Free Lottery Dream Book Download

He bought the ticket, and lo and behold, won $10 million. So, he and Melissa were looking to buy their dream home in the city of Jacksonville. Prior to the episode, they were living in a three-bedroom with two-and-a-half bathrooms. Their wish list for the new home included 4-5 bedrooms so their older kids could come visit, a man cave, as many bathrooms as possible and a big yard.

I only saw the young woman who won $5 million and bought a new townhouse in Indianapolis that was around $350k. That was a good amount to spend on housing with a lottery win that size. After taxes, the amount left over is not that huge, (though I would be very happy with it), so I was glad to see that she was smart about her spending. I thought she was lovely and seemed very level-headed about her situation.

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I can understand how people who win "small" amounts of money, clearing less then $15 millionish, end up bankrupt. Say you are about 40 years old and think you might have to stretch the money out another 30 years, so a half million a year. You figure you will collect some interest on your winnings and your only big purchase will be a house. So you look at around $300,000. But then you see something that looks great at only $315. So you up the budget a bit. Then along comes another at only $335, which, come on, is only $20,000. But you would have to furnish it, which brings you up to $350. So then you see something move in ready in your absolute dream location. You've already adjusted your mindset to thinking $350 is OK. It would be the last house you ever buy and it's only $400,000, so only $50,000 more. So you end up buying a $410,000 house after thinking $300,000 was a reasonable budget.

I'd never seen this show before but caught an episode last night and while I think it was about as faked as any of these shows are I really liked the couple they featured. They won a $1,000 a day for life in a New Jersey lottery (never heard of this kind of lottery - I could cope with a $1,000 a day)! While I didn't agree with the house they chose I liked their reasoning and I liked when one of the guys said "we don't want to spend millions on a house we plan to stay millionaires for life". Good for them!

Exactly. I watched an episode last night with a male couple in Florida. There was a nice "twist" where the lottery winner changed his mind in the middle of house hunting and decided to look for a less expensive house so he could buy a house for his sister. It was an entertaining change of pace, but it makes me wonder:

This! I work in a college tutoring lab & for a lark, had on the board the choice between having your dream job & winning $1 million. Everybody took the million. I finally wrote on the board to think outside the box. In my state, if you win the million, you get $676,000 after taxes. My dream job entails designing web sites for 4-6 a day in Hawaii while making $200,000 a year. And yet, most of the students were still going...but all that money.

I have a friend who won $16 million in the state lottery. It doesn't go as far a you think after taxes. She was very careful and conservative with her spending. After giving some $$ to a close relative who needed some financial assistance, she provided college educations for 2 nieces, and then she bought a $350,000 house for cash, which she recently sold for more than double that price. She then retired about 10 years before she thought she would and lives quite comfortably. No fancy jewelry, expensive cars, or crazy stuff. It doesn't make sense to buy a million dollar house if you haven't won very much in the overall scheme of things. If I won the lottery, I'd probably follow the same path as my friend and be conservative, so that I could live comfortably for the rest of my life.

Yeah I always say that if I ever won the lottery, unlikely since I never by a lottery ticket, before I told anyone I would meet with my financial planner and make a plan before I even got my hands on the money that way you are less likely to spend it in a impetuous manner.

I once read a great idea featured in a magazine article about lottery winners. This one couple said that they told their relatives that they would give them $5000 a year, every year. They also would provide generous wedding/graduation/baby gifts. If anyone complained, the whiner would be cut off and his or her share would be divided among the others. They said that after that, nobody complained.

It seems that most lottery winners have never had much money, live month to month, don't have any financial plan at all. We have worked hard all of our lives, saved and invested and are very comfortable in our older ages. We've never bought a lottery ticket in our lives. I guess we just figured it was up to us to take care of ourselves and our children, educate them and save for our retirement. We have a family member who buys lottery tickets every week and doesn't have an extra dime to pay his bills. Go figure.

I work hard, live paycheck to paycheck, pay all my bills, but don't have a lot left over, and I spend $6 on lottery tickets every week b/c it's fun to dream about what-if. That said, I don't smoke, use drugs, wear make-up, or go to bars, so it's not like I'm wasting money on other useless habits.

The lottery winners who make the news are usually unpolished but I don't know that we can really extrapolate what kind of financial lives they live. It's true that most likely don't have a plan in place for a financial windfalls. Few of us do. But I think there are unexpected demands that come with winning the lottery from charity demands, family requests and a desire to be generous or satisfy whims that seemed out of reach before. It's easy to say that we'd take a tough stand but if you have a heart, it's hard. (I don't so I think it'd be easy.)

I think a lot of people don't really consider how costly the property taxes and insurance can be on increasingly expensive real estate, especially in certain locations. Even a jackpot of a few million doesn't go as far as some people think it will, which is why so many end up bankrupt within five years. I would be extremely conservative with my lottery winnings.

Yes, also the whopping income tax bill on the estimated value of the dream home with all the furnishings, car etc. That's why they started including a bit of money to help with the tax bill (a little bit anyway)... they were getting a lot of bad press about how nobody who won it could afford to keep it. I don't know if anyone has been able to keep it since then. Probably not unless they were already very wealthy.

They are here in Canada. I've never paid a penny in taxes on all the tens of dollars I've managed to win over the years :). But even the big winners don't pay tax. Not paying taxes on winning a dream home would be nice of course but even here you'd still likely have the same issue of owning a house that costs way more to maintain than the average Joe or Jane could afford. I don't know the stats but I wouldn't be surprised to learn that most who win the dream homes that various hospital fundraisers offer end up selling them or taking the cash equivalent if that's offered.

Also... most people just cannot properly manage such a large windfall, which is why so many end up bankrupt within five years. At least if they take the annuity, they are forced not to blow it all straight away, and hopefully, by receiving a nice amount each year for thirty years... even if it takes them a while to learn how to manage wealth, they'll likely gain some sense and wisdom while they still have money left... rather than lose it all making stupid 'I just won the lottery!' choices that most people who take the cash seem to make.

If I won the lottery, I wouldn't have to purchase a mansion. I'd be fine with a nice home like one of the nicer ones from House Hunters that I can't afford in real life but has the features I like: media room, library, panoramic windows, updated bathrooms and kitchen. Jeez, I sound like a House Hunter: Where's my granite? Where's my screened in porch for the cat? Where's my room for the turtle?

The show, now in its 14th season, follows Bromstad taking lottery winners to three different homes within their region of choice. In classic HGTV format, the prospective buyers weigh the pros and cons and come to a decision on which will be their new home.

David Bromstad takes recent lottery winners on over-the-top house hunts for their new dream homes. Whether they win hundreds of thousands or hundreds of millions, lucky lottery winners everywhere are jumping headfirst into the real estate market. Will they spend all their winnings on an extravagant mansion or settle for a humble sound investment?"

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The house is pricier and more luxurious than the couple was considering before winning the lottery, but they don't expect it to radically change their lives. They took out a loan for the house and banked most of their winnings for a retirement cushion. Both plan to continue working. 17dc91bb1f