Skip to comments.Burnsville couple joked lottery was safer than stock market -- then won $229M
Posted on 08/13/2011 8:57:28 AM PDT by WOBBLY BOB
of winning the Minnesota State Lottery would be a safer bet.
The Burnsville couple, who Friday claimed a $228.9 million Powerball prize, the largest lottery payout in Minnesota history, weren't struggling but were wondering just days before whether they'd ever be able to retire.
"On Monday, we met with our financial adviser, and things didn't look real promising," Kathleen Morris said during a Friday news conference at state lottery headquarters in Roseville. "That night I told Tom, the only way we're going to retire is if we win the lottery."
Declining to give their ages, the couple said only that they were "old enough to retire."
(Excerpt) Read more at twincities.com ...
Good for them!
Now they have to adjust to the different way their friends and family will see them—LOL!
Yep. When you win that much money, all your old problems disappear and you get a plate of brand-new problems. First and foremost, managing such a huge amount of money is going to a full-time job in itself. Everyone says, "I wish I had such problems" yet the annals are full of "rags to riches and back to rags" stories of people who wound up worse off after quickly coming into so much money.
So many people are thinking the same way about their future that the jackpots are getting really big.
Sound a little ominous when the husband brings up the fact that he is hard to live with. . . But I wish them well. I’ve read that a lot of winners end up divorced and broke. It can’t be easy. Personally, I wouldn’t announce it publically if I won.
Ask to be paid in gold and before QE3 starts.
IIRC, if you win, you have to make a public appearance when/if you win the whole thing.
Sorry to be a downer but the lottery is for people who are not good at math.
She got swarmed by family and relatives she hardly knew, including "Uncle Louie" who insisted that she pay for his needed heart transplant.
She ended up selling her small pizza place and going undercover.
Then I guess these people are good at math.
Tell that to Tom and Kathleen Morris.
I hear the most important thing to do is to incorporate right after you win and BEFORE you call or go in to collect.
In almost all these "the lottery ruined my life" stories, it was the winner's inability to say no to greedy friends and family members that cost them their fortunes. Seems that winning so much money might make for a lonely and stress-filled life as many winners would have to bail on the communities they grew up in and the people they've known all their lives or else be hounded constantly for hand-outs.
Put the ticket is a safe place and don't announce that you have won. Then, call all your close friends and relatives to ask if you can borrow a significant amount of money.
You'll learn who your trusted friends are before you make the announcement.
Yup. And the millions of others who didn’t win and play the game thousands of times each hoping to win.
What are the odds? 200 million to one?
You’d probably have a better chance of winning at Vegas.
did you mean,
the lottery is a tax on people who are bad at math .
And the millions (tens, hundreds?) of others who lost, aren’t either.
A fool and his money....
A HUGE win-win for the government.
I'm not sure what that means. But, my guess is that with $125 Million in the bank a math deficiency can be over come.
I know, I was joking - however it is a game of chance and if someone wants to play a dollar for a chance, they have a slight, very slight, chance of winning...like this couple who played. You can’t win if you don’t play.
Hey - did you hear the aggies and Missou are bolting the Big 12/10 for SEC? What a mess
You may be right, I thought that you could collect anonymously... Hope I have the chance to find out :)
The problem with the publicity is that now everyone know you have money and can come after you.... Someone remembers that you bumped into their car a few months ago and at the time it was no big deal, yet suddenly a neck injury begins to surface. Or someone comes over to your house and “accidentally” falls down. Etc. etc. It would just be so much better to collect the money privately and then disappear.
I think there are website with advice on what to do if you win the lottery.
Here in Colorado, it seems like you have to put down a lot more money and the return is a lot less than in the past.
When lottery was first introduced here in Colorado, a dollar would buy you the chance of winning around $1,000,000. Don’t know what the odds were... probably pretty slim.
Now a $2, $5, $10 ticket will buy you a chance at $10,000. I don’t know the odds here either. Maybe just as slim.
Maybe the State has figured out how to game the system and make more money and they know that people who play won’t figure it out.
To turn it around... the chances of you losing are 99.999999999%. A guaranteed loss by all realistic measurements.
Sorry to be a glass is half empty person... actually it is probably more like one molecule in the bottom of an empty glass.
I’d convert it quickly to Swiss Franc .........
...and they will most likely put most of that money in the Stock Market.
If you don’t play, your chance of winning is 0. Even losing $1 once a year gives you an infinitely greater chance than 0.
The lottery and some games in Vegas, etc are your best chance of making $100+ million in one day with little investment and no work. You can’t depend on winning something like this but a small chance of something amazing is psychologically far better than 0. Especially when having that chance requires almost no effort.
Just like most guys know they won’t be dating a supermodel, but only the ones that try actually do.
I’m a glass-half-empty nuke engineer and pretty good at math. I don’t play but sometimes think I should, just for the psychological value.
Last week, Ginther won over $1 million in the Texas lottery for the fourth time. She won the top prize of $10 million on a $50 scratch-off lottery ticket she bought in Bishop, Texas. Her odds of winning were 1 in 1.2 million.
Ginther's $10 million is one of three top prizes in the "$140,000,000 Extreme Payout" scratch-off lottery game. Of her four big lottery wins, this is her largest yet.
Her latest lotto success brings her total winnings to over $20 million.
No one knows Ginther's secret for winning. In fact, no one knows much about Ginther at all. She requested minimal publicity from the Texas Lottery Commission, and did not return calls for comment."
Probably spends every last dime on the lottery. And money from the previous winnings.
That is the game that the casinos hope for — sure you’ll win but then you’ll feed your winnings back into the game and lose even more.
Curious to find out how much of her winnings were put back into the lottery. If I put 10 million into the lottery, the chances of me winning would be better too. However, I can think of better places to spend 10 million.
Yes and if you live anywhere near our southern border, kidnapping of a family member would become a great possibility too, one of the criminal Mexicans favorite crimes.
I just spent $3 this morning for 3 chances of winning tonight's $24,000,000 power ball drawing. I am very aware of the odds against my winning but if I want to piss away $3, it buys me a good dream. There definitely is a psychological boost involved and $3 is far, far from making me or breaking me.....and it is my money.
Go ahead, spend a buck, a restaurant cup of coffee costs more than that.
I would become Minnesota’s own mini anti-Soros.
According to the article:
The Morrises have two months to choose between taking the entire $228.9 million over 30 years and a one-time payment of $123.6 million - or $83.7 million after taxes.
Which would you choose?
1. If you don't play, you can't win.
2. Someone eventually wins every game.
...that's what dreams are made of
>”I wish I had such problems” yet the annals are full of “rags to riches and back to rags” stories of people who wound up worse off after quickly coming into so much money.<
Me too. You know the famous line in King of Comedy..”I’d rather be king for a day than shmuck for a lifetime”. Even if I still ended up in the gutter after receiving $1 million but I traveled and drove cars that I will never afford with a regular paycheck, it would still be worth it.
You take the lump sum. ALWAYS take the lump sum!
take it all now. taxes mostly only go UP and they’re not likely to live 30 more years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.