Couple nickel-and-dime it after their lottery windfall

The Times-Picayune ^ | May 8, 2002 | By MARY JUDICE / The Times-Picayune

[Phantom Lord]

He probably should get some new guns. I would think his chance of encountering a burglar or mugger has gone way up.

[steve-b]

Boortz has predicted she will be living in a rented double-wide and driving a bondoed Camero in 10 years.

Actually, I don't think so, given that they were both working and that they quickly hired themselves a financial planner.

[yawningotter]

Most people could probably live off the interest and dividends from less than 5 million if they don't go crazy with it. Most people don't realize that all of the stuff they buy with their millions make their cost of living go up. Taxes and insurance costs for the big houses, the luxury cars, and other toys, higher expenses, and general bad spending habits lead to the money slowly disappearing, and sooner or later, it is all gone. It could happen to anyone with that kind of money, including me, which is one reason I stay away from lotteries. I know that I would spend more and save less than I planned.

[Happygal]

A good dental plan wouldn't go astray either! *L*

[RightWhale]

Everyone should have a plan. In case of winning the lottery, then what?

A person called one of the money advisory talk shows and the advice given seemed sound. Hire an attorney, hire a CPA, hire a private cop to watch the door to your house. Do that first. Don't just do the first thing that pops into your head. Have a plan when you buy the ticket. It could happen.

[MeekOneGOP]

My thoughts as well. Most people would squander it or lose it foolishly.......

[MeekOneGOP]

An old expression that I recall from years ago:

Most people don't plan to fail, they just fail to plan!

[Don Carlos]

noted palimony attorney Dewey Cheatem

From the firm of Dewey Cheatem & Howe?

[TN Republican]

Neal's buddy Clark Howard must be ecstatic over this.

[FreedomPoster]

Actually, I think Clark would be very happy to hear that she (see steve-b's post above), and the couple in this article, have hired financial planners. Let's just hope they're fee-based, and not commission-based planners; the latter is just another name for a commisions-based broker.

My wife is a CPA, and it's amazing the stories I hear of (generic, not-identified) people with mega-$ incomes not being able to meet their obligations due to extravagant lifestyles. "Well, yes, I may be making $500,000 a year, but there's the mortgage on the $2.7m mansion, the two Mercedes and the Porsche, the kids' private school tuitions, the ski vacation, the beach vacation, the full-time housekeeper, . . . ."