Jean Op den Kamp (imported) wrote: Tue Jun 23, 2009 10:21 am
(It is pretty normal that people who get a fortune at once are not able to keep it)
loveUall
Jean
How true.
In Winnipeg (not far from me) about 12 years ago a woman, who was on welfare with three children, won the Lotto 6-49. She came away with something like 2-3 million dollars (and winnings in Canada are completely non-taxable; you get everything you win, here).
Not even 3 years later, guess what. She was applying for welfare again! She had bought cars, vehicles, a cabin, etc etc, with never a thought as to the cost of UPKEEP on the things. They were all gone, sold off, after three years, and she had nothing.
How pathetic is that.
Canadians generally do better with winnings; I read an article recently that said 80% of lottery winners in Canada who win more than 1 million save the majority of it and spend only a portion on big-ticket items. For the most part, we are pretty conservative. That's partially because the Lotteries Corporation, the people you get your check from when you win, have a very good set-up for such people; when you go get your check, if it's a substantial amount, you are subjected to pretty much a full day of 'activities', which include meetings with bank officials and financial consultants. You are required to meet these people before you leave the builiding. It's a great system. (No, sadly, I don't know this from experience; only a friend who works there, so no asking me for 10,000 bucks to help you pay off your SUV!)
