Unlucky in Riches: Winning the lottery turned life into a nightmare

Sudden Money Institute ^ | November 8, 2004 | Ellen Goodstein

[paltz]

Yes.... this is the website mentioned by Rush today.

[Bluegrass Conservative]

Give me the chance and I'll prove to you I won't squander it away. : )

[Always Right]

My Theory: Winning Lottery turns idiot into bigger idiot.

[Mears]

It's a nightmare I'd like to be part of,though.

Haven't any of these people ever heard of financial advisors?

[CarolinaGOPer]

I just heard something very interesting (from a movie, that my wife confirmed was truly from a study): they analyzed people who lost their legs, and people who won the lottery; after 6 months, both groups were basically the same people they were before their (un) lucky events, as it were...

[Do not dub me shapka broham]

Two words:

Curtis Sharpe.

Nuff said.

[pigsmith]

I'd help him put some of it to good use and get my house finished.

If only the new stuff went in as quickly and cheaply as the old stuff came out...

[Only1choice____Freedom]

I used to know some people who had the problem of too much money. It can be a real problem.

However, all I want it the symptoms!

[Lil'freeper]

Poverty is behaviorial. People who know how to earn great riches also know how to hold on to it.

[MississippiMan]

Rockefeller was right: Distribute all the wealth in the country equally. In five years, the same people as before will be rich and the same will be poor, with VERY few exceptions.

MM

[Rytwyng]

"For many people, sudden money can cause disaster,"

Only if they're idiots.

[RockinRight]

A fool and his money are soon parted.

Notice none of them said "Joe Schmoe, a successful physician with an already good income and stock portfolio won $4.4 million in the Ohio Lottery...

My point is-if someone who has been irresponsible their whole life wins big bucks, they will squander it. If they are already doing well for themselves, they will probably be OK.

[RetiredArmy]

My uncle told me about a man he knew here in WA state who won a million several years ago. After taxes, really about $650,000 or so. But, the man was hounded to death by telephone calls, people knocking on his door all times of the day and night wanting him to give to this, give to that, people calling him dirty names because he would not "give" them money for whatever cause, etc. The man, sick of it all, finally quit his job and moved away. He could not take it any longer. He told my uncle he was moving back east where no one knew him and he was not telling anyone he had any money at all.

Several years ago, I saw a TV program about lottery winners and most of it was like these people in this article. Also in that program was a man and woman who moved to Montana or where like that to escape all the people hounding them for money in their home state back east somewhere. They said they moved because they no longer had any friends or friendly family because everyone wanted money and they could not give money to everyone.

[R. Scott]

Of course. All you poor people – money can’t buy happiness. Leave all the stress and hassle of having surplus cash to your betters. Be content with your allotted place in life.</ sarcasm>

[ElRushbo]

It just shows what kind of trash plays the lottery. I believe the lottery is for people who know they have no shot to ever make any real money with their own ability.

A lottery ticket in itself is a bad investment so it doesn't surprise me that all these losers go broke.

[paltz]

"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.

It seems that those around the winner...family and friends (distant and close)feel a sense of entitlement to the cash....not unlike the way many feel toward receiving benefits from the gov't.

[lilylangtree]

How about WV Jack Whittaker who spends more time in jail than out.

[The Spirit Of Allegiance]

This "institute" sounds like 'preemptive ambulance chasing' for the unsophisticated investor....

[sam_paine]

If you don't play, you can't lose. It's a scam whether you win or lose.

[R. Scott]

Bill Pomeroy, a certified financial planner in Baton Rouge, La., has dealt with a number of lottery winners who went broke.

Not very good advertising for a financial planner.