Posted on 02/04/2017 10:43:34 PM PST by nickcarraway
The viral video showed a legless woman sitting on the floor of a subway platform, wheelchair beside her, belongings scattered.
She had just smoked a joint on the M train, yelling incoherently at an angry straphanger who cursed her out and threatened to toss her off the train.
The cell-phone video seemed to document a sad chapter in the chaotic life of one of New York City’s thousands of mentally-ill homeless people.
(Excerpt) Read more at nypost.com ...
Her lawyers might maybe have shoulda set up a structured settlement for her.
According to the article, they might have. Her bag was snatched once with a cashier’s check in the amt. of $880K+ in it.
According to the article, they might have. Her bag was snatched once with a cashier’s check in the amt. of $880K+ in it.
Structures for persons of limited competence are paid out in increments over time. Kinda like an annuity, or a spendthrift trust.
My thoughts as well. She needed a conservator or some kind of system. It could be that she greedily and aggressively demanded the largest possible lump sum payments possible.
For someone who had been poor, she figured more was always going to be better.
At first, I thought this article was going to say, this lady had been an inventor or a merchant who somehow accumulated millions in earnings. I thought they would then say, she had a drug or alcohol problem and lost it all.
Either way, it’s a sad situation of opportunity lost.
I have heard of many lottery winners who quickly lose their wealth, because they never learned how to manage money or control their compulsion to keep spending.
Many pro. athletes share that story.
I’m pretty sure the system failed her somewhere. But not surprising since it’s run by vultures.
What happens to most lottery winners, aside from stupid spending, is that they get caught up the thinking that because they now have a lot of money, they can start investing big, like real estate or condos.
They don’t start something within their limited business skills, like an ice cream shop or small shop.
It doesn’t just happen to the unknowledgeables either. I just read that Jack Whittaker, the winner of the largest single prize powerball, $315 million, is now broke and working at almost 70 years of age. He had a construction business worth about $15-$20 million.
I’ve read that the best thing lottery winners can do is initially put their money away in secure, short term US Government securities while they take several financial advisor classes - enough to get a license as a financial advisor.
Depending on how much you won and if you took lump sum or 25-30 yearly payouts, deposit a few hundred thousand in your bank account to “get you by” while you take these financial advisor courses.
Then after you have educated yourself, you can start investing your winnings much more smartly and safely.
Sounds like a good plan, except that, if you are smart enough to be a CFA, you are probably too smart to be buying lottery tickets.
A bank cashes a check for over $800k without confirming identity? WTF???
I agree with you that you should become educated, so you don’t blow your wad. Although if you like women, wine and sing, have at ‘er.
However, do you really want to spend the next decade of your life becoming an expert? Unless you just want the prestige of a degree, you might not need that education.
The check could be easily voided and replaced. I doubt that it was ever cashed and even if so she would have a good chance of recovery from the bank.
Whittaker, really? I remember when they won. Sheesh!
Yeah. I was curious, because I knew he was blowing his wad and looked him up.
Maybe that’s why I never win anything. The rule seems to be that the person most likely to blow it all in a year wins. Lol
Although if you like women, wine and sing, have at ‘er.
= = = = = = = = =
Two bums sitting on the corner and one says
“I used to be rich”
“Me too, I spent mine on fast cares, faster women and song, then just blew the rest of it”
fast cares,
= = = = = = = = = = = =
cares = CARS
I obviously spent NONE on editing......<: <: <:
Probably the best care for someone with means who knows they are increasingly suffering from mental illness is to get out of the city, and move into a rural setting that is still not too far away from medical care.
Hire a couple of families to care for you. One Anglo and one Mexican are a good mix to insure you are getting the best medical and cultural care. Have your situation inspected at irregular intervals by your financial manager, hopefully a family member.
It’s not perfect, but it is way better than most alternatives.
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