So What Happens Exactly When Someone Wins the Lottery?
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- เผยแพร่เมื่อ 15 มิ.ย. 2023
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Go ahead and just give me your lottery money.
How much will it cost to fix your neon sign? I want it working.
Calling Americans terrorists is going too far, Simon. No American attacked the UK. They simply didn't want to be a part of the UK's demands.
I really want to see a graph of word density of this video and all videos on TH-cam. lol
I win and I go talk with a billionaire.
My math/geometry teacher was a coal miner and lost his job. Went back to school to learn to teach. Became good friends with him after graduation. He won a million in PA Lottery on first ticket he ever bought.
They paid off school debt and upgraded a few things. They put the rest into bank/ investments for themselves and college funds for the kids and went back to work. That was in late '80s and to my knowledge have been fine ever since. Self control is key to life.....
Most people don’t have self control and it’s almost impossible to learn on short notice.
These people are victims of a system that exploits the fact that people aren’t exactly good at self control
and not being "friends" with murderers
This
Thats funny. He got really lucky because the news and internet didn’t expose him to the world. He wasn’t as far in control as you think.
A homeless guy won millions and so hired a financial advisor, the best choice anyone in his situation could have done. Great right?
The advisor stole his money and royally fucked him.
Its not just self control.
Also, if someone is born with a brain that literally doesn’t support self control, like an addict, does that mean they don’t deserve a fulfilling life? Of course not.
Sure is my sister, a person used to never having anything, got a mill insurance payment of course all the people who claim to be good friends helped her travel for about 6 months taking a dozen people with her house was full of people, after about 6 months she was down to about 10 k , she had a phone app to send money like most people but no lock on her phone I told her to lock the damn thing, but no it was stolen she was broke and has tax liens on her house,,, people need to take the advice and get some financial people there worth every dollar
As an introvert, with countless hobbies and endeavors I don't have the time or money to pursue, I find the thought of needing "work to find purpose" baffling.
@ghost mall You seem to be assuming that my hobbies don't involve people. I play in several community bands and is in groups that does things from archery, powerlifting to judo. Work actually interferes with my time to socialize.
@@Cysubtor_8vb your hobbies, such as playing in bands would be (perhaps since I don't know how you approach them) would be considered advocations and are effectively work.
I don't work as such..since I am paid rather well to do what I like/love.
Work isn't necessarily about socializing. It's about doing something which the person feels adds value to their lives.
If I won a lottery I would keep quiet and continue working, vacations would be grander ( to me) I'd expand a couple hobbies..but pretty much life would go on the same.
Luckily since I travel with work up to 365 days a year I don't have a lot of people who would notice the relatively minor life changes.
If I were in that situation, I imagine my band would tour the world without needing music promoters and record labels. Of course, I would make an effort, since every penny does count.
Yeah, I guess that's still work, but it would be good work that doesn't interfere with writing, composing, and most of all: playing!
"Hobbies and endeavors" done well can still involve work, potentially more if done poorly. Work, which while generally viewed as a negative isn't inherently so merely perceived as such given most struggle financially and therefore into occupations out of necessity rather than genuine interest.
If you have hobbies and endevors then you might have work porpose in that. You'll have an learning curve and a goal and somthing to strive to.
Seems to me that winning a lottery isn't a curse as much as it is a revealer of character.
I hate to say it, but work gets in the way of my life's purpose: hiding away from the world in a man-cave reading books, not thinking about bills, and being a hermit. I think a PowerBall win could finally accomplish that for me.
"...land of the descendants of the terrorists who rebelled against king and country..." made this American laugh out loud. I had to replay it more than once, it was that good 🤣🤣🤣
"This coming from a man in the land of the pale skinned blue eyed devils who stole our national treasures and proclaimed themselves rulers of our land and people at canon point. If that's how you're going to describe them, then I must say, USA!! USA!!"
-Almost any part of the world's response to that description of America, probably.
@stuart5178 Same!! 🤣
Isn't that all of them except Canada? The Queen was like, will you please become a sovereign nation now? I'm tired of dealing with the Americans. You deal with them.
Probably because you've lived an exceptionally posh, comfortable, decent, and easy life relative to 98% of the rest of humanity in all of history. You know, because this 1 rebellion actually concluded with the single most successful, powerful, safe, prosperous, and ubiquitous societies in the history of the world?
The triumphant are only in power due to their struggle of rebellion. That may be a rebellion against the establishment or a rebellion against the previous rebel, they all conclude with the victor being declared "righteous" while their enemies are held at bay.
Rebels lose (Northern Ireland). Revolutionaries win (USA). And then there's Canada. Didn't rebel. Didn't revolt. They were sort of pushed out the door.
I won several million dollars recently. I just have to send them $50k to help free up the money.
@@joaninflorida3486 oh no I’m not stupid enough to send it to Nigeria. That’s an obvious scam. I won the Sudanese lottery somehow even tho I don’t play. Big dollars here I come!!!
@@cotati76 That's amazing!
Fingers crossed you don't have to pay them more than 50k to free it up!
Someone tried that with me once. Had him arrested. At the station they took his . . . Nigerian "prints."
I can help for only $35k...
@@ImWearingPantsNow where do I wire the funds to?
My Dad back in the day was the PR manager for Tattslotto Australia (1980's to the early 2000's). Part of his job was to track down people who didn't know they had won and contact them. As he got older he moved his business home and on Monday mornings I would hear the call from his office. He was a good man and would always do right by people. He would give them the best advice he could and then they were on their own. He would make sure they were sitting down before he told them anything. He had great stories (which is why the PR person did it). When I moved out I had one rule. NEVER ring me Monday mornings! The few times he did, I would answer, "soooo, did I win?"......I never did. Would have made a great article though ;)
I should add one I remember. There was a lady who lived in Melbourne who dad rang three times. yep, she won three times. The last time her rang her she said, "Oh hi Gerry, did I win again?"
@@devine999 Would make a _FANTASTIC_ film - but only if Hollywierd were kept well away from it ... ...!
People that can’t develop a sense of purpose outside of work while having immense resources must be extremely unimaginative.
