Couple gives away $11.2 million in lottery winnings

[jeffrey]

A Nova Scotia couple won $11.2 million from a lottery ticket in July and now every penny is gone. But Allen and Violet Large of Lower Truro didn’t spend any of it on themselves. They say they decided to take care of family, organizations and institutions instead.

“What you’ve never had, you never miss,” said Violet, 78.

Married since 1974, the couple does not live large. They don’t travel, they don’t gamble and they don’t buy what they don’t need...

Couple gives away $11.2m in lottery winnings - thestar.com

[nick__45]

Then why they bought lottery in the first place? It seems that lottery winning tickets usually go to people that can't manage it right, from those plowing through it quickly to those just giving it away.

[cicy33]

sounds really nice. they kept a small amount to help themselves but then they helped others. how could anyone think that is a bad thing?

[kork13]

Originally Posted by cicy33

sounds really nice. they kept a small amount to help themselves but then they helped others. how could anyone think that is a bad thing?

And by "small amount", or as the story reads, "put aside ... for a rainy day", you mean over $200,000 (~2% of $11.2M). Nice -- if only to have such problems...

[briandownie]

Originally Posted by nick__45

Then why they bought lottery in the first place? It seems that lottery winning tickets usually go to people that can't manage it right, from those plowing through it quickly to those just giving it away.

In Canada and I think the U.S. too the proceeds from lottery tickets support social programs, things like local hockey arenas, boy's clubs, prescription medications that average people could never afford on there own, etc. That alone is a worthy reason to purchase lottery tickets.

Giving away all that money? What a gift it would be to be able to help so many people. It truly is better to give than receive.

Brian

[jdavis103]

Originally Posted by jeffrey

Married since 1974, the couple does not live large. They don’t travel, they don’t gamble and they don’t buy what they don’t need...[/i]

I find the "don't gamble" line kinda funny.

(I think if I were 74 and didn't particular need money (beyond the $200k they kept), I'd probably give it away to family too..)

[nick__45]

I would build a survival compound so save mankind if the zombies strike. The issue I have with giving things away free is that people tend to careful with money if they didn't earn it through hard work. Take a good look at housing project resident, welfare recipients, and people getting free handouts. Not an ounce of responsibility in those folks.

[jdavis103]

Originally Posted by nick__45

I would build a survival compound so save mankind if the zombies strike. The issue I have with giving things away free is that people tend to careful with money if they didn't earn it through hard work. Take a good look at housing project resident, welfare recipients, and people getting free handouts. Not an ounce of responsibility in those folks.

I'm gonna assume you meant "careless"

Totally on board with the anti-zombie bunker.

[cicy33]

Originally Posted by jdavis103

I find the "don't gamble" line kinda funny.

I agree! It always amazes me when people say "I don't gamble" but they do play the lottery. Exactly what do they think that is? Stocks, lottery, slot machines, they are all the same principal. put money in, hope to get more out. I personally will admit that I do gamble on slots when I can. fortunately I don't live near vegas!

[Jeff78703]

The lottery is actually a horrible bet if you want to "gamble". It is essentially a tax on the poor since the chances of winning are so low and so many people waste their money on it. On the other hand, what this couple did show an amazing lack of greed and I am quite impressed by it.

[DebbieL]

I don't consider myself a "gambler" at all, but maybe once a year I'll buy a lottery ticket just for fun. I'm sure that's what they meant. They don't go to casinos, bingo, etc.

I think it's very nice what they did. At their age they probably aren't really needing a whole lot of money anyways. I could see my parents doing that (they are 73 and 81). Their house has been paid off for decades, they have no debts and both have very good pensions. They travel a bit, but really they don't even spend much of the money they already have. What would they need with millions?

[disneysteve]

Originally Posted by cicy33

It always amazes me when people say "I don't gamble" but they do play the lottery.

It is just like people who say they have no debt but they do have a $300,000 mortgage.

What these folks did is wonderful. I suspect they bought lottery tickets just for the entertainment value, as we've discussed before, knowing that they had no need for the money if they actually won.

To be honest, if my wife and I won $11 million, we wouldn't give it all away but I think we'd give away a nice chunk of it. We could retire tomorrow and live very nicely on $5 million. With a 4% withdrawal rate, that would give us an annual income stream of $200,000 which is a fair amount more than we currently earn, and we wouldn't need to be putting 25% of income into savings, so that would represent a substantial increase in disposable income.

The other $6 million could make an incredible difference for some charities like our synagogue and other organizations which we support.

[Sissta2009]

Originally Posted by jdavis103

I find the "don't gamble" line kinda funny.

(I think if I were 74 and didn't particular need money (beyond the $200k they kept), I'd probably give it away to family too..)

Haha yeah seriously - isn't buying a lotto ticket tecnically taking a gamble on whether you'll win or not!?