Couldn’t she just set up a trust where she only gets a set income each year, and has no access to the rest? Wouldn’t that solve the problem of being a target for stealing/violence?
Lottery winner asking a judge to let her keep the cash and remain anonymous
171–180 of 230 posts
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#172Related: I wonder if any analysis on the life outcomes of another jackpot system, "sold company for a windfall", have been done. I appreciate the bad lotto result stories because they confirm my correct bias that lotto should not be played because it is a tax on not understanding probability (except at about 350M for powerball, in which case your enemy is not expected value but variance). However, no such analysis se…
Overall yes, but each startup is unique, and requires work and certain character traits and developing one cultivates talents, skills, connections, and business intelligence. Each lottery ticket purchased is a no-skill crapshoot. People who are attracted to it tend to be looking for short cuts in life, not rolling up their sleeves for the hard and uncomfortable work of entrepreneurship. And unlike a startup, the lott…
That's a pretty strong, derisive, opinion to have for tens of millions of people you've never met.
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#173I have a dissenting opinion to this and if you don't want to play by the rules of a game then you shouldn't play. The whole point of the rule is so that the State can advertise that someone won to make more participants in the lottery.
The rules explicitly allow her to accept the winnings anonymously, they only claim that she went about it the wrong way - by following the steps they gave her.
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#174Earlier quoted context omitted.
As somebody who lived as a professional gambler for a while, I would agree that your assessment of value of most lotteries is correct: they are poor value and should be avoided. However, we're not expecting people to deploy Kelly criterion here, nobody is playing lotto for EV and a need to maximise returns on known value parameters. But I play lotto. And I know all this more than most. I have literally paid my rent w…
> The $2 is likely such a tiny part of your bank... and when it isn't a tiny part? > Optimising your bank at that level is like trying to make sure you don't leave a single grain of rice on your plate at dinner. many individuals playing the lottery are in a position like that, and frequently spend significantly more than $2 in hopes of winning. > See the bigger picture from time to time. ...seriously? nobody cares if…
What would be helpful in this discussion is a report on lottery spending per capita, sorted by income level and other demographics. Currently I'm not finding any out there. I do see a study showing that the average amount spent per person in the US is around $200ish (https://lendedu.com/blog/lottery-study-report/), which doesn't sound completely terrible. However, it is very probable that this number masks widespread differences in spending habits.
I do find it problematic that states lean on a gambling game for revenue that (due to the population distribution of typical lottery players) acts as a defacto regressive tax. There's a side of me thinks this is rather exploitative, particularly with the evidence that lottery advertising is strongest in poor neighborhoods. (https://www.wsj.com/articles/powerbull-the-lottery-loves-pov...)
With the recent emphasis in America of pooling together multiple states and tweaking odds to produce these headline-grabbing 9 figure jackpots, one other complaint: it's pretty clear to me that American lotteries fail to prepare winners for the "consequence" of winning... that is, the huge amount of financial planning and protection (even lifestyle and location changes, I'd say, along with how to handle relationships with people you know), that is necessary for having a public-known 9 figure asset base. Even lotteries that reward 6 or 7 figures may come with some shocks, but leaping to that sort of base is a whole other sort of ball game.
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#175Earlier quoted context omitted.
> I hope she wins I'm not sure I do. She opted into a transparent system and gets the down side that comes with it (or opts out). If this was thrust upon her, I might feel different. I fear the precedent this would set for redacting names from Forbes lists and the like. It's one of those unfortunate occurrences where openness and privacy are in conflict and when it's government actions like this, arresting someone, a…
> If this was thrust upon her, I might feel different. While it’s not thrust upon her in the sense that someone held a gun to her head to force a ticket purchase, her options are severely limited due to state’s monopoly on lottery business. If some entity (including another state) came up with an anonymous lottery system to serve such market, most likely she would not be able to legally purchase such tickets in her h…
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Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#176Earlier quoted context omitted.
