Sorta OT 113 million Lotto winner BROKE
WinPitcher
Posts: 27,726 ✭✭✭
in Sports Talk
How in the world can anyone go through 113 mil? in less then 5 years too?
I remember 2 years ago this idiot left a million in a suitcase in his car and was robbed. (in vegas)
I dunno, That dough could have done some good. instead it was off to vegas for that idiot.
Steve
I remember 2 years ago this idiot left a million in a suitcase in his car and was robbed. (in vegas)
I dunno, That dough could have done some good. instead it was off to vegas for that idiot.
Steve
Good for you.
0
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"Vegas"
http://sportsfansnews.com/author/andy-fischer/
people are idiots and people that are given huge sums of money are usually even bigger idiots.
"A fool and his money are soon parted '
Unfortunately, how true.
I had a friend win the lotto back in 83 I think it was. 3.5 million. he kept his day job (electrician) and did not buy anything bigger then a new car. he always, and I mean always, had the bar tab after the softball games for everyone. usually it came to around 150.00? he took it over the 20 year span. at that time it was 20 here in NY, it is now 23 I think. he seemed to do it right. great guy and boy could he play the field too! saved me a bunch of times.
Steve
Tells Lawyer Thieves Emptied His Bank Accounts
AP
CHARLESTON, W.Va. (Jan. 12) - A man beset by problems since winning a record lottery jackpot says he can't pay a settlement to a casino worker because thieves cleaned out his bank accounts.
Crooks 'Got All My Money'
Jack Whittaker's statement about the theft came to light in court filings related to an assault case.
Powerball winner Jack Whittaker gave that explanation in a note last fall to a lawyer for Kitti French, who accused him of assaulting her at the Tri-State Racetrack and Gaming Center, a slots-only casino near Charleston, according to a motion French's lawyer filed this week demanding payment of the confidential settlement.
Whittaker won a nearly $315 million on Christmas 2002, then the largest undivided lottery prize in U.S. history. He took his winnings in a lump sum of $113 million after taxes.
Since then, he has faced his granddaughter's death by drug overdose; he has been sued for bouncing checks at Atlantic City, N.J., casinos; he has been ordered to undergo rehab after being arrested on drunken driving charges; his vehicles and business have been burglarized; and he has been sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house.
Whittaker told French's lawyer, John Barrett, that "a team of crooks" cashed checks in September at 12 City National Bank branches and "got all my money," according to the motion Barrett filed Wednesday in state court.
"I intend to pay but can't without any money," Whittaker wrote, according to the motion.
An official with City National Bank said Friday the bank is investigating "small discrepancies" in Whittaker's accounts.
Calls to Whittaker and his lawyers Friday were not immediately returned.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>What an idiot. It's almost unbelievable how someone could spend all that money and have nothing left. But many people are far dumber than most would ever dream, it seems. >>
<< <i>
<< <i>What an idiot. It's almost unbelievable how someone could spend all that money and have nothing left. But many people are far dumber than most would ever dream, it seems. >>
If I'm remembering right, Tyson earned 450 million during his career.
took the lump sum (giving up a ton of money in the process) went through it damn quick too. moron.
Having piles of cash only compounds problems for some people. Here are sad tales of foolishness, hit men, greedy relatives and dreams dashed.
By Ellen Goodstein, Bankrate.com
For a lot of people, winning the lottery is the American dream. But for many lottery winners, the reality is more like a nightmare.
"Winning the lottery isn't always what it's cracked up to be," says Evelyn Adams, who won the New Jersey lottery not just once, but twice (1985, 1986), to the tune of $5.4 million. Today the money is all gone and Adams lives in a trailer.
"I won the American dream but I lost it, too. It was a very hard fall. It's called rock bottom," says Adams.
"Everybody wanted my money. Everybody had their hand out. I never learned one simple word in the English language -- 'No.' I wish I had the chance to do it all over again. I'd be much smarter about it now," says Adams, who also lost money at the slot machines in Atlantic City.
"I was a big-time gambler," admits Adams. "I didn't drop a million dollars, but it was a lot of money. I made mistakes, some I regret, some I don't. I'm human. I can't go back now so I just go forward, one step at a time."
Living on food stamps
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.
Deeper in debt
Suzanne Mullins won $4.2 million in the Virginia lottery in 1993. Now she's deeply in debt to a company that lent her money using the winnings as collateral.
She borrowed $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006. When the rules changed allowing her to collect her winnings in a lump sum, she cashed in the remaining amount. But she stopped making payments on the loan.
She blamed the debt on the lengthy illness of her uninsured son-in-law, who needed $1 million for medical bills.
