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Lottery winner goes from rags to riches to rags

Topic closed. 62 replies. Last post 9 years ago by Perfect Timing.

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nobie23's avatar - squiz

United States
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December 12, 2003
2065 Posts
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Posted: August 22, 2007, 7:56 pm - IP Logged

In memory of Cash Only...

If I win the $40 million Florida Lotto jackpot tonight, I'll probably take the annuity.  I used to think it was better to take the money & run, and still wonder about it.  However, knowing every year that, no matter how badly you screw up your life, you'll still be getting a big check soon must be a very comforting feeling.

did something happen to Cash Only??

    nitabug's avatar - animaniacs07
    Madisonville Kentucky
    United States
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    February 18, 2004
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    Posted: August 22, 2007, 8:08 pm - IP Logged

    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!  

      BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
      Magnolia, Delaware
      United States
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      July 20, 2005
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      Posted: August 22, 2007, 9:44 pm - IP Logged

      "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).

      Keep dreaming the impossible dream, it just may come true! Thumbs Up

        Raven62's avatar - binary
        New Jersey
        United States
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        June 28, 2005
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        Posted: August 22, 2007, 10:11 pm - IP Logged

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

        A mind once stretched by a new idea never returns to its original dimensions!

          justxploring's avatar - villiarna
          Wandering Aimlessly
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          November 5, 2005
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          Posted: August 22, 2007, 10:12 pm - IP Logged

          did something happen to Cash Only??

          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.

            Ladyluck2005's avatar - underground
            Denver, CO
            United States
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            April 6, 2005
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            Posted: August 22, 2007, 10:39 pm - IP Logged

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

            Ladyluck2005

            Blue Angel

            Carpe Diem

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
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              January 17, 2006
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              Posted: August 22, 2007, 11:38 pm - IP Logged

              In memory of Cash Only...

              If I win the $40 million Florida Lotto jackpot tonight, I'll probably take the annuity.  I used to think it was better to take the money & run, and still wonder about it.  However, knowing every year that, no matter how badly you screw up your life, you'll still be getting a big check soon must be a very comforting feeling.

              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.  

              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.

                starchild_45's avatar - spherewall2
                kent, washington
                United States
                Member #3509
                January 26, 2004
                465 Posts
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                Posted: August 23, 2007, 1:17 am - IP Logged

                sad so incredibly sad.

                  ArtVandalay's avatar - 3237774708 dd3351ee2c_m.jpg
                  Arizona
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                  Member #52803
                  June 10, 2007
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                  Posted: August 23, 2007, 1:29 am - IP Logged

                  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!

                  Money can't buy you happiness, but I sure could afford the misery that it brings! Wink

                    Avatar
                    NY
                    United States
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                    October 16, 2005
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                    Posted: August 23, 2007, 1:31 am - IP Logged

                    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.  

                    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

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
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                      Posted: August 23, 2007, 1:33 am - IP Logged

                      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. 

                        Avatar
                        NY
                        United States
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                        Posted: August 23, 2007, 1:33 am - IP Logged

                        did something happen to Cash Only??

                        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.

                          fwlawrence's avatar - Yavill
                          Austin
                          United States
                          Member #9378
                          December 6, 2004
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                          Posted: August 23, 2007, 2:07 am - IP Logged

                          Good one Floyd!Approve

                            LOTTOMIKE's avatar - cash money.jpg
                            Tennessee
                            United States
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                            October 15, 2004
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                            Posted: August 23, 2007, 2:46 am - IP Logged

                            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........

                              mylollipop's avatar - Trek STLOGO6.png

                              United States
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                              October 21, 2005
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                              Posted: August 23, 2007, 3:17 am - IP Logged

                              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. 

                              Amen!  Say it again and again! I Agree!