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Thread: $16.5 Million Pennsylvania Lottery Winner "Dead Broke"

  1. #16
    领导失 PhuCk Yu MoN's Avatar PhuCk Yu MoN is offline
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    Quote Originally Posted by Oneshot View Post
    while we on the topic suggest some nice books for investments


    I've only read two. The first one I read couple of years ago during High School. I've always heard Great Reviews about Benjamin Graham. He has many versions, but I've only read "The Intelligent Investor: A Book of Practical Counsel" Overall the book is great. Investing logically, not "Easy Money" and or "Get Rich Quick" schemes. His "Margin of Safety" concept is brilliant, probably one of the most "important" parts of the book. Also, this book is old so as of 2007 some might find it "outdated". Then Financial Reckoning Day: Surviving the ... by William Bonner. I haven't gotten to finishing it, got up to Chapter 2-3 "Johns Laws." It's good so far, but it feels as If I'm dragging myself to read it.

    I haven't read Only Investment Guide You'll Ever Need but I've heard it's good for starters.

    In High School we had a Business/Economics class. Trades/Stocks/Money Management. There was also Investment Advisors after sessions. My mom is also in Real Estate and she used to get free books also, she never read them but I skimmed through a few. I needed it being that when I turned 18, I found out I was $6K in debt. .

    How about you? Know any good ones?

  2. #17
    God is my pilot Shandy 2.0's Avatar Shandy 2.0 is offline
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    Quote Originally Posted by Oneshot View Post
    run away when you strike it
    I don't even want my name published.

    Quote Originally Posted by Conscious View Post
    So true, I've known stockbrokers who can't seem to save. They live from bonus/commission to bonus/commission.

    And then my Grandmother who earned chicken feed saved and bought 2 homes!

    It has nothing to do with class, but more to do with knowing that planning and saving what you get will eventually lay the foundation for your financial future.
    Lecture done!
    Took the words out my mouth.

    It's clear that man didn't know what to do with that money. not for nothing but I see people buy over $100 in lottery tickets, while there's nothing wrong with trying your luck but spending over $100 in lotto tickets doesn't display sound financial management skills to me.
    "Create the highest, grandest vision possible for your life, because you become what you believe." - Oprah Winfrey

    "If you keep believing in yourself and seek enthusiasm inside your soul, things will get simpler, more spontaneous." ~Paulo Coelho

    "I find your lack of faith disturbing" - Darth Vader

    Be the kind of woman that when your feet hit
    the floor each morning the devil says:
    "Oh Crap, She's up!"

  3. #18
    God is my pilot Shandy 2.0's Avatar Shandy 2.0 is offline
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    Quote Originally Posted by Oneshot View Post
    while we on the topic suggest some nice books for investments
    Any book by Suze Orman. She gives you the soup to nuts on making your money (investments), Managing your money, and protecting your money (living trusts and wills) One of my faves is "Young Fabulous and Broke" and she has a new one for women.
    "Create the highest, grandest vision possible for your life, because you become what you believe." - Oprah Winfrey

    "If you keep believing in yourself and seek enthusiasm inside your soul, things will get simpler, more spontaneous." ~Paulo Coelho

    "I find your lack of faith disturbing" - Darth Vader

    Be the kind of woman that when your feet hit
    the floor each morning the devil says:
    "Oh Crap, She's up!"

  4. #19
    Paradise! Professor Abughani's Avatar Professor Abughani is offline
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    Smartest thing to do when winning a lottery is to pay uncle Sam, place half of the remainder in a CD pay off your debts and move away from relatives

  5. #20
    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by shandy View Post
    Any book by Suze Orman. She gives you the soup to nuts on making your money (investments), Managing your money, and protecting your money (living trusts and wills) One of my faves is "Young Fabulous and Broke" and she has a new one for women.
    isnt she that would on CNBC talking to women about investing?

  6. #21
    Registered User Daveed's Avatar Daveed is offline
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    Quote Originally Posted by Oneshot View Post
    run away when you strike it
    To where?
    Is your family and friends less inportant than money?

  7. #22
    领导失 PhuCk Yu MoN's Avatar PhuCk Yu MoN is offline
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    Quote Originally Posted by shandy View Post
    Any book by Suze Orman. She gives you the soup to nuts on making your money (investments), Managing your money, and protecting your money (living trusts and wills) One of my faves is "Young Fabulous and Broke" and she has a new one for women.
    She's the 9 Steps to Financial Freedom. I watched her on TV a couple of times.

