Arizona Lottery winner shows what not to do with $6.7M

Comment #21

dvdiva — Mon, 24 Jul 2006 17:23:45 GMT

Financial idiots winning lucky for life games will just borrow against their winnings. There is no saving people from themselves.

Comment #20

justxploring — Mon, 24 Jul 2006 09:55:15 GMT

Then whoever wins Win For Life will never go broke, will they? They'll always have $1,000 a week for the rest of their life. ChazzMatt

Looks as if GA has a real Win For Life game. Some states don't pay for the person's entire life, which has always been an issue for me. If it's not For Life then they shouldn't advertise it as such. But I went to the GA web site and they describe it as a lifetime payment. If most cases when a winner dies, the payments are guaranteed to the beneficia... [ More ]

Comment #19

ChazzMatt — Mon, 24 Jul 2006 05:32:22 GMT

There was no cash/annuity choice for The Pick when he won. Just like there is no cash option for GA winners in Lose for Life.

Then whoever wins Win For Life will never go broke, will they? They'll always have $1,000 a week for the rest of their life.

Sure, that does't sound like much when we've been discussing MILLIONS, but still that's a mortage payment and two very nice car payments each month. ($ 4,000 per month for the rest of your life). Why can't you take it and just... [ More ]

Comment #18

CASH Only — Thu, 20 Jul 2006 17:52:47 GMT

There was no cash/annuity choice for The Pick when he won. Just like there is no cash option for GA winners in Lose for Life.

Comment #17

DoubleDown — Thu, 20 Jul 2006 17:45:23 GMT

Good point, CM. A very good point from a fellow Georgian...

..DD

Comment #16

ChazzMatt — Thu, 20 Jul 2006 06:45:01 GMT

All his problems began when he did cash out that ticket. Read the story again. He found a company willing to give him cash -- which he blew on more houses, cars and bad business decsions. Until then, no matter how he screwed things up, each year he got $350,000. That annuity was his safety net. He should have learned to live in half and invest the rest in stocks, bonds, more annuities to keep the revenue stream going after the 20 years.

Instead he tried to cash out his winnings. Y... [ More ]

Comment #15

dingo — Thu, 20 Jul 2006 04:03:05 GMT

Quote: Originally posted by ChazzMatt on July 19, 2006Quote: Originally posted by Chamillionaire on July 19, 2006$6.7 million is not that big of a jackpot to be doing the things he wanted to do so he paid the price for it.

The odds of winning the lottery are bad enough, so if you do play make it worth it, make sure the cash value of the jackpot is a good $20-$30 million atleast

So you are saying don't play until the cash value is at least $20 million (aprox. $40 million jackpot

Comment #14

DoubleDown — Thu, 20 Jul 2006 01:51:34 GMT

That is your opinion and you are certainly entitled, but I seriously doubt you have anyone that shares your view, especially the winner.

...DD

Comment #13

justxploring — Wed, 19 Jul 2006 16:30:18 GMT

Quote: Originally posted by Uff Da! on July 19, 2006 Quote: Originally posted by CASH Only on July 19, 2006 He screwed up when he bought that ticket. There was no such thing as a cash option 18 years ago.

So you are saying he would have been better off if he had never played and won at all. I don't think so!

Oy gevalt! Don't encourage him. LOL

Comment #12

Uff Da! — Wed, 19 Jul 2006 16:10:56 GMT

So you are saying he would have been better off if he had never played and won at all. I don't think so

Comment #11

CASH Only — Wed, 19 Jul 2006 15:51:34 GMT

He screwed up when he bought that ticket. There was no such thing as a cash option 18 years ago.

Comment #10

DoctorEw220 — Wed, 19 Jul 2006 15:47:10 GMT

Remember that back in 1988, $6.7 million meant more to people than it does today.

Comment #9

ChazzMatt — Wed, 19 Jul 2006 12:49:03 GMT

So you are saying don't play until the cash value is at least $20 million (aprox. $40 million jackpot)?