Note: The text of this comments is (AFAIK) originally from this 2008 forum post: https://www.ar15.com/forums/general/-/5-749519/
Heh, and that was a user reposting their previous comment: https://www.ar15.com/forums/general/_ARCHIVED_THREAD____What...
Basically FWD:FWD:FWD
Think we can assume none of it is true. Seems a bit alarmist. At most its no different than what any other wealthy person has to deal with. Welcome to being rich.
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#177Related: I wonder if any analysis on the life outcomes of another jackpot system, "sold company for a windfall", have been done. I appreciate the bad lotto result stories because they confirm my correct bias that lotto should not be played because it is a tax on not understanding probability (except at about 350M for powerball, in which case your enemy is not expected value but variance). However, no such analysis se…
Overall yes, but each startup is unique, and requires work and certain character traits and developing one cultivates talents, skills, connections, and business intelligence. Each lottery ticket purchased is a no-skill crapshoot. People who are attracted to it tend to be looking for short cuts in life, not rolling up their sleeves for the hard and uncomfortable work of entrepreneurship. And unlike a startup, the lott…
The first part of your post is a great point. Building a startup, like studying hard in college, builds character/skills/talents/networks/knowledge that might be valuable to you in future endeavors.
These traits 1) help soften the downside of "losing" the "startup lottery" (making it non-analogous to the actual lottery in pure mathematical terms). And 2) perhaps also might help explain any measured difference in outcomes between startup founders and lottery winners.
But the "People who are attracted to it..." portion of your post doesn't seem necessarily true and is a pretty harsh/puritan attitude. Do you have any hard empirical data supporting these claims?
Defore testing this claim, and for your own sake, we should investigate parent's original question: do we see a similar pattern with startup "winners"? Because if so, your reasoning here might have disturbing entailments for the entrepreneurial set ;-)
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#178I understand why people don't want everyone to know they're rich. I'm rich (not $560M, but some) and you can figure that out from various news stories, and it does affect relationships somewhat. More so outside Silicon Valley. On the other hand, I understand why lotteries want to publicize winners in their marketing. A fair deal might be, that the publicity value is defined to be X% (say 10%) of the prize, and you ca…
> I'm rich (not $560M, but some) In that case, I should tell you about my dynamite idea for a startup. It's called... umm..... Uberbookchain.
I think @tlb has his early-stage startup investments taken care of :)
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#179Earlier quoted context omitted.
If I'm not mistaken, it's about more than just publicity; it's also about avoiding fraud. As someone put it before "come spend money on a chance to win a very large pot of money; don't worry, we have given some out before, but you just have to believe us".
But in this case she would have been allowed to accept the ticket under an anonymous trust. The only problem is that she signed the ticket, and there is an incredibly stupid legal technicality which prevents you from changing the signature. It is ludicrous that it would take a judge more than a few hours to review the law and make a decision to allow her to change the ticket to an anonymous trust.
I hope she wins because that requisite is dumb. You can endorse a $50 check but you can't endorse a multimillion lottery ticket?
Re: Lottery winner asking a judge to let her keep the cash and remain anonymous
#180Earlier quoted context omitted.
> The $2 is likely such a tiny part of your bank... and when it isn't a tiny part? > Optimising your bank at that level is like trying to make sure you don't leave a single grain of rice on your plate at dinner. many individuals playing the lottery are in a position like that, and frequently spend significantly more than $2 in hopes of winning. > See the bigger picture from time to time. ...seriously? nobody cares if…
What would be helpful in this discussion is a report on lottery spending per capita, sorted by income level and other demographics. Currently I'm not finding any out there. I do see a study showing that the average amount spent per person in the US is around $200ish ( https://lendedu.com/blog/lottery-study-report/ ), which doesn't sound completely terrible. However, it is very probable that this number masks widespre…
> I do see a study showing that the average amount spent per person in the US is around $200ish (https://lendedu.com/blog/lottery-study-report/), which doesn't sound completely terrible.
i feel like that's pretty bad, next to an article like:
https://www.fool.com/investing/2017/10/01/why-half-of-americ...