“The land of the terrorists who rebelled against king and country.” As an American, that made me almost spit out my coffee 😂😂😂
This is relevant to my interests, as I plan on winning the lottery tonight.
Edit: Mysteriously, I did not win.
My favorite dellusion. Probably the one thing that keeps me sane each week
Well it’s not a crime to dream but it is a problem when you forget to live. Play the lottery but my advice is always buy a single ticket a week. Double of slim to none is still slim to none. Still don’t think of it as an investment, think of it as a cheat day treat. Bad for you an excess, but once a week and you will be fine. I wait till it’s high enough to make me care enough to buy a ticket.
@Gerardo Macias it's actually more probable you'll win if you play when it's lower winnings since that means less ppl are playing against you. But your point is a good one all the same lol
@@danbowes Your typical big lottery randomly selects some winning numbers out of a predetermined range, then you win if your numbers match. (And different people may select the same numbers.) With a setup like that, your chances are determined by the number of possible combinations and the number of tickets you buy. The number of other people buying tickets is irrelevant.
For example, you might be the only person who buys a ticked. In that case, your chances of winning are still terrible -- one out of the enormous number of possible combinations.
@@danboweses and no, the odds are still the same. That’s the funny thing about statistics and probability. Like in this statistical problem. Every outcome does not care about the one before. You can flip a coin as many time and end up with head every time. Although the math shows it be less and less likely with every flip, every flip technically is still 50/50.
And in this problem, the number of participants will not effect your outcome because ever ticket won’t change the outcome. So even if more people were to participate, and the chances of someone else is higher, it still won’t matter. No matter how many people participate or buy ticket, it won’t affect you chances of winning. Because one ticket will still give you the same odds. Nothing more or less. Which is why I only buy one ticket.
I remember seeing a documentary on lotter winners way back in the late 1980's, when the winnings were much smaller. One segment centered on a winners support group, where one man described how what sounded like a large prize worked out to an extra $25K a year for 20 years. (One time payments weren't available then). Suddenly a large number of his friends and co-workers started dropping hints about their money problems, and it became hard to maintain relationships.
Another man in the group had given up on the idea of having a permanent address. He would move to a new apartment every 6 months, which was about the time all the letters and phone calls would start to catch up with him.
how sad
Oprah had a lottery winner on her show in the 80s.
Her kids weren't speaking to her anymore because she had given them her condo and furnishings when she won and bought herself a nice house and new stuff.
They felt she should have given them money so THEY could chose what they wanted!!!
Little a..holes...
She was great though and basically told Oprah "they can get over it, the ingrates! That's all they're getting! Which is already a lot!"
Her winnings were very decent but not huge. She had to be careful.
I heard of a man who won the lottery and never told anyone.
His kids found out decades later after he died. They lived in a nice home, never wanted for anything, had a very nice life, but they didn't know how rich they were. I think that's brilliant.
That's what I'll do when I win.😊
I think the problem is they don’t let you. You have to give your name when you claim it and they publish it
@@abelis644 Exactly. If I ever won, I'd keep it secret and just be generous with my loved ones. Thankfully, I live in a state that allows winners to remain anonymous. And I wouldn't spend a dime of it until I'd paid the IRS first. Lol
If I ever won I wouldn’t tell anyone. Not even my brother.
You guys should make a followup video on what to do in order to "survive" after you win the lottery. Things like hire a lawyer, hire an accountant, don't tell your family, don't go and buy everything etcetc.
My sister knew someone who won the lottery 2 times in Florida.
I wasn’t sure if she was telling my sister the truth or hiding why she was wealthy.
The woman never went bankrupt and was living mid luxury.
I would move to another country if I won a large sum.
Majority of winners end with sadness.
The U.K. is kind to help winners.
The U.S. must stop the mandatory publicity of a winner.
There was a winner who showed up with a mask on his face last year. I’m sure he changed his name as well.
Thank you Simon.
That would be the best way, keep quiet, live well but not exorbitantly, and keep a low profile. 😎
Depends on the State. Some allow staying anonymous some don't.
@@AlGoYoSu - Almost all allow using a corporation to be the payee, essentially relieving the recipient from being named as it becomes “Family Corporation 123” or whatever.
@@AlGoYoSu I'd want to know whether I could drive to a state that allows anonymous winners, claim my Powerball prize there, and then drive back home!
@@CritterKeeper01 No.. Where the ticket was bought is the place you have to cash it in.. That state wants their taxes lol.. BUT (I hear) if you go for the annuity payment then leave the state for one that does not have income taxes then you can avoid the state taxes on any payments after that. If you are in a State that does not have anonymous protections, then your best course is to take a picture of the winning ticket.. put it in a safety deposit box and then go see a lawyer that specializes in lottery winners.
My mother won the Irish Sweepstakes in 1960. A fat lady was selling tickets door to door. It was a hot day and she'd been to most of the neighborhood. My mom felt sorry for her, gave her an ice tea and bought her last ticket.
Years ago I remember reading a newspaper article about a local couple winning the lottery. They won $78,000. The article mentioned how very poor the two were, driving old vehicles, and how the woman had bought the winning ticket with her last few dollars. This was all presented as a feel-good story.
Thing was, it was also mentioned that both immediately went out and bought brand-new vehicles...that cost more than what they'd actually won! Not even getting into insurance. I remember one was a Ford F350 specifically because that's a big-ass truck, something only a person who's either rich, or pulls a giant boat or heavy equipment, something like that, should be buying. The other was some expensive SUV, which again, fine if you have the money, but they clearly did not.
Sad as hell.
If they couldn't handle money then why feel sad for them for acting without forethought? If a person win a lot of money and waste it within a short period then they deserve nothing but pitty and frustration.
Coming from a background of at least financial safety is definitely beneficial when, say, a pandemic hits and thousands of dollars start raining down on your head while you sit at home unable to go anywhere or do anything… (I paid off all the credit cards, then bought a slightly larger, more-gently-used car.)
Yeah I think it's difficult when you have alot more money than you're used to to judge how much more money you have than you're used to and exactly what you can afford now - and it's very easy to spend money much more easily than might be apparent.
@@Teadon86
pity.
Yeah, if I won 20k it wouldn't change my life hardly at all... Americans are pretty well known to be pretty heavily in debt lol.
