Star Trek: Rich asshole has his dead body put in deep freeze, wakes up on the Enterprise. Now he’s a worthless asshole.
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This is absolutely not true. Obviously tax becomes way more important but a vanguard life strategy fund will crush almost all active managers. You do benefit from stuff like direct ownership of commercial real estate but it is a complete myth that you get access to superior investments when rich.
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From what I remember reading about this, a large percentage of lotto winners are paycheck-to-paycheck types who have just don’t have a good grasp of how far a million dollars goes. You can quit your job, buy a new car & house, live like a Saudi prince for a while and burn through a lottery windfall way faster than you’d think. And then things can get really ugly.
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This is all correct. What makes humans happy is relationships. There have been infinity studies to this effect. When you’re that rich, you can’t really trust anyone. I’ve seen it, but really only with self made people who don’t let the wealth go to their head. Which is rare, to say the least.
The surprising finding is that our relationships and how happy we are in our relationships has a powerful influence on our health,” said Robert Waldinger, director of the study, a psychiatrist at Massachusetts General Hospital and a professor of psychiatry at Harvard Medical School.
I hear you, these are all good points. I think it would be very tempting to live luxuriously on $1 million a year and spend the rest of the time working with charities to give it all away.
I think they cribbed that episode from the old Twilight Zone where some crooks steal gold bars and put themselves into deep freeze only to wake up in the future and discover that gold is worthless in the future because people have discovered nuclear transmutation.
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I truly don’t think a Swedish survey translates well to North America.
Worked at a grocery store in uni, people who spend a lot of money on lottery are usually not the brightest. They’re just the same sad addicts you see at the casino on a slot machine every single day. These people do not keep their money.
With where I worked and the casino being geographically close, you saw so much overlap.
This is undoubtedly true. I have plenty of good relationships now, I think that some would survive a Wealth Apocalypse where I got lots and lots of money.
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$1 million a year you can’t even afford a nice cottage in Muskoka
https://www.realtor.ca/real-estate/24683379/155-burgess-road-rosseau
This. I would try to remain anonymous (can I just relocate to an anonymous state before claiming?), self direct investments spread across as many brokerages/funds/bank accounts as I felt like managing, then aim to live a relatively normal life. Continue working cause I like my job, never worry about $$$, buy a nicer house and toys - pretty much up my standard of living as much as possible before friends caught on that I was absurdly rich. I already have a lot of friends who are regular rich so I think I could do a lot without really standing out. Will I maximize my return or minimize my taxes this way? Nope, but I really don’t care.
Yep
I’d rather win 1 million anonymously than 400 million and have it be made public.
You’ll be governed by the rules of the state you bought the ticket in. That’s also where you will pay any state taxes that are owed.
If you win the lottery
- Lump sum
- Annuity
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Did a quick search, so ymmv, but it looks like you are obligated by the laws of the state where the ticket was purchased.
Looks like my state (VA) allows anonymous claims over $10M which is good enough for me.
A friend of mine’s brother won the lotto for $16M. He was broke and working in a supermarket within 10 years. He degened it all away in Vegas.
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If i win the lottery, I’m going to run a UP freeroll tournament where the winner gets entry into the WSOP 10k razz event.
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This is not persuasive. Extremely talented investors earning above average returns is to be expected. The fact that their equally wealthy kids fail to do so proves my point.