FRIDAY, JULY 09, 2004
A Little Good News
It's always been the opinion of this blogger the only people who win bigtime in lotteries are people who don't need it - CEOs, retired bank execs or postal workers, etc - those who already have it good. I was just proven wrong! Maybe the Devil just screwed up and wasn't watching when the numbers were being drawn...who knows. I just hope she has some good common sense about managing money that doesn't desert her now, when she needs it most (Freaking miracle she didn't have a coronary & keel over dead away when she found out...What I figure would happen if this was sprung on me).
Ninety-nine out of 100 big winners end up worse off for the experience: Family troubles, debt, etc.
I have to confess I'm somewhat conflicted on the issue of legalized gambling, and wouldn't have any trouble at all with it if
A-It were used only to pay off public debts, and
B-The only other taxes government could levy would be value-added tax, and that could never exceed 8.33%
What ever may ill be said of gaming - and there's plenty that could be - it is the only form of taxation in which payment is 100% voluntary.
Since - whether we admit it or not - we'd all like to be in her shoes, let's conduct a PAC (post a comment) opinion Poll.
Q: What would you do if, as the saying goes, "Santa Claus brought you a titty-pink Cadillac full of $500 bills, and it wasn't even Christmas"?
My answer with the next post.
What To Do If You Win Big:
If you're prepared for the worst, it rarely ever happens. In light of this, if you ever hit it big in some kind of contest, sweepstakes or lottery, here are a few things you should do:
1-Keep your mouth shut for atleast two weeks, and consider going a month.
2-During this time, prepare to move right after you cash in.
3-Get an unlisted phone number and share it ONLY with your closest friends (but under NO circumstances tell them about your "good" fortune (they'll find out soon enough after you collect). Oh, and lose the freaking cell phone!
4-If you're good at it, plan your investments and what you will do with the money, AND STICK TO THE PLAN. If such is not your longsuit, learn or (worst case scenario) get advice from someone you trust. There are all kinds of books available about this, my personal favorites are written by Kiyosaki, Lechter & Buffett.
5-Part of the plan should be sinking a good chunk of the money into your own private "charitable" foundation (excellent tax shelter). You're going to get bombarded by gimmees looking for handouts anyway, so you should plan to get maximum write-off for said giving, and the appeals may even help you decide who is most worthy.
6-Pay the consultation fee, and see a lawyer about possible ramifications and consequences arising from your "new found wealth." It's true that, there is no crime for which you will be punished more severely than your success, so get the facts.
7-Then and only then, claim your prize/collect your winnings...And get lost for a while.
Now, you know why it's never happened to me...I'm ready for it!