There was a book out years ago about what to do if you receive a sudden windfall. Lottery win, inheritance, etc. One thing he said was after the dust settles to move away. Not just down the block or a couple miles away, but a serious relocation. Simon talked about the leeches who pop up trying to get some of your money, either through a sad sack story or fraud or whatever. Relocating is a major way to deal with that part of winning the lottery.
Yeah my first thought was move far far away lol
And learn to say “no” followed by “f@ck off” even to family
That should be the very first thing you do after getting enough to move very far away where you know no one and try to stay low key. Yes owning a Lambo or a Ferrari is nice but a jeep will get you to point a and b just as good as a super luxury car would.
Honestly that's what I plan to do. I don't really gave friends, so I don't worry about leeches, and I most likely not tell my family either. I already have a lonely life, so winning the lottery will not affect that.
Idk if u should plan on winning the lottery.
I won over $2,500,000 in the lottery... I didn't even tell my family. I treated it as a cushion to fall back on... and an early (40 years old) retirement.
Congrats. Sounds similar to my plans in case I win. Invest in e.g. ETFs (or other carefully selected large businesses) and live off the proceeds. Possibly, start a company (but only if that is possible off these interest payments) making (household?) items designed to last. ;-)
@@realulli just do not tell ANYONE.. not even your parents.
Luckily I was not married at the time I won, nor did my ex wife ever learn of the money. I kept working for almost 20 years after I won before I decided it was time to retire and enjoy life.
Proceeds to tell everyone on the internet.
@@LiveFromThePorcelainPalace That really sounds like you did everything right.
I'm planning to claim I made a few investments that paid off over time when I retire. That's even plausible, as I do have some shares that performed really well (won that lottery, just didn't invest enough at the start ;-). It's just not enough to retire. A lottery win would change the scale and enable me to stop working. (Actually, my portfolio gained more value than what I got by working in some years... so retirement is definitely plausible for people who know me)
I already know a few other people who are well off (some even related to me) but I've never tried to mooch off them (and they gave me nothing, not related closely enough, which is ok with me. You don't talk about money, you either have it or you don't).
Sounds like the best way to deal with it i would do the same as i have seen how small amounts of money effects everyone else, now could you lend me 10k :)
Keeping the winnings a secret even from their loved ones is the official advice to lotterie winners here in germany. Starting to see why ...😮
i wonder what Simon has to say about Kürsat "Chico" Y. , his gift of a ferrai to his brother seems a recipe for disater ?
I suspect the trickiest is keeping it from one*s "loving wife". If L.W. finds out, she undoubtedly will have many many many ideas on how to handle the "problem". Any number of lawyers will help her.
Does this include spouses and partners? Cause that would be hella hard to hide.
@@waffles3629 ofc spouses and partners, at least for some time. you cannot hide it forever, that's true
Ten years ago, winning 11 million euros in the lottery totally changed my life in all directions
Fortunately, I live in a country that does not have such tax rules, at least as far as banks are concerned
The state takes 30% tax on the profit itself and that's it
After that, everyone in the bank jumps at you with ideas for investing in all kinds of funds or shares
I invested in construction sites and that doubled my profit on which I paid tax through the sale of those construction sites
Basically now I'm retired at 45 years old, I solved all the needs of my children, school, university, housing and life without loans and debts like I had
Fortunately, I read a lot about how lottery winners ruined everything, and the hardest thing is to stay normal with so much money
Grande 😊 care to donate to me please 🙏
Well done to you
Happy for you and your children :)
my cats sick, send me a cheque
I won the lottery last week! The $100 prize didn’t change my life at all🤣
Apart from the people who are simply unable to be responsible adults, all those stories have only one thing in common. The people where publicly announced as winners. Where they allowed to claim the prize anonymously very many more of them would have been just fine because they wouldn't be faced with harrasement.
Were*
Amazing level of ignorance... Humans are gonna human as Simon says... If you only pay all your debts you become more affluent and other people are not stupid (how can he pay for this vacation, why are all his cars problems gone ect). There is also the thing that some countries have you pay taxes on money you own, meaning that the money keeps draining if you dont use it and lastly what do you have the money for (honest question, I dont play the lottery but the occasional dream tells me what I would want to do with it)? I think any relationship would be ruined if you win the lottery with 30 and tell your wife only when you want to retire at 50...
publicity by lottery company is part of the problem, yes. but take an educated guess for how long your windfall stays a secret if you stuff yourself with a new home and your car is all of a sudden not your 10y old wreck anymore ?
at a certain threshold you absolutely have to leave your old life behind and vanish into the wide blue yonder. so you better move 2 states away and to forget about any family members beyond siblings and parents becomes a neccessary virtue IMHO. learn to say "NO"
@@rivenoak Personally I think that's where the responsible adult part comes in. Of course people will start asking questions if you start renovating your house from the ground up, replace your one rusty old car with two brand new ones and put a pool in your backyard all at once. But if you don't overdo it and spread things out over a bit of time and don't blow everything at once, I think you can stay stealthy for quite a while. But of course you're also right that even if you do it that way, you can reach a point at which someone will start asking some questions. But much later and with way less intensity.
@@Kathlanus for real examples:
Powerball pays ~120m lump sum and Megamillions is ~100m, both after 37% fed taxes at next opportunities.
time to move even if the jackpot splits in 5 parts
IMHO there is no sense to stay, put it to good use and vanish
A friend of mine referred to lotteries as "a tax on people who are bad at math".
Rest In Peace, Dale Lindsay.
Sadly, winning the lottery has become the American Dream because that's the only hope of regular people getting ahead financially.
That's a touch more polite than "the stupid tax, the one people wait in line to pay."
Poor people tax.
I've seen broke people spend rent money trying to win a billion dollar lotto. SMH
@id10t98 Wrong. You can easily become a millionaire on minimum wage. Only takes 100 bucks a month invested for forty years.
@@I_like_turtles_67 How is someone on Minimum Wage going to be able to invest $100/month? Seriously, do they get free food, rent, car insurance, healthcare, etc?
I worked in the private aviation industry for decades dealing one on one with billionaires, the one thing they had in common was they all earned their enormous wealth over time. Essentially “learning” how to be rich, that’s the one thing lottery winners can’t experience. Though I’d love to give it a try!
