Aunt sues nephew over a conjoined lottery ticket

[godfather dust]

This would never happen in my whole extended family, I can only think of 1 out of 50 or whatever that would act so trashy.

Worst case some haggling over the proper arrangement, no way in hell courts get involved. A tight knit family is priceless. $600,000 is nothing if you're a degenerate gambler or drug addict or Tess whatever-the-fuck buying a pool of chocolate to sink into and drown.

Then again I doubt our grand total spend on lotteries and scratch offs is equal to what this woman spends in a year (let's low-ball and call it $2 a day for a little under $800.)

 

[2 Cool 4 U]

Why can't she be happy with 600k?

Because she might be a gold digger and 600k is chump change to her

 

[Kona]

The judge froze the dude's money.

So in Canada they can freeze your money like that over stupid shit? No ruling or nothing, just based on the word of that haggard old bitch.

This is why, except for my grandma, I fucking hate old women. The second they hit "old lady" status they can do no wrong. Everybody thinks they're saints. If the do act like bitches "oh they're just old" people say. Try catching one lying and play the dementia card. Nothing more frustrating.

Aloha!

 

[louiebeans]

Damn thats crazy, they knew he was gonna make moves to make sure that money was his. Can't even use it to get a lawyer...

 

[Seadog]

This was in my end of the woods and almost everyone I've talked to has heard about the story and invariably think that the old lady is a cunt, and are on the nephew's side.

I just can't imagine why she's being so petty. First off shes like 70, so she probably won't even be around long enough to enjoy it, and second there isn't a whole lot of difference between 600k and 1.2 million to the extent of how it will change your life. Pretty much everything you can do at one level, you can do at the other, but conversely, coming from about 0 where both probably are, 600k would serve to set you up pretty well for the rest of your life as long as you're not a retard with the money. She had such a great opportunity to be the bigger person, literally give her nephew a spectacular head start in life, but instead, now she's a pariah in her community, she's trying to screw family, all so that she can go from "pretty wealthy but not spectacularly" to a slightly larger version of the same.

An uncle of mine won low 6 figures in his early 20s (30ish years ago). He basically bought a house cash, then lived a regular life and got a regular job and had a regular family. But that bump at the start really helped things along. I can't imagine why she's trying to screw her nephew out of that. That quantity of money is almost perfect, because if you don't waste it on coke and rims, it can make life considerably easier, but not so easy that you can afford to turn into an ass.

 

[Greyman]

Childhood neighbor I grew up with won $32M at 21.

Gave the .gov kings tax half, and then promptly dropped out of school with $16M.

Lived for about 10 yrs mostly doing good with it...Lots of toys and partying tho. I lived in the adult playground town he ended up buying a bar in. Great times, to be sure. He was a natural alpha if I had to assess his proclivities.

But he increasingly became jaded IMHO... not knowing if the guys hanging around were in it for the paid bar tab and good times; and girls...well you get the idea. Big house on a lake, adult toys, and industry grade pussy....Alot lol.

And most nights he went to bed alone, and sleep only came by taking a handful of pills...Zanex, etc.

He was the modern man who had it all. And again, just my opinion... felt completely, and utterly, alone. Modern man indeed.

I got a call from a marine sniper, mutual friend, the day after he got out of jail from his 2nd DUI. Surprised it took a decade between the two, honestly. He and I...we were suppose to go down to Mexico to celebrate him getting out the next day.

He took the same amount of sleeping agents post lockup that he was taking pre...and it killed him. Sleep alluded him, as it does some of (me)us when we don't have a honorable fight to fight...a reason to get up that's bigger than ourselves.

I miss my friend. I look back and now understand that the societal trappings and things we western men grapple with in this day and age are universal to all RP men, creed and color be damned.

I miss my friend. RIP LT.

 

[fokker]

@CBW - why is the nephew the cunt? It's obvious the aunt is the cunt in this situation.

