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6 lotto winners who lost it all

Topic closed. 53 replies. Last post 6 years ago by louise black.

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THRUST's avatar - f35l

United States
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March 16, 2010
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Posted: June 10, 2010, 2:49 pm - IP Logged

http://www.lotterypost.com/news/161361

 

  That David Edwards is quite a story.  We should be able to look at his life, and the lives of other jackpot losers, and come up with a set of general rules to live by should we win.  

 

1.  Invest for income and live within a budget.  Let's say Edwards had 27 million after taxes and everything.  If he had invested it, drawn off 3% for income, he'd have an income of over $800,000 a year, plus his investments would have grown to match inflation and increase in value.  Are you telling me that 800k a year is not enough to live on?  

2.  You are not financially responsible for friends and family.  There's a difference between one time gifts and regular gifts.  If you give someone money and they squander it on beer, hookers, and donuts, then come back with their hand out, you're doing them no favor by giving them more.  I know people with huge massive credit card debts.  There's no way I'd bail them out.  They need credit counseling, not cash.  If you must gift, give once and learn to say no.  

3.  If you hire a financial advisor, listen to their advice.  It seems Edwards had only one person in his life who was looking out for his best interests, and he mocked that person and ignored their advice.  Get your financial advice from a large, renown company.  He used Morgan Stanly.  But Vanguard, Blackrock, these types of companies deal in trillions of dollars.  If you're worried about them embezzling your money, you're just paranoid.  Your few millions will be piddling compared to their total assets.  It's the little guys you have to watch out for.  This Chandler guy that Edwards hired, who did he work for?  Himself?  He was better at lining his pocket than managing money.  Abraham Shakespeare trusted some woman who just showed up and offered to help him.  No.  The real professionals don't come to you, and they certainly don't need your money.   

4. Appreciate the value of money.  A $78,000 watch?  A $34,000 watch?  A $159,000 ring?  If a watch costs 78k, the thing better shoot laser beams and be able to stop time.  He bought cars, but had no place to store them.  If his neighbors were complaining that his home looked like a car lot, it was because the cars were setting in the driveway, not the garage.  Buying a one hundred thousand dollar car is a splurge, having a million dollars worth of auto in the driveway is a waste.  Let's don't even mention the jet.  That's just craziness.  

5.  Drugs are bad, mmmkay.  If I had millions of dollars and a drug addiction, I'll be in nicest rehab facility in the world.  If I had an income of 800k a year, I'd hire a big Samoan* to travel with me everywhere, slap the drugs out of my hand, and sit on my head every time I even think about doing drugs.  I'll learn.  *I'm partial to Samoans, really nice, honest people, but I guess any large muscular person would do.   

6.  If you weren't a business expert before you won the lottery, you will not magically be one after.  Edwards bought a limo company, a fiber optics company, and three racehorses.  What made him think he had the business sense to know if any of these things were good investments?  His financial advisor would have put the kibosh on all three.     

7.  Get a hobby that doesn't require spending tons of money.  You need something to fill your time.  Off and on over the years, I've dabbled in drawing, painting, playing music, and writing.  If I didn't have the nine-to-five, I know exactly how I'd be spending my time.  You need some hobbies, especially if you're a recovering addict (boredom and druggie friends would probably be the greatest threat to your sobriety).  

 

That's just off the top of my head.  If I won a jackpot of any size, I would do more research and create a detailed plan before I even approached a lawyer, accountant, and financial advisor.  These advisors would help me modify the plan, then I'd stick to it.  There's no way I'd end up another lottery tragedy story through my own doing.

Very wise stuff here and most of it is commonsense which seems to elude people after they win a jackpot. LOL

$1,000,000

    HaveABall's avatar - rocket

    United States
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    Posted: June 10, 2010, 2:50 pm - IP Logged

    Green laughspoken like a true Palin supporterGreen laugh

    Yep, Sarah Palin's terms in various positions (city council, Mayor, Governor) in HUGE Alaska resulted in efficiently:  lessening stresses, reasonably and rationally assisting nature, keeping big businesses in tow, balancing the books/eliminating debt, and creating a sustaining reserve account. 

    Sarah Palin has been a great thinker, appreciator, and achiever within political offices and her family life for the past 21 years.Patriot

    Having several millions of dollars in my financial accounts means receiving several valuable services each day!

    Disney


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      Posted: June 10, 2010, 3:25 pm - IP Logged

      Yep, Sarah Palin's terms in various positions (city council, Mayor, Governor) in HUGE Alaska resulted in efficiently:  lessening stresses, reasonably and rationally assisting nature, keeping big businesses in tow, balancing the books/eliminating debt, and creating a sustaining reserve account. 

      Sarah Palin has been a great thinker, appreciator, and achiever within political offices and her family life for the past 21 years.Patriot

      ROFL omg another Palin supporter.  or did i just take your post the wrong way?


        United States
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        Posted: June 10, 2010, 4:19 pm - IP Logged

        Yep, Sarah Palin's terms in various positions (city council, Mayor, Governor) in HUGE Alaska resulted in efficiently:  lessening stresses, reasonably and rationally assisting nature, keeping big businesses in tow, balancing the books/eliminating debt, and creating a sustaining reserve account. 

        Sarah Palin has been a great thinker, appreciator, and achiever within political offices and her family life for the past 21 years.Patriot

        She quit  the job!!! for crying out loud!!Thumbs Up Don't get your pants in a wedgieGreen laugh

          bashley572's avatar - starwars14
          West Side of Sunny Florida
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          Posted: June 10, 2010, 7:59 pm - IP Logged

          She quit  the job!!! for crying out loud!!Thumbs Up Don't get your pants in a wedgieGreen laugh

          Yea BUT she *is* Sara Palin, she can do WHATEVER she wants. Anyway, she is all about the money now. guess I can't blame her!