I don't agree with that. Even $10 - $12 million is worth the dollar ticket! But if you win a few million (this guy won less than $7 million) -- just thank the Lord and don't go crazy. If you don't screw it up, you've got a nice retirement and then before that a comfortable lifestyle. But, you aren't RICH. Some CEOs make that in one year, many movie stars make $20 million or more pe... [ More ]

Comment #8

Chamillionaire — Wed, 19 Jul 2006 06:41:12 GMT

$6.7 million is not that big of a jackpot to be doing the things he wanted to do so he paid the price for it.

The odds of winning the lottery are bad enough, so if you do play make it worth it, make sure the cash value of the jackpot is a good $20-$30 million atleast

Comment #7

psykomo — Wed, 19 Jul 2006 06:21:13 GMT

Congratttttttttttttttttttttttttttttttt%%%%%%%%%

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

for your........................................>>>>>>>>>>>

WINN........from...........Psykomo!!!!!

LOL.............

PSYKOMO

Comment #6

ChazzMatt — Wed, 19 Jul 2006 06:15:54 GMT

Jackpot: $6.7 million, $335,000 each year for 20 years.

He won back in 1988 and declared bankruptcy due to business problems with his gas stations in 2005. Him declaring banruptcy had nothing to do with his lottery winnings. His lottery winnings allowed him to try to play a bigger game -- the business world.

Howver, he seems to have a weakness for bigger and bigger beachfront homes. He won $6.7 million and acted like he won $100 million. Also, 10 years after he won (1998) he

Comment #5

Just6ntlc — Wed, 19 Jul 2006 05:16:32 GMT

I'm disappointed that he went into bankruptcy. Next time if anybody wins a jackpot, they should spend it wisely

Comment #4

justxploring — Tue, 18 Jul 2006 21:46:47 GMT

Just because this man claimed bankruptcy doesn't mean he's broke. I wish I had listened to an attorney many years ago and claimed bankrupty when I moved here, but I was brought up to pay my bills. Florida is one of the few states with a Homestead Act that puts no limit on the value of your home when filing for personal bankruptcy. It's always been common practice for millionaires to move to Florida, buy a mansion on the beach, and file for bankruptcy while hiding money in other places. (remembe... [ More ]

Comment #3

frbl — Tue, 18 Jul 2006 18:52:07 GMT

I'm sure it's been said elsewhere here before - cars are almost always a bad investment - they depreciate and usually very quickly. Some do maintain their worth or even gain - but there is still a lot of maintenance costs to boot.

Houses, on the other hand, may or may not appreciate - but they would seem to be the better bet - especially over the long run. Still, multiple homes also mean increased maintenace, insurance, etc.

I do like that he tried to do constructive things with his mone... [ More ]

Comment #2

bellyache — Tue, 18 Jul 2006 18:34:00 GMT

It does look like he lived well for a few years, but he might still have some of that money if he didn't buy so many cars and houses.

Comment #1

Fibonacci — Tue, 18 Jul 2006 16:36:35 GMT

At least he was sensible enough to get a degree from a fairly decent school....

You go boy...He is now 47 or so...and can still earn 7 million over the rest of his lifetime even in a wage earning job

He could probably still finish law school....and increase his earning potential...

He lived well but you cannot escape the time-honored maxim: easy come, easy go...

If he was spending hours studying systems as we do on Lp it would be different...

That would be reward for work done

Arizona Lottery winner shows what not to do with $6.7M

Lottery Post — Tue, 18 Jul 2006 16:30:00 GMT

Winner: Shefik Tallmadge.

Year: 1988.

Jackpot: $6.7 million, $335,000 each year for 20 years.

When Tallmadge was 29, he became the biggest winner in the Pick lottery at the time.

He bought a $60,000 nougat-brown Porsche 911 Carrera convertible the day he got his check, quit his $10.75 per hour job at Yuma Proving Ground and took his mother and his sister on a luxurious world tour to Honolulu; Bangkok, Thailand; and Sierra Leone.

Tallmadge transferred from community college to