Lottery winner goes from rags to riches to rags

did something happen to Cash Only??

Truly a sad story! But after Big Jack's story I saw this coming!  I hope to win soon so I can set Kentucky's rep straight!  This little ol'e "trailer trash" is gonna buy a double wide!  

"If he followed my advice," says James Gibbs, his former financial adviser, "he'd be pulling in about $85,000 a month for the rest of his life."

I could darn well live very very nicely on that kind of monthly income! Yes, at first I would spend some serious cash on a few things, but for the most part, I'd be trying to grow my cash holdings to something more substantial (without to much risk).

Winning the lottery is no guarantee that you won't have financial problems later in life.

Sorry -  I just meant that he seems to have dropped out of here (or was thrown out)  That's all.  I think of him/her when I post anything about annual payments.

 Truly a sad story! But after Big Jack's story I saw this coming!  I hope to win soon so I can set Kentucky's rep straight!  This little ol'e "trailer trash" is gonna buy a double wide!  

I hear ya!  I was thinking about that too ....  on several acres overlooking the mountains of course.  I lived in a singlewide for many years, so a nice doublewide would be fine.  I wouldn't buy one in Florida unless I want to end up with Dorothy & Toto in Kansas.  Even if you are completely joking, I think it would be a nice start to just get away for a while.

Such a sad story.  He had the potential to really help people & to provide for his future & the future of his child.

You definitley have a point. I don't think there's been any horror stories of this intensity about annuity winners.

I say "of this intensity" because I'm sure some annuity winners have wound up selling their annuities for much less to collect a lump sum from one of those companies that do that.  

sad so incredibly sad.

I am reminded of a quote from the movie, "Wallstreet", where Gordon Gekko says, "A fool and his money are lucky enough to get together in the first place."

But this story is living proof that a fool and his money are soon seperated!

This story is worse than most because he and his girlfriend/wife were both serious druggies, but plenty of other people have followed a similar path.  I don't think he spent it on drugs, but one of NY's first lotto winners had no choice but the annuity and  easily squandered it as fast or faster than is rolled in.  You can read about it here:http://weeklywire.com/ww/08-23-99/nash_cover.html

Everyone is writing that this is a sad story.  Maybe a better word is "tragic," but I don't have any pity for someone who had a chance to turn his life around and chose a dark path to travel. The only victims here are the children. Many people who had a rough start in life would have looked at his incredible twist of fate as a miracle, a gift from a higher power to get a second chance.  He made very bad choices and, even when he still had a chance to pick up and start all over again, he continued to dig his own grave.  There were many people whose lives were turned upside down by 9/11, Katrina and other disasters who did something positive without millions of dollars.  Sorry if I sound cold, but there are too many families here losing their homes for me to cry for Edwards. 

He hasn't posted for perhaps a year or so. My guess is that a lottery winner decided to take the annuity and he had a stroke.

Good one Floyd!

how about some stories on those who are doing good with their winnings?

i want to hear stories about people who are gaining 100,000 dollars of interest a month and they drive nice cars and go to bed early and eat their vitamins and say their prayers.someone who gives back to the copmmunity,that don't do drugs or beat strange women at 3am........

Amen!  Say it again and again!