Lottery LosersPrevious TopicNext Topic

Been reading up on David Edwards and was wondering if there are any other people who won the millions in the lottery and wound up broke after a few years. Kind of a sad story.

Yep, It's crazt how he lost most of his Millions.  Just dumb.  And there is another one in CA that won the lottery and ended up broke.   Doing business with a hand shake just does't work anymore.  That is how he lost his and is now living in a trailer!!

I think our school are to blame for a lot of that happening in this day and age.

Lol

Joey

Odd you said that about the schools. I have said for years that schools need to give a mandatory 6 weeks course in financial management. Schools want to teach kids about sex in the fifth grade but they wont offer any financial classes. That never made sense to me.

The statistics reportedly tell us that the majority of lottery winners lose it in fairly short order. Edwards managed to squander a pre-tax jackpot of somehting like 26 milion, which had to take some serious effort over a period of many years. Even he might have had trouble going through the net proceeds from the current  MM jackpot.

I also wonder why schools don't routinely teach some basic finance, but if you think that should come before or in place of sex ed in 5th grade you must not be paying attention to the world around you. It's awfully difficult for a kid to get in serious financial trouble by 5th or 6th grade, but thare are plenty of 6th and 7th graders who already are, or are about to become, parents. It seems to me that courses in basic finance can definitely wait until after the sex ed and basic parenting classes.

Personal finance may not be a routine requirement in the schools, but there are isolated cases of it.  When I started teaching at our local school district, the semester course was one of the classes I taught and was a local requirement for seniors.  It was still a requirement when I left the district six years later, though I'm not sure if it still is. 

While some students might benefit from taking such a class earlier, I personally think that the topic will seem most relevant to them close to the time they will be on their own.

When I was in high school we had to take a business/economics class, was very basic stuff though that really didn't teach anything aside from balancing a checkbook and things that were obsolete before I graduated.

I remember when I was in 9th grade I had very poor math skills and could not get into the better math classes. I was placed in a general math class for the less smart kids. the teacher of that class was the best teacher I ever had because he taught us how to balance a check book write out a monthly expense plan and pay bills. We learned about interest rates credit cards and bank accounts. he talked about paying rent and mortgages, basically he taught us life math and the importance of paying off debt and how to save money. that class is one that I will always remember. to this day I write out what I need and how I will pay for it. and I kept myself out of debt. But, the clunker is I get the bad rap of being a miser, cheap and a tightwad. I never kept up with the Joneses and the Joneses looked down at me, and it did hurt I felt like a loser. With the economy going down I lost my job and so did the joneses, the only difference is my 8 year old car is still in the driveway and Im still managing to live in my home. the joneses are gone. I lack in health ins. and don't have a pension plan so now I don't care if im called cheap and frugal I have no choice, In the past two years my income has dropped to half and so has my savings.  If I won the lottery the first thing I would do is get better health insurance and set up an ira for my retirement. I probably never will be able to retire and may loose my home the way America is going.   

With that off my chest, I play the pick 6, buy two tickets a week and hope for the best. One more thing, set up a plan on what you would do if you won the lottery, what you would buy, how will you deal with children and relatives, the need to get a the right tax lawyer and what you plan to save for an emergency fund and your future. Read the lottery loser stories and learn from them of what not to do.

Good for you for not following the Jones!! You kept to your budget and true to yourself! I am sorry to hear about your job, but things would have been worse for you had you kept up with the Jones.

Believe in yourself and keep to your budget! I'm sure you will find something soon!

God Bless!

I know what I would do I would invest my half of the Money I won. Because you get lots of interest on it. That would be a very smart think to do.

............wow {WHAT a STORY}!!!!!

i WOULD HOPE THAT IF ANYONE ON LOTTERY POST ever WIN'S jackpot$

they WOULD GET THIS PERSON OUT OF the trailer without handshake

MABY>>>>>>>>>>Todd WOULD LIKE 2 PUBLISH HIS "LIFE" STORY 4-ALL2

"READ">>L@@K'S LIKE EDUCATION 2-ME!!

LOL

PSYKOMO

SEND UR investment's 2 LOTTERY POST >>>>>>if U care R>>>DARE 222222>

get in on the b@@k & movie right's  >>>>>>what a "STORY" bout people

G@@D>>>>>>>>BAD>>>>>>>>>

LOL

PSYKOMO

That is an idea, but just for the record use a nickname instead of your real one so anyone want come stick notes on my door.

hmm sounds like a niche market for financial planners, " instant wealth finaincial planning ".

set up by a lotto winner for lotto winners. [ and anyone else with a new bucket of cash they have no clue what to do with. ]

They just started making financial planning mandatory in all TN schools.  I wish we would have had it when I was in school.  I learned to keep a budget and pay my bills from my Dad.  I have always had decent credit and I try not to overspend.  I don't have a lot of money saved but I am not worried about  that right now. My sister once said "We have always had enough." I manage to help others when I can.  I have just one bill I am beginning to worry about but hopefully and with the help of the Good Lord I will get it under control also.  I have met people who didn't have a pot to whizz in ..get a small "windfall" and just blow it trying to be something they are not and cannot afford.  They were trying to act like they were "really" above everyone else.  Now they are out of their windfall and looking really stupid.