No Money, Mo Problems
He should have claimed the money anonymously in the form of a living trust. In states where he has to make public appearances...he should have been in full disguise. These two things would have saved him much trouble. This man was already worth a lot of money so there is really no excuse for this foolishness and financial irresponsibility on his part. This should be a warning to all as well that if you get rich...loved ones may not be able to handle it. Do not over indulge them as this can lead to addiction and the money can do more harm than good. Grant incentives for doing things if you want to give gifts. For instance, if a relative you want to 'bless' financially is an addict...then tie gifts to his or her finishing a rehab treatment. If a child is too be the recipient of your gifts...then tie it to completion/graduation of a college course of study. Have friends sign non-disclosure/confidentiality agreements which in most cases bind them to keeping quiet for at least 5 years. This will certainly protect your identity for a while. If all else fails...move and change numbers! If they can't find you then they can't beg. Of course, keep real friends and family close that have been there for you in the bad times as well as the good but all those who suddenly appear out of the woodwork...leave them there. Again, trusts...are the way to go. They can operate the estate according to your specifications at a time when you have been able to sit down with a lawyer/estate planner and make your wishes known. Level headed thinking in the beginning can prevent problems down the road. For instance, a winner can have a financial estate planner named as a trustee. This trustee can then issue say...5,000 a week into an account for the winner each week for the rest of his or her life. In this way...the winner never goes broke and has a steady stream of income. The trustee may also keep tract of beneficiaries and keep the estate out of probate.
honestly tho, what n the heck could one do to avoid frivolous civil lawsuit's ...i mean think about it, you'd be such target. hypothetical situation: You win the lotto for like 16 mill and you decide to donate a chunk to an honest and reputable charity and it signal's in the radar to other "charity organizations" (maybe not so honest ones-believe me they're out there) and so another charity hits you up for a tidy little sum with veiled threats to litigate on the basis of discrimination if you turn them away with a polite "No Thanks". then suppose you call their bluff and tell em to go pound salt anyway and they come at you with their greasy law team who's all too practiced at these kind of things. you start to feel the pinch as things begin to heat up and sent from one Selbreit & Fields LLP stacked 1" thick with established case numbers interrogatory documents start appearing in your PO Box, your home address and the home addresses of relatives, friends, the 7-11 you frequent and even at Home Depot (of all places!). it this point you'd just be like…"oh who needs the stress" just tell that lawyer you chose out of haste that you wish to settle(i.e. fate sealed of the outcome's of most certain repeating occurrences as word spreads about the free water available from you), more and more you find yourself on guard and stress sets in to your everyday situations but hey!! whats to worry about… your still rich as heck! ..so you begin to treat yourself and start right off with a boat, a business a house & 500k home entertainment center and car with pinball machines and this etches a neural pathway for instant gratification and a habit for path of least resistance that seems to elude any further efforts you make at recovering you're original ideals of prudence and conservation and the ole… "we're going to do the right thing(for once) with this money… and keep our day jobs"…but hey we're still rich! what's to worry about, right?? well that's all fine and dandy until, in the unfamiliar territory of instantaneous gratification(run amok) vs the mounting pressures of a once benign-by contempt society that ignored you now antagonizes, threats and dogs your every seconds days and months and the burden is one so strange you have not a clue as how to fathom the full spectrum of the implications so, in your efforts to better feel connected, you reach out to those closest to you that are either certain to spin out of control with addiction problems or are completely maniacal about satisfying their jealousy issues by exploiting you any way they can and the seductiveness of such near proximity to what looks like limitless riches for years upon years only dreamt about now corrupts those couple or just few you hold the most dearest and suddenly you realize you are truly alone with a gang of cash and woefully under qualified values habits, friends and relatives and wolf like predators who are experts at taking what they want and artfully silencing their prey. …so, you wanna win and you think you can handle the BIG ONE huh?? Good Luck!
I like to hear how everybody would do different if only they had the money. Course, you think everyone stupid that screws up their life, but 70% of big time athletes are broke after retirement. Many are very smart people who just do not know how to handle finances.
The happiest time in my life was when I was considered poor. Now that I make good money I have to deal with everything else that feels like a ball and chain. Course, it's not millions.
What killed these people was not knowing how to say NO, and they needed to move away and live around people that also had money, best if it was actually earned money. They could learn a thing or two by hanging out with people that know how to handle money.
Why always so much focus on negative stories? I'd rather read something like this: http://howispendmymillions.blogspot.com/
Dumb ASS ---- I will b the most happiest person if i had that kinda money ---- wow --- really a dumbass ---- not a curse
These winners are just plain dumb and stupid. I don't get how life gives them an opportunity to succeed and they don't appreciate it. While the rest of the world has to struggle everyday to make ends meet. I don't feel sorry for these losers at all!!!!
Alright, how do thieves clean out your bank account?
1. If someone gains illegal access to your account and withdraws the money, I don't know of any major bank that doesn't cover theft.