One thing they had in common- they inherited most of it and are living surrounded by other rich people that have privileged business information and/or opportunities. Possibly they grew up surrounded by those people and/or opportunities.
@@cetterusMost billionaires didn't inherit most of it. Less than a third are legacy. Those who didn't inherit generally don't grow up poor, but aren't from wealth either, usually more like middle to upper middle class.
Hoping to win the lottery tonight to put this to the test. I avoid social interactions as much as possible and haven't had a sense of purpose for years, so I'm reasonably confident.
You sound like me... x.x
I occasionally buy lottery tickets. The guy at the convenience store always says it's a winner. But everytime I try to return one because the ticket is obviously defective. He gives me a hard time.
He lies to you every time and then gives YOU a hard time?
Sounds like a douche.
Imagine having such a gambling addiction that you continue to buy fake tickets.
Maryland let’s people claim anonymously. I would call my financial adviser, get a lawyer, take a sick day and go to the lotto office. I would take the lump sum, quietly sock it away and go to work the next day.
EXACTLY. I would plan my entire life while still being normal. I mean….I’m already a day trader but people would think I was doing better incrementally and then Ann of a sudden…..where did he go.
I wish Florida let people claim anonymously...
we can be anonymous in my state. I wiuld do everything you would except instead of going to work the next day I would do an abundance of cocaine.
Absolutely 0 chance I’d go into work the next day 🤣
@@clamcrewcarclub6017do you hate your job? I love my job, I’d still be working.
Someone I know once told me that he found an old school friend online and wanted to make contact. However he then found out that his friend's parents had recently won the lottery, so he didn't contact the friend in case it looked like he was doing so for the wrong reasons.
I can understand that but certainly it would become clear after a while that it was not their intention.
@@BmanTheChamp This was quite a few years ago, I don't know if he got in touch later on.
I like how in the same sentence he says "wealthy women make men feel emasculated as they are no longer the provider" and then immediately "wealthy men don't know if the woman they're with are genuinely interested in them of their money"
Men just be insecure either way.
As someone who worked in the gambling industry it is so frustrating to see people, especialy desperate ones, falling for the trap of gambling and lottery. They keep placing all their hope on this one thing and it will never work. "It only has to work once." "Why not me?" "It has to happen sometime!"
No.. no it wont.. and you are making it worse with every wrong decision you make.. and not only for yourself but everyone else around you.
Every goverment/company/gaming studio/etc that makes a profit of gambling, in any form, is a blight on humankind.
Yep, I've had lottery players tell me the same thing - because I don't play, I have zero chance of winning, while they have a razor thin chance. Of course, they've never won big, and my cash went to into physical items that actually improved my quality of life. Them, not so much...
I dont gamble (they do it because they make money, end of the story) but there are differences (I wouldnt compare the lottery to a casino...)
@Slicerwizard my wife and i buy tickets, but only occasionally. We don't buy to excess, and are doing well enough financially that few dollars a month are not hurting us in any way. We figure it gives us a dream (even if incredibly unlikely) and since our state lottery earnings go toward education, it's our way to donate some to education with a chance at our own payout.
@@SlicerwizardA chance is still a chance. The trick is to not overdose on hopium and to be persistent but minimal
Me and a couple of friends went to the casino this one time. One of my friends asked another female friend to tell him which number on the roulette to bet on. She said a number but given the fact we were still very young (in our early 20s) and on vacation, we had to be mindful on how to spend our money. And betting on a single number seemed like throwing money away. He didn't listen but he should have because she did predict the correct number. And you know, he was all like "No way, why didn't I do it?" and all that.
So he asked her again and this time he placed the minimum bet, which was €2, on said number. She guessed correctly again and he received €72. It was such a fun moment. So of course he asked her a third time and in the rush of the moment he was contemplating putting all of his winnings on the number again but being afraid of losing it all, he didn't dare to.
Well guess what, she predicted the correct number for a third time. Our friend predicted the roulette 3 consecutive times. If he listened, and re-entered his winnings on said numbers he could have turned €2 into €93.312 in a couple of minutes. We were all flabbergasted. He jokingly proposed to her aftwards. Anyway, he walked out with his €72 winnings and bought us all a couple of drinks. We still talk about that evening every now and then. Good times.
Some of these stories also apply to self made millionaires. I knew one couple, each partner of which had individually made their own money from scratch. Eventually they began making the Sunday Times rich list. Each time that list was published they'd get a combination of death threats and begging letters, and it was never really clear how anyone got their address, since they were very low key.
Its easy to find that kinda information once you have a name. I could get their social security if I dig deep enough 😂
Hmmm, how did the Sunday Times know their wealth status. A key to minimizing the downfalls of wealth is to try and ensure as few people as possible know about it. This is surprisingly easy to do(outside of the lottery which as said, often forces the winner to become public). Things like slowly increasing your spending, giving anonymously, and quite frankly, only telling people who need to know.
What did this couple do to make their money? Did that have anything to do with the death threats? ;)
Successful sports people are some of the worst examples of how to become a former millionaire.
@@mattm7798 Rather difficult to keep it quiet when the company you run becomes one of the most successful companies in the country, even when they kept out of the spotlight as much as possible.
My advice:
1. Don’t tell and single soul
2. Hire an accountant and a lawyer to manage the funds.
3. Draw modestly on the funds, pretend to have some normal source of income.
4. Shock everyone when you die.
There's an old saying, "If you win millions, you need to become a millionaire." This means that you need to have the mindset of a millionaire and figure out how to handle that much money, really fast.
I found one lottery winner in a local town that I frequent with doordash. basically what he does is he has the majority of his money and investments and his retirement as he still in his early forties and he runs a shop that does a lot of a car repair and things of that nature.
It's tedious work but it keeps them busy and most people don't suspect him of anything. I happen to recognize the name, plus he tends to give a pretty good tip!
Don’t tell anyone if you live in a state where you can be anonymous. Too many cases dont and end up having mysterious long lost relatives ask for money.
🤣🤣🤣🤣
People will pop up from the cracks in the pavement and cadge you...
