MORT CRIM: Lottery winners can become losers

Comment #10

CASH Only — Thu, 12 Aug 2004 14:48:54 GMT

Well, then, they blow their almost certainly only chance at becoming INSTANTLY wealthy.

Comment #9

Todd — Tue, 27 Jul 2004 02:58:07 GMT

Quote

Comment #8

vincejr — Tue, 27 Jul 2004 01:06:14 GMT

Quote: Originally posted by CASH Only on July 21, 2004Lottery winners become losers if they receive annuity payments.I prefer to think of it as becoming a winner 20, 25, or 26 years in a row.

Comment #7

jim695 — Mon, 26 Jul 2004 09:51:25 GMT

Quote: Originally posted by MetroPlex on July 21, 2004 To be honest, they are just plain stupid.MPI agree with MetroPlex.To quote a very wise man, Stupid is as Stupid does. Large amounts of money are far easier to manage than small amounts. After all, it's difficult to find extra money to pay unexpected bills, but it's very simple to leave extra money in the bank; you just don't spend it. If you can't live within your means, even after those means have increased a thousand-fold or more, well,... [ More ]

Comment #6

DoctorEw220 — Thu, 22 Jul 2004 01:09:38 GMT

Quote: Originally posted by CASH Only on July 21, 2004Lottery winners become losers if they receive annuity payments.ok. the lottery winner in the article did recieve annuity payments, but she was able to get a LUMP SUM by selling the rights to the annuity. It was her option to go with the lump sum that made her in debt. Had she still gone with the annuity, she probably wouldn't be in debt too bad because she would still be recieving payments, and she would be able to pay her debt off. Annui... [ More ]

Comment #5

CASH Only — Thu, 22 Jul 2004 00:18:31 GMT

What does Mort Crim mean

Comment #4

tg636 — Wed, 21 Jul 2004 20:38:17 GMT

Quote: Originally posted by CASH Only on July 21, 2004Lottery winners become losers if they receive annuity payments.I disagree. I think if you were getting (for example) $100,000 a year instead of a one time check for $1.5 million, you would be forced to think of the future more and be more likely to live within your means...and know that if you spend the money in 3 months it will be a long 9 months until the next check. It would help you realize the money needs to be thought about over time.

Comment #3

MetroPlex — Wed, 21 Jul 2004 19:45:18 GMT

Quote: Originally posted by CASH Only on July 21, 2004 Lottery winners become losers if they receive annuity payments.No, they become losers because they cannot live within their means. If I was to get 35 thousand/25-28 thousand after taxes a year I would find some way to live within my means. To be honest, they are just plain stupid.MP

Comment #2

CASH Only — Wed, 21 Jul 2004 19:39:00 GMT

Lottery winners become losers if they receive annuity payments.

Comment #1

tg636 — Wed, 21 Jul 2004 15:17:49 GMT

I can see how it could happen. $1 million or $4 million is not an endless pile of money. First you pay taxes, then you buy a big house, a vacation house, expensive cars, give money to family and friends, take lots of expensive vacations, buy lots of crap you don't need just because you have the money, it adds up. The reason celebrities get into trouble is that they live like they are making $4 million a year each year when in fact the $4 million is a 1 year windfall, and if a couple of years go... [ More ]

MORT CRIM: Lottery winners can become losers

Lottery Post — Wed, 21 Jul 2004 13:24:07 GMT

Ever wonder what happens to folks who win the lottery? Or even more significantly, what happens to their money? A little digging into the lives of several winners turns up some surprising and disturbing answers. And it's clear hitting the lottery jackpot does not necessarily lead to happily ever after.It was just 11 years ago that Suzanne Mullins won more than $4 million in the Virginia lottery. Today, she not only is broke, she's $154,000 in debt.Hard to believe? Not for Tom Nasta. He's a pe... [ More ]