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-   -   My friend won the lottery, now he's screwed. (https://gfy.com/showthread.php?t=1187379)

HowlingWulf 03-12-2016 08:53 AM
Wish we could all have those sorts of problems.

Quote:
To which Diogenes added "After war, alliance." The love of money he declared to be mother-city of all evils. Seeing a spendthrift eating olives in a tavern, he said, "If you had breakfasted in this fashion, you would not so be dining."

seeandsee 03-12-2016 10:31 AM
jesus that big lotery winners going bankrupt in months, how the fuck they do it

Spunky 03-12-2016 10:41 AM
Mo money mo problems

ITraffic 03-12-2016 10:54 AM
Why do 70 percent of lottery winners end up bankrupt? | cleveland.com

brassmonkey 03-12-2016 11:47 AM
a lady here in my city won 8 mill! she bought a big house and some cars that she paid for in full. that is all she has left of the winnings. :1orglaugh:1orglaugh

incredibleworkethic 03-12-2016 06:10 PM
People forget they have to self sustain after buying things right? :)

buyandsell 03-12-2016 08:31 PM
Quote:
Originally Posted by Sly (Post 20766645)
$43k home equity loan should be around $300-400 monthly. Most likely much lower than what he was paying before for that and the car.
if you go interest only and get an introductory rate you can get that for $100-150/month

Supz 03-12-2016 09:27 PM
He probably still pays a guy $150 to do his taxes.

freecartoonporn 03-13-2016 08:07 AM
damn , get a consultant's opinion.

slapass 03-13-2016 09:21 AM
Quote:
Originally Posted by Rob (Post 20766507)
He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.
If 43k is extra tax then he makes 400k a year and the extra 43k is hardly screwing him. He will make that back in saved payments in about one year also.

OldJeff 03-13-2016 11:09 AM
Quote:
Originally Posted by ITraffic (Post 20768820)
Condensed version, they are fucking stupid

Naughty 03-13-2016 02:53 PM
Quote:
Originally Posted by KlenTelaris (Post 20767143)
How the fuck you can go bankrupt with 17mil cash? If i would won on lottery,i would simply put money on bank and live on interest.
Easy.

Buy an expensive house (huge maintenance costs and property taxes)
Buy new exotic cars that are worth half once driven off the lot
Give huge tips in expensive restaurants
Give money to beggars
Insane vacations
Clothing/Jewelry
etc.

Do that for a few years and you're done.

NatalieK 03-13-2016 05:30 PM
Quote:
Originally Posted by Rob (Post 20766507)
He won $500,000 on a scratch off. They took $180,000 off the top for taxes when he got the money. Since he won, it jumped him into a higher tax bracket, so he had to pay another $43,000 in taxes for the difference. He used almost all the winnings to pay off his house and car, so now he's trying to figure out how to pay the $43k in taxes. Fucked up situation if you ask me.
so the tax man wins again :Oh crap

Nicky 03-14-2016 04:39 AM
Quote:
Originally Posted by OldJeff (Post 20770965)
Condensed version, they are fucking stupid
:2 cents:

JFK 03-14-2016 09:21 AM
Quote:
Originally Posted by PR_Phil (Post 20766990)
so fucking typical of lottery winners.

I mean, I want to feel bad, but who accepts a check for $320,000 and spends every penny before talking to an accountant.

and how is he screwed? he paid off $320,000 in debt, now has to take on $43,000 in debt, looks like a $277,000 win to me.

I have only ever met 2 people who won the lottery. 1 from Ottawa who won $1 M (non taxable) and one from London, ON who won $17 M (again, in Canada , so non taxable). First guy was wealthy before, but still quit his job and was bankrupt in 18 months. Second (couple who won $17M) came from no money, quit their jobs and went bankrupt in 30 months.

2 hours with a competent adviser and this wouldn't happen, that would be about $120, well spent.
Sad but true story :2 cents:

porndumpme 03-15-2016 03:13 AM
Quote:
Originally Posted by SuckOnThis (Post 20766621)
Simple solution, give the money back.
Sounds like the most UNsimple solution. Sell house, sell assets, get money back from government.


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