I never understood the "you gotta go to work or else what are you gonna do all day" sentiment. How empty must that person's life be? No friends, no places to visit, no hobbies, projects, charitable causes, just work and sleep?
A lot of people are like that though, particularly in the past. Their work defined them. Often these people don't last too long after they retire. A few years and they succumb, and often their life partner follows soon after.
Always have hobbies, particularly ones that can be social.
Well a lot of people just do that, work and sleep, because they can't afford anything else. Some people work harder and have more money but they don't have time to do anything else.
@@marcinsobczak2485 Well clearly, our peak capitalism has run its course. We gave it an honest try, collectively, as a planet. But it's clear that it's just not doable. Universal basic income is a good start. Nobody deserves to simply exist instead of living!
@@Nikedemos no, that income won't help. If everyone ends up with $1000 a week in their pocket, the simplest pack of gum or box of matches will cost $500. It will be fun for a little while until it turns into total catastrophe.
@@marcinsobczak2485
Over the past 2 decades, wages have stagnated, i.e. they have not been following the rising costs of living. We work more hours and can get less with the money we get for it. All while property prices are skyrocketing, making it impossible for most young people to get on the property ladder these days. All that while billionaires are getting richer, many of them by exploiting us in sweatshops and ruining the only planet that we have.
Bold of you to assume that the sum you proposed, $1000 a month - not a very impressive number these days - would even offset the decline in the standards of living we've since the 90s!
After being layed off for about 6 months I got a great engineering job which id say is pretty close to my dream job. I posted this on my facebook and a couple of days later this girl who I hadn't heard from for about 5 years started messaging me out of nowhere like crazy wanting to catch up and hang out. I had a bit of a crush on her back in the day so I agreed and we started hanging out; becoming romantic pretty quick. We had a lot of similar interests and I genuinely enjoyed her company. One day we were driving somewhere and she mentioned she had dropped out her last semester of nursing school a few months ago to take a break. I asked her if nursing is something she really wanted to do, she said not really. Then I asked if she could have any job she wanted what would it be - her response was "Well I really want to be a sugar baby." I kinda laughed thinking she was joking and asked "There's not something you're really inspired to be career-wise?" Her response was "Naw - I want to just be with someone who makes a lot of money so I can go out and shop and stuff." -- We're not seeing each other anymore.
haaaa, lucky you that she was so stupid to tell u that.
@@teodormacovei4648 right?! It was pretty unreal how casual about it she was too.
Winning the lottery is only the worst thing that happens to you if you're impulsive, a poor judge of character, financially unwise, or a basket case who cares what jealous people think of you. If you have any self control, it would mean you'd never have to worry about money again. Keep a pamphlet that explains the cautionary tales in this video ready to hand to anyone who tries to shake you down.
Quite right. In reality, most people do well after winning large sums of money. There is exaggerated focus on the negative outcomes (if it bleeds, it leads).
I agree with this post.
@ghost_mall Money does not buy you happiness. It is true. Happiness comes from within and from nothing else. Everything else is just extra and the cherry on top. If you have no base AKA being happy with yourself, you only have a cherry AKA lots of money.
@@ghost_mall Yeah, I mean beating poverty is great, but at the same time you have to learn from your mistakes on why you got in that place. For me, it was mainly because of me, I guess. But yeah, if I won the lottery, I should first fix my issues.
@ghost_mall Yes, I know that. Though in my case, it was because I was bad with money and credit. Though others are born into poverty and it isn't their fault.
As for having purpose I served in Afghanistan with a great 1SG whose wife has won survivor twice. Asked him why he didn't quit and he told me "I am a few years away from a permanent annuity...and I need something to do during the day". As of 13 years later he is doing well with a great deal of purpose through his family.
As a soldier myself his mind set is one of a soldier. A combat vet who feels useless or without purpose is very dangerous to himself.
Sandra diaz-twine?
My mother has been playing the lottery, scratch off tickets and bingo since the 80’s. She hasn’t won anything over a couple hundred dollars ever. If she could get back all of the money she has spent on it over the years she would probably have the million dollars she is trying to get.
I've known for a long time now that if I ever do win millions, there's no way I'm ever going public about it. Everyone suddenly needs your help when they learn how wealthy you suddenly are. I won $12,000 a few years back and celebrated quietly with my family and friends, 3 days after winning, I had 3 - 5 people contacting me from high school days. I haven't spoken to these people in 10+ years, and suddenly they're all like, "Oh heyyy bro! What's happening?" Apparently, someone from high school worked at the place that confirms ticket wins and leaked the fact that I won to her friend group. I was called selfish for not paying out $4,000 to help with a car payment or groceries, etc. This was over $12,000. I can't imagine the stress over several million dollar wins... seriously... if you win, do what you can to keep it secret.
Considering the volume of videos produced, I would still rate this as one of the top five. Congratulations to all involved in making this one. You will be remembered when I distribute my lottery winnings. 😉
This is the best video on the lottery. Glad they included the UK lottery also. Would not do the lottery if I lived in the US too much tax and too risky on your life
The worst thing is not to win the lottery.
Extreme boredom and the inability to find enjoyment in ones life doesn't sound too different from my life these days!
(I live in the UK, so I'll just disappear and live a cushy, but silent wealth lifestyle).
Author [and former attorney] David Baldacci wrote a book, The Winner, about a rigged lottery and, at the end, he included solid advice on how to handle win a large payout irl.
If you win a large payout, basically lock the majority of it into a trust right away, and keep like 10% of it to blow as fun money. As long as the majority of the winnings is being invested, the interest should be enough to keep you comfortable until you die.
I loved that book 😊
I have always find this topic absolutely fascinating. We often discuss it at home or work, what the fug we'd do if we won say 150 million dollars in order to make the best of it and not spend it all in stupid things. I think the key is not considering that expensive things require maintenance (a big house, garden, cars, etc) so maybe you spend 10 mil on your dream house but it costs you half as much every year to maintain it. You can also go with real estate but that's hit or miss. I find investing too risky, and also since we're not educated in how to handle so much money we put our trust in people that might not be actually trustworthy but we have no choice because we can't do it ourselves. I think the best choice is to just keep living as normal as possible just knowing that your back's covered. It's def a tough one though!
