Interesting stats on what happens to Lottery Winners

fretmeister · August 2023

https://www.reddit.com/r/AskReddit/comments/24vzgl/comment/chba4bf/?utm_name=ioscss&context=3&rdt=33874

Would I still want to win... of course.

Would I spend some of that winnings on top quality professional advice? Absolutely.

Would I got public? Not a chance.

RaymondLin · August 2023

I would still want to win, but the first thing I would do is put a LARGE sum away in a way that is locked away giving me a sustainable dividend or interest.

Then take care of family.

And then allow myself a lump sum to go fun...and then see what happens. But the 1st point with locking away a lump sum is critical. And no, I would not go public, that's just a crazy thing to do.

-------

Slightly different aspect of coming into a large sum of cash.

I am on a travel discord and someone on there has revealed he made millions from day trading (because he seems to be endlessly traveling all over and posting), from early investing in Discord platform itself to buying GameStop in the US when it was $4 a share to $400. He was going to quit when he hit $5mil and then $10 mil but then it got to a point where it became like a computer game for him. So he went from making a living from day trading to retirement in a very short time because of GME. He "retired" not long after that when he shorted MDNA when it was at $4 (it is now under $1). He revealed his net worth is at $27mil and spends his time travelling around the world, building a $2mil home in NYC and a $750k home in Tokyo. Dabbling in mining crypto by installing solar panels for the purpose.

It seems he is not blowing his money like crazy since he also posts his food, and when he was in London earlier this month he posted Tesco Meal Deal for his dinner, since he still loves a bargain, despite his bank balance.

Sassafras · August 2023

I don't run any of those risks, I don't do the lottery.

Deadman · August 2023

If I won the lottery I’d buy a period property in the Cotswolds, have a nice Porsche 911, nothing too flash, a basic Carrera with zero options in guards red, eat out most nights, buy whatever guitar takes my fancy, but nothing vintage/daft but most importantly look after those who mean the most to me. That could even extend to a couple of people on here, you know who you are. And those people would be invited to my house when The Damned played for me, in my big old garden. As well as Stiff little fingers and PJ Harvey, only if those artists fancied it of course.

As for going public, err, no. Why would you?

relic245 · August 2023

fretmeister said:

Would I spend some of that winnings on top quality professional advice? Absolutely.

You wouldn't need to it's all provided for you.

One of my buddies has a cousin (or close family member) who is a high ticket financial planner.

Most of their work is on retainer from the lottery working with winners.

RaymondLin · August 2023

This video actually has lots of overlap from that Reddit post.

Chalky · August 2023

That info is about US lottery winners. It is different with the UK lottery operated by Camelot. For example, unless the law has changed here, then it would be impossible to calculate a statistic like how many winners went bankrupt as Camelot is not allowed to track the winners if they haven't agreed to publicity. The most surprising activity to me was the small stream of winners who claim the prizes late with no publicity, and appear to have cut off all ties with their families/friends before doing so, thereby making a completely new life.

TeleMaster · August 2023

What a legend.

fretmeister · August 2023

relic245 said:

fretmeister said:

Would I spend some of that winnings on top quality professional advice? Absolutely.

You wouldn't need to it's all provided for you.

One of my buddies has a cousin (or close family member) who is a high ticket financial planner.

Most of their work is on retainer from the lottery working with winners.

Initial advice is provided. Not long term.

Petepassion · August 2023

Too many people chasing money in the belief it will solve their problems. The first problem is chasing money.

Gulliver · August 2023

Who'd have thought that people who regularly play a game with winning odds of 45,000,000 : 1 may not make the best financial decisions?!?

roberty · August 2023

I'd be building a recording studio somewhere

Emp_Fab · August 2023

I think I'd give 20%, equally split, to my sister and my two sister-in-laws, 30% to animal charities and have the rest invested in something ultra-safe. I'd take an income of £100K pa (assuming this was possible with the amount I had to invest).

Either that or I'd pay handsomely for a contract on Donald Trump.

Tannin · August 2023

Emp_Fab said:

Either that or I'd pay handsomely for a contract on Donald Trump.

What's the point in taking out the puppet when the puppet master is sitting in the Kremlin?

Philly_Q · August 2023

Honestly I'd probably leave nearly all of it in the bank and, er, my ghost would pay a lot of inheritance tax.

BillDL · August 2023

I talking to a friend in California she told me that the National lottery jackpot had been up above $1 BILLION for several weeks. One ticket won it about a month ago but nobody has come forward. I can't recall what she said the California State lottery jackpot was, but our lottery jackpots are tiny compared with theirs. One thing to consider though, is that they pay tax off the winnings, whereas our betting tax is added to the cost of the ticket so the actual winnings are tax free. Obviously the interest immediately being earned would be taxable as would all substantial amounts given to other individuals.

A billion dollars really is an obscene amount of money to win, and the life changes that would have to be made as well as the constant worry about family being potential targets for kidnapping, begging letters, and so on would be a nightmare to cope with. If I ever win on the lottery I hope it's enough to pay off my young brother's mortgage and set up an account for their daughter (they both have good jobs and pension schemes); pay off my older brother's mortgage and set up a retirement package for him; and buy a new house with a single level annexe for my old Mum to live next to me where I can look after her in her old age; and enough to supplement my pension in a few years so I can live comfortably but not necessarily extravagantly. That's all I would wish for ........... hold up .............. "someones knocking at my door" ........

............. nope, wrong postcode.

VimFuego · August 2023

if I won the lottery I'd buy myself a big turnip in the country.

Chalky · August 2023

fretmeister said:

relic245 said:

fretmeister said:

Would I spend some of that winnings on top quality professional advice? Absolutely.

You wouldn't need to it's all provided for you.