Mark Kidd, the Roanoke, Va., lawyer who represented the Singer Asset Finance Company who sued Mullins, confirms her plight. He won a judgment for the company against Mullins for $154,147 last May, but they have yet to collect a nickel.
"My understanding is she has no assets," says Kidd.
Back to the basics
Ken Proxmire was a machinist when he won $1 million in the Michigan lottery. He moved to California and went into the car business with his brothers. Within five years, he had filed for bankruptcy.
"He was just a poor boy who got lucky and wanted to take care of everybody," explains Ken's son Rick.
"It was a hell of a good ride for three or four years, but now he lives more simply. There's no more talk of owning a helicopter or riding in limos. We're just everyday folk. Dad's now back to work as a machinist," says his son.
Willie Hurt of Lansing, Mich., won $3.1 million in 1989. Two years later he was broke and charged with murder. His lawyer says Hurt spent his fortune on a divorce and crack cocaine.
Charles Riddle of Belleville, Mich., won $1 million in 1975. Afterward, he got divorced, faced several lawsuits and was indicted for selling cocaine.
Missourian Janite Lee won $18 million in 1993. Lee was generous to a variety of causes, giving to politics, education and the community. But according to published reports, eight years after winning, Lee had filed for bankruptcy with only $700 left in two bank accounts and no cash on hand.
One Southeastern family won $4.2 million in the early '90s. They bought a huge house and succumbed to repeated family requests for help in paying off debts.
The house, cars and relatives ate the whole pot. Eleven years later, the couple is divorcing, the house is sold and they have to split what is left of the lottery proceeds. The wife got a very small house. The husband has moved in with the kids. Even the life insurance they bought ended up getting cashed in.
"It was not the pot of gold at the end of the rainbow," says their financial advisor.
Luck is fleeting
These sad-but-true tales are not uncommon, say the experts.
"For many people, sudden money can cause disaster," says Susan Bradley, a certified financial planner in Palm Beach, Fla., and founder of the Sudden Money Institute, a resource center for new money recipients and their advisors.
"In our culture, there is a widely held belief that money solves problems. People think if they had more money, their troubles would be over. When a family receives sudden money, they frequently learn that money can cause as many problems as it solves," she says.
Craig Wallace, a senior funding officer for a company that buys lottery annuity payments in exchange for lump sums, agrees.
"Going broke is a common malady, particularly with the smaller winners. Say you've won $1 million. What you've really won is a promise to be paid $50,000 a year. People win and they think they're millionaires. They go out and buy houses and cars and before they know it, they're in way over their heads," he says.
Are you really a 'millionaire'?
Part of the problem is that the winners buy into the hype.
"These people believe they are millionaires. They buy into the hype, but most of these people will go to their graves without ever becoming a millionaire," says Wallace, who has been in the business for almost a decade.
"In New Jersey, they manipulate the reality of the situation to sell more tickets. Each winner takes a picture with a check that becomes a 3-foot by 5-foot stand-up card. The winner is photographed standing next to a beautiful woman and the caption reads: 'New Jersey's newest millionaire.'"
Winning plays a game with your head
Bradley, who authored "Sudden Money: Managing a Financial Windfall," says winners get into trouble because they fail to address the emotional connection to the windfall.
"There are two sides to money. The interior side is the psychology of money and the family relationship to money. The exterior side is the tax codes, the money allocation, etc."
"The goal is to integrate the two. People who can't integrate their interior relationship with money appropriately are more likely to crash and burn," says Bradley.
"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.
"Because the winners have a large sum of money, they make the mistake of thinking they know what they're doing. They are willing to plunk down large sums on investments they know nothing about or go in with a partner who may not know how to run a business."
What if you get so (un)lucky?
To offset some bad early decision-making and the inevitable requests of friends, relatives and strangers, Bradley recommends lottery winners start by setting up a DFZ or decision-free zone.
"Take time out from making any financial decisions," she says. "Do this right away. For some people, it's smart to do it before you even get your hands on the money.
"People who are not used to having money are fragile and vulnerable, and there are plenty of people out there who are willing to prey on that vulnerability -- even friends and family," she cautions.
"It's not a time to decide what stocks to buy or jump into a new house purchase or new business venture.
"It's a time to think things through, sort things out and seek an advisory team to help make those important financial choices."
As an example, Bradley says that people who come into a windfall will typically put buying a house as No. 1 in list of 12 choices, while investing is No. 11.
"You really don't want to buy a new house before taking the time to think about what the consequences are.
"A lot of people who don't have money don't realize how much it costs to live in a big house -- decorators, furniture, taxes, insurance, even utility costs are greater. People need a reality check before they sign the contract," she says.