Seen a video going over this topic, after going over pretty much everything in this one but a bit more in depth stated that government treasuries is about the most solid investment. It doesn't take much to get an over six figure return every year that's pretty much guaranteed so long as the capital isn't burning so if you plan it right I could be excellent for stuff like property taxes and upkeep or as a fall back for if things go wrong providing you manage to keep it separated from the downfall. I'd most likely set up one for both my kids and have it dump the dividends into trusts/savings/college funds and spend the next 14 years helping them find their passions and how to make a meaningful living doing them.
i think the key with investing in this case, is that a little can go a long way. even a tiny proportion of 150 million dollars that you wouldn't miss, is substantial amount. especially considering how many people start with 10 thousand dollars. also you will most likely have more than enough time to educate yourself
150 mil on CD's with 5% annually is 7.5 mil a year. Just use the interest and spend one mil,the other 6.5 on CD again .........why should i invest,headache,blablaaa. just spend time for your health, nice pleasures in life and thats it.
The American lotteries should adopt the British system so winners are given the right advice to handle their wealth in a sensible way and not fall inbo terrible pitfalls.
that's unamerican
Yeah we don't care. It actually gives us stuff to laugh at.
I would not make much difference, there are plenty of stories of English lottery winners doing just as badly, the biggest difference is just the winning amounts. What most of these stories have in common is people with poor decision making and not thinking ahead. You also don't hear about the people that won and went on to live a normal/uneventful life because those stories are boring.
The American government doesn't give a shit 🙃
Naw, 'Murica. We don't need no stinkin' Commie advice. /s
I had a high school friend who's father won multiple millions of dollars through a jackpot and I vividly remember them saying they would have people drive by their house at all hours of the day since their address is public record. They also said people would call their house begging for money because they had a family member dying of some illness in a hospital. I'm sure most were scams but that's still heartbreaking to think about for the ones who were genuine. They also said their extended family would come out of the woodwork asking for money and it would make family gatherings awkward because some family members only viewed them as ATM's which is sad.
Luckily I think they're doing alright but I didn't even think about that until they told me that.
I knew two brothers who had a good running plumber company, each had a company van to drive to clients and they both lived in nice houses in our street, and lived a good live. Suddenly their company expended with large investments (a bank would not loan) hired more and more people, bought land (very, very sparse in the west of the Netherlands) and build luxurious houses on it. My farther used to work with them and after some time learned they had won a lottery. We applauded them by playing it the way they did.
BTW the company is still prosperous, a household name in the region😂
Assuming I won enough, one of my daydreams is to start/buy some small local businesses and not take a profit.
Instead just pay everyone well and put any excess back into local charities.
I retired 5 years ago and don't really do anything but I find there is always something to tinker with be that physical or mental, do some travel, go for long walks, outings etc and I so far haven't had an inkling of boredom. I obviously take after my maternal grandfather who retired at 65 did absolutely nothing for the next 30 years, and I mean nothing and always seemed happy.
My dad got back into music as when he was a teenager, and now plays with several bands.
Not gonna lie, this is a problem I wouldn't mind experiencing first hand!
Same here!
Same here
So what happens exactly when someone wins the lottery: that person will be renamed to Bruce Wayne.
Or Kent Brockman (The Simpsons News reader)
The best winners are the ones that instantly pay off their RV's haha.
I never knew about the mouse experiment. Very enlightening. Thank you for sharing it.
Sounds eerily similar to our modern cultural issues.
Actually been wondering about this for a long time. Thank you for covering it!
Do a follow up video on the MANY MORE that did just fine and lived happily. Far more than those few who did poorly
I am willing to take the risk of winning the lottery.
It usually takes a month before the lottery gives you the check. Experts say during that time to do nothing different than before. Still go to work and keep normal routines going. While in the background get ready to switch your phone number and possible go live somewhere else during the first few months to avoid the knocks at the door.
Yeah that's the smartest play. Use that 3-4 weeks to get your life lined up. Assess what creditors you have with outstanding debts and get ready to pay them off in full. Start looking for a new place to live, and this can even be a short term rental (with all your stuff ready to be packed and sent to a storage place). Change your number immediately after getting the money. Serve your notice at work and tell them that your last day is now and you're fine with them not paying you a last cheque. Tell NO ONE what your plans are, unless you have a family and then you kinda have to let them in on it (at least the wife/husband and NEVER the kids because it'll be all over social media in 30 seconds or less). As a single - just get to your rental and lay low for a few months. As a family man/woman, start looking for a new permanent home in some agreed upon city somewhere and make all the arrangements ahead of time so that your spouse and kids can adjust to their new lives. Story being that you got a new job offer from Company ABC so everyone is moving to (wherever).
But do NOT move to that location. Move anywhere else.
Then find news jobs as needed, new schools, and so forth. Sit back and enjoy your new life and keep yourself just below radar and don't try and live all Hollywood.
a number of years ago there was a story on the local news of a powerball winner in DC that won a huge prize. All you saw of him after a brief interview was him getting in a car and driving off. I always wondered how it all worked out for him.
"We know people who win the lottery are bad with money. How do we know? They play the lottery!"
Anthony Jeselnik
😂
I'd hire a lawyer and an accountant immediately.
They say money does not buy happiness.... gee, I'd like to actually test that.
It doesn't buy poverty😁
This breakdown, especially that last quote you Simon, read off, sums up exactly why I’ve kept stating that ACTUALLY breaking up ‘any’ of the U.S. of A.’s larger States into smaller, multi-States WOULD JUST CAUSE MORE PROBLEMS!
Out of all the problems that could happen to a person I would really like this one to happen to me
I have heard stories that Lottery winners say that it was the worst thing that happened to them.
I'd absolutely love to have the worst thing to ever happen to me be the lottery. Anytime.
Those people are free to donate a portion to me to help spread the misery around.
I knew someone who won the lottery, a few years later their teenage daughter committed suicide. Not sure if it was in any way related to winning, but it's strange to think about how life can go from dream to nightmare just like that.
it would be good for me right now thats for sure
Yeah, we just heard those stories. In this video.