 

[ShotgunUppercuts]

Thats a damn shame.

 

[Alpha_Romeo]

She's probably thinking that the 1.2M can feed a lot of cats.

 

[Built to Fade]

Calculating Lottery Odds & Their Expected Value (Datasheet)

...
When you gamble you know the odds, and they're usually not 1:292M.
...

You could less aggressively refer to the lottery as a tax on people who can't do math.

Not that I haven't bought a ticket a few times when the jackpot has been astronomically high. Or participated in a few work pools.
...

I’ll buy when the jackpot gets absurdly high. Even though your chance at winning is essentially zero, I’ll still drop $20 on some tickets. Because my chance is the same as anyone else. And it’s not like I’m skipping meals to do it.
<snip>

Of course the chances of winning the lottery are astronomically low.

Yet, somebody wins from time to time.

[NOTE: This post shows some math. It'll take some time to read. If there's enough interest, I may do the mathematics of loans in a future post.]

I only buy lottery tickets when the expected value of return is zero or positive.
The formula for expected return in lotteries is

To calculate the required jackpot for zero or positive expected value, use the below formula:

, then rearrange to get

Therefore, the formula is

These are maths of a majority of lottery draws (combinations):

Where:
n represents the amount of numbers in the barrel &
r represents the amount of numbers drawn from the barrel

Example of a lottery using 45 numbers & drawing 7 numbers:
45C7
= (45!)/(7!x38!)
= (45x44x43x42x41x40x39)/(7x6x5x4x3x2x1)
= 3x44x43x41x5x39 [42/(7x6) cancels out, 45/(5x3) = 3 & 40/(4x2) = 5]
= 45379620
Therefore, in a 45 number lottery, the total amount of 7 number combinations is 45 379 620.
To have positive expected value at, let's say, $1.30 (one game), the jackpot must be $58 993 504.71 or greater.
1.3 x 45379619 = 58993504.7

Lottery jackpots only become massive when the amount is significantly higher than the total number of combinations. From the previous example, a >$90 million jackpot is massive. Lotteries with jackpots reaching $200 to >$500 million would probably have it set up to have over 100s of millions of drawn number combinations.

Combinations of Powerball (US), a lottery utilising the "extra number":
69C5 x 26 (the 26 are the "extra number" segment)
= (69!)/(5!x64!) x 26
= (69x68x67x66x65)/(5x4x3x2x1) x 26
= (69x17x67x11x13) x 26 [68/4 = 17, 66/(3x2) = 11, 65/5 = 13]
= 11238513 x 26
= 292201338
Therefore, from 69 regular numbers & 26 "Powerballs", the total amount of 7 number+Powerball combinations is 292 201 338. There are 11 238 513 seven number combinations when the "Powerball" is not included.
When calculating the lottery odds, calculate the combination component first, then multiply that number of combinations by the "extra number" if the lottery uses one.
To have positive expected value at, let's say, $2 (one game), the pre-tax jackpot must be $584 402 674.01 or greater.
2 x 292201337 = 584402674

If you follow the maths of your local lotteries by substituting the relevant numbers in the formula you'll know when to buy a ticket, which would either be 3-5 times a year or never again since lotteries have an inherent negative expected value.

PS: The principles of expected value apply to all gambling & investments & is linked to various types of returns.

 

[Simeon_Strangelight]

I don't know about you guys, but wow...the angry aunt is a fucking cunt. Pay attention to her facial expression and body language. Greed got to her.

You can see in the video that at least the aunt is of little intelligence by the way she speaks and simple way she thinks. She believes in luck, in lucky name on ticket and that a lottery money can be "deserved" or " undeserved". Because of greed and pettiness these people will waste significant percentage of their money in courts and make it leave their family. They will also divide their family, into ones who support the aunt and others who support the nephew. They will turn their luck into a disaster.

Actually the case is worse - she does not want to split. She wants EVERYTHING!

So the nephew she loved as a son should get nothing!

