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Lotto winner lives paycheck to paycheck after blowing $10.5M prize

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Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Old 03-28-13, 05:20 PM
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Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Before you buy that next Powerball ticket, you might want to talk to Sharon Tirabassi. Nine years ago, the Canadian woman won a $10.5 million lottery jackpot. Today she has zero dollars, a part-time job and struggles to support her nine kids. Tirabassi blew her money in all the predictable ways: gifts for family members, a massive house, extravagant vacations and lining four luxury cars in the driveway. Those cars are all gone. So are her new "friends." Now she takes the bus to work and tries to teach her kids the value of a dollar. "All of that other stuff was fun in the beginning, now itís like Ö back to life," she sighed. [Source]

Old 03-28-13, 05:23 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Eh, not surprised. This is how a good percentage of lottery winners end up. I don't feel bad for her.

Also, 9 kids? What the fuck lady?
Old 03-28-13, 05:53 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Sad. $10.5 million isn't even that much money. Certainly not enough to live like a rock star for the rest of your life.

I know it's all how I was raised and that I come from a 'good' background and others aren't as fortunate and all that, but I just can't imagine what some of these people are thinking. If I won $10.5 million, I imagine I would do everything in my power to ensure that money lasted me the rest of my life and I never had to 'work' again (as in working just to support myself).

But not all of these lottery winners are stupid, I do wonder if I would succumb to the temptation as well.
Old 03-28-13, 05:56 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Jesus. Stupid is just Stupid. Money does not change that. People just make bigger idiotic decisions.
Old 03-28-13, 05:59 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

What's sad about this is that could have been the perfect college fund for her kids.
Old 03-28-13, 05:59 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

The recent Powerball winner in New Jersey won $338 million. Wonder how long till he goes broke? He also owes $29 k in child support. Wonder how much more he'll owe now?
Old 03-28-13, 06:03 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

you only hear about the ones blowing all their money away or getting killed for their lotto money. It makes for a great story and the crowds in the Colosseum can throw tomatoes and satiate our envy. But we don't hear about the hundreds of others who win but go on to live a live with little financial worries and can provide for their kids, etc without ever having to work again. Just as we hear about the million/billionaires losing all their cash but we don't hear about the everyday millionaires that are doing just fine.
I say, let me win the lotto and then we will see if I blow through that cash.
Old 03-28-13, 06:34 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

It's weird, parts of the article sounds like she was at least partially planning. In the beginning she spent money like candy, sure. But a 515,000 house doesn't seem too extravagant, especially when she took out the mortgage. Now four vehicles, including a 200,000 Cadillac Escalate with turntables is stupid, but still not enough to put her in the poorhouse. Buying up houses and renting it out and then helping friends probably cost a pretty penny, but then the article says after she blew through 5 million (half of that going to her parents and siblings) she started living off the interest on the remaining 5 million. It doesn't really go into detail what happened after that, though apparently by the time she was down to a quarter million she at least put some of that money into a trust for her kids.

I' not even sure from the story if that 10 million was after taxes... it says she got a cheque, but did she owe taxes on it? And did she just invest in the wrong things and got taken when the market crashed or something? Lots of details left out.

That said, I'm not sure 10 million before taxes is enough to not work for the rest of your life, especially with 9 kids.
Old 03-28-13, 06:38 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

It happens a lot with lottery winners because they have no experience handling this huge amount of money. Most wealthy people either inherit it or come into it through work (executives, athletes), so they already have people in charge of their accounts. Lottery winners just get millions dropped on them and have no idea what to do next.

While I have no sympathy for her, I feel bad for her kids for having such a complete irresponsible moron for a parent.
Old 03-28-13, 06:39 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by RagingBull80 View Post
Also, 9 kids? What the fuck lady?
Before you get too self-righteous, the last two were twins. She planned on stopping at 8, like most reasonable folks.
Old 03-28-13, 06:44 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by fujishig View Post
I' not even sure from the story if that 10 million was after taxes... it says she got a cheque, but did she owe taxes on it?
Lottery winings aren't taxed in Canada.

The pride of feel of a fellow Hamilton who's a fucking moron.

I hear about this sort of thing all the time and it really does irritate me. I'd love an opportunity to show that I wouldn't be stupid with winnings from a lottery.
Old 03-28-13, 06:50 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by Rockmjd23
It happens a lot with lottery winners because they have no experience handling this huge amount of money. Most wealthy people either inherit it or come into it through work (executives, athletes), so they already have people in charge of their accounts. Lottery winners just get millions dropped on them and have no idea what to do next.
Exactly. This is not unusual. Sudden wealth induces not only irresponsible spending and a sense of neverending riches, but the recipients find that, hark, relatives, friends, vague acquaintances, people they once bumped into on the bus, come crawling out of the woodwork looking for a handout or loan (which will never be repaid).

