$188M Powerball winner has risked fortune bailing out ex-con boyfriend

[Libertarian666]

http://www.foxnews.com/us/2016/01/07/18 ... tcmp=hpbt3

[Ad Orientem]

This woman is seriously S.O.S. But sadly that is not exactly unusual for lottery winners. Around 40% burn through their winnings in 5 years or less. It is the logical consequence when the vast majority of people who play the lottery come from a socio-economic background that often leaves them intellectually and temperamentally ill-equipped to deal with sudden wealth. Add to that the fact that most state lotteries insist on putting a giant bulls-eye on them for every con-artist, nut job and moocher by identifying big jackpot winners and it's a wonder that the stats aren't worse.

[Libertarian666]

This woman is seriously S.O.S. But sadly that is not exactly unusual for lottery winners. Around 40% burn through their winnings in 5 years or less. It is the logical consequence when the vast majority of people who play the lottery come from a socio-economic background that often leaves them intellectually and temperamentally ill-equipped to deal with sudden wealth. Add to that the fact that most state lotteries insist on putting a giant bulls-eye on them for every con-artist, nut job and moocher by identifying big jackpot winners and it's a wonder that the stats aren't worse.

It should take more than 5 years to blow through $88 million; this woman is astoundingly stupid even for a lottery winner.

And the first thing one should do should one be fortunate enough to win a big jackpot is to set up a blind trust to cash in the ticket. The IRS will of course know who you are, but it won't be made public.

Or so I understand, not ever having had this issue to deal with.

[Ad Orientem]

This woman is seriously S.O.S. But sadly that is not exactly unusual for lottery winners. Around 40% burn through their winnings in 5 years or less. It is the logical consequence when the vast majority of people who play the lottery come from a socio-economic background that often leaves them intellectually and temperamentally ill-equipped to deal with sudden wealth. Add to that the fact that most state lotteries insist on putting a giant bulls-eye on them for every con-artist, nut job and moocher by identifying big jackpot winners and it's a wonder that the stats aren't worse.

It should take more than 5 years to blow through $88 million; this woman is astoundingly stupid even for a lottery winner.

And the first thing one should do should one be fortunate enough to win a big jackpot is to set up a blind trust to cash in the ticket. The IRS will of course know who you are, but it won't be made public.

Or so I understand, not ever having had this issue to deal with.

Some states allow that and some don't. The best thing to do is to hire a lawyer with experience in lottery jackpot claims. There are a handful out there that specialize in that.

[clacy]

After reading the article, "Hot Sauce" seems like a decent guy, and very likely to obey the legal system.  I see very little risk in this move.  What could possibly go wrong?

On a serious note, even though lotteries are basically taxes on the poor, I do enjoy playing when the jackpot gets large (like Powerball currently is at $700m!!!).

I look at it purely as entertainment and enjoy the day dreams necessary to plan out my spending for when I hit it, lol.

[Ad Orientem]

After reading the article, "Hot Sauce" seems like a decent guy, and very likely to obey the legal system.  I see very little risk in this move.  What could possibly go wrong?

On a serious note, even though lotteries are basically taxes on the poor, I do enjoy playing when the jackpot gets large (like Powerball currently is at $700m!!!).

I look at it purely as entertainment and enjoy the day dreams necessary to plan out my spending for when I hit it, lol.

I agree completely. The lottery is a very regressive tax aimed at the poor and mathematically challenged. But as long as you are only spending the minimum needed for a ticket ($2 for the Powerball) then you can chalk it up to cheap entertainment. More than that however is just flushing money down the toilet.

Time to go back to online shopping for my private island...