How One Lottery Winner Blew Through $10 Million in Less Than 10 Years

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 5 years ago '10        #61
SwooshWonder 13 heat pts13
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$25,379 | Props total: 8611 8611
 InnanetGsRunSht said:
The difference is I KNOW I'm not going to fu*k up 10 mill if I got my hands on it. Speak for yourself if you would trick it up. Even the dumbass people I know would get some coke with that sh*t instead of looking out for people who can't give it back.
My point is that many people "know" what they are going to do with money before they hit the lottery. People "knowing" doesn't stop them from ending up like this chick, which many people do.
 06-24-2013, 10:06 AM         #62
InnanetGsRunSht 
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 BtMkRs said:
No, you buy 1 McDonalds and let the Profit buy the other 4 . jus saying
if I buy 5, then I could profit 20.
 06-24-2013, 10:17 AM         #63
InnanetGsRunSht 
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 sm00vb0iiw0nder said:
My point is that many people "know" what they are going to do with money before they hit the lottery. People "knowing" doesn't stop them from ending up like this chick, which many people do.
I dig that. Family can drag you down quickly too, I see it first hand all the time. Maybe I feel like I know (definite know) what I would do because I have always been stubborn and never let anyone in my ear. But for the people who put family first and have a family full of junkies, con artists, and all around nobodies, are more likely to blow it on squat. People who live to impress will too.
 06-24-2013, 10:24 AM         #64
3rdcoasta 
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all you need is one house and one car - my black people!
 06-24-2013, 10:33 AM         #65
SmokeOne 
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 DominicanLou said:
so you know a dude who works at Citi in Wealth Management....what is his title, credentials and experience? Just because he works there doesn't mean he knows what he's talking about.
He is the Senior Vice President of Wealth Management at Citi Bank. He's 56 years old, worked as a CPA for Peat Marwick for many years, went to law school. The clients he manages for the bank have included people like A-Rod's ex- wife as well as other multimillionaires. So I'd say he's pretty qualified. All dude does is work with millionaires, thats it.

All I'm saying is that's what he said he would do, and I said I agree with it and I would do it to. Thats it. You can agree or disagree.

dudes talking out of his a.ss.


if he can show me a bank that'll give me 5% interest i would literally give him a percent of my interest for a year.
You gotta have money to get these types of interest rates, you ain't gonna walk into Bank of America with your $500 paycheck and expect to get more than 0.8% interest. How much money is the bank gonna make when they loan off your $500? Nothing. But how much money is the bank gonna make when they loan your $10 mil? A lot more, so you have some type of negotiating power when you choose your bank.


Last edited by SmokeOne; 06-24-2013 at 10:37 AM..
 5 years ago '04        #66
PBills 1 heat pts
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$703 | Props total: 192 192
makes sense that some one from this sh*t hole of a city would do this
 5 years ago '04        #67
Shizz|M 
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$7,391 | Props total: 263 263
Whelp ... either way she tripp'n
10mil ..fu*k THAT .. i'm not tell'n nobody .. it's not enough to just be throwing around to everybody

i know n*ggas got plans but my plans have a requirement
100+ Mil
75% goes to the bank, in which every way i can live off the interest
10% will be given away "Blessings" via rush cards LMAO ..
15% For me to establish a couple things and for me to get comfortable

that's always been my game plan, and i believe that'll put me on the road of being WEALTHY FOR GENERATIONS

fu*k rich ..i want that Wealth
 06-24-2013, 11:15 AM         #68
SmokeOne 
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 sm00vb0iiw0nder said:
My point is that many people "know" what they are going to do with money before they hit the lottery. People "knowing" doesn't stop them from ending up like this chick, which many people do.
When you read these stories you can learn from their mistakes and not do the same dumb sh*t. It takes discipline. Even if you don't win the lotto, it applies to every day life. If you're smart with your money and save and invest at an early age, you can end up pretty wealthy when its time to retire even on an average income. Then you can just sit back and
[pic - click to view]



I made that mistake when I was young, I was making $1000-1500 a week at a plumbing company that only paid commission but I was always broke because I blew all the money I made. Now that I'm older, I see how big of a mistake that was and now I save.
 5 years ago '06        #69
datVAkid 37 heat pts37
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$13,887 | Props total: 3235 3235
Gave money too parents
put money in a trust fun for her children
bought houses to rent out for cheap to people
helped friends with bills and rent

She seems like a good person and did some good with her money
 5 years ago '05        #70
Jazzy Soul 27 heat pts27
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[video - click to view]


Seriously though. She's dumb. I'll be damned if I ever ever ever go back to living simple after hitting 10 milli like that. Houses for my mom and siblings, Trust fund for my god kids. That's it! After that, I'm going to travel the world, so I won't need a house, or cars.
 5 years ago '04        #71
babalou 
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dumb bi*ch.

and guess who will be the first one hitting them kids up for paper when they turn 26?
 5 years ago '13        #72
Ta388 
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$4,863 | Props total: 3064 3064
Lavish parties???

