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AM/PM Session - 8 January 2019 - You can win a billion and still go bankrupt

NatashaTNatashaT Posts: 1,081 Teacher
edited January 15 in Work and Money
We read an article about how people spend their money, and whether they are rich for the rest of their lives, after winning a big amount of money:

http://www.bbc.com/capital/story/20181024-you-can-win-a-billion-and-go-bankrupt


Vocabulary Top 10:

tally - to record and count or calculate (something)

drawing - an act of choosing something (such as a winning ticket) from a group without knowing which one you are choosing

payout - a usually large amount of money that is given to someone

odds - the possibility that something will happen : the chance that one thing will happen instead of a different thing

pot - the total amount of money that has been gathered from many people for some purpose

lump sum - an amount of money that is paid at one time : a single sum of money

factor in - to consider or include (something) in making a judgment or calculation

all-too - used to emphasize that something is the case to an extreme or unwelcome extent

Midas touch - the ability to make everything that you are involved with very successful

accrue - to increase in value or amount gradually as time passes : to grow or build up slowly


Why do you think people still go bankrupt after winning lots of money?
If you won a billion dollars, what would you do with it?
Post edited by Teach on

Comments

  • aprilapril Moderator Posts: 10,978 mod
    I wonder if we could manage millions of dollars by ourselves without help of a bookkeeper, if we won a big lottery.
    And there's the hitch, why people could go bankrupt after winning a big lottery.
    If you start spending the money without a good plan on your own; the money will vanish before you realise it.
    But if you employ an expert, for example a good accountant, you need to be careful too because he could also cheat you and go with your fortune!
    It's not that simple, right?
    Your normally quiet life, only busy with surviving your daily life, will soooo change.
    Suddenly you will be approached by taxman, charities, family and "family", organisations etc etc. A lot of stress!
    Unfortunately we could not predict what will happen beforehand.
    So maybe it's better to win just smaller money frequently but for a long time; let's say, €10,000.00 monthly for at least 20 years?
    With that money I could save a bit and I could go on holiday or buy a new car from time to time, pay my mortgage and also do some charity with less stress.


  • filauziofilauzio Genoa ( Italy )Posts: 1,955 ✭✭✭✭✭
    I suppose part of the reason people still go bankrupt after winning tens of hundreds of millions has to do with their age.

    In the article they cited the fact that most people who challenge the good luck by purchasing a lottery ticket are in their 20s, 30s and 40s.

    On the other hand, older people restrain from dreaming a much improbable windfall.

    People in their 20s and up to their early 30s, the so-called millennials, are still in their phase of life when hormones spearhead their choices in their rat-race featuring, busy lives.

    Calm pondering and reasoning come far behind; both these attitudes of wisdom can't but fight a rearguard battle when it's too late: the mess has been made; the risky pace taken: all the money is on the run: the winning is already vanishing.

    I would avoid giving a 20 years old boy a powerful sports car; I would fear he could crash just around the corner; you can't avoid the temptations young people get to press the pedal to the metal.

    They need to feel the adrenaline rush: is like hormone-calls-hormone attitude; this, when it comes to large amount of money is not very advisable, I'm afraid.

    Maybe less energetic youth might also think to spend the greatest part of the winnings on techs and videogame devices and gears; who knows, it could be in this case it would turn out the best investment ever, given the days we are living in.

    People in their 40s, I think, face another kind of problem, they could step into quick-sand and traps more easily than older people. This is simply because they often don't still have enough experience of the world.

    When it comes to money, especially great amount of it, you shouldn't trust anyone, members of your family included.

    Take for instance the case of rich inheritance or valuable heirloom to be passed on to descendants; this situations can rapidly turn a tender, affectionate Jekyll-relative, into the most fierce, savage, blood-thirsty-Hyde.

    This is why I suggest that people in the above-mentioned early ages just limit themselves to increase the lottery-pot.

    Let more mature and older people be the ones who can handle and wisely invest multi-millions winnings. If anything they couldn't live long enough to spend all of it: it could be beneficial to survivors and society in general.

    After all it is all just for fun, no one has to seriously think to depend on it: think of the probabilities of getting struck by a lightning and liken it to winning lottery: it is enough to hold you luck not getting involved in either cases.

    Unfortunately though, I suppose the greatest chunk of winnings would inexorably and invariably fall in the hands of professionals who deal with money, such as lawyers, notaries and accountants.

    They always win lotteries without even bothering to buy tickets.


    glad to stop strict diet, splashed in belly flop? Don't care you're not light, here on English hop !
  • TeachTeach Your Teacher HomePosts: 10,116 mod
    There was an infamous pools win in the UK. This was before the lottery, when people would bet on football results. Viv Nicholson was a British woman who became famous when she told the media she would "spend, spend, spend" after her husband Keith won £152,319 (the equivalent of £3,167,827.29 in today's money) on the football pools in 1961. Her boast — that she planned to “spend, spend, spend” — made headlines around the world, and was the title used for a musical and an episode of Play for Today from the BBC.
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