Haha - that's some family right there.

My guess is that the court will let them split and she will just spend 50k for nothing.

 

[Jetset]

I was confused until I read the story and looked at the pictures. At first, I thought she was suing for half of a ticket that she gifted, in full, to her nephew. I'm thinking "he's kind of a dick to not share it with her, but it's his".

Then I realize that she co-signed the ticket to him, and is suing to take back his half of the prize because it was a fake gesture from an aunt who didn't know she'd win trying to make herself look loving.

Fuuuuuck this bitch. You put his name on it, live with it.

 

[Simeon_Strangelight]

Obviously winning 600k or even 1.2mio$ only appears to be a big sum. But in reality all they can do with such an amount is buy some modestly better real estate, a modestly better car, then best re-invest the rest safely. That kind of cash is hardly enough to make large jumps in consumption and lifestyle.

The main people who would be able to make some real money from it are those who are already on a path to financial relevance anyway.

And obviously an old woman like that - what she gonna use it really for? Let the nephew have the dough - he may even make more out of it than her by the looks of it. It's not as if it makes a huge difference to her monetary awareness level whether it's 600k or 1.2mio.$. She will likely blow through it all long before she dies.

The young lad can rise in other social spheres if he is very smart with it, but even for him - it's not really fuck-you money, just better start-up cash.

 

[Geomann180]

She's the reason why many kids put their parents and grandparents in abandonment centers nursing homes.

G

 

[AneroidOcean]

Obviously winning 600k or even 1.2mio$ only appears to be a big sum. But in reality all they can do with such an amount is buy some modestly better real estate, a modestly better car, then best re-invest the rest safely. That kind of cash is hardly enough to make large jumps in consumption and lifestyle.

The main people who would be able to make some real money from it are those who are already on a path to financial relevance anyway.

And obviously an old woman like that - what she gonna use it really for? Let the nephew have the dough - he may even make more out of it than her by the looks of it. It's not as if it makes a huge difference to her monetary awareness level whether it's 600k or 1.2mio.$. She will likely blow through it all long before she dies.

The young lad can rise in other social spheres if he is very smart with it, but even for him - it's not really fuck-you money, just better start-up cash.

Huh? Assuming this is post-tax dollars (may not be):

600,000 using the S&P 500 average return over multiple years is roughly 8% (using that number because it looks conservative enough) or $48,000.

$48,000 is nearly the average FAMILY income in Nova Scotia

You're telling me that wouldn't be a large jump in the financial world of a 19 year old to be very able to earn the average FAMILY income for the area JUST based on return on investment?

Not to say he should be spending it. If he were to re-invest all his return over a 10 year period he'd grow the 600k to ~1.3 million. You don't think at 30 having 1.3 million in investments is going to make a difference in his life?

The other things you said are true (that you have to have the financial mindset to really take full advantage of this kind of windfall) but downplaying it like it's not really significant is silly in the context of his age and where he's located. This is a potential very large jump in lifestyle and consumption for a likely broke 19 year old.

Sure, he could squander it, but it would still be a very large jump at this point in his life.

 

[Simeon_Strangelight]

Stock investments are no-one way street. Plus you cannot live on dividends. You literally assumed that going 100% stocks in a S&P index fund is a sureway street to financial freedom:

[img=640x480]https://media.ycharts.com/charts/9e341dad02f1d5be0cf6b5f9c8296cc8.png[/img]

If you had pumped everything into the market in 1999, then you would have made a cool minus after 10 years (even index-funds cost some cash to operate). Sure - then you would have made 30% 8 years later.

Pumping everything into the stock market and calculating your net earnings of 8% from 2000 to 2018 should have made a 400% return according to such blanket statements. Any semi-savvy investor or trader knows the weakness of such statements.

There are some guys who have retired with 500.000$ and a frugal lifestyle, while pulling 80-90% of their cash into some low-risk bonds and funds, at best putting some in more risky investments like S&P500 - an investment that might net you zero after 15 years. But those things are usually done by individuals who have accumulated the money and have learned to live frugally.