2. If it wasn't a wireless hijacking of his account, his signature would at the very least be needed to withdraw funds. Or were these people he had on the account? People he gave his account information to?
I need more deets because that makes no sense to me.
I assume this guy has brains because he had already been worth $17M before winning. Money he earned, not money that was given to him. So how is it he wins a jackpot and starts acting like he doesn't have a lick of sense? Don't leave half a mil in cash in your car when you're at a strip club. Common sense 101.
its people like this who prove my point that we can never reach a poverty free society. smart people will learn to earn money from stupid people and stupid people will gladly pay it to them only to complain later after they are broke that life isnt fair. stupid people will always exist and there will always be someone smarter. poverty is forever.
If you do not have the mindset to handle the issues that can arise simply because of the notoriety and attention that you would naturally attract, that, in and of itself will cause huge problems for someone. If you also do not have the mindset to manage or learn to manage such amounts of money, and you also do not have self discipline and sound judgment, this is also causes problems. People DO change when money is involved. And typically it is the other people around you. All of a sudden you can find that people who you may consider close family and friends will suddenly think you owe them something and will act accordingly. Should you not give them what they want, you may find that you now have those same people as obstacles if not outright enemies.
When I win, just like FredDerf said, the prize will definitely be claimed through a corporate entity or trust. This should apply to anyone who has substantial assets - All substantial assets such as real estate, vehicles will be purchased also under a corporate entity or trust. THAT is how truly wealthy people live. You see the things they want you to see.
obviously, the most important thing to do is claim the prize anonymously through a blind trust, corporation, etc. - if for no other reason that you won't have a bunch of leeches, i mean reporters, following you around waiting to glory in your every mis-step - what gives them the right anyway?
Why is it that when you start a business nobody ever warns you not to make millions of dollars? Wouldn't that put you in the same spot as these guys?
All the stuff I just read up their of how these people spent and lost their money these people obviously could not handle it because it seems the stuff they used the money on was so dumb. The smart thing I would do have multiple bank accounts collect what ever interest I can off the earning and use that as like spending money. Maybe by a House and a car. Give to my immediate family to pay of bills. Other than that If its your win its your choice of who your money is going to and who you chose to give it to. People just automatically believe that because its a family member then won too that is not the case. If I won It would be my win I would help my immediate family and if there is something they want they can ask for it as well as far as this goes if I ever won like 90 million or close to that cleared I would do like I said Interest it , Open a business, buy new house and a car and help parents and immediate family this money is not for long lost cousins that come out of no where. Everyone doesn't have to be stupid with there money these people couldn't handle it I am sure there are so many other people who have ideas dreams like me rather than buying a stupid boat or waste on nonsense.
dont give a whatever really, i will win the lottery and do the oposite of the people that did bad stuff with the money.
I was watching Oprah some years ago about lottery winners. There were stories like these of course and there was also some success stories and one of them who did it right found a reliable website with advice on what to do upon winning a lottery. Perhaps it makes a difference if one does have the common sense and self-restraint to take a breather to at least think about their logical next step rather than follow their heart.
A lot of these people say "winning the lottery was the worst thing that ever happened to them". No. It was your poor decision making that did you in, geniuses
Yes, my first thought was that all suffered from stupidity.
Getting some humility is a real tough job sometimes.
How about an article about winners who successfully managed their winnings? These examples just show how crucial a good education and a little self-control can be.
MissMandrake said it best. The one consistent characteristic of all these winners is stupidity. It's like giving a handgun to a 2-year-old.
William Post III ... Winnings: $315 million ... Post won $16.2 million in the Pennsylvania lottery in 1998 ... “Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems,” Post said in 1993
I'd fire your proofreader.
@reddonnaann Laundromat with top or side loading washers?
See, these people are idiots. I would contact my financial advisor, get 25% of it socked away immediately, pay off the house I'm in and buy passive income property, like a parking lot or laundromat. AFTER that, there is some spending to be done, but keep I'd mouth shut that I'd won and save, save, save. Spend a little, save a little, spend a little, save a little... lather, rinse, repeat.
It's common sense to use your financial advisor if you've got that much money coming in. Would you do your own knee surgery or build your own 747 jet? No, because you're not qualified.
It's all good in moderation, invest, dont go overboard and maintain like you did before, money cant buy happyness but it can get you piece of mind spent sparingly !
It isn't the wealth that did them in, it was the freedom that wealth offered for their desires (and general idiocy) to run rampant.
SIMPLE IS A PRIZE OF 500 MILLION EUROS! TEN MILLION PEOPLE TO PLAY HIM, NOW GIVE THIS AWARD, FOR THE MONEY The TB GIVES TO KILL, BUT WHAT MATTER IS TO BE A GAME TO CLEAN OUT LUCK, OR ELSE TB THAT LOOK LIKE ME TO THOSE UNFORTUNATE THAT NEVER WON A PRIZE IN LIFE, PEOPLE'S MONEY TO BE DELIVERED TO WHOM THE UNHAPPY AND THAT HATES It TO DEAL IN MANY UNHAPPY WITH LITTLE LUCK.
