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Thread: $16.5 Million Pennsylvania Lottery Winner "Dead Broke"

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    领导失 PhuCk Yu MoN's Avatar PhuCk Yu MoN is offline
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    $16.5 Million Pennsylvania Lottery Winner "Dead Broke"

    within a year.

    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.

    8 lottery winners who lost their millions - MSN Money


    Stories like this, don't surprise me at all. I could understand the "as soon as it comes, as soon as it goes" motto. It can disappear before you know it, not excluding the instant supply of "family" and financial advisor's.

    I've seen this happen too many times, and it's sad, and these people have no one to blame but themselves. When your income increases, so does your spending habits. Sometimes the words "Save" and "No" can take you far.

    $16.5 million after taxes probably $8-9 million that could last some more than 30 years living off a $250K + annual payment.






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    where de crix Oneshot's Avatar Oneshot is offline
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    run away when you strike it

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    Banned Conscious's Avatar Conscious is offline
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    No financial education or guidance!

    This is more common than ppl know!
    Those who want to see you fail are the fuel to your success!
    - Conscious



    www.lavepunch.com

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by Conscious View Post
    No financial education or guidance!

    This is more common than ppl know!
    technically he may be no different from the typically high income earner (doctor, lawyer)

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    not surprising

    many people cant manage their 30,000 per year properly

    making millions overnight will not make one a financial guru

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    Freedom ~Ms. Classy Lady~'s Avatar ~Ms. Classy Lady~ is offline
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    he dotish thats y.....he shoulda take the money and by a set of property or some land and start building commercial property on it and that would bring some residual income to him....

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    Banned Conscious's Avatar Conscious is offline
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    Quote Originally Posted by Oneshot View Post
    technically he may be no different from the typically high income earner (doctor, lawyer)
    So true, I've known stockbrokers who can't seem to save. They live from bonus/commission to bonus/commission.

    And then my Grandmother who earned chicken feed saved and bought 2 homes!

    It has nothing to do with class, but more to do with knowing that planning and saving what you get will eventually lay the foundation for your financial future.

    Lecture done!
    Those who want to see you fail are the fuel to your success!
    - Conscious



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    Banned Conscious's Avatar Conscious is offline
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    Quote Originally Posted by fntsy19 View Post
    he dotish thats y.....he shoulda take the money and by a set of property or some land and start building commercial property on it and that would bring some residual income to him....
    Uh its not as easy as all that. Though that sounds nice, if you are unaware of how to use the tools, how you going to build a house?

    Having money don't make you smart, keeping it does!!
    Those who want to see you fail are the fuel to your success!
    - Conscious



    www.lavepunch.com

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    Quote Originally Posted by Conscious View Post
    Uh its not as easy as all that. Though that sounds nice, if you are unaware of how to use the tools, how you going to build a house?

    Having money don't make you smart, keeping it does!!
    werd
    1st thing I goin buy with my lotto winnings is a well respected and highly recommended CPA

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by DJ View Post
    werd
    1st thing I goin buy with my lotto winnings is a well respected and highly recommended CPA
    you need a CPA, and lawyer, form a trust or C corp,

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    领导失 PhuCk Yu MoN's Avatar PhuCk Yu MoN is offline
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    Quote Originally Posted by Oneshot View Post
    technically he may be no different from the typically high income earner (doctor, lawyer)
    You are so right, I was going to avoid that the comment but it's true. Some of the few Doctors that I met during school I believe enjoyed the benefits of their paycheck instead of their job. I remember a recent graduate said something to the likes of "Book as many appointments as you can, then Vacations would be a breeze." .. Whether or not it was a joke, it's often true.

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    Quote Originally Posted by Oneshot View Post
    you need a CPA, and lawyer, form a trust or C corp,
    werd

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    ah like chupidness limintrinibwoy's Avatar limintrinibwoy is offline
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    ppl who dont know how to manage their money shouldn't take lump sums..instead have it paid out to them...cuz they will sure fock demselves...

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by PhuCk Yu MoN View Post
    You are so right, I was going to avoid that the comment but it's true. Some of the few Doctors that I met during school I believe enjoyed the benefits of their paycheck instead of their job. I remember a recent graduate said something to the likes of "Book as many appointments as you can, then Vacations would be a breeze." .. Whether or not it was a joke, it's often true.
    while we on the topic suggest some nice books for investments

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    Freedom ~Ms. Classy Lady~'s Avatar ~Ms. Classy Lady~ is offline
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    Quote Originally Posted by Oneshot View Post
    while we on the topic suggest some nice books for investments
    'The Richest Man in Babylon'.....great book to help u with money management

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