Spent, spent, spent - pools winner now living on £87 a week

by Kent 13 Replies latest jw friends

• 

  jaguarbass

  Theres a fellow in my town who won a million dollars in the Florida lottery. He owned a greek family restaurant, a converted Dennys, before he won. He still owns and works in the restaurant after he won the money. He won it about 12 years ago, when a million was more than it is today. In Bush dollars a million is about 250,000.

  I guess he was doing what he loved, when he won the lottery and just kept doing it. Somewhat of an anomaly.

  Then again a million is only a lot of money to someone like me. If you tried to live off of the interest of it its probably only about 35,000 a year. 700,000 x 5%= 35,000. then you have to pay taxes on that.
• 

  Warlock

  jag,

  If you have a million, you will find a place to put it, getting more than 5%. You will get at least 10%, so you would get $100,000 a year.

  Warlock
• 

  Bumble Bee

  It happens more than you think. A client of mine won just over 10 million CDN three years ago. They are down to maybe 3 million now, and most of that is tied up in high risk mortgage loans. They lost a million alone on a bad mortgage.

  I think they got some really bad financial advice, and now the financial advisor is trying to get them to stop their spending, so he can try and make some more money off of them, before it's all lost. Sadly this so called "financial advisor" is a relative through marriage, so they'll probably never get rid of him! GGrrrr! I could do a better job of investing their money for them!!

  BB
• 

  Mary

  BumbleBee said: It happens more than you think. A client of mine won just over 10 million CDN three years ago. They are down to maybe 3 million now, and most of that is tied up in high risk mortgage loans. They lost a million alone on a bad mortgage.

  Oh dear god, that is truly pathetic. Even if you're not a risk taker, they could have taken it to one of the major banks and get them to invest it at something lower risk and they'd have made quite a bit. In one of my accounts I've got about $4,000 invested in 'Balanced Funds' and last year I made 18.89% interest. That's not even at high risk---I have mine in medium risk.

  Even if they had invested with a guarantee of 10%, that's $1,000,000 a year interest. I could live quite happily on that. Unbelievable how stupid some people are with money.