          Money won is twice as good as money earned!


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            Posted: June 10, 2010, 8:06 pm - IP Logged

            Yea BUT she *is* Sara Palin, she can do WHATEVER she wants. Anyway, she is all about the money now. guess I can't blame her!

            long as u dont support her your alright,  now when you start supporting her you fall right in the dumbazz group she resides overGreen laugh

              larry3100's avatar - larry icon2.jpg
              Redwood City,California
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              Posted: June 10, 2010, 8:06 pm - IP Logged

              Regarding Janite Lee who gave the Democratic National Committee lots of lottery money.I don't believe she will get any money back from the DNC.When I win the lottery,Im not giving the DNC anything.First thing I will do is leave Dodge City.Lots of people will come out of the woodwork (LONG-LOST FRIENDS) looking for me,for a hand-out,but I'll be on vacation, traveling around the world and find a place where I can live with peace of mind and have a good time with my family and friends.Thumbs Up

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
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                Posted: June 10, 2010, 9:19 pm - IP Logged

                Green laughspoken like a true Palin supporterGreen laugh

                A proud Palin supporter.

                KOB-E for President? CrazyLOLJester LaughROFLGreen laugh


                                                             
                                     
                                                         

                 

                 

                 

                 

                                                                                                                   

                "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                            --Edmund Burke

                 

                 

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
                  United States
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                  Posted: June 10, 2010, 9:56 pm - IP Logged

                  Yep, Sarah Palin's terms in various positions (city council, Mayor, Governor) in HUGE Alaska resulted in efficiently:  lessening stresses, reasonably and rationally assisting nature, keeping big businesses in tow, balancing the books/eliminating debt, and creating a sustaining reserve account. 

                  Sarah Palin has been a great thinker, appreciator, and achiever within political offices and her family life for the past 21 years.Patriot

                  All true HaveABall, plus she started giving every man woman and child in the state a rebate check at the end of the year from the surplus. But we have people like the dim-witted, numb-nuts, wanna-be-thug Kobra, getting educated on MTV and hating her because the libs at MTV hate her. What a genius.

                  Then we have nutjob Louise who is obviously senile coming aboard to spread a little hate too.

                  It would be a total waste of time trying to educate those two. If they had a brain between them they'd sit up all night and play with it.

                  One can't think straight, the other can't even use the English language properly --------->"...the group she 'resides' over..."     LMAO!Green laugh

                  But of course they're both experts and well versed in politics.

                  Sometimes I have to wonder if an IQ test to vote wouldn't be a bad idea.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

                    tiggs95's avatar - Lottery-036.jpg

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                    Posted: June 10, 2010, 10:13 pm - IP Logged

                    All true HaveABall, plus she started giving every man woman and child in the state a rebate check at the end of the year from the surplus. But we have people like the dim-witted, numb-nuts, wanna-be-thug Kobra, getting educated on MTV and hating her because the libs at MTV hate her. What a genius.

                    Then we have nutjob Louise who is obviously senile coming aboard to spread a little hate too.

                    It would be a total waste of time trying to educate those two. If they had a brain between them they'd sit up all night and play with it.

                    One can't think straight, the other can't even use the English language properly --------->"...the group she 'resides' over..."     LMAO!Green laugh

                    But of course they're both experts and well versed in politics.

                    Sometimes I have to wonder if an IQ test to vote wouldn't be a bad idea.

                    Gotta give you some props ridge..You love to live on the edge..Don't leave home to soon pal..

                      THRUST's avatar - f35l

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                      Posted: June 10, 2010, 10:15 pm - IP Logged

                      I am not a Republican or a Democrat...I believe in truth, justice and altruism(selfless concern for the welfare of others) which neither party represents...however, I think Sarah Palin is a wonderful lady and the attacks on her are pretty disgusting.

                      $1,000,000

                        maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
                        Massachusetts
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                        Posted: June 10, 2010, 11:31 pm - IP Logged

                        Um this is not a political forum, right admin?

                        That money's gone fo ever


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                          Posted: June 10, 2010, 11:35 pm - IP Logged

                          Gotta give you some props ridge..You love to live on the edge..Don't leave home to soon pal..

                          Thumbs UpYou exactly right Tiggs95 ,  there are people on the edge .  But  edge of what ? There are those that I will not stoop to their level to even mention their name ,that all they know is name calling like a spoil kid when they can't get their way. When they go unchecked or not  call out . They  squirm  like the asylum  door was openBang Head.It's a laugh that he don't know today ling-o he think the young man can't spell. Now !I know he don't twit, that  makes everyone on twitter not spellers even his buddy Sarah Palin Lol!Green laughWe live in the twenty-first century, if you hadn't notice.Sun Smiley


                            United States
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                            Posted: June 10, 2010, 11:48 pm - IP Logged

                            Um this is not a political forum, right admin?

                            I Agree!It isn't but guess ,  who decide it was . Check!!!!!SantaGreen laugh

                              RJOh's avatar - chipmunk
                              mid-Ohio
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                              Posted: June 11, 2010, 12:04 am - IP Logged

                              Acting rich cost money, if it didn't everybody could do it.  We all could contribute millions to all kinds of causes, build nice homes, buy a few luxury cars and later when the money ran out just say sorry folks I want my money back cause I can't afford all that stuff.  There are too many people doing the same thing with credit.

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking