Should this woman still be allowed to collect state aid?

[AGDee]

Originally Posted by PiKA2001

Oh that poor 20 something year old thing only winning 1 mil....

Honestly, if someone gave me almost $600k right now (at 30) I could probably live out the rest of my days pretty comfortably with maybe only a part-time job waiting tables or working at Starbucks to augment my income.

I could, on my own, but not with kids. I think my daughter will end up costing me twice that by the time I'm done raising her...lol.

So, you could buy a small house for $100K or so (these days, after it has been completely remodeled), you could get a new car for $30K or so (modest one). That eliminates mortgage payments and gives you a vehicle for 7 or 8 years, probably... more if you don't drive much. So you have about $470K left. From there, you need about (monthly):
$200/month utilities (heat, electric, water)
$500/month groceries/gas
$250 car insurance/home owners insurance
$250 property tax
$200 clothes/entertainment/spending money

That's $1400/month. Not counting investment interest (because you could lose your shirt in the stock market and can only get *maybe* 5% on a CD/money market), that'll carry you for 335 months or 27 years. The interest you do get would basically be your adjustment for inflation. I could do it, but not with the kids. I doubt I'll live longer than 27 more years...

That doesn't really cover extra stuff like vacations, home repairs/remodels, car repairs or future cars once yours dies either... It also didn't include internet, phone, or cable service.

I definitely wasn't justifying her being on food stamps. That is just wrong. I was just pointing out that this wasn't a huge jackpot lottery.

[Sciencewoman]

I have a bad feeling that's she's going to burn through this money and then be back on public assistance in a couple years...when the money runs out and she still doesn't have a job. It makes me sad when I read that about lottery winners.

[PiKA2001]

Originally Posted by AGDee

I could, on my own, but not with kids. I think my daughter will end up costing me twice that by the time I'm done raising her...lol.

So, you could buy a small house for $100K or so (these days, after it has been completely remodeled), you could get a new car for $30K or so (modest one). That eliminates mortgage payments and gives you a vehicle for 7 or 8 years, probably... more if you don't drive much. So you have about $470K left. From there, you need about (monthly):
$200/month utilities (heat, electric, water)
$500/month groceries/gas
$250 car insurance/home owners insurance
$250 property tax
$200 clothes/entertainment/spending money

That's $1400/month. Not counting investment interest (because you could lose your shirt in the stock market and can only get *maybe* 5% on a CD/money market), that'll carry you for 335 months or 27 years. The interest you do get would basically be your adjustment for inflation. I could do it, but not with the kids. I doubt I'll live longer than 27 more years...

That doesn't really cover extra stuff like vacations, home repairs/remodels, car repairs or future cars once yours dies either... It also didn't include internet, phone, or cable service.

I definitely wasn't justifying her being on food stamps. That is just wrong. I was just pointing out that this wasn't a huge jackpot lottery.

First things first...spending $30k on a car is modest to you? If I'm spending that kind of money on a car it better be an BMW or an Audi. All of the automakers are making pretty decent vehicles these days that are in the $15k-$20k range (that's modest).

Another thing to consider; She's young, seems to be attractive, and loaded. I'm sure she'll find a spouse who will most likely contribute to the household finances.

I'm also sure she'll be dead broke in 6 years...

[ASTalumna06]

Originally Posted by AGDee

I could, on my own, but not with kids. I think my daughter will end up costing me twice that by the time I'm done raising her...lol.

So, you could buy a small house for $100K or so (these days, after it has been completely remodeled), you could get a new car for $30K or so (modest one). That eliminates mortgage payments and gives you a vehicle for 7 or 8 years, probably... more if you don't drive much. So you have about $470K left. From there, you need about (monthly):
$200/month utilities (heat, electric, water)
$500/month groceries/gas
$250 car insurance/home owners insurance
$250 property tax
$200 clothes/entertainment/spending money

That's $1400/month. Not counting investment interest (because you could lose your shirt in the stock market and can only get *maybe* 5% on a CD/money market), that'll carry you for 335 months or 27 years. The interest you do get would basically be your adjustment for inflation. I could do it, but not with the kids. I doubt I'll live longer than 27 more years...