One of my buddies has a cousin (or close family member) who is a high ticket financial planner.

Most of their work is on retainer from the lottery working with winners.

Initial advice is provided. Not long term.

Not quite true.

If you choose no publicity then you get initial advice (plus of course things like completely new banking/accounts if you wish). Then under the lottery operating law, Camelot has to forget you, though this has been challenged by court orders in the past.

If you choose publicity then Camelot offers to maintain a relationship with you - you can see it as a winners club or a self-help group. Financial advice is outsourced to whichever bank Camelot has an agreement with.

This might have changed in recent years as I no longer keep up with lottery operations.

Emp_Fab · August 2023

I could be wrong but I'm sure I read somewhere that anonymity is not allowed in some US lotteries - it's a condition of entry that they can use you as promotional material if you win. Can anyone verify or refute that?

stickyfiddle · August 2023

Emp_Fab said:

I could be wrong but I'm sure I read somewhere that anonymity is not allowed in some US lotteries - it's a condition of entry that they can use you as promotional material if you win. Can anyone verify or refute that?

That's my understanding too, not that I've looked up the specific regulations

TeleMaster · August 2023

I think that's true yea. That's a mad policy.

fretmeister · August 2023

Emp_Fab said:

I could be wrong but I'm sure I read somewhere that anonymity is not allowed in some US lotteries - it's a condition of entry that they can use you as promotional material if you win. Can anyone verify or refute that?

That's true for some states.

It almost forces you to disappear before announcing it.

EricTheWeary · August 2023

My only contact with the lottery was that my colleague Pete was the probation officer for one of the early winners. Not a likeable man (the lottery winner, Pete was fine).
I've noticed that the last Omaze winners appear in some publicity, cheery 2.4 kids type family. We want our big winners to be 'deserving' unfortunately not a characteristic of games of chance.

Neilybob · August 2023

Gulliver said:

Who'd have thought that people who regularly play a game with winning odds of 45,000,000 : 1 may not make the best financial decisions?!?

This!!

What a waste of money playing the lottery!! It's for dreamers who really think they actually have a chance in winning! The odds are stacked highly against players and are lining the pockets of Camelot. Most people I know who are still playing have lost more than they have win.

Kilgore · August 2023

I didn't tell friends or family about my win and I didn't receive any financial advice or guidance from the lottery. I was effectively abandoned and expected to sort it out by myself.

So I blew the lot. £40 scratchcard win spent at Tesco.

axisus · August 2023

An interesting read!

I would have no publicity, and I'm not really a splash the cash sort of person. I'd share with close relatives - my bro and sis + sister in law. My 4 grown up kids would all get a chunk, and are all probably sensible enough to use it wisely.

RiftAmps · August 2023

If I win the £79m on the Euros tonight, the only person who would know would be my accountant. I wouldn't tell anyone including friends, partner, or family. Your relationship with people immediately changes the second they know you've got money.

"You've got £79m in the bank and all I'm asking for is £10k to cover a few debts"

If you give them the money, they'll always take advantage of you. If you don't, you're the asshole.

Whittaker quickly became the subject of a number of financial stalkers, who would lurk at his regular breakfast hideout and accost him with suggestions for how to spend his money. They were unemployed. No, an interview tomorrow morning wasn't good enough. They needed cash NOW. Perhaps they had a sure-fire business plan. Their daughter had cancer. A niece needed dialysis. Needless to say, Whittaker stopped going to his breakfast haunt. Eventually, they began ringing his doorbell. Sometimes in the early morning. Before long he was paying off-duty deputies to protect his family. He was accused of being heartless. Cold. Stingy.

It's not worth it, keep schtum.

stickyfiddle · August 2023

Yeah, I'm in the "tell noone" camp. I'd quit my job straight away, and tell my wife but nobody else for a good while, and I don't think I'd tell anyone any numbers ever.

Sporky · August 2023

I worked with someone a few years back who once came out with "if you won the lottery, you'd upgrade your girlfriend, right?"

I later met his girlfriend. He was punching way above his weight in every regard - she was very pretty, very intelligent, and utterly charming.

Chalky · August 2023

RiftAmps said:

If I win the £79m on the Euros tonight, the only person who would know would be my accountant. I wouldn't tell anyone including friends, partner, or family. Your relationship with people immediately changes the second they know you've got money.

"You've got £79m in the bank and all I'm asking for is £10k to cover a few debts"

If you give them the money, they'll always take advantage of you. If you don't, you're the asshole.

Whittaker quickly became the subject of a number of financial stalkers, who would lurk at his regular breakfast hideout and accost him with suggestions for how to spend his money. They were unemployed. No, an interview tomorrow morning wasn't good enough. They needed cash NOW. Perhaps they had a sure-fire business plan. Their daughter had cancer. A niece needed dialysis. Needless to say, Whittaker stopped going to his breakfast haunt. Eventually, they began ringing his doorbell. Sometimes in the early morning. Before long he was paying off-duty deputies to protect his family. He was accused of being heartless. Cold. Stingy.

It's not worth it, keep schtum.

The thing is, it is very hard to keep it quiet. So you have the first choice - extricate yourself from your current family and friends then disappear with the money. This used to be a fairly regular occurrence with the no publicity winners.

If you decide to stay it is very very hard to keep it quiet. Most people are simply incapable of keeping such a huge secret, especially when they stop working but show signs of increased expenditure. Keeping the secret will create mental health problems for most people. The truth also seeps out. Like wedding guest invitations, it expands relentlessly - "We have to tell her and so we have to tell him, otherwise she'll tell him", etc. This is usually the reason folks choose publicity. One big announcement and its all done.

theatreanchor · August 2023

Funny how most people take the ‘wouldn’t happen to me!’ approach!

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Interesting stats on what happens to Lottery Winners

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