Book: Money For Nothing

Reply #10

Todd — Tue, 25 Sep 2007 16:26:20 GMT

You can find this topic discussed in the News forum, please add any discussion there:

https://www.lotterypost.com/news/163351

Thanks.

Reply #9

rundown99 — Tue, 25 Sep 2007 16:24:18 GMT

I don't really need to buy the book, because I will remain anonymous if I ever win the jackpot anyway. But this sounds like a great forewarning for people who do intend to go public after a jackpot win.

Reply #8

Coin Toss — Tue, 25 Sep 2007 00:08:02 GMT

I want to say that well, at least we don't hear about people who opt for annual payments Doing the Jack Whitaker and blowing it all or most of it, but going by the type of work this fellow in this book was doing I guess some of them do too- borrowing against money that hasn't come in yet, for one example.

It would really be tragic to pass up let's say a $25 million lump sum from the lottery only to turn it onto a $9 million dollar lump sum from one of these companies, if you got even that... [ More ]

Reply #7

BaristaExpress — Mon, 24 Sep 2007 17:34:30 GMT

By George, this is the smartest comment I have seen in the LP forms since I joined!

I have to say, it does seem some people here are finally getting smart to the fact that annuities are not the wisest move for anyone to do!

I say tie up your own money in any investment vehicle you like, but if you find yourself in a bind and have to liquidate that investment and pay a small penalty, so be it! At least your not being taken to the cleaners by the JG Wentworth people, because your money is

Reply #6

Raven62 — Mon, 24 Sep 2007 15:12:34 GMT

It all boils down to the Time Value of Money, whether it be a Loan or an Annuity. In the case of an Annuity the Value Today is less than the Value in the Future.

Reply #5

Raven62 — Mon, 24 Sep 2007 15:02:00 GMT

"I'm not sure what "agonizingly small payments" means."

$8,000,000 per year! LOL

Reply #4

justxploring — Mon, 24 Sep 2007 14:55:07 GMT

Every situation is different. However, the more I think about the cash option, I more I prefer it. I used to think that it made sense to take the annuity payments, especially if someone is afraid of making a bad investment or spending it frivolously. Knowing every year you'll be receiving a check must be a comforting feeling. However, so many things can happen, that maybe taking the lump sum is best. It's also better for my beneficiaries when I die, but it depends on the amount too. If I o... [ More ]

Reply #3

Coin Toss — Mon, 24 Sep 2007 13:45:31 GMT

For all the discsussions we've had about cash option vs annuities, this is interesting:

From the editorial review:

At age twenty-six, Ed found himself broke, knee-deep in gambling debt, and moving back into his parents' basement. It all changed, however, when he serendipitously landed a job as a salesman for The Firm--a company that offered up-front cash to lottery winners in exchange for their prize money, often paid in agonizingly small annual payments, some lasting up to twenty-five y... [ More ]

Reply #2

justxploring — Mon, 24 Sep 2007 06:24:45 GMT

Thanks - sounds like an interesting book.

Reply #1

hearsetrax — Sun, 23 Sep 2007 23:56:31 GMT

ought to prove interesting

Book: Money For Nothing

Coin Toss — Sun, 23 Sep 2007 22:50:38 GMT

Saw this at the bookstore today, looks like it might be interesting:

Money for Nothing: One Man's Journey Through the Dark Side of Lottery Millions (Hardcover)

by Edward Ugel

Editorial Review:

Editorial Reviews

Book Description

In his wry and funny memoir, Edward Ugel tells the story of America's addiction to the lottery from an astonishing angle. At age twenty-six, Ed found himself broke, knee-deep in gambling debt, and moving back into his parents' basement. It... [ More ]