I’m a securities litigation consultant and have worked on several cases where lottery winners sued their advisors after going broke. When a financially illiterate person has a pile of money dropped in their lap it's astounding how fast they can burn through it no matter how many times their advisors tell them to invest more and spend less. People should be required to take economic and finance/tax classes or prove a base level of financial intelligence before being allowed to take a lump sum. Quarterly or semi-annual payment should be the default otherwise for the sake of the lottery winner and their families.
On-going payments don't solve the problem of people thinking they are richer than they are. They just borrow against the future payments, and banks are happy to lend it. Same end result.
I got a phone call last week that I'd won 5 million dollars and a brand new Chevy Malibu. My first question was "If I've got 5 million dollars, why the hell would I want to drive a Chevy Malibu?"
They assured me that it wasn't a scam and I wouldn't have to send them money or give them personal information, but they wanted me to write down a bunch of details and phone a number.
I didn't have a pen and paper handy so I had to decline their generous offer.
They do 2 things. 1. Get a tax/investment specialist. 2. Get the best divorce lawyer money can buy.
I would add a Platnium card and a bodyguard who is comfortable telling people to f off , Im going on vacation for a few years
Shortcut: Be single and friendless. Or only have 1-2 friends.
@@edstringer1138 Nah, just get your own gun and comfortably tell people to f off.
@@sarminder4357 Oh, you mean like all of us living in the proverbial utopia. Already there.
@@edstringer1138aww
Love all your content, keep it up Simon!
A few years ago one piece of advice I had heard about was to immediately hire a personal assistant. They will sift through all the mail and discard the begging letters etc so you only get the regular letters you normally would.
Peace
If you go hiring people to shield you from the mild inconvenience of checking your own mail, once a week.............
Who gets real mail anymore? It's either packages (things you ordered) or bills, the rest is junk...
@@Sight-Beyond-Sight It's really just packages, not even bills these days. Financial institutions will let you pay online, utility companies too, even phone and internet providers... It's been over a decade since I've had a paper bill for anything.
This video really hit home for me. I've always known money as the source of all evil because all of my childhood felt like it was about money and status. We didn't have enough then we had enough to cause stress and debauchery and then we spent too much and we didn't have enough again. By we of course I mean my parents mostly but of course being a kid we wanted toys and new clothes and what not too. I'm a middle class mother and work part time and I love to spoil my kids but we try to live frugally. Everything always feels like it's about money and I hate that. But I also enjoy spending it. Tiny violin.
The biggest takeaway is to have a plan in place before you claim the money. Honestly, I decided a LONG time ago that if I ever won a big prize I would take care of all the legalities and then absolutely disappear. Go NC with everyone except immediately family, but never reveal where I am.
What's NC? Non chalant? Do you mean live like Ted Kaczynski in a shed in the woods? I couldn't do that.
@@dannydaw59 _no contact_ perhaps
but your immediate family knows and they will tell :p
@@dannydaw59 It means going No Contact.
This video goes into the issues of going no contact with people. And your immediate family will still either know where you are or when you will visit. Even they might feel resentment if you don't help them out.
I would suggest starting a company where you have to travel a lot and go to remote areas where it is hard to contact you. You can live comfortably or even well off when visiting family, but since you have a "job" it isn't going to be as easy to beg you for money.
@@ryancappo Make a trust that is there for the exact reason for helping out family, tell them when that money is gone, it's gone and you have no problem hurting feelings.
It's really horrible that most states in the US don't allow winners to be anonymous, particularly since most of the people who play the lottery are less likely to be super financially literate, they are targets for being taken advantage of, etc
Here in spain, a newspaper did a interview to a 125 millions euros winner.
She didnt reveal her identity, and among the few things she told was that she keep working for almost a year after winning, so nobody could suspect that she won a big prize. Then she left telling that she had another job
Although I agree with the potential negatives mentioned here, there are plenty of individals who are wise enough to have a lasting positive experience from winning. Also, despite the enormous odds against winning, the ONLY way to win a lottery is to actually buy a ticket. I say that because people will often not buy tickets simply because of the odds. For me, it's a harmless way to "gamble" and it's fun to think about what one would do if you won.😄
It's harmless as long as you have the money. The problem is that that $2 or $3 easily becomes $15 a month which is something those with lower incomes just can't afford.
I got 99 problems, winning the lottery ain’t one.
In Finland smaller wins (I think it's like 50~100k€) are paid automatically to winner's bank account and the bigger wins have to claimed from the office in Helsinki (doubt they'd mind meeting half way somewhere closer to winner if they don't feel like/can't take 6 hour train or pay for plane ticked from their own pre-wins money).
Proper winning the lottery gets you meeting with the people to choose how to get your money, with cake and coffee. I suppose that is pretty much the time the winner gets to choose if they'll stay anonymous; regardless the winning statistics show where the winning coupon was paid (including playing over web shares the winner's city/province). Smaller kiosks or gas stations that charged for the winning coupon only know that they did just that and it's not uncommon for them to host "coffee & cake", should the winner feel like admiting.
I'm sure the meeting with official people includes some legal and other advice. After that most Finnish banks offer legal and financial advisory services to their customers (at least some for free if you have a nominal "share" of the bank) that should take care of lottery winners just the same as any other people with money to invest/seek legal advice. To my knowing significant majority of winners choose to stay anonymous (other than their living city/province that is shared officially) unless they publicly donate the money to a cause or fund or similar, practically claiming that "yes, I did win it, no I don't have any money to give because I donated them away". Ofcourse sharing even the winner's home town will start rumours when ever someone buys a new car so...
BRILLIANT researching Simon. Absolutely fascinating details.
I always thought if I was to win I would keep it quiet only telling my father. He's the one I would trust 100% and has always been a stalwart tower of financial sense.
Ty for this upload, you got a new subber : ]
genuinely, there are few people I would tell
Luckily for me, if I ever won the lottery, I don't care about people enough to be scammed, I don't have friends, I know how to say no, and I'm always suspicious of people's intentions anyhow.
My thoughts exactly.
You're my type of guy!
Yeah, I hate people, too.. Friends? Hah!
In researching for an article myself I've found that the majority of BIG winners in Tennessee Lottery have been retired or close-to-retired middle class people, almost always a married couple.
