Money Makes us All Crazy
I was part of the Lottery Pool Too!
It seems that thanks to the Lotto Max $50 Million pay out being shared by a group at Bell Canada in Toronto, more and more folks are now claiming to be part of the winning group. Due to this, the Lottery Commision is now going to hold onto the money a little longer to investigate each and every claim brought forward. It is already being shared by 18 or so people, but now these new winners want a cut in the action as well.
Is this surprising? Not really, money is the root of so many disagreements, altercations, fisticuffs and wars these kind of shenanigans are hardly surprising. It is amusing to see the alleged group members all complaining that the lottery commision should just give them the money, but the OLG must protect their own interests, so they are holding onto the money (bet this one takes a while to resolve, if the group didn’t have scrupulous accounting).
The Root of Evil
This is another example of why it is important to have all of your financial paperwork in order, because you never know what is going to happen.
If your Will is out of date, what happens? Nothing good, would be my bet. If you are like me and you have a Will that mentions 3 out of my 4 kids, that might not mean it is of much value. Who is your executor of your Will? Are they still alive? Do you still get along with them? Remember the thematic premise today money makes people crazy, and if there is any disagreements on who gets what, it can make for some ugly situations to arise.
Who are the beneficiaries of your life insurance policies, and RRSPs (if you pass away)? Should be just fine, but what if you got divorced and forgot to take your ex-spouse off these policies or investments? Suddenly they receive the settlement, leaving a new family out in the cold?
Write it Down and Keep Track of it
This sad incident drives home the important point that in finances, and in life if it is not written down you cannot assume it is going to happen the way you want. Make sure your finances are well documented and that this documentation is truly up to date, or you might end up with a nasty surprise.
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January 6th, 2011 at 5:30 AM
[...] This post was mentioned on Twitter by bigcajunman and Loans Canada. Loans Canada said: Money Makes us All Crazy: I was part of the Lottery Pool Too! It seems that thanks to the Lotto Max $50… http://bit.ly/ieUmrG #canada [...]
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January 6th, 2011 at 6:05 AM
[...] Money Makes us All Crazy | Canadian Personal Finance Blog This entry was posted in How To Make Money Fast and tagged canadian personal finance, ed yourdon, how to make fast money, Income, need, Source. Bookmark the permalink. ← FAQ: Is it possible to get a six figure income in my situation? [...]
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January 6th, 2011 at 8:28 AM
Thanks for the reminder on our 2 PF “resolutions”. Get a will done and create the finance information sheet.
Oh, and I want my part of the $50mil too.
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January 6th, 2011 at 8:57 AM
No you weren’t!!! But I was! Money makes us all nuts.
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January 6th, 2011 at 9:56 PM
And here are a couple of situations that need to be contemplated.
1. Don’t assume one of you will die before the other just because of your age or an illness. My stepmother was 12 years younger than my dad so everything was planned assuming he would die first. Well at 58 she died in her sleep causing a huge reduction since it was her pension they were living on. He didn’t even have a current bank card to access the main bank account.
2. Figure out what happens if you do before your parents. A friends son died at age 25 from ewings sarcoma. He is married but had no children. His father had recently given him a chunk of money to start a business but the son didn’t have a chance to use it. This money passed to his widow rather than back to his father or to his sister who could have used this money. This has caused tension in the relationships since there is an expectation that his widow should give the money back.
It helps to be an awful-izer and look at things from all angles.
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January 9th, 2011 at 5:02 AM
[...] the 2011 stock picks contest.”Big Cajun Man at THE Canadian Personal Finance Site presents Money Makes us ALL Crazy, saying “An incident with the latest Lotto-Max winning group suggests the importance of up to [...]
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January 9th, 2011 at 6:18 AM
[...] Cajun Man at THE Canadian Personal Finance Site presents Money Makes us ALL Crazy, saying “An incident with the latest Lotto-Max winning group suggests the importance of up to [...]
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January 10th, 2011 at 4:48 PM
[...] Cajun Man from THE Canadian Personal Finance Blog presents Money Makes us ALL Crazy , and says, “An incident with the latest Monster Lottery in Canada suggests the importance of [...]
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January 10th, 2011 at 6:15 PM
[...] Cajun Man from THE Canadian Personal Finance Blog presents Money Makes us ALL Crazy , and says, “An incident with the latest Monster Lottery in Canada suggests the importance of [...]
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January 10th, 2011 at 10:55 PM
[...] THE Canadian Personal Finance Blog: Money Makes us ALL Crazy [...]
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January 11th, 2011 at 9:51 PM
It’s crazy how big groups of people at workplaces play the lotto together, especially without adequate documentation or information sharing.
Sometime back a woman bought quick pick lotto tickets for her group using the pooled money, and then bought some quick pick tickets of her own using her own personal money.
One of the tickets won. She claimed it was one she’d bought with her personal money, and she walked away with all the money — leaving a lot of former friends and coworkers who now hate her guts.
Who can say what money bought what quick pick tickets?
Workplace groups should decide on what numbers they’ll play. No quick picks. That way, everybody can know if one of those tickets is a winner or not.
Canadian income trusts
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January 12th, 2011 at 8:01 AM
[...] the paperwork well and now quite a few more “winners” say they should be included. Canadian Personal Finance Blog notes this is just one more example of why it’s important to have all of one’s [...]
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January 12th, 2011 at 3:21 PM
The Lottery!? I mean, come on now, I know it would be GREAT to “win” the lottery, but what a total waste of your hard earned cash by purchasing lottery tickets! Nice blog, I plan to come back often.
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January 12th, 2011 at 5:14 PM
Welcome!
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January 21st, 2011 at 1:56 AM
Yes, I agree that money is the root of all evils. I remember when I was in high school, we have a debate about “Knowledge is powerful than money”, boys versus girls, and the girls are in the affirmative side. However we reason out, there are still proofs or news that money causes a lot of issues or problems between families or friends, or colleagues, just like what happened to the lotto winners.
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February 5th, 2011 at 3:51 PM
[...] Cajun Man from THE Canadian Personal Finance Blog presents Money Makes us ALL Crazy , and says, “An occurrence with a latest Monster Lottery in Canada suggests a significance of [...]
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