That is why some lotteries have begun to give their winners monthly payouts in contrast to big lump sums.

Obviously there are countries in the world where a guy can move with 600k and live off a local savings account - worst case move elsewhere when it becomes too expensive.

So no - withdrawing 50k per year on 600k in net assets is no viable option unless you are quite competent at that or you are lucky and have some good years. But even then - it's mostly based on lack of awareness and competence regarding the risk/reward structure. That is shown by the way in the very fact of recommending someone to pump 100% into an S&P500 fund.

I would not even recommend that to that young man. There are better avenues for that depending on his personal expertise and risk-tolerance.

Looking at that woman I simply made an educated guess about her likely future behavioral pattern with regard to money and investment. Sure - it's possible that she goes and lives frugally from this time on, but in that case 600k will be enough anyway for the remainder of her life.

 

[godfather dust]

Obviously winning 600k or even 1.2mio$ only appears to be a big sum. But in reality all they can do with such an amount is buy some modestly better real estate, a modestly better car, then best re-invest the rest safely. That kind of cash is hardly enough to make large jumps in consumption and lifestyle.

The main people who would be able to make some real money from it are those who are already on a path to financial relevance anyway.

And obviously an old woman like that - what she gonna use it really for? Let the nephew have the dough - he may even make more out of it than her by the looks of it. It's not as if it makes a huge difference to her monetary awareness level whether it's 600k or 1.2mio.$. She will likely blow through it all long before she dies.

The young lad can rise in other social spheres if he is very smart with it, but even for him - it's not really fuck-you money, just better start-up cash.

At the peak of my degeneracy I could have blown a million in a year easy (and had nothing to show for it.) Poor folk buying hundred dollar lottery tickets are around this level of degenerate so the money will be blown on trinkets and bullshit.

 

[Jetset]

On the more conservative side, suppose you take a 1/3 tax hit right off the bat, walk out with $400k CAD clean, that's about $300k USD. In the United States, you could stuff it all into a good high-yield muni bond fund and get $10k/year USD back out, free of federal income tax.

For a 19-year-old, there'd be plenty there to put yourself through any state school you can get admitted to without taking out loans, and then max out your Roth IRA every year for your entire working life while re-investing some to at least partially offset inflation, all without ever touching the principal or giving the IRS any more of it.

It's not instant financial freedom jetting off to Paris every weekend, but it's absolutely a life without worrying about money, if you're smart. It's the freedom to drive a car you love and take a job you don't hate, and to not have to tell your kids "we can't" when they want that special overpriced memory at Disney World.

Aunt Resting Bitch Face is just going to squander it. If she was decent, she'd annuitize it and surprise her nephew with the other half when she croaked. It's a good chunk of change.

 

[AneroidOcean]

So no - withdrawing 50k per year on 600k in net assets is no viable option unless you are quite competent at that or you are lucky and have some good years. But even then - it's mostly based on lack of awareness and competence regarding the risk/reward structure. That is shown by the way in the very fact of recommending someone to pump 100% into an S&P500 fund.

I would not even recommend that to that young man. There are better avenues for that depending on his personal expertise and risk-tolerance.

You are INCREDIBLY dense. I wasn't giving financial advice, nor was I laying that out as some guarantee nor a particularly good example, just using it as a reasonable rate of return long-term. Call it only 5% if you wish because you think his risk should be very low, I don't care, my point is simply that it's a very significant difference for the average 19 year old especially in his area of the world.

Your point was autistic, as is your rebuttal. I leave you with a meme:

[attachment=39961]

 

[HighSpeed_LowDrag]

On the more conservative side, suppose you take a 1/3 tax hit right off the bat, walk out with $400k CAD clean.

Canada has no tax on lottery winnings. He'd get the full 600k. He wouldn't even need to report it as income to the CRA.