Comments on: Lottery Winners Going Bust http://www.joetaxpayer.com/lottery-winners-going-bust/ Financial Commentary For The Average Joe Mon, 06 Feb 2012 21:56:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: JOE http://www.joetaxpayer.com/lottery-winners-going-bust/comment-page-1/#comment-21463 JOE Mon, 26 Jul 2010 15:13:26 +0000 http://www.joetaxpayer.com/?p=1751#comment-21463 I can only imagine what it would be like for the guy who wins a smaller amount, say $2M. $100K/yr added to his income might net him $60K or so. But the publicity alone destroys him, forget the thieves, just his friends/family who think "lottery winner" and have their hands out. Thanks for the visit and comment! I can only imagine what it would be like for the guy who wins a smaller amount, say $2M. $100K/yr added to his income might net him $60K or so. But the publicity alone destroys him, forget the thieves, just his friends/family who think “lottery winner” and have their hands out.
Thanks for the visit and comment!

]]> By: The Ghost of Jack Whittaker http://www.joetaxpayer.com/lottery-winners-going-bust/comment-page-1/#comment-21462 The Ghost of Jack Whittaker Mon, 26 Jul 2010 14:04:59 +0000 http://www.joetaxpayer.com/?p=1751#comment-21462 Although the lottery proponents want everyone to believe it is played equally by all economic groups, in truth it is played more by poor people and even more so in ethnic areas. I hardly ever seeing anyone in stores, etc in better parts of town playing the lottery, and most people will tell you the same. The 'lottery' folks are always on the wrong end of things. Given their history of falsehoods and tweaking the truth, its hard to believe anything they tell us. For one, their campaign to not give winners a choice of how to claim major prizes by anonymous or blind trusts, instead forcing all to claim in public is a crime. Yet, their logic, that it helps 'promote' the lottery is bogus. It exposes winners to unwanted attention and danger for them and their loved ones. Some states, such as Virginia, are the worst in that regard, going as far as trying to get the legislature to pass a law making it illegal to ever allow winners to claim with a choice. Although the lottery proponents want everyone to believe it is played equally by all economic groups, in truth it is played more by poor people and even more so in ethnic areas. I hardly ever seeing anyone in stores, etc in better parts of town playing the lottery, and most people will tell you the same.

The ‘lottery’ folks are always on the wrong end of things. Given their history of falsehoods and tweaking the truth, its hard to believe anything they tell us. For one, their campaign to not give winners a choice of how to claim major prizes by anonymous or blind trusts, instead forcing all to claim in public is a crime. Yet, their logic, that it helps ‘promote’ the lottery is bogus. It exposes winners to unwanted attention and danger for them and their loved ones. Some states, such as Virginia, are the worst in that regard, going as far as trying to get the legislature to pass a law making it illegal to ever allow winners to claim with a choice.

]]> By: Lottery player http://www.joetaxpayer.com/lottery-winners-going-bust/comment-page-1/#comment-18072 Lottery player Sun, 07 Mar 2010 07:13:53 +0000 http://www.joetaxpayer.com/?p=1751#comment-18072 Zip code analysis shows that lower-income people indeed are more likely to play the lottery than higher-income people. People who don't have a lot of money often have family members who likewise don't have a lot of money, so I suspect that lottery winners frequently have family members asking for money, outright gifts, or "loans" that are never repaid. And even if your relatives don't ask, wouldn't you share lottery winnings with relatives? I would. Also, if you opt for receiving the money over 20 years (or 26 or whatever), keep in mind inflation. If you have been working for 20 years or more, just think of what your salary was 20 years ago. It's probably about half, maybe less. Zip code analysis shows that lower-income people indeed are more likely to play the lottery than higher-income people. People who don’t have a lot of money often have family members who likewise don’t have a lot of money, so I suspect that lottery winners frequently have family members asking for money, outright gifts, or “loans” that are never repaid. And even if your relatives don’t ask, wouldn’t you share lottery winnings with relatives? I would.

Also, if you opt for receiving the money over 20 years (or 26 or whatever), keep in mind inflation. If you have been working for 20 years or more, just think of what your salary was 20 years ago. It’s probably about half, maybe less.

]]> By: Friday Links | The Canadian Finance Blog http://www.joetaxpayer.com/lottery-winners-going-bust/comment-page-1/#comment-8013 Friday Links | The Canadian Finance Blog Fri, 28 Aug 2009 09:09:26 +0000 http://www.joetaxpayer.com/?p=1751#comment-8013 [...] Joe Taxpayer finds out why lottery winners are going bust. [...]

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