I have to laugh at what the woman actually bought.
A boob job, purple range rover and a bunch of useless purses.
Geez.
Maybe the loto should include a money managers services.
I guess most loto winners have no idea how to invest and manage money.
They do.
Also, article I read says she still owns two properties, so not quite on her last crust yet.
I don’t think that you are fully grasping the goal of changing the law. If she can manage to change the law, she will have justification that her situation isn’t her fault. She will be blameless, and that is her goal: to place responsibility for her own unhappiness and the state her life is on someone or something else.
All I know is that if I won a million bucks, I would hardly change my lifestyle at all. I would fly first class; that’s one change I would make. I might take taxis more often instead of waiting for a bus on cold nights. Sell my house and buy a nice one-storey condo instead, but no major changes. The most expensive thing I might do is spend three months in Barbados every winter (instead of three weeks as I do).
Oh boo hoody hoo.
Money didn’t make her miserable, she did that.
Why should every other 16 year old be punished because of her?
Nonsense
So she wants more money because money ruined her life? Sorry, didn’t read the article, heard the same story too many times.
Winners of moderate amounts like this are more likely to piss it away and have nothing to show for it. Especially if they’re foolish enough to allow family and friends to convince them to spend or give it away.
Ah, I see she’s #10 in this article: 10 Lottery Winners Who Went Broke | TheRichest
“She blew the money on plastic surgery, drugs and parties.”
Another article says;
"Rogers won a whopping £1.9 million ($3 million U.S.) in the National Lottery and, despite early insistence that she would continue to live frugally, bought four large homes, several new cars and had two breast augmentations.
The suddenly wealthy teenager also developed a penchant for sharing her windfall with others. She purchased expensive gifts for a series of boyfriends. She even bought one boyfriend a car and paid him to act as her chauffer because at 16, she was too young to drive. It was another habit, however, that really led to Rogers financial ruin: cocaine. She estimates spending a quarter of a million pounds on the drug."
Entirely her own damned fault. She made a LOT of bad choices.
Well you should prolly have read the article because your opening sentence comes across as ignorant and foolish.
Most large wins come as annuities, which invest more slowly and would generate minimal returns for the first decade. Lottery winners, like most people, aren’t equipped with that much financial patience.
I should be so ruined. But yes, a basic lottery jackpot in the low million USD/UKP/EUR range is just bonus money and if properly invested/managed a fine cushion so you don’t have to be in permanent panic about losing your job (or so you can take a job you are happier with/more secure in but pays less), but it’s not having it made for life. Especially not at 17.
I can sort of, kind of, maybe see her point about raising the age restriction, but 18 would not help much. The slums are full of ex-athletes, ex-actors, and ex-musicians who made fortunes in their 20s, then blew it all.
This isn’t the pit, sunshine.
3 million is the perfect life changing amount. If you can get a real 3% return then you’re making 90k per year for the rest of your life. That puts you solidly middle class without having to work. The downside is that since you don’t have to work but don’t make enough to travel/party all the time you don’t have anything to fill the days while your friends are at work. Of course you could work and just do something your passionate about since even the minimum wage job for your favorite charity would have you making over 100k per year in total income. Then you’d need to be ok with working for minimum wage while being a millionaire but it would be better then sitting around bored waiting for your friends to get off work.
Over all I don’t have any sympathy for her even modest money management would have left her a life on easy street and if she’d gone to college and gotten a job she could have easily been making 150-200k per year and living a very nice life with minimal effort just more then snorting coke off her boyfriend’s ass.
Her major problem - as far as suing anyone is concerned - is that it would be very hard to formulate a recoverable loss. Any problems she currently has can be ended at her option at any time: she can just give the money away.
Did this post of yours have some kind of point?
But it isn’t. That’s $3 million before taxes. In my state, I’d end up with just over $1.6 million. Then of course I’d want/need to buy a house and a car. Remaining in the city I currently live in, let’s say that costs me about $300k. So now I have $1.3 million to invest. At 3%, that is $39,000 a year.
Of course, I have no idea how it works in Britain. If you don’t pay taxes on it, then yeah, it’d be more, but still likely to have those up-front things, so maybe $75k a year on 2.5 million?
In Britain, no taxes for those particular gains for that particular year.
But in any case, just make it “3M after taxes”.
50K USD/year would be enough for a family of four in a lot of Europe.
yep. No taxes and its handed out as a lump sum in full.
Of course, any interest or dividends you start making on the principal is then taxed, but that’s hardly a major hardship. Tax is (VERY broadly speaking) at 20% until you hit an annual income of £43,000 (going up to £45,000 in April, unless you’re Scottish). In practice your marginal overall rate on that income would be around 15% thanks to various allowances. So just under £40k/yr net.
I’ve seen it posted on here before that if you really want to live comfortably, plan to live on the interest on the interest. That way you get some inflation protection. But you’d need about £100m for that (invest at 3% for £3m/year, then reinvest your £3m/year to get an increasing income that starts at £90k/year).
Personally, if I won a huge sum (say £10m) I’d seriously consider buying an annuity. Yes, conventional wisdom is they are terrible value, but I’ve often side my goal is to save enough that I can afford to buy an annuity (of course, I also plan to live to be 115 - that would make it pay). Even at my age (31) I reckon I could invest £5m in an annuity and get an income of £50k/year increasing at 3%. Then I never have to work again or worry about money. The other £5m I can then give away and/or splurge on a few luxuries.
I think I’d aim a bit higher- whatever amount is appropriate to clear a easy 250k-300k a year.
That way, you have enough cash to actually do some fun stuff like travel regularly, party a lot, etc… but you still don’t have enough to get really crazy like spending months in other countries, buying golden toilets, etc…
In Australia in the 1970s, one of the lotteries used to to do the full ‘Here we are knocking on the winner’s door with the large, cartoonish cheque’. It always made the TV news.
One particular celebrity used to do the presentation. He would also offer ‘sage’ advice as to what to do with the winnings. Eventually, he realised that the winners would listen to his advice - not because he was an expert in what he was saying, but because he was a celebrity and therefore ‘trustworthy’. So he started giving out (privately) more ‘specific’ advice.
Yes, he did do a couple of years in prison, since you ask.