If you report the negative you must report the good. Doing this will give broad insight about how to properly handle large sums of money and let it work for you and not against you. It can be done. One thing that I would advise is NOT to stop working. When you begin spending (pouring out) and not bringing nothing in your fortune will disappear quick. Keep a stream of income coming in while you are putting out and monitor what you are spending. Lastly, don't tell everyone it wont make you special all of a sudden if you were not special before it happened!
Why are some people just so snotty about the lottery? Especially the overeducated ones? We all know there's a very slim chance we'll win, you don't have to tell us that. It's a dollar or two, and a dream. Quit being negative.
@jonluu: Yea so your saying what exactly? Essentially that most people are just in poverty due to stupidity? I disagree with that nonsense stereotype, but hey lets just roll with that for a minute... So because some percentage of people have lower quality genes, it somehow justifies inaction on poverty? Or worse, it somehow justifies those less intelligent people being systematically exploited?
Even if I don't dispute those in poverty may be less intelligent, It's pretty obvious their mental capacities were never a choice. It's also clear that some people will always lack the intellect derived wisdom to handle personal finance. How exactly does that result in society bearing no responsibility? I'll just roll with that one, where does it lead? A society which only benefits those with high capability, might not seem like a society worth preserving. I tend to believe those same people may behave irrationally, hell even violently, and now that they don't care for your society why not revolt? Seems like society now only exists to protect wealth and property, and since those in poverty have neither, why not destroy your pleasent world?
My point is, I can't disagree with the facts, many people shock and annoy me with their lack of wisdom and intellect. This fact does NOT mean we have no societal responsibility, even if it's just the bare humane essentials. How much is a matter of politics, but your politics appear to lack balance, and historically imbalance leads to violent revolution.
@LLbud212 The very point of having extra cash is the freedom to spend it on things you wouldn't normally be able to afford. What's the point in having millions if you can't enjoy it? If you're bored and have nothing better to do, I suppose you could start your own business, but why? You could probably make more by prudent investing with less risk. These people get targeted by scam artists. You open up a business someone will come in and trip on your floor just so they can sue you since they know you have it. Whole lot of lottery winners opened up their own businesses, and the majority of them not just go broke, but they lose all their investments and get sued or swindled by their "business partners" on top of it. End up with less than they had before they won. It probably would have been better if they bought the boat and got some fun out of their winnings at least.
why, with 90 million bucks, would you open a business ?
what's wrong with giving yourself a boat ? well within the budget.! ?
@djmeyer IKR? Jack Whittaker kept leaving large sums of cash in his car and is surprised got robbed. After the first time, it should have been a lesson. Instead he did it again. That was stupidity plain and simple. He didn't deserve to get any of it back. Plus, his granddaughter was a drug addict and instead of paying for rehab he gave her an unlimited allowance. Who couldn't see that end result coming a mile away?
@reddonnaann Unless you live in only one of 5 states that allow you to claim your winnings anonymously, whether you keep your mouth shut or not, your picture and your name would still be out there. In some states a press conference about the win is mandatory. But I agree with everything else you said. Get a financial advisor and a lawyer. Create corporations so businesses and even charities aren't in your name.
@EmanuelAlvesPortugalSilva Why are you SHOUTING IN ALL CAPS??? It's really annoying and hard to read.
@GregorUrech I'm willing to prove you wrong.
@DarleneWilliams How are you going to keep working if all your coworkers know you're rich? It's not going to happen. You're going to have to move.
@DarleneWilliams @technoreaper Sorry, but you're incorrect. 45 states REQUIRE that your name be made public once you go to collect your winnings. There's no way around that. It isn't about who chooses to divulge their names or not. Considering the threats that new winners often times face from total strangers, I really believe that this requirement is going to get someone kidnapped or killed one day. But for now, the majority of the states require public notifications, and others require you to give press conferences.
@rmcmahon2 Excellent ideal! I will remember that...
True with my state, too. Way around it is to set up a trust, and
let your lawyer go the lottery office.
@Mayaman @reddonnaann @technoreaper @DarleneWilliams No. The point is publicity is not an option. You are required to have your name disclosed before you can get the money. In some states you are even required to give a press conference. Let's say you live in a state where only your name is required. The media is still going to use that to track you down, your address, and speak to anyone they can about you. Publicity isn't an option. Best thing to do is to move into a hotel for a few months before and after claiming the money. Lay low until the media frenzy dies down then move to another city, preferably another state and go on with your life. Once you move from that area, it'll make things easier.
1. You want to tell me that if you won $315M you're going to keep working? If you really feel that you cannot live the rest of your life on $100M - $300M then you shouldn't bother to play. And what job pay package do you have that you can conceivably blow through a hundred million and have your job provide you with enough to live on?
2. The lottery commission does not ask your permission to reveal your name. In all but 5 states, revealing your name is mandatory if you go to claim the winnings. So don't bother to assume you have that option. Your friends, family and coworkers will know you won and how much you won.