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How about the cancer patient that just won? That's a pretty incredible story.. In a good way.
He beat the odds on the lottery, I hope he can do the same with cancer!
3 take aways:
1. I hope his $100 in tickets spending doesn't encourage others to overspend also, particularly the immigrant population that tends to overspend anyway. Remember the 2 billion dollar winner in CA was an immigrant also.
2. His lack of planning might hurt him financially. Part one: getting hundreds of millions dumped on him over night isn't easy to manage/ it is easy to get taken advantage of especially being an immigrant. Part two: if he dies of cancer, the estate planning could be sticky depending on what his intentions are. ME: he should have never collected the ticket personally, it should have been a trust so in case he died the money isn't taxed again in the probate of the estate.
3. I'd hope he beats cancer and the cancer charities get a a windfall as well.
He beat the odds on the lottery, I hope he can do the same with cancer!
3 take aways:
1. I hope his $100 in tickets spending doesn't encourage others to overspend also, particularly the immigrant population that tends to overspend anyway. Remember the 2 billion dollar winner in CA was an immigrant also.
2. His lack of planning might hurt him financially. Part one: getting hundreds of millions dumped on him over night isn't easy to manage/ it is easy to get taken advantage of especially being an immigrant. Part two: if he dies of cancer, the estate planning could be sticky depending on what his intentions are. ME: he should have never collected the ticket personally, it should have been a trust so in case he died the money isn't taxed again in the probate of the estate.
3. I'd hope he beats cancer and the cancer charities get a a windfall as well.
I don't know if the guy was overspending on lottery tickets or not.. Anyone who does that.. Really has a gambling problem and shouldn't be playing at all. Just as good odds that they'd go out to one of the casinos in CA or Vegas and drop even more. So, i don't necessarily blame the lottery for that.
Now, your second point.. IIRC.. This guy like won and claimed the prize the next day, right? yeah.. THAT probably was a bad move. Number one advice that everyone gives as the first thing you do.. Get a lawyer. lol. Most folks take months to claim prizes while dummy corporations and trusts and all kinds of things are being setup. I think he just kinda showed up and said "I'll take that billion in 50's and 100's, please".. Not really, but, you know.. Kinda.
What kind of cancer did he have? Don't think I heard. Colon cancer in Asians is fairly rare. probably due to diet. I think they have a fairly high incidence of lung cancer due to higher rates of smoking, but.. He's 46.. Perhaps Leukemia?
Back when Florida introduced the lottery I used to watch the 11:00 drawing hoping I'd won. Ping pong balls swirling around and then sucked up individually to pick the winning combo. I thought at the time it would be easy to rig-a lighter ball here, a little extra suction there and poof. Now with CGI and AI it would be even easier to rig.
Florida went from a 6/49 to a 6/53 which reduced the odds of winning tremendously. It went from 1 in 14 million to 1 in 23 million by adding four numbers to the pool. Add in a Powerball and it goes to the realm of absurdity.
I was watching a program about probability and they had a statistician explaining the nuances of lottery odds. He said "Yeah, someone is going to win the lottery. It's just not going to be you".
Back when Florida introduced the lottery I used to watch the 11:00 drawing hoping I'd won. Ping pong balls swirling around and then sucked up individually to pick the winning combo. I thought at the time it would be easy to rig-a lighter ball here, a little extra suction there and poof. Now with CGI and AI it would be even easier to rig.
Florida went from a 6/49 to a 6/53 which reduced the odds of winning tremendously. It went from 1 in 14 million to 1 in 23 million by adding four numbers to the pool. Add in a Powerball and it goes to the realm of absurdity.
I was watching a program about probability and they had a statistician explaining the nuances of lottery odds. He said "Yeah, someone is going to win the lottery. It's just not going to be you".
Funny I NEVER watch the drawings...........I figure I'd want one more full night of sleep before I find out I won!
I know a guy that won the FL lottery, got 20 million. Back then you had to take the payment annuity not all cash. Guy was broke about every 8-9 months until the next check arrived. Super nice guy but just terrible with money.
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