Comments on: When winning the lottery ain’t enough …

By: She’s an heiress …- 7million7years

She’s an heiress …- 7million7years — Wed, 06 Oct 2010 06:13:59 +0000

[...] And, because you have no plan, the money can go as quickly as it comes (remember poor-then-rich-then-poor Lou Eisenberg?). [...]

By: A hidden risk of reward …- 7million7years

A hidden risk of reward …- 7million7years — Mon, 15 Mar 2010 10:57:06 +0000

[...] have postulated before on the $5m5y Phenomenon: why is it that 80% of lottery winners, winning absolutely life-changing amounts such as $5 million [...]

By: The new way to measure wealth …- 7million7years

The new way to measure wealth …- 7million7years — Mon, 23 Nov 2009 07:58:28 +0000

[...] that they understand how to deal with this situation and don’t go crazy [AJC: reading this blog should help], they can [...]

By: Steve

Steve — Sun, 22 Nov 2009 19:45:46 +0000

wj, you have some extremely good points.And I believe this is what (at least most of us are looking for)for ourselves.

By: wj

wj — Sun, 22 Nov 2009 07:55:37 +0000

We are not talking about making more money. We are talking about using the money as an enabler to creating a more sustainable way of fulfilling our dreams.

By: wj

wj — Sun, 22 Nov 2009 07:54:10 +0000

Steve,
True, you should be able to do what you want with the money as long as you are happy with it.

On the flip side, if he had done proper planning, he would have been able to do things that he is happy with for a more sustainable period than a once-off affair.

Example, Had he planned and created a sustainable passive cashflow yearly, wouldn’t he be happier every year helping people or doing the things he loved?

I think most of us here are saying , yes do what you want with your money, but take a long term view.

By: Steve

Steve — Sun, 22 Nov 2009 06:04:26 +0000

I’m really happy to see everyone is taking lessons from this gentleman’s situation. However, I have noticed that most point to what he could or should have done. The problem here is not what he could or should have done, cause he did what made him happy. He has no regrets about his current situation.He stated in interviews, that if he had it to do again, he may do a couple things differently, but as a whole, he has already done with the money, what he wanted. Helping others, traveling, etc, and is now happy where he is.
Everyone’s situation and dreams differ. Remember that. Yours will differ from his, so you can take lessons from this for your own dreams.

By: Adrian

Adrian — Sun, 22 Nov 2009 04:51:13 +0000

“Unfortunately it’s difficult to learn how to use your money to make money because there is a lot of different ways to do that.”

Well put!

Which is why I tend to concentrate in this blog on giving you the tools to discern what might work for YOU best, rather than telling you how and where to put YOUR money

By: Kathy

Kathy — Sun, 22 Nov 2009 04:03:07 +0000

Everyone needs a spending plan (also known as a budget) that you review monthly. With $130/year he could have bought a nice income producing rental property every year and paid someone to manage it for him. Unfortunately it’s difficult to learn how to use your money to make money because there is a lot of different ways to do that.

By: Steve

Steve — Sun, 22 Nov 2009 00:10:28 +0000

Adrian, can I disagree here? While Inflation may be a sign of a growing economy, I don’t think rising interest rates are always a good sign. I believe interest rates can rise even in a weak or stable economy,especially when governments are spending like there is no tomorrow, there will be extreme pressures on interest rates .Due to extreme debt levels.