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Georgia truck driver gets a piece of lottery history

Mega MillionsMega Millions: Georgia truck driver gets a piece of lottery history

Sometimes it pays to run a little late.

Truck driver Ed Nabors was a little behind on his way to work Tuesday morning, so he didn't stop for coffee at his usual place.

At lunchtime he bought a cup at nearby Favorite Market convenience store and chose to spend $10 on lottery tickets.

Good decision.

Nabors, 52, of Rocky Face, Georgia, discovered Wednesday morning that he had won half the record-setting $390 million Mega Millions jackpot in Tuesday night's drawing.

"I'm still numb," he said at a news conference in Atlanta.

Nabors was handed a giant replica check for $116,557,083. He will net about $80 million after taxes, Georgia Lottery Corp. spokeswoman Tandi Reddick said.

He will receive the actual payment in about 10 days. Asked how much longer he will be a truck driver, Nabors quipped, "About 10 more days."

Nabors choked up briefly while telling reporters how he plans to use some of the money.

"My daughter has wanted a house and to get out of a mobile home for a long time," he said, "and I think she just got it."

He added that he probably would buy some lakefront property for himself.

The winning numbers were 16-22-29-39-42, plus the Mega Ball, 20.

Nabors let the store's Mega Millions terminal choose his numbers for him; the winning combination was the sixth set out of 10, he said.

Mega Millions is a multi-state lottery played in California, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Texas, Virginia, and Washington.

The other winning ticket was sold at Campark Liquors in Woodbine, New Jersey, said New Jersey Lottery Commission spokesman Dominick DeMarco.

The holder of that ticket has not yet stepped forward.

Ed Nabors, 52, of Rocky Face, Georgia, discovered Wednesday morning that he had won half the record-setting $390 million Mega Millions jackpot in Tuesday night's drawing.

EXTRA: How to blow $390 million

In his work as a personal financial adviser, Brian Jones' philosophy can be summed up in a few words: Don't be like Mike.

Former heavyweight champ Mike Tyson could be the poster child for people who improbably squander huge sums of money. The slugger who was the youngest man ever to win the heavyweight crown had a fortune estimated at $300 million, yet today he is virtually penniless and trying to find ways to pay off a list of creditors that includes the Internal Revenue Service.

To Jones, Tyson's story serves as a cautionary tale for the winners of Tuesday's Mega Millions lottery drawing, which plays in California and 11 other states. The jackpot: A staggering $390 million.

"You have to work hard to spend that kind of money," said Jones, vice president of Cooper, Jones and McLeland in Fairfax, Va., and author of Getting Started: The Financial Guide for a Younger Generation (Larstan Publishing, 2006). "Mike Tyson managed to, but you have to work really hard."

For Tyson, the source of his financial woes was multi-pronged. From the exotic tigers he kept on his property to stretch limos that carried him through life's ultra-fast lane, Tyson managed to find innovative ways to blow a bundle the dimensions of which few people can even conceive of having.

Lottery winners, like successful game-show contestants, heirs to large estates and others who come into huge sums of money in a short period of time, also often find creative ways to fritter away their fortunes.

But it doesn't have to be that way. Sound financial planning, including hiring an experienced tax accountant and financial planner, can guide even novices through the prickly minefield of megabucks.

Jones and other financial advisers recommend solid investments - bonds, money market and other sources that involve little risk.

"The first thing for a winner to do is sit back, take a deep breath and realize what they need to do with that kind of money," said Richard Schneider, a venture capitalist with Easton Advisors in New York City. "Most of us would benefit with professional advice, which doesn't mean someone who calls up and claims to be a financial adviser.

"One should ask around and make sure they're putting themselves in the hands of someone who's competent and trustworthy."

Numbers to boggle the mind

Finding someone used to dealing in these kinds of numbers isn't a small feat.

As of last Friday, when the prize was still at $275 million, a winning Mega Millions ticket would be worth $142 million after taxes for non-New York City residents and $137 million for those in the city, according to New York Lottery spokeswoman Susan Miller. Those choosing the annuity option would have seen 26 annual payments of about $13.5 million apiece, according to last week's figures, which would be higher today.

While lottery officials can't give specific financial advice to winners, they do offer a general caution. "We recommend that they get a tax adviser and a financial adviser and that they sort of take a deep breath and reflect on what they really want do to," Miller said.

Jones also offers a stern word of advice: "Don't quit your day job."

