Bill, I may be missing something, but what is this to do with JAWS? Nothing I don't think <smiles>. Thanks. On Sun, 3 Jun 2007 13:13:08 -0400, "Bill K." <[EMAIL PROTECTED]> said: > Eight Lottery Winners Who Lost Their Millions > ============================================== > > Having piles of cash only compounds problems for some people. > Here are sad tales of foolishness, hit men, greedy relatives and > dreams dashed. > > For a lot of people, winning the lottery is the American dream. > But for many lottery winners, the reality is more like a > nightmare. > > "Winning the lottery isn't always what it's cracked up to be," > says Evelyn Adams, who won the New Jersey lottery not just once, > but twice (1985, 1986), to the tune of $5.4 million. Today the > money is all gone and Adams lives in a trailer. > > "I won the American dream but I lost it, too. It was a very hard > fall. It's called rock bottom," says Adams. > > "Everybody wanted my money. Everybody had their hand out. I > never learned one simple word in the English language -- 'No.' I > wish I had the chance to do it all over again. I'd be much > smarter about it now," says Adams, who also lost money at the > slot machines in Atlantic City. > > "I was a big-time gambler," admits Adams. "I didn't drop a > million dollars, but it was a lot of money. I made mistakes, > some I regret, some I don't. I'm human. I can't go back now so I > just go forward, one step at a time." > > Living on food stamps > William "Bud" Post won $16.2 million in the Pennsylvania lottery > in 1988 but now lives on his Social Security. > > "I wish it never happened. It was totally a nightmare," says > Post. > > A former girlfriend successfully sued him for a share of his > winnings. It wasn't his only lawsuit. A brother was arrested for > hiring a hit man to kill him, hoping to inherit a share of the > winnings. Other siblings pestered him until he agreed to invest > in a car business and a restaurant in Sarasota, Fla., -- two > ventures that brought no money back and further strained his > relationship with his siblings. > > Post even spent time in jail for firing a gun over the head of a > bill collector. Within a year, he was $1 million in debt. > > Post admitted he was both careless and foolish, trying to please > his family. He eventually declared bankruptcy. > > Now he lives quietly on $450 a month and food stamps. > > "I'm tired, I'm over 65 years old, and I just had a serious > operation for a heart aneurysm. Lotteries don't mean (anything) > to me," says Post. > > Deeper in debt > Suzanne Mullins won $4.2 million in the Virginia lottery in > 1993. Now she's deeply in debt to a company that lent her money > using the winnings as collateral. > > She borrowed $197,746.15, which she agreed to pay back with her > yearly checks from the Virginia lottery through 2006. When the > rules changed allowing her to collect her winnings in a lump > sum, she cashed in the remaining amount. But she stopped making > payments on the loan. > > She blamed the debt on the lengthy illness of her uninsured son- > in-law, who needed $1 million for medical bills. > > Mark Kidd, the Roanoke, Va., lawyer who represented the Singer > Asset Finance Company who sued Mullins, confirms her plight. He > won a judgment for the company against Mullins for $154,147 last > May, but they have yet to collect a nickel. > > "My understanding is she has no assets," says Kidd. > > Back to the basics > Ken Proxmire was a machinist when he won $1 million in the > Michigan lottery. He moved to California and went into the car > business with his brothers. Within five years, he had filed for > bankruptcy. > > "He was just a poor boy who got lucky and wanted to take care of > everybody," explains Ken's son Rick. > > "It was a hell of a good ride for three or four years, but now > he lives more simply. There's no more talk of owning a > helicopter or riding in limos. We're just everyday folk. Dad's > now back to work as a machinist," says his son. > > Willie Hurt of Lansing, Mich., won $3.1 million in 1989. Two > years later he was broke and charged with murder. His lawyer > says Hurt spent his fortune on a divorce and crack cocaine. > > Charles Riddle of Belleville, Mich., won $1 million in 1975. > Afterward, he got divorced, faced several lawsuits and was > indicted for selling cocaine. > > Missourian Janite Lee won $18 million in 1993. Lee was generous > to a variety of causes, giving to politics, education and the > community. But according to published reports, eight years after > winning, Lee had filed for bankruptcy with only $700 left in two > bank accounts and no cash on hand. > > One Southeastern family won $4.2 million in the early '90s. They > bought a huge house and succumbed to repeated family requests > for help in paying off debts. > > The house, cars and relatives ate the whole pot. Eleven years > later, the couple is divorcing, the house is sold and they have > to split what is left of the lottery proceeds. The wife got a > very small house. The husband has moved in with the kids. Even > the life insurance they bought ended up getting cashed in. > > "It was not the pot of gold at the end of the rainbow," says > their financial advisor. > > Luck is fleeting > These sad-but-true tales are not uncommon, say the experts. > > "For many people, sudden money can cause disaster," says Susan > Bradley, a certified financial planner in Palm Beach, Fla., and > founder of the Sudden Money Institute, a resource center for new > money recipients and their advisors. > > "In our culture, there is a widely held belief that money solves > problems. People think if they had more money, their troubles > would be