That doesn't really cover extra stuff like vacations, home repairs/remodels, car repairs or future cars once yours dies either... It also didn't include internet, phone, or cable service.

I definitely wasn't justifying her being on food stamps. That is just wrong. I was just pointing out that this wasn't a huge jackpot lottery.

Originally Posted by PiKA2001

First things first...spending $30k on a car is modest to you? If I'm spending that kind of money on a car it better be an BMW or an Audi. All of the automakers are making pretty decent vehicles these days that are in the $15k-$20k range (that's modest).

Exactly what I was thinking! I just bought a brand new Honda Civic last year and it was about $18,000. That's all you need.

And another question... Where the hell are you buying a completely remodeled house for $100,000?! This DEFINITELY is dependent upon where you live.

[AGDee]

Originally Posted by ASTalumna06

Exactly what I was thinking! I just bought a brand new Honda Civic last year and it was about $18,000. That's all you need.

And another question... Where the hell are you buying a completely remodeled house for $100,000?! This DEFINITELY is dependent upon where you live.

I dunno, my 2009 Saturn Vue was $21K with my GM discount but by the time you added all the fees, extended warranty, taxes, destination charges, blah, blah, it was $28K so I rounded up to $30K. It was one of the cheapest cars I could find at the time, that I could stomach the appearance of and fit two teenagers in, anyway. Starting MSRP for a Ford Focus is $18, 600 or something like that. Add the basics like an automatic transmission, air conditioning, etc. and you get up there pretty fast.

In the area where this woman lives, you can get a house for that and I was basing it on that. She can get a foreclosure for probably $40K and have the remodeling done herself for probably $25K and get it even cheaper. Housing has tanked here, seriously tanked. My house is worth less than half of what I bought it for 11 years ago. This is the reality in Michigan.

[PM_Mama00]

Originally Posted by PiKA2001

First things first...spending $30k on a car is modest to you? If I'm spending that kind of money on a car it better be an BMW or an Audi. All of the automakers are making pretty decent vehicles these days that are in the $15k-$20k range (that's modest).

Another thing to consider; She's young, seems to be attractive, and loaded. I'm sure she'll find a spouse who will most likely contribute to the household finances.

I'm also sure she'll be dead broke in 6 years...

When was the last time you bought a car? The Escape I want is about $25,000 and to lease with $1500 is $360/month. WITH a job I can't afford that.

And she's not attractive. She is complete white trash. She'll find a "thug" who sells pills for a living who will eat all her money.

Originally Posted by ASTalumna06

Exactly what I was thinking! I just bought a brand new Honda Civic last year and it was about $18,000. That's all you need.

And another question... Where the hell are you buying a completely remodeled house for $100,000?! This DEFINITELY is dependent upon where you live.

In Michigan. The houses in my sub are about 3000sq.ft. The house 2 doors down, foreclosed, sold for $142,000. Yep. Good ol Detroit area.

[AGDee]

Ironically, I just got my tax assessment on my house. The taxable value is supposed to be half the actual value. When I bought the house, the taxable value was 72,000. Now it's 46,000. So the value of my house has gone from 144K to 92K. And I couldn't sell it for that.. it's not a real estate kind of appraisal, it's a random property tax assessment. I could sell it, maybe, for $80K. MAYBE. The house next door to mine is twice the size and was flipped after a foreclosure.. sold for $109K. Big huge cape cod. Gorgeous with granite and wood floors and.. *sigh*.

[PiKA2001]

Originally Posted by PM_Mama00

When was the last time you bought a car? The Escape I want is about $25,000 and to lease with $1500 is $360/month. WITH a job I can't afford that.

