then eat it in triangles?

4 people like this post.
User avatar
Bsuds
The Wagon Master
 
Posts: 43536
Likes: 9379 posts
Liked in: 11798 posts
Joined: Apr 21st, 2005, 9:46 am

Re: So you think you're rich.

Postby Queen K » Jun 2nd, 2015, 7:10 am

One modest house with a lakeview: $500,000 and up.
Even my neighbour's old house with no view whatsoever, $400,000.

A better car, a few blingy things, a nice vaca or two.

1,000,000 next to gone.
Here I thought there was nothing lower than a snakes belly in a rut in a ditch. I was wrong.
User avatar
Queen K
Queen of the Castle
 
Posts: 54895
Likes: 13186 posts
Liked in: 13993 posts
Joined: Jan 31st, 2007, 11:39 am
Location: What? You mean here?

Re: So you think you're rich.

Postby WeatherWoman » Jun 2nd, 2015, 7:20 am

$184 000 to pay off the mortgage and debt
Money put away for kids education
Upgrade our house (either reno or move)
One kick *bleep* vacation
the rest of the moneys would go in our high interest savings account
"It takes a village to raise a fool." ~ Dan Mangan
User avatar
WeatherWoman
Wicked Witch of the West Coast
 
Posts: 34713
Likes: 2776 posts
Liked in: 2540 posts
Joined: Jul 30th, 2009, 7:25 pm
Location: Vancouver Island

Re: So you think you're rich.

Postby Logitack » Jun 2nd, 2015, 7:36 am

i still buy lotto tickets despite knowing the odds of winning are 1 in 14 or something million...

let see, $20 per week times 52 times 25 years = $26k

oooooh the dreams of winning that 50 milion lotto max.... ;)
Logitack
Walks on Forum Water
 
Posts: 14212
Likes: 456 posts
Liked in: 663 posts
Joined: Aug 12th, 2009, 6:13 pm

Re: So you think you're rich.

Postby Hassel99 » Jun 2nd, 2015, 8:29 am

Logitack wrote:i still buy lotto tickets despite knowing the odds of winning are 1 in 14 or something million...

let see, $20 per week times 52 times 25 years = $26k

oooooh the dreams of winning that 50 milion lotto max.... ;)


$20 a week seems a bit...rich. You know you can play for $5 right? that's only $260 a year or $6500 over 25 years.
User avatar
Hassel99
Lord of the Board
 
Posts: 3607
Likes: 1069 posts
Liked in: 3145 posts
Joined: Aug 23rd, 2012, 8:31 am

Re: So you think you're rich.

Postby I Think » Jun 2nd, 2015, 8:42 am

Ah yes lotteries, the tax on the arithmetically challenged.

I usually buy about $20 worth of tickets for the year. Just for the fun.

My daughter bless her little cotton socks says "I refuse to spend money on a losing lottery ticket"
Guess I taught her well.
Problem with being stupid is, you don't know you're stupid

Lady tehMa likes this post.
I Think
Guru
 
Posts: 8885
Likes: 327 posts
Liked in: 868 posts
Joined: May 29th, 2008, 5:12 pm

Re: So you think you're rich.

Postby Logitack » Jun 2nd, 2015, 8:46 am

Hassel99 wrote:
$20 a week seems a bit...rich. You know you can play for $5 right? that's only $260 a year or $6500 over 25 years.

not when one gets in on the 2 draws a week for 6/49, bc/49 and the weekly draw of lotto max! ;), 20 bux a week is relatively low.
Logitack
Walks on Forum Water
 
Posts: 14212
Likes: 456 posts
Liked in: 663 posts
Joined: Aug 12th, 2009, 6:13 pm

Re: So you think you're rich.

Postby jimmy4321 » Jun 2nd, 2015, 8:52 am

$20 a week isn't bad Lol
What that gets you. Maybe a meal for 2 at a drive thru, won't buy 2 packs of smokes, won't buy a quart of rum or a decent case of beer - You barely get 2 decent pieces of meat to throw on the BBQ
jimmy4321
Lord of the Board
 
Posts: 4290
Likes: 1194 posts
Liked in: 2017 posts
Joined: Jun 6th, 2010, 4:40 pm

Re: So you think you're rich.

Postby the truth » Jun 2nd, 2015, 9:29 am

i would move back east get a really nice house for 250,000 , better then the *bleep* they sell here for $500,00 and still have 750,000 left over
"The further a society drifts from truth the more it will hate those who speak it." -George Orwell

jimmy4321 likes this post.
User avatar
the truth
Buddha of the Board
 
Posts: 16364
Likes: 11243 posts
Liked in: 6531 posts
Joined: May 16th, 2007, 8:24 pm
Location: kelowna

Re: So you think you're rich.

Postby JayByrd » Jun 2nd, 2015, 9:54 am

I'm putting myself in the shoes of the most recent $1m winner, who is young, and appears to be single, childless, and not entrenched in a career (at least from what little the article said).

I'd buy a house. Overpriced or not, owning real estate is one of the best investments you can make. And you don't need to spend 500K for something a young, single person can be content in. Obviously stuff like a new car, clothes, a vacation...that will eat up a small amount of that million but not too much if I don't go overboard. Sock away the rest...with 500k in the retirement fund at age 25, "Freedom 55" gets a lot closer to reality. I wish her wisdom, good advice, and luck.
My fervent hope is that you and your tax dollars will be reunited in the afterlife.

Homeownertoo likes this post.
User avatar
JayByrd
Lord of the Board
 
Posts: 3430
Likes: 666 posts
Liked in: 1465 posts
Joined: Aug 14th, 2006, 1:50 pm

Re: So you think you're rich.

Postby Captain Awesome » Jun 2nd, 2015, 9:56 am

*removed*
Last edited by oneh2obabe on Jun 2nd, 2015, 10:05 am, edited 1 time in total.
Reason: Off-topic.
Sarcasm is like a good game of chess. Most people don't know how to play chess.
User avatar
Captain Awesome
Buddha of the Board
 
Posts: 24998
Likes: 30 posts
Liked in: 3123 posts
Joined: Jul 22nd, 2008, 4:06 pm
Location: The United Colonies of The Lizard People

Re: So you think you're rich.

Postby Glacier » Jun 2nd, 2015, 10:17 am

You could retire, and live comfortably off the interest returns on one million bucks (if your house is paid for).
“Hello. My name is Inigo Montoya. You killed my father. Prepare to die”

2 people like this post.
User avatar
Glacier
Admiral HMS Castanet
 
Posts: 28595
Likes: 3887 posts
Liked in: 10809 posts
Joined: Jul 6th, 2008, 9:41 pm

Next

Return to Social Concerns

Who is online

Users browsing this forum: CommonCrawl [Bot] and 6 guests