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Lottery winner goes from rags to riches to rags

Topic closed. 62 replies. Last post 13 years ago by Perfect Timing.

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nobie23's avatar - squiz

United States
Member #3009
December 12, 2003
2065 Posts
Offline

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
    Member #3754
    February 18, 2004
    21 Posts
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    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
      Member #18794
      July 20, 2005
      789 Posts
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      "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
        25
        New Jersey
        United States
        Member #17842
        June 28, 2005
        130287 Posts
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        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!

        Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.

        Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.

          justxploring's avatar - villiarna
          Wandering Aimlessly
          United States
          Member #25359
          November 5, 2005
          4461 Posts
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          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
            Member #13465
            April 6, 2005
            68 Posts
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            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
              100
              Zeta Reticuli Star System
              United States
              Member #30469
              January 17, 2006
              11498 Posts
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              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. So many systems, so many theories, so few jackpot winners. 

              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
                Offline

                sad so incredibly sad.

                  ArtVandalay's avatar - 3237774708 dd3351ee2c_m.jpg
                  Arizona
                  United States
                  Member #52801
                  June 10, 2007
                  88 Posts
                  Offline

                  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

                    KY Floyd's avatar - lysol avatar.jpg
                    NY
                    United States
                    Member #23834
                    October 16, 2005
                    4262 Posts
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                    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
                      United States
                      Member #25359
                      November 5, 2005
                      4461 Posts
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                      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. 

                        KY Floyd's avatar - lysol avatar.jpg
                        NY
                        United States
                        Member #23834
                        October 16, 2005
                        4262 Posts
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                        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
                          221 Posts
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                          Good one Floyd!Approve

                            Avatar
                            100
                            Tennessee
                            United States
                            Member #7853
                            October 15, 2004
                            11350 Posts
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                            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
                              Member #24379
                              October 21, 2005
                              623 Posts
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                              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!