I've bought 3 in the last 5 years. One being a 2 year old Escape Limited with under 20,000 miles and all the bells and whistles for just under $18k, a brand new VW GTI for $23k, and a used Land Rover for $25k. I prefer to buy used...much better value for the money.

I really wish I was still in MI. It's frustrating to look at 1500 sq ft houses that need major updating here selling for $200k+. I'd probably own at least three houses right now if I was still living in metro Detroit.

[PM_Mama00]

Originally Posted by PiKA2001

I've bought 3 in the last 5 years. One being a 2 year old Escape Limited with under 20,000 miles and all the bells and whistles for just under $18k, a brand new VW GTI for $23k, and a used Land Rover for $25k. I prefer to buy used...much better value for the money.

I really wish I was still in MI. It's frustrating to look at 1500 sq ft houses that need major updating here selling for $200k+. I'd probably own at least three houses right now if I was still living in metro Detroit.

Wow seriously? My house is almost 3000 and my neighbors is about the same. It was probably work about 300,000 and went for half.

[AGDee]

Originally Posted by PiKA2001

I've bought 3 in the last 5 years. One being a 2 year old Escape Limited with under 20,000 miles and all the bells and whistles for just under $18k, a brand new VW GTI for $23k, and a used Land Rover for $25k. I prefer to buy used...much better value for the money.

I really wish I was still in MI. It's frustrating to look at 1500 sq ft houses that need major updating here selling for $200k+. I'd probably own at least three houses right now if I was still living in metro Detroit.

I've had awful experiences with used cars. They end up in the shop constantly, on my dime. My used Chevy ended up needing a new engine after I'd had it for two years, at only 60,000 miles. Ugh, what a hassle. And I'm certain the used mini-van I had was once in an accident because odd things happened with it shortly after I got it and the rack of the rack & pinion steering cracked 3 times @ $950 a shot. I want to buy a car, take supreme care of it and drive it for 160,000 miles myself. Then I get 8 years out of it.

You don't know that you'd want to own that many houses here because the values are still dropping dramatically. If it ever bottoms out, then its time to buy. In the meantime, you'd probably have 3 houses that are under water. I cannot pay on my mortgage as fast as the value is dropping and it stinks big time. I am so stuck here for at least 10 or 15 more years and my original plan was to sell in 2014 and get a condo (after kids are in college). Instead, I am totally stuck with the maintenance, yard care and snow removal til I'm almost 60 and that really stinks.

[PiKA2001]

A woman who admitted to receiving food stamps after winning $1 million on a Michigan state lotto game show was found dead today.
The circumstances surrounding Amanda Clayton's death were not immediately released by police, but ABC News' Detroit affiliate WXYZ-TV reported that sources within the police department said they suspect the woman died of an overdose.
An autopsy is pending on Clayton's body, which was found at a home in Ecorse, Mich., police said.
Clayton, who became a millionaire after her big win last September, caused outrage earlier this year when it was revealed she was continuing to get $200 in monthly food aid from the state.

http://news.yahoo.com/michigan-1-mil...opstories.html

Wow...

[AGDee]

Originally Posted by PiKA2001

http://news.yahoo.com/michigan-1-mil...opstories.html

Wow...

Helluva way to spend lottery winnings...

[fascination]

Originally Posted by PiKA2001

I'm also sure she'll be dead broke in 6 years...

Don't know if she's broke (probably), but she certainly is dead.

[PM_Mama00]

I wasn't surprised when I read it. She was back in the news after the lottery debacle for having her thug friends threaten neighbors over something stupid.

ETA: I'm sorry, she hired some guys to beat up her neighbors and she herself got into a fight with them. I remember a pic of her with the black eye.

[KSUViolet06]

This reminds me of the oh so smart peeps who say "If it hit the million or 2 million dollar jackpot, I'm SO quitting my job the next day and moving."

Um, I don't know if you've done the math, but a million dollars (particularly in the lump sum option) is not going to get you very far.