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geechiedan

Rising Star
BGOL Investor

the issue I have with this "advice" is that unless youre born into it there is no preparation for financial literacy on that level. The lottery curse mainly happens to poor people. For Poor people, if they have any kind of financial literacy at all, it's only scaled to their level.

You have someone who is familiar with budgeting for a working class level suddenly getting an infusion of millions or hundreds of millions of dollars.

NO ONE poor, working class or lower middle class is prepared to deal with that. Thats not to say one cant get there but theres no classes on how to be a sudden millionaire its the kind of thing you generally hit the ground running with. Which means learning hard lessons. That tends to cost you a few million.

So her just saying financial literally in that smug tone doesn't help anyone.

 
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Mixd

Duppy Maker
BGOL Investor
the issue I have with this "advice" is that unless youre born into it there is no preparation for financial literacy on that level. The lottery curse mainly happens to poor people. For Poor people, if they have any kind of financial literacy at all, is only scaled to their level.

You have someone who is familiar with budgeting for a working class level suddenly getting an infusion of millions or hundreds of millions of dollars.

NO ONE poor, working class or lower middle class is prepared to deal with that. Thats not to say one cant get there but theres no classes on how to be a sudden millionaire its the kind of thing you generally hit the ground running with. Which means learning hard lessons. That that tends to cost you a few million.

So her just saying financial literally in that smug tone doesn't help anyone.

What's more important is how the IRS/gubment is taking the lions share of lotto.
No matter if it's the amount of the prize and the millions playing who don't normally play, then also the winner will be raped again over the next few years while enjoying the money.

Get your point, but it's beyond messed up that the gubment take so much from winnings. And they say majority goes to school funding, where?

All BS.
 

geechiedan

Rising Star
BGOL Investor
What's more important is how the IRS/gubment is taking the lions share of lotto.
No matter if it's the amount of the prize and the millions playing who don't normally play, then also the winner will be raped again over the next few years while enjoying the money.

Get your point, but it's beyond messed up that the gubment take so much from winnings. And they say majority goes to school funding, where?

All BS.
I agree it's bs but look at it this way... it's still nearly half a billion of money you really didn’t earn. You can say WTF at the tax hit but FRFR you paid 2 bucks for a ticket and became an instant multimillionaire. You're hands are going to full enough trying to properly manage the half BILLION you got. :dunno:
 

RUDY RAYYY MO

Rising Star
BGOL Patreon Investor
the issue I have with this "advice" is that unless youre born into it there is no preparation for financial literacy on that level. The lottery curse mainly happens to poor people. For Poor people, if they have any kind of financial literacy at all, is only scaled to their level.

You have someone who is familiar with budgeting for a working class level suddenly getting an infusion of millions or hundreds of millions of dollars.

NO ONE poor, working class or lower middle class is prepared to deal with that. Thats not to say one cant get there but theres no classes on how to be a sudden millionaire its the kind of thing you generally hit the ground running with. Which means learning hard lessons. That that tends to cost you a few million.

So her just saying financial literally in that smug tone doesn't help anyone.

No excuse now cause we're in as I call it " the information age" . Folk can simply Google on their phones financial literacy or simply " what to do with my money if I hit the lottery . NO EXCUSES
 

geechiedan

Rising Star
BGOL Investor
No excuse now cause we're in as I call it " the information age" . Folk can simply Google on their phones financial literacy or simply " what to do with my money if I hit the lottery . NO EXCUSES
Stop that BS:rolleyes2: you can Google anything but at the end of the day you still have to deal with people who may not have you best interest at heart. Managing money on that level isn't just managing dollars and cents it's managing the PEOPLE who manage dollars and cents. I goddamn garentee you if you're a multimillionaire you are NOT doing you own taxes. You are not sitting there filling out tax forms with an accountants visor on, an adding machine and an abacus going thru byzantine tax codes.:rolleyes: you are NOT sitting in a conference room with investment bankers kicking it like you been day trading on the NASDAQ.

Again I'm not saying you can't learn it but all the googling in the world isn't going to make you an expert enough to avoid some pitfalls...and at that level pitfalls can cost you 6 figures.
 
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Mixd

Duppy Maker
BGOL Investor
I agree it's bs but look at it this way... it's still nearly half a billion of money you really didn’t earn. You can say WTF at the tax hit but FRFR you paid 2 bucks for a ticket and became an instant multimillionaire. You're hands are going to full enough trying to properly manage the half BILLION you got. :dunno:
My problem is while you're thinking of the ticket "you" bought, look at it that the gubment took in hundreds of millions every time there is a game.

Showing this shiny object, while taking in more than half the prize is foul.

I'm looking at the bigger picture of not just "if I won, I played $2". Look at all the money of those who played and where the money went.
 

godofwine

Supreme Porn Poster - Ret
BGOL Investor
Rarely do the people who actually win it have any Financial literacy. Had I won, next fucking level shit, but I've been preparing for it and thinking about it for years.

It's not even about me. It's about the bigger picture. Anyone in a position who would do an obscene amount of good with that money would never win.

The only good thing that came from me not winning in the lottery is I get to continue working on my novels to put out for people to enjoy later on down the road.
 
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