He said one of the most common mistakes people who come into large amounts of money make is leaving their comfort zone — quitting their job, selling their homes and abandoning old friends who formed a support system.

"It's very important to have grounding influences when something like that happens," he said. "Keeping your day job for some people is an important safety net."

Two pieces of advice that are universal for someone quickly coming into a large fortune: Don't forget the tax man and be careful about risky ventures.

"Conservatively invest the money so you don't end up as one of the statistics," advised Mike Weiss, founder and CEO of Frontier Financial in New York, a financial consulting firm.

"The most common mistake I think is probably listening to friends and family," Weiss said. Those are the people you're normally accustomed to listening to, but none of those people are experts at handling large sums of money either."

CNN, Lottery Post Staff

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14 comments. Last comment 10 years ago by DoubleDown.
Page 1 of 1
Lurk More N00b's avatar - ummm
USA
United States
Member #3312
January 10, 2004
35 Posts
Offline
Posted: March 7, 2007, 10:38 pm - IP Logged

In Mike Tyson's defense, he was a kid from the ghetto who grew up with very little in the way of creature comforts. Suddenly, people were throwing millions of dollars in his face and everybody and their uncle were either giving him crappy advice or just outright trying to rob him blind. 

Going from nothing to everything overnight while surrounded by financial jackals can't be an easy 

transition. Good luck, Ed!

    justxploring's avatar - villiarna
    Wandering Aimlessly
    United States
    Member #25360
    November 5, 2005
    4461 Posts
    Offline
    Posted: March 8, 2007, 12:03 am - IP Logged

    Jones also offers a stern word of advice: "Don't quit your day job."

    Sure....

     

    Bob:  Anything you want me to do before I pickup my new Mercedes, Mr. Jones?  I was hoping to drive it to the closing when I sign the papers for my new home on the beach.

    Mr. Jones:  Yes, Bob.  The urinals in the men's room need cleaning.  I know you've been here 9 hours, but I promised to take my wife out to dinner tonight and the Regional Manager will be stopping by tomorrow morning.  Just empty the trash and mop the floors before you lock up, okay?

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
      Member #30470
      January 17, 2006
      10347 Posts
      Offline
      Posted: March 8, 2007, 12:13 am - IP Logged

      No kidding, well put.  

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

        One2Adore's avatar - butterfly2
        Maryland
        United States
        Member #50566
        March 8, 2007
        88 Posts
        Offline
        Posted: March 8, 2007, 8:30 am - IP Logged

        I sat here and thought about that comment for a moment...  "don't quit your day job". 

        Why else do people play the lottery?  Most do it so that they CAN quit their day job.  I know that's why I play.  LOL  I'd get fired anyway from taking so much leave.  I wouldn't have the motivation to go to my job knowing I didn't need their money to pay my bills.  It would feel like working for free.  Plus the thought of never having to have to commute into the city anymore would be enough to make me quit.  But that's just my take on it.

          MissNYC's avatar - diva
          Westchester, New York
          United States
          Member #49345
          January 27, 2007
          168 Posts
          Offline
          Posted: March 8, 2007, 10:48 am - IP Logged

          I waited to buy my tickets behind people spending $50-100 dollars a pop. This just shows that you don't need to do that. If it's meant to be, it will be.

            Avatar
            New Member

            United States
            Member #38710
            May 3, 2006
            4 Posts
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            Posted: March 8, 2007, 10:53 am - IP Logged

            Actually I think you would almost HAVE to quit your day job because all of your co-workers would be bugging you to death about what you're going to do with all that money...and I'm sure some of them would have some advice for you on how to spend that money too! I think it would become a major distraction in the office so I'm with you guys on that particular line on not quitting your day job!

              Avatar

              United States
              Member #10720
              January 23, 2005
              933 Posts
              Offline
              Posted: March 8, 2007, 8:15 pm - IP Logged

              JW spent 115 dollars on PB when he won. What it is you have a LOT of casual players who play 5 or 10 dollars, such a vast number that it overwhelms the "serious" players so that the most likely winner is either some kind of pool group or someone who played 5 or 10 on a whim.

              I went to the Leprechaun II in Rutherford hoping for a second strike, got 10 in QP and 1 using System, best outcome was one of the QP had the bonus ball. I normally don't play QPs.

              I was hoping there would be a winner in nj. Of course it has to be over 100 miles away! Not likely anyone I know.

