Guy making $7.25 an hour wins 258M Jackpot

[custosnox]

Many five year millionaires before you have said that.

Oh, I'm not saying I wouldn't fall into that group in the end, though I would try not to.  but even if I did, I would enjoy those five years.  However, I do have some ideas for reinvestments that I think would keep me out of the poor house in the end.  As far as people knowing I have the money, the primary worry about that is people coming for handouts and people trying to scam me.  I don't like people and have developed an immunity from guilt after my daughters were born, and I don't trust anyone, so I think I'll be good on those fronts.   But all of this is nor not unless one of those 10 times a year that I play actually pans out and wins, which I don't seriously entertained. 

[Conan71]

Let me hold $10 mil of that for you and live off the re-investment income.  I'll make sure you at least have that $10mm to fall back on... 

[custosnox]

Ha, remember the don't trust anyone thing? My two best friends that I've known since middle school and high school don't even get that kind of money if I were to win (actually, I'll offer them a cool mil and never get anything from me again or go into business with me for a good salary).  It will be hard for me to trust the bank to hold it for me.

[Hoss]

Ponder and I were talking about this last night- if you won, you'd be best to establish a trust so that you didn't have to reveal your identity.  That's what the Powerball winner in Broken Arrow did.

Lump sum is the only way to fly on it.  I do agree, this guy has the makings of a five year millionaire, just like others before him.

Problem with that Conan, is that not all states have that luxury if you win the lottery.  Oklahoma has that option (to not disclose the name of the winner).  Most make you disclose your identity before you can claim a large prize.  And it can't be a proxy identity (such as a trust).

[RecycleMichael]

I believe Oklahoma is one of only a few states to allow a trust to claim a winning ticket.

I am against this practice.

How do we know the state (or powerball) or lottery employees aren't just keeping the money? They can easily create such a trust and hide their theft.

[Hoss]

I believe Oklahoma is one of only a few states to allow a trust to claim a winning ticket.

I am against this practice.

How do we know the state (or powerball) or lottery employees aren't just keeping the money? They can easily create such a trust and hide their theft.

I think in this case though, RM, the benefits (freeloaders, a multitude of requests for who knows what) outweigh the risks.

[RecycleMichael]

I am not disagreeing that it is the smart move. I just don't think it should be legal.

What safeguards are there? 

[Jammie]

I dunno about the specifics of how to take the money, but he and his children and girlfriend are pretty impressive people. All the children want are things that most children have like bicycles, etc. He doesn't seem to have become arrogant since he's not even sure if he'll quit his job. For his own sake, he'd better consider it for his own safety. I'd also worry about the safety of his children and his girlfriend. There's sure to be people who would kidnap for a huge ransom and they're not safe.

It's good to hear he already has a girlfriend or he'd go through life not knowing if he was truly loved or not. I imagine a lot of girls would be willing to be his g/f now who wouldn't have given him a second look in the past. It's great to hear a regular, common person with a lot of humility won this.

[sauerkraut]

People who win, or get  large sums of money and who are not use-to that kind of money more offten than not blow it all with in three years or so they say. The poorer you are the faster the large sum goes. They say many people who won huge amounts in the World Trade Center law suit are now broke, The guy who won a million dollars on the TV show "Survivor" and did not pay taxes on it blew all his winning in under a year. Rodney King who got $3.5 million dollars in a police beating law suit is also broke today. They mentioned a story of a homeless guy who got $100,000 and lived like a king until it was gone and he was back on the streets. It's a intresting thing to study, I heard about this on a business radio talk show about investing.

[Conan71]

I am not disagreeing that it is the smart move. I just don't think it should be legal.

What safeguards are there? 

Powerball is a conglomeration of, what 34 states?  Too many checks & balances for theft like that to happen.

[Hoss]

Powerball is a conglomeration of, what 34 states?  Too many checks & balances for theft like that to happen.

And not only that, the law is based from the state law.  There is no separate law dictating what is disclosed between the state-run lottery proceeds and the state subscribers to a national conglomerate.

[Red Arrow]

If you'd asked me 10 years ago, I would have taken the lump sum.

How about 15 or 20 years from now?  

[RecycleMichael]

And not only that, the law is based from the state law.  There is no separate law dictating what is disclosed between the state-run lottery proceeds and the state subscribers to a national conglomerate.

Yes. The Oklahoma Lottery Commission verifies the ticket and releases  the name of the winner, be it a person or a trust. Whomever they certify is the winner gets the check.

What stops the Oklahoma Lottery Commission from making up the name of a trust that they then secretly all benefit from?

[Conan71]

Yes. The Oklahoma Lottery Commission verifies the ticket and releases  the name of the winner, be it a person or a trust. Whomever they certify is the winner gets the check.

What stops the Oklahoma Lottery Commission from making up the name of a trust that they then secretly all benefit from?

There's a paper trail with the ticket, RM.  There's a computer system which matches the winning number to a purchased ticket.  Someone at the lottery board couldn't make up a winning ticket after the fact. 

[RecycleMichael]

There's a paper trail with the ticket, RM.  There's a computer system which matches the winning number to a purchased ticket.  Someone at the lottery board couldn't make up a winning ticket after the fact. 

That is where we disagree. I believe that computers CAN be manipulated and if the there is enough money, WILL be manipulated.

Why do you not trust government run health care but do trust government run lottery?