Community Chat

[newname0]

Remember this

The 3-5 Year Curse

According to CNBC lottery winners are more likely to go bankrupt within 3-5 years than the average American, “Studies found that instead of getting people out of financial trouble, winning the lottery got people into more trouble, since bankruptcy rates soared for lottery winners three to five years after winning.” 

That is why I heard it best to take the annuity payments because if you blow the money you can look forward to getting the big check again next year.

[ValuSkr]

Good luck!  I hope you win!  I don't usually play and this time is no exception.

[Laura14]

@newname0 But I'll bet those 3-5 years would be epic...😂. What a way to go down the drain! 

[Nonametoday]

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@ECBG wrote:

The FDIC covers your deposit up to a certain amount.  You would have to use several institutions.

I would invest and live off of the interest.

Good luck!

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@ECBG 

How about everyone invest in their church.  It always pays tenfold from above.

[Puppy Lips]

While I am sure some lottery winners go bankrupt, we would certainly not! We took our winning ticket back to Publix and used our $4 winnings to buy more tickets. Most assuredly not a good move, lol. Throwing good money after bad.

[Tinkrbl44]

I really don't know about the way they structure winnings for lottery winners, but it never made sense to me.

Instead of one person winning $100 million, wouldn't it be better for 100 people to win one million dollars?   

[CrazyDaisy]

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@Tinkrbl44 wrote:

I really don't know about the way they structure winnings for lottery winners, but it never made sense to me.

Instead of one person winning $100 million, wouldn't it be better for 100 people to win one million dollars?   

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If a 100 people had the right numbers, then they would split the pot.  If one 1 had all the winning numbers the pot is all his.  Not a difficult concept.  That's how the game is played.

[Hoovermom]

Good luck @Laura14 .......I hope you win.

[qualitygal]

@Laura14   wish you and all the others, best of luck.  My mom loved doing that.  I never had much thrill wise in doing that.  But it was her thing.  So, each to his own and lots of luck.

[Laura14]

@qualitygal Not my thing either although I have family members that lived for it. I just happened to be at the grocery store and saw the machine. I figured it was worth $5 for $2 billion. Glad I could donate to the IRS. 🤣