It is nice to see lottery jackpots being shared between syndicate groups.
In Kitchener, Toronto a pool of 3 sisters who work in the family restaurant and 3 regulars just shared $6.8 million. But none of the Alievski sisters, Qerime, Shuki and Gurabie have any plans to leave their jobs.
“We like where we work. We’re just going to take it day by day,” Shuki told lottery officials when the group travelled to Toronto on Monday to claim their prize. “We haven’t really thought about what we’re going to do with the money.”
The group ticket is shared with customers Chuck Terry, Brian Hutchins and Kevin Ray. “The fabulous six” – as Hutchins called the group – have been buying tickets for about two years.
“I sat down and had about eight beers. Maybe it was nine.”
Read more about the Prime Bar-B-Q restaurant lottery winners:-
http://www.therecord.com/news/local/article/475077–restaurant-staff-and-customers-sharing-6-8m-jackpot
This lottery syndicate had only been running for two years – so not a bad result at all.
Your Comments ↓
Uhm I would absolutely hope that they have no plans to quit their jobs. 6.8 mil split 6 ways is nowhere near enough. It’s only 1.13 mil a piece, and after taxes you’re looking at something in the range of 700k to 750k.
The only way you would be able to quit your job and just retire with that amount of money would be that you are well over the age of 50, some where close to 70 years of age. Also, you would have to have very little bills left to be paid off such as a mortgage. You wouldn’t exactly have excess money.
The biggest expenditure you could afford would be a slightly above average new car. Then you would have to assume the rest of your 700k lasts until you die. This is the exact thinking that causes the rare but true lottery horror stories. They think millionaire = inifinity, and they dont realize how quickly you can spend money.
The average lottery player has an income below the national average of 38k annually. They usually live paycheck to paycheck and have no idea what excess income really means. Then they win the lottery to the tune of about 4 million and they think “my god I’m set for life”. Which they very well could be because after tax you are looking at about 2.9 mil. But what they think is I’m set for life to live like a rich person.
Lottery winners have little no no additional income so their winnings disappear quickly. Lottery winners are usually not well educated which adds to their failure. They don’t understand that 4 mil becomses 3 mil before you ever recieve a dime, then that 3 mil becomes 2 mil when they decide to buy a nice home and a car, then that 2 mil becomes 1.2 mil in a few years as they pay property taxes, take vactions, and spend a ton on non necessities.
By the time they are at 500k it’s too late. They have nothing put away for the future, and the bills they have left to pay along with the new lifestyle they have become accustomed to will dwindle away their winnings leaving them high and dry well before they are close to dying.
Granted, only a small percentage of players let this happen to them due to people they hire to maintain their money, and family members keeping them in check. But it is ridiculous to see how someone who is living life just fine paycheck to paycheck can win more than they would make in a life time, but 5 years later they are worse off than they were before. Government sponsored lotteries should have a mandatory/optional education crash course on exactly what 1 million dollars is worth in terms of lifestyle changes, and teach you about financial planning and providing an continuous income for yourself in all future years to come.
1 mil dollars in not enough to go from poor to rich. Its merely enough to maintain your current lifestyle without worry.
Thanks for your comments Gavin. You’re certainly on the ball as to why some lottery winners manage to make a complete mess of it.
The best thing lottery players can do before they win, is to really get on top of their finances – as you say, a big win does not give you money sense. I’m not sure winners would be very receptive to a compulsory financial crash course, but this is vital life education that should really be taught in our schools from an early age anyway.
Oh, and these winners were actually in Canada – so they don’t have to pay any tax on lottery winnings!
Very true all that. If I suddenly had a tax free million I’d buy a decent house to live in, around £150,000 and 4 more to rent out at around £650 per month each. That would net me £1560 per month after 40% tax. The rest of the money would buy an immediate holiday, say a 6 month World visit and treat some relatives. My kids would inherit the property when I die.
With no rent or mortgage, and the small pension I already get, I could spend my days doing exactly what I liked. Financial freedom, now that’s as close as I want to a millionaire lifestyle.