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    Default The King of Spoiled Brats Wants More Money from Rich Daddy

    In 2011 David Dawes won the lottery to the tune of $178 million dollars. He gave his son $1.8 million as a generous gift. The son quit his job and went on an all out spending spree. Soon after, all the money was gone. His father helped him again and gave him another $800,000.00 to bail him out of additional debts he incurred. At the same time, he told his son.....this is it. The son wasted that money and went back for more but dada said no. The son then took him to court and sued his own father. The judge saw right through this matter and threw the case out.

    I just thought this to be an interesting story and wanted to share it. Do you think the dad was wrong in not providing his son with more? Do you think the son was wrong? What are your thoughts on this whole matter?

    http://www.msn.com/en-us/news/world/...t5R&ocid=ientp
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  3. #31
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    Quote Originally Posted by reflechissez View Post
    I completely agree and would add another factor. The trust would allow for a monthly withdrawal until age 50 -- enough to subsist but not enough to live well. Exceptions could be made for medical emergencies or perhaps money for returning to school. At age 50, the monthly withdrawal would increase to an amount that would allow him to stop working if he chose to.

    The reason for my opinion is that the vast majority of people don't do well with financial windfalls, as is evidenced by the article. They can't handle it.
    Sounds good. I agree.

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  5. #32
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    Quote Originally Posted by reflechissez View Post
    I completely agree and would add another factor. The trust would allow for a monthly withdrawal until age 50 -- enough to subsist but not enough to live well. Exceptions could be made for medical emergencies or perhaps money for returning to school. At age 50, the monthly withdrawal would increase to an amount that would allow him to stop working if he chose to.

    The reason for my opinion is that the vast majority of people don't do well with financial windfalls, as is evidenced by the article. They can't handle it.
    Well that's a bit tight you give 1 million plus but it gives them just enough to live on but not love well.

    Your right the vast majority of us on this forum work for a living, yes some might be more well off but we're all pretty much working joes. I guarantee you give any of us a multi million fortune for doing nothing we all would lose our heads for a bit. I am discipline in paying my bills and trying to put a bit back each month but give me 10 mill overnight and yes there would be a time when I would be out of control.

    But regardless the son is still a ****** who deserves and is entitled to nothing.

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  7. #33
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    Quote Originally Posted by reflechissez View Post
    I completely agree and would add another factor. The trust would allow for a monthly withdrawal until age 50 -- enough to subsist but not enough to live well. Exceptions could be made for medical emergencies or perhaps money for returning to school. At age 50, the monthly withdrawal would increase to an amount that would allow him to stop working if he chose to.

    The reason for my opinion is that the vast majority of people don't do well with financial windfalls, as is evidenced by the article. They can't handle it.
    I'll buy that that is the reason for your opinion, but what is the basis for your claim?

    "A great deal of intelligence can be invested in ignorance when the need for illusion is deep." - Saul Bellow

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  9. #34
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    Quote Originally Posted by smyrna View Post
    I would too my friend. If I didn't, I'm afraid I'd become a drunk.
    I heard that, a drunk or worse. The Lord knew he could not give me to much money buddy
    “Wrinkles will only go where the smiles have been. ”
    ― Jimmy Buffett

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  11. #35
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    Quote Originally Posted by FlameHeart View Post
    I think the kid doesn't know how to manage money and I also think the dad was right not to give him any more. If it were me, I would have invested the majority of it in a savings account and let the money work for itself through interest. I probably wouldn't mess with these the stock market since I don't know how to predict if a stock is going to rise or plummet, or which ones are the good ones. One can learn though.

    That said, I have a bit of a spending problem myself, so what I didn't save might go towards expensive makeup. So I can't really talk...It's a matter of impulse. The dad was more than generous though and the son was wrong for suing him. He did have a job, so I'm willing to bet he just got carried away and made some bad decisions. Hopefully he learns from it and returns to work, and reads The Richest Man In Babylon, and learns to manage what wealth he has left, if any.
    .....that's just a gender thing....you're fine.
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  14. #36
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    Quote Originally Posted by Toll Collector View Post
    I agree that when you win 178 million that your life will most certainly change. But 1.8 million shouldn't send you into berserk mode. If anything, you should do everything in your power to make sure you never have to suffer through poverty again, not go on a psychotic spending spree.

    In 2000 I bought a house for 187k. Nothing fancy. Within 10 years time me and the wife were fortunate enough to almost triple our salaries among other unforeseen income. I have yet to upgrade. We even have average cars. No way do I ever want to go back to the early part of this century.

    What has changed is how often we go out to eat and where. Hotels we choose. The trinkets and gadgets we buy are closer to top of the line. I'll buy a bottle of Johnny Walker Blue from time to time, stuff like that. Nothing beyond our income level. I'm a high school grad that knows what it's like to be in the 50%, and will do my best to not return.
    My compliments my friend.
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    Quote Originally Posted by reflechissez View Post
    I completely agree and would add another factor. The trust would allow for a monthly withdrawal until age 50 -- enough to subsist but not enough to live well. Exceptions could be made for medical emergencies or perhaps money for returning to school. At age 50, the monthly withdrawal would increase to an amount that would allow him to stop working if he chose to.

    The reason for my opinion is that the vast majority of people don't do well with financial windfalls, as is evidenced by the article. They can't handle it.
    Damn baby.....you're sounding conservative and I think I'm in love?
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  18. #38
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    Quote Originally Posted by smyrna View Post
    In 2011 David Dawes won the lottery to the tune of $178 million dollars. He gave his son $1.8 million as a generous gift. The son quit his job and went on an all out spending spree. Soon after, all the money was gone. His father helped him again and gave him another $800,000.00 to bail him out of additional debts he incurred. At the same time, he told his son.....this is it. The son wasted that money and went back for more but dada said no. The son then took him to court and sued his own father. The judge saw right through this matter and threw the case out.

    I just thought this to be an interesting story and wanted to share it. Do you think the dad was wrong in not providing his son with more? Do you think the son was wrong? What are your thoughts on this whole matter?

    http://www.msn.com/en-us/news/world/...t5R&ocid=ientp
    I think the dad was wrong in just giving him cash. If I were to do that, it would be in the form of a trust with some conditions. I wouldn't have given him the extra 800k, that's for sure.

    We see this a lot with people who have some sort of windfall. They can't manage a large amount of money like that. There's a couple where I live that won a huge lawsuit for several million. Vacation houses, luxury sports cars, a continuous party....Within two years, they were bankrupt.
    “If you could kick the person in the pants responsible for most of your trouble, you wouldn't sit for a month.”
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  20. #39
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    Quote Originally Posted by curtis123 View Post
    I think the dad was wrong in just giving him cash. If I were to do that, it would be in the form of a trust with some conditions. I wouldn't have given him the extra 800k, that's for sure.

    We see this a lot with people who have some sort of windfall. They can't manage a large amount of money like that. There's a couple where I live that won a huge lawsuit for several million. Vacation houses, luxury sports cars, a continuous party....Within two years, they were bankrupt.
    Yep. BTW.....been missing your sensible opinion round these parts?
    Friendly Neighborhood...Smyrnaman

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