Dumb bi*ch. Lord let me win 10 mil, n*ggas don't know how to spend right
 5 years ago '06        #73
LYTE 138 heat pts138
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 Account001 said:
Naw, you need about 40 mill to only live of interest. The interest rates banks give are super low and on top of that you have to pay taxes, then you cant have it all in 1 account cause it all wont be insured


She aint got 10 mill no more but she far from broke. Like somebody else said i woulda went on some better trips . But with that 750k she can chill a couple of years and open up a local business she sees a need for.

I hope I would do better than she did after hitting the lotto but it aint like she did as bad as some of these other lotto winner stories
 Gwange said:
True, they can all eat d!ck



If you are getting 4% interest, then $3,000,000 should have you making above average after taxes. Not sure what bank you have your money in.
 gangtsa said:


These fools really think they would let 10 mil sit in the bank?

That's why y'all wil never become wealthy. With 10 mill I'm thinking of making generation wealthy y'all wanna sit on money.
 BtMkRs said:
No, you buy 1 McDonalds and let the Profit buy the other 4 . jus saying
 SmokeOne said:
He is the Senior Vice President of Wealth Management at Citi Bank. He's 56 years old, worked as a CPA for Peat Marwick for many years, went to law school. The clients he manages for the bank have included people like A-Rod's ex- wife as well as other multimillionaires. So I'd say he's pretty qualified. All dude does is work with millionaires, thats it.

All I'm saying is that's what he said he would do, and I said I agree with it and I would do it to. Thats it. You can agree or disagree.



You gotta have money to get these types of interest rates, you ain't gonna walk into Bank of America with your $500 paycheck and expect to get more than 0.8% interest. How much money is the bank gonna make when they loan off your $500? Nothing. But how much money is the bank gonna make when they loan your $10 mil? A lot more, so you have some type of negotiating power when you choose your bank.
what Smokeone is saying about interest is correct but it isnt totally correct. Even for your friend who works in Citi WealthMGMT. Money dont get you those particular rates, the vehicles you deal with does.

So he does have the correct idea & most of yall are saying banks. Yes you can go to a bank to get the services & rates he speaks off, but it wont be a FDIC(insured) product.

the bank will pass you off to the investment portion of the bank(WealthMGmt is a name for that dept. there they will invest your money in products(not a typical savings acct) but investments. so many different vehicles fall under investment to get high rates etc.
IE: annuities, mutual bonds just to name a few. Hedge funds come later in too. again the amount you have & will to risk determines alot in the investment(non banking)
the higher the rate, the greater the risk
 5 years ago '06        #74
Kjizzle03 38 heat pts38
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$25,558 | Props total: 7875 7875
only positive in this is she set something aside for the kids

...good thing I'm a solo type n*gga...outside the fam anyone with an extended hand is getting a high five.
 06-24-2013, 01:16 PM         #75
dark kent 
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maaan put all that money in the right account and gain the interest off of 10mil and you're set for life...a minimum of 200k a year........dumbass
 5 years ago '07        #76
Eddie..|M 12 heat pts12
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$18,203 | Props total: 1724 1724
26 is a very good age for your kids to get their dough, I applaud that decision
 5 years ago '10        #77
LORD PLISSKEN 15 heat pts15
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$21,015 | Props total: 8032 8032
 06-24-2013, 02:03 PM         #78
SmokeOne 
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 LYTE said:
what Smokeone is saying about interest is correct but it isnt totally correct. Even for your friend who works in Citi WealthMGMT. Money dont get you those particular rates, the vehicles you deal with does.

So he does have the correct idea & most of yall are saying banks. Yes you can go to a bank to get the services & rates he speaks off, but it wont be a FDIC(insured) product.

the bank will pass you off to the investment portion of the bank(WealthMGmt is a name for that dept. there they will invest your money in products(not a typical savings acct) but investments. so many different vehicles fall under investment to get high rates etc.
IE: annuities, mutual bonds just to name a few. Hedge funds come later in too. again the amount you have & will to risk determines alot in the investment(non banking)
the higher the rate, the greater the risk
I appreciate it you backing me up brah, and yes I mentioned mutual bonds and stocks in a previous post. So you know exactly what you're talking about and I respect that. But I'm dead serious when my dude in wealth management said he could take $5 million and put it in his bank account, let it sit and get 5% interest. He's been a financial planner for years so I trust him. But see to him, he makes 200k at the bank working, so to retire and live off 250k for the rest of his life (hes already 56) doesnt seem so bad to him. But to young people like us, who want to flaunt a little bit but yet not go broke, we might be willing to take more of the risks like you mentioned. Ultimately what you decide to do with your money if you ever won is based on your own personal investment goals.


Last edited by SmokeOne; 06-24-2013 at 02:06 PM..
 5 years ago '10        #79
BasedonMars 876 heat pts876
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$3,525 | Props total: 232 232
Smh is this life
 5 years ago '10        #80
Account001 
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$3,367 | Props total: 256 256
Its some small disagreements in this thread but the main point any one should take away from this thread is.....

Make money before you spend it.... if you win 10 milly, you got 10 mill tries to get that money to make money for you, if you spend it otherwise (cars, houses, tricking, clothes) you wasting opportunities
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