              Also you have to keep some kind of normalcy in your life after a win. Changing your lifestyle too drastically can easliy cause depression. I'd suggest to open a small business that way you keep yourself busy and not be in the house all day punching up stock quotes.

                Avatar
                Texas city,tx
                United States
                Member #50125
                February 26, 2007
                201 Posts
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                Posted: March 9, 2007, 10:39 am - IP Logged

                a fool and his money will soon part.

                  Avatar
                  New Member

                  Bahamas
                  Member #50635
                  March 10, 2007
                  3 Posts
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                  Posted: March 10, 2007, 2:54 pm - IP Logged

                  if i win that amount that is alife time for my family and me

                    MegaWinner's avatar - Lottery-029.jpg
                    New Jersey
                    United States
                    Member #50273
                    March 3, 2007
                    348 Posts
                    Offline
                    Posted: March 10, 2007, 5:44 pm - IP Logged

                    Jones also offers a stern word of advice: "Don't quit your day job."

                    Sure....

                     

                    Bob:  Anything you want me to do before I pickup my new Mercedes, Mr. Jones?  I was hoping to drive it to the closing when I sign the papers for my new home on the beach.

                    Mr. Jones:  Yes, Bob.  The urinals in the men's room need cleaning.  I know you've been here 9 hours, but I promised to take my wife out to dinner tonight and the Regional Manager will be stopping by tomorrow morning.  Just empty the trash and mop the floors before you lock up, okay?

                    I know lol!  I think not quitting your day job is probably some of the dumbest advice you could give a Jackpot winner.  The only time it makes sense to do so is if you like your job/career. 

                    If I won, I would not return to my job again.  I mean, yeah I make decent money now but damn, if I came into $84 million dollars, you can bet your keester quitting my job is the absolute first thing I would do. 

                    Could you imagine what would happen if you won that money, your name and picture is plastered all over the news and internet, and you went to work with everyone there knowing you have that kind of money?  Oh my goodness.  You'd get harrassed by probably 90% of the workforce (I work with thousands of people and personally know at least close to 500 of them) with requests for a handout. 

                    Everyone will come to you with a sobb story (and some will probably be true) about how they really need the money and could you give them some.  You'd even get harrassed by the customers.  You'd probably start to even feel guilty after a while for saying no to the same collegues that you have worked with for so long.  That is why I would not return to my place of work.

                    Now if you can claim your jackpot through a blind trust of some sort, then yeah, its okay to stay until you actually have the money in hand.

                      Guru101's avatar - rw6jhh
                      Indiana
                      United States
                      Member #48725
                      January 7, 2007
                      1953 Posts
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                      Posted: March 10, 2007, 9:17 pm - IP Logged

                      I don't hold anything against the man for claiming his ticket so soon. If someone hires a financial adviser or lawyer because they won the lottery, then so be it, good for them, but you can't hold just the fact that they claim it so soon against them. For one, that ticket is just a slip of paper. I usually put my ticket in my wallet and would hate to find out that I forgot to take out my wallet before putting my pants through the washer. So many things can happen to a slip of paper. Number two, you probably aren't going to know these "experts" that you're hiring. They might want to take advantage of you since you're a millionaire. I can honestly say that I would feel comfortable claiming the jackpot myself without consulting anyone else.

                      Gonna win.Big Smile

                        Avatar
                        Amarillo/Austin
                        United States
                        Member #1424
                        April 25, 2003
                        696 Posts
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                        Posted: March 10, 2007, 11:25 pm - IP Logged

                        Some people may not have the option to stay at their job.  I know a teacher would be forced to retire because the school system would not take to risk of letting you stay in the classroom.  A student's parents may claim you mistreated their child and hire a lawyer to help part you from your money.  It would be an unwelcome distraction.  The school system couldn't afford to keep you.

                        Orangeman                                      Type


                          United States
                          Member #16612
                          June 2, 2005
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                          Posted: March 11, 2007, 7:49 pm - IP Logged

                          I hope Mr. Nabors can spend his money wisely and not have financial problems later in life.

                            Avatar
                            Coastal Georgia
                            United States
                            Member #2653
                            October 30, 2003
                            1866 Posts
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                            Posted: March 11, 2007, 9:01 pm - IP Logged

                            I hope Mr. Nabors can spend his money wisely and not have financial problems later in life.

                            " Hope is a good thing, maybe the best of things " ... Tim Robbins as Andy Dufresne in The Shawshank Redemption.. One of the best movies I have ever seen...

                            DD