over. When a family receives sudden money, they > frequently learn that money can cause as many problems as it > solves," she says. > > Craig Wallace, a senior funding officer for a company that buys > lottery annuity payments in exchange for lump sums, agrees. > > "Going broke is a common malady, particularly with the smaller > winners. Say you've won $1 million. What you've really won is a > promise to be paid $50,000 a year. People win and they think > they're millionaires. They go out and buy houses and cars and > before they know it, they're in way over their heads," he says. > > Are you really a 'millionaire'? > Part of the problem is that the winners buy into the hype. > > "These people believe they are millionaires. They buy into the > hype, but most of these people will go to their graves without > ever becoming a millionaire," says Wallace, who has been in the > business for almost a decade. > > "In New Jersey, they manipulate the reality of the situation to > sell more tickets. Each winner takes a picture with a check that > becomes a 3-foot by 5-foot stand-up card. The winner is > photographed standing next to a beautiful woman and the caption > reads: 'New Jersey's newest millionaire.'" > > Winning plays a game with your head > Bradley, who authored "Sudden Money: Managing a Financial > Windfall," says winners get into trouble because they fail to > address the emotional connection to the windfall. > > "There are two sides to money. The interior side is the > psychology of money and the family relationship to money. The > exterior side is the tax codes, the money allocation, etc." > > "The goal is to integrate the two. People who can't integrate > their interior relationship with money appropriately are more > likely to crash and burn," says Bradley. > > "Often they can keep the money and lose family and friends -- or > lose the money and keep the family and friends -- or even lose > the money and lose the family and friends." > > Bill Pomeroy, a certified financial planner in Baton Rouge, La., > has dealt with a number of lottery winners who went broke. > > "Because the winners have a large sum of money, they make the > mistake of thinking they know what they're doing. They are > willing to plunk down large sums on investments they know > nothing about or go in with a partner who may not know how to > run a business." > > What if you get so (un)lucky? > To offset some bad early decision-making and the inevitable > requests of friends, relatives and strangers, Bradley recommends > lottery winners start by setting up a DFZ or decision-free zone. > > "Take time out from making any financial decisions," she says. > "Do this right away. For some people, it's smart to do it before > you even get your hands on the money. > > "People who are not used to having money are fragile and > vulnerable, and there are plenty of people out there who are > willing to prey on that vulnerability -- even friends and > family," she cautions. > > "It's not a time to decide what stocks to buy or jump into a new > house purchase or new business venture. > > "It's a time to think things through, sort things out and seek > an advisory team to help make those important financial > choices." > > As an example, Bradley says that people who come into a windfall > will typically put buying a house as No. 1 in list of 12 > choices, while investing is No. 11. > > "You really don't want to buy a new house before taking the time > to think about what the consequences are. > > "A lot of people who don't have money don't realize how much it > costs to live in a big house -- decorators, furniture, taxes, > insurance, even utility costs are greater. People need a reality > check before they sign the contract," she says. > > Evelyn Adams, the N.J. lottery double-winner, learned these > lessons the hard way. > > "There are a lot of people out there like me who don't know how > to deal with money," laments Adams. "Hey, some people went broke > in six months. At least I held on for a few years." > ~©By Ellen Goodstein, Bankrate.com~ > > (For more information on dealing with a sudden change in your > fortunes, read "You're suddenly rich? Bummer," on MSN Money.) > http://articles.moneycentral.msn.com/RetirementandWills/EscapeTheRatRace/YoureSuddenlyRichBummer.aspx > > from The Mountain: > Gambling is not Biblically prohibited; it's just not financially > wise. For every one person who wins the lottery, millions more > will lose. Most who play will lose and most of the > infinitesimally small number who win will eventually lose. > > > Bill Koppelmann > > > Visit the JAWS Users List home page at: > http://www.jaws-users.com > Address for the list archives: > http://www.mail-archive.com/jaws-users-list(not known now) > To post to this group, send email to > [email protected] > To unsubscribe from this group, send an email to > [EMAIL PROTECTED] > For help from Mailman with your account Put the word help in the subject > or body of a blank message to: > [EMAIL PROTECTED] > Use the following form in order to contact the management team > http://www.jaws-users.com/managers.php Christopher Hallsworth E-mail: [EMAIL PROTECTED] Skype name chrishallsworth7266
Visit the JAWS Users List home page at: http://www.jaws-users.com Address for the list archives: http://www.mail-archive.com/jaws-users-list(not known now) To post to this group, send email to [email protected] To unsubscribe from this group, send an email to [EMAIL PROTECTED] For help from Mailman with your account Put the word help in the subject or body of a blank message to: [EMAIL PROTECTED] Use the following form in order to contact the management team http://www.jaws-users.com/managers.php