That might be because they are the biggest group that plays the lottery.
One couple that one took almost full 6 months to get everything setup the way they wanted and had basically given nearly all of it away only keep a few million for themselves. They then had to claim it publicly because TN is dumb and doesn’t allow anonymous claim.
As a backpacker and world traveller.. winning a large sum of money couldn’t possibly be boring or lonely as I’d just keep backpacking around not disclosing my wealth, but merely just always, being the party. Seeing almost every country and constantly around other backpackers, explorers.
No need to buy fancy houses.
You’re living my dream man!!! I wish I could figure out how to manage that life with my 10 year old son and having soo assets or a savings to start off through….
Keep the lumpo sum and come back to your horde every once in a while to fund your travels. Sorta like a dragon
You see? you keep the wealth and can travel
This is what I think as well. If it all got a bit much - or you got bored in a big house - just go travelling. No one would know who you are or ho much money you have and you could have as many experiences as you liked along the way.
@@judim5379maybe start by learning to spell words correctly?🤔
@@owlthepirate5997 Another grammar specialist here with no life.
My family almost won $10m in the lottery. My Grandma wasnt able to go play her usual number in Pennsylvania like she usually did, and her numbers hit straight on a $10m jackpot. She would have been the only winner because no one else hit.
Then your family didn't almost win. They didn't even play. It's bullshit anyway. Have heard some variation of that story so many times I've lost count.
Shall you always wonder whether or not you lucked out after all? 🤔
🍀
Or are you double-certain sure you got the better part of the deal? 😕
@@goldenager59 I probably wouldn't have been born, so that may be a plus for me!
@@sonorangaming449
Well, you know what they say -
"A life in the hand is worth ten mil in the bank." 😒 🤑
Not entering is the extreme opposite of nearly winning. 😅 But she must have been gutted regardless.
This is incredibly helpful as I am planning to win the lottery soon. 😂
Sad to say, I'm still poor.
I knew a woman to "?
Most of the men i grew up were in the tank. I just know a lot of convicts. She offered handed me $1k. I declined it was a good mitzvot. Good for its own sake. She passed a few months later. They were going to give her to the flames. $3000 later she was intered beside her parents. They never found out who paid.
Better chance dying in a jet crash. If you win take the bus
I don't know about all states but I know that in some you can request to have the taxes taken out and paid before receiving the remainder of the lottery winnings so you don't have to go through the headache of doing it yourself
afaik lottery is obliged to inform IRS and tell them who is the recipient. this way you WILL part with ~37 % immediately by default now :)
The problem is that the "standard" withholding in most State lotteries is not even close to the total tax liability. Many people think that they don't owe any additional taxes, then get hit with a big tax bill and don't have the money put aside to cover it.
01:23 - A double edged sword is what's to follow 😕
Favorite saying about the subject. "The people that are mentally mature /capable of handling a large lottery winning are the people that do not play lottery."
Fantastic video, and well narrated.
I think we may over looked one major flaw with the study this episode was based on. It was conducted in Florida!
I had a friend/drinking buddy who once won quite a lot, and he bought a car... Then the only difference I really noticed was that he got stuck much more in existential thoughts, and seemed to second think plenty of what he had done, was doing and/or were going to do.
Not so right on the nose, but as someone beside him, I noticed it.
Strange.
It's likely when you win such a large sum of money the only real issues you have to deal with psychologically are existential ones as all your physical needs are met, so the the only real problems you have to deal with are emotional and existential ones.
Surprised to not see Jack Whitaker mentioned. He's definitely one of the poster children of just how bad things can go after a lotto win.
Was that the guy in FL who got killed by a gold diggers boyfriend?
@@Mysticgamer No, he was a guy in West Virginia who had a successful construction business, won the lottery, and then had his entire life fall apart including losing his granddaughter to drugs.
@@marka4891 It was Abraham Shakespeare. They mentioned his story right after I hit the send button
@@Mysticgamer Ah, gotcha.
The part of the lottery that should be investigated is the government charging tax on the tax. That is illegal in most cases in most states.
Canada's Lottery has advisers that work for them to help winners but the Winner/s can choose their own legal advisers, also you can claim the winnings Anonymously .
In Canada we have provincial lotteries, here in Québec it works similarly to the UK ie anonymity, no taxes on winnings, and while they don't provide advice, they can put you in contact with people who can. Having worked in the US, I'm pretty confident that the reason there's no movement in the US to change how lottery wins are handled is simply that it doesn't occur to them that others might handle things better.
The easy rule-of-thumb is that regardless if you take the lump sum or the payments over time, ~50% of your winnings are gonna go to taxes come tax time. It varies state-to-state, but 50% seems to be around the average
Wow that’s crazy in the U.K. we don’t tax winnings just the interest on it
Its ironic how lottery winnings are taxable, yet millionaires are barely taxed at all. Its as if the entire system is skewed to favor the already rich or something..
It all depends on how the "millionaires" generated their wealth. Many invested in a business to become a millionaire and their wealth is on paper - shares in the business - that increases in value as the business increases in value. They get taxed with they take money out of the business (ex., dividends, salary) or when they sell the shares / business.
Yea, funny isn't it?
Doesn't matter, we're all still hoping to win lmao
Fascinating, especially the experiment conducted on ‘mice with unlimited resources’.
A rich, dense, thought-provoking essay combining, and expanding, on a couple of previously release videos. Wealth cannot solve the fundamental human question of "purpose." Which is commonly gleaned through basic struggle for survival, but can also be acquired through self-improvement. Five-star video, this
Pretty thorough analysis. I'm convinced the only way to win the lottery is to do it completely totally anonymously, don't tell anybody, start traveling, tell all your friends you have cancer or something and quietly go away somewhere and start a new life.
So much of this is why, in Australia, lottery winners’ names aren’t published. They can ‘out’ themselves if they want to, but that info is private until they decide it’s not. At most, we get ‘an x-year-old [occupation of person] from [suburb/state]’.
same here in germany. we will spill beans about the area somehow but not the city unless it is Berlin Bremen and Hamburg which are city states.
I love the way the UK does the lottery. Perfection.
many things mentioned here that i have not considered.
keep up the great content :)