I have seen at least two documentaries about the euphoric/tragic phenomenon of winning the lottery. Many winners end up either penniless or friendless, or both. Some have committed suicide.
Old 03-28-13, 06:54 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

I think one of the best parts of winning a lottery would be saying no to parasites asking for money. I would help anyone that had been there for me in the past but that list is not long.
Old 03-28-13, 06:56 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by Nausicaa View Post
Sad. $10.5 million isn't even that much money. Certainly not enough to live like a rock star for the rest of your life.

I know it's all how I was raised and that I come from a 'good' background and others aren't as fortunate and all that, but I just can't imagine what some of these people are thinking. If I won $10.5 million, I imagine I would do everything in my power to ensure that money lasted me the rest of my life and I never had to 'work' again (as in working just to support myself).

But not all of these lottery winners are stupid, I do wonder if I would succumb to the temptation as well.
Your high school probably taught you a useful amount of math. Mine did.

So I would think, "I plan to live another 50 years. Interest is pretty low right now, so I'll have to live off the capital. Basic arithmetic tells me that I will have to get by on $200,000 a year, maximum. If I live on $150,000 a year, that still leaves me $2M to pay for the kids' private schools and college after I buy a nice house. Living on $150,000 a year won't get me the lifestyle I see on television shows, but it's a lot better than taking the bus and changing bedpans."

Since I went to a good school, I was easily able to figure that out. But it probably never occurred to her to do the math.

Last edited by Nick Danger; 03-28-13 at 07:02 PM.
Old 03-28-13, 07:00 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

It's not difficult to turn a sum of 10.5 million into a lot more money down the road. But most people just buy everything they want right away and don't think about what happens later.
Old 03-28-13, 07:05 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Friends of my parents took home $12M in the lottery, after taxes. They immediately put $10M into a nonrevocable trust, earmarked $1M for gifts to friends and family, paid off their house and other debt, and let each other have $250k free and clear "mad money" to do whatever the hell they wanted with.

It was easy for them to turn down requests for money when you can't access it or say "we already gave you X, there is no more."

They kept their jobs, their kids kept going to school and just lived normal lives. Except that when they retired, they had $10M + investment income. But by then, they had gone 20 years without the money and didn't really care so much any more.

If I win, I would do something like that. At least I hope that I would.
Old 03-28-13, 07:48 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

If I ever won the lottery, I would not let them release my name or image. Give me the money and thank you.
Old 03-28-13, 07:52 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

I would also want to remain anonymous.

If I won a huge sum of money I would be paranoid that someone would try and murder me for it.
Old 03-28-13, 07:55 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Some lotteries require that you disclose your identity for the bigger wins -- probably so they can state that people do win.
Old 03-28-13, 07:55 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by Tracer Bullet View Post
If I ever won the lottery, I would not let them release my name or image. Give me the money and thank you.
I think you have to let them, don't you? I always thought that was part of the fine print on the tickets...
Old 03-28-13, 07:59 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Some states let you stay private. Some states allow you to set up a Trust to accept the money.

In some states, you just have to become a target if you want to collect the money.

I think that most people are generally safe. You don't become a target to people you don't know. Stay humble, and people won't care about you a week from now.
Old 03-28-13, 08:00 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

There was a paper released last year (Im going from memory here) that said that around 30% of people who won more then 1 million dollars in the lotto regret winning.
Old 03-28-13, 08:02 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Depends on the state. And I do feel sorry for her, personally. Sports stars and actors who end up penniless I do not feel sorry for.
Old 03-28-13, 08:04 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

A local guy won $1 million on a scratch off. It was $50k (pretax) per year for 20 years. Ended up with a big new car right away, and a shiny new divorce a few years later.

I know we are "lump sum" people, but if I won an amount over $10 million, I'd take the annuity. It would make a better money manager out of you. Okay, I wouldn't, but most should.
Old 03-28-13, 08:16 PM
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Re: Lotto winner lives paycheck to paycheck after blowing $10.5M prize

Originally Posted by mhg83 View Post
The recent Powerball winner in New Jersey won $338 million. Wonder how long till he goes broke? He also owes $29 k in child support. Wonder how much more he'll owe now?
the fact that he owes a ton already, and claimed the jackpot the next day (so obviously no financial planning or sense) tells me he'll be back in the news at some point with money issues. It will be a while though, it's hard to blow that much unless you are buying a jet.

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