  8. #23
    God is my pilot Shandy 2.0's Avatar Shandy 2.0 is offline
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    Quote Originally Posted by Oneshot View Post
    isnt she that would on CNBC talking to women about investing?
    yep. and men can do with that advice too.
    "Create the highest, grandest vision possible for your life, because you become what you believe." - Oprah Winfrey

    "If you keep believing in yourself and seek enthusiasm inside your soul, things will get simpler, more spontaneous." ~Paulo Coelho

    "I find your lack of faith disturbing" - Darth Vader

    Be the kind of woman that when your feet hit
    the floor each morning the devil says:
    "Oh Crap, She's up!"

  9. #24
    Registered User Daveed's Avatar Daveed is offline
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    This is normal for most lottery winners who were not already rich or had a business background in their family.
    Wealth cannot be given to you. If you dont understand wealth and (you and your family) dont understand that it takes real work to develop the mentality to get AND maintain it, YOU WILL LOSE IT.



    Quote Originally Posted by PhuCk Yu MoN View Post
    within a year.

    William "Bud" Post won $16.2 million in the Pennsylvania lottery in 1988 but now lives on his Social Security.

    "I wish it never happened. It was totally a nightmare," says Post.

    A former girlfriend successfully sued him for a share of his winnings. It wasn't his only lawsuit. A brother was arrested for hiring a hit man to kill him, hoping to inherit a share of the winnings. Other siblings pestered him until he agreed to invest in a car business and a restaurant in Sarasota, Fla., -- two ventures that brought no money back and further strained his relationship with his siblings.

    Post even spent time in jail for firing a gun over the head of a bill collector. Within a year, he was $1 million in debt.

    Post admitted he was both careless and foolish, trying to please his family. He eventually declared bankruptcy.

    Now he lives quietly on $450 a month and food stamps.

    "I'm tired, I'm over 65 years old, and I just had a serious operation for a heart aneurysm. Lotteries don't mean (anything) to me," says Post.

    8 lottery winners who lost their millions - MSN Money


    Stories like this, don't surprise me at all. I could understand the "as soon as it comes, as soon as it goes" motto. It can disappear before you know it, not excluding the instant supply of "family" and financial advisor's.

    I've seen this happen too many times, and it's sad, and these people have no one to blame but themselves. When your income increases, so does your spending habits. Sometimes the words "Save" and "No" can take you far.

    $16.5 million after taxes probably $8-9 million that could last some more than 30 years living off a $250K + annual payment.





    Last edited by Daveed; 06-14-2007 at 01:14 PM.

  10. #25
    Freedom ~Ms. Classy Lady~'s Avatar ~Ms. Classy Lady~ is offline
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    Quote Originally Posted by No Fixed Address View Post
    Smartest thing to do when winning a lottery is to pay uncle Sam, place half of the remainder in a CD pay off your debts and move away from relatives

  11. #26
    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by PhuCk Yu MoN View Post



    How about you? Know any good ones?
    i got this ebook "HOW TO THINK LIKE BENJAMIN GRAHAM AND INVEST LIKE WARREN BUFFETT"

  12. #27
    Registered User Daveed's Avatar Daveed is offline
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    Thumbs up

    Quote Originally Posted by shandy View Post
    Any book by Suze Orman. She gives you the soup to nuts on making your money (investments), Managing your money, and protecting your money (living trusts and wills) One of my faves is "Young Fabulous and Broke" and she has a new one for women.
    She is one of the best and reading her books is a good place to start.
    She advises that you tie up the money in CDs that mature in a step fashion starting in six months to a year. Dont make no big buying or investing decisions in a year.

    By then the madness would have mostly ended and your head will be more clear and your first CD would be available to make your first investment and major purchase.

    The question is How many of us could hold off and wait before spending like giddy idiots? Easier said than done.

  13. #28
    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by No Fixed Address View Post
    Smartest thing to do when winning a lottery is to pay uncle Sam, place half of the remainder in a CD pay off your debts and move away from relatives
    actually the dumbest just after spending it all and going broke, if you speak with a banker, they will explain to you about CD's, CD's make the bank money not you.. best thing to do is to invest in your financial education

  14. #29
    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by Jefe View Post
    Start with "Rich Dad, Poor Dad" by Robert Kiyosaki.
    read it i was too impressed but it is an ok book

  15. #30
    Paradise! Professor Abughani's Avatar Professor Abughani is offline
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    Quote Originally Posted by Oneshot View Post
    actually the dumbest just after spending it all and going broke, if you speak with a banker, they will explain to you about CD's, CD's make the bank money not you.. best thing to do is to invest in your financial education
    can't see how it could be the dumbest if you earning interest too

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