We are aware of the inherited rich families whose fortunes were passed down from one generation to another. However, you do hear about the third generations acting like fools with their money -- compared to the newly rich, the lottery winners. For example, Jack Whittaker from West Virginia who won $315 million, and was robbed twice.
Yes, Jack had his own business: he had to lay off workers because business was declining -- but hired them back, having won the lottery. I respect him for that, and I am sure his employees appreciate his generosity. So, in a sense, Jack was not standing in the unemployment line or receiving welfare benefits. He was rather well off -- before hitting the lottery. Now, look at the misfortune that has befallen him (his own doing).
Also, I have read about other people's misfortunes: a 25 year old Colorado guy who hit the lottery for $3 million, but he was arrested for assault and battery. A court spokesperson stated: "we did not know he had hit the lottery -- this must be a first." [By the way, he accepted annunity payments for 25 years and will be receiving $55,000 every year -- except the last year: $125,000 -- his last payout.] The lottery spokesperson stated that if he is convicted, his checks will still be issued. Or, another New Jersey man who attacked someone (and he told the judge he hit the lottery) and is awaiting his fate. Hum, makes you wonder!
Furthermore, I am not saying that the inherited rich do not have their problems, but unless it is a major case: murder, kidnapping, etc., John Q. public is not aware of it.
Finally, the newly rich -- lottery winner-- should take special precaution as to not draw attention to themselves (thanks Jack Whittaker) because it should never be said by the public: "you see there, we knew they could not handle money!"
dphillips (Blue)