Evelyn Adams, the N.J. lottery double-winner, learned these lessons the hard way.
"There are a lot of people out there like me who don't know how to deal with money," laments Adams. "Hey, some people went broke in six months. At least I held on for a few years."
(For more information on dealing with a sudden change in your fortunes, read "You're suddenly rich? Bummer," on MSN Money.)
<< <i>I remember this guy. He was already a millionaire from a contruction business, and played the powerball 100 tickets at a time. When he won, he was the ultimate salesman in his press conference. The first thing he was going to do was give his 10% tithe, make sure his grandchildren were taken care of, etc. Less than a month later he was arrested at a strip club with $400,000 in cash. Now all this.... what a waste. >>
Yeah, but hey--- easy come easy go. Hopefully he learns something from it. Along the same lines (but on a much smaller scale), I've pissed through two 25K windfalls in my life (one was actually 31K), since each time I hit one I more or less quit working for a year. I'd like the money back now, but in the immortal words of Jack Strauss 'If we were meant to hold on to money it would come with handles'.
<< <i>Pure stupidity. Although if you have a gambling problem, seriously - no amount of money is safe from being burned up fairly quickly. The thing about gambling is you need "Juice" meaning those $100 dollar bets dont do it for you as say a $10,000 dollar bet does, thus 100 Mill could go if your sick enough with the gambling bug. >>
So true! Too much gambling is never enough for an addicted gambler.
Anyone can Google this if they want more the further story - Leonard Tose in 1985, had to sell the Philadelphia Eagles Football Team, as well as eventually losing his large trucking company and most else, all because of gambling addiction, mostly at the Atlantic City blackjack tables.
Addiction to the game of poker is probably one of the toughest addictions out there today. Someone wins a big poker tournament, and rather than realizing for the most part it was just random luck that caused the win, the winner gets that "high" believing that they are now some superior poker player. Most of those poker tournament winners go broke in the short-run from entering too many poker tournaments, and losing money from other types of gambling as well.
Because of the tournament rakes of usually about 5% to 12%, all poker tournament players will go broke in the long-run. I have estimated that Phil Hellmuth has lifetime, lost approximately 1/2 million dollars playing in poker tournaments, and he is widely considered to be one of the greatest tournament poker players of all time. But Phill isn't broke because he has made way more than 1/2 million dollars through his book sales, endorsements, and poker website affiliate programs.
Everytime I post this someone sites the example of Daniel Negreanu as someone beating the poker tournament circuit. Let me point out that Negreanu recently went a year without winning one, and he enters almost every poker tournament in sight, hundreds of them. The random numbers and the tournament rakes will sooner or later catchup to Negreanu and he will eventually show a negative balance from playing in too many raked poker tournaments. But for the exact same reasons as Hellmuth, he won't be going broke anytime soon, especiially from the enormous commissions he must make from his association with Full Contact Poker.
Steve
Joe
<< <i>Steve, do you do a daily search on all CU boards for the word "gambling" or "poker" so you can cut and paste the same drivel we've all read from you 100 times?
Joe >>
Yes, I enjoy discussing the topic and I try to bring a fresh approach to it, especially with those here who we have discussed these topics a lot. Naturally, some things are going to be repetitive, but some things sometimes are, for one reason because there is a flow of new members or lurkers who have never seen the previous comments.
Question for ya Joe...with all the repetitive smack talk that goes on in this forum, and many other repetitive type posts in all the forums such as pointing out ebay scams, 52 Mantle discussions, etc., of which I enjoy those topics as well...why would this bother you so much? Heh?
Steve
Remember Vanilla Ice? He does not make gobs of money anymore, but invested wisely and lives very comfortably.
Unfortunately, MC Hammer did not invest wisely.
<< <i>
<< <i>Steve, do you do a daily search on all CU boards for the word "gambling" or "poker" so you can cut and paste the same drivel we've all read from you 100 times?
Joe >>
Yes, I enjoy discussing the topic and I try to bring a fresh approach to it, especially with those here who we have discussed these topics a lot. Naturally, some things are going to be repetitive, but some things sometimes are, for one reason because there is a flow of new members or lurkers who have never seen the previous comments.
Question for ya Joe...with all the repetitive smack talk that goes on in this forum, and many other repetitive type posts in all the forums such as pointing out ebay scams, 52 Mantle discussions, etc., of which I enjoy those topics as well...why would this bother you so much? Heh?
Steve >>
<< <i>
<< <i>
<< <i>Steve, do you do a daily search on all CU boards for the word "gambling" or "poker" so you can cut and paste the same drivel we've all read from you 100 times?
Joe >>
Yes, I enjoy discussing the topic and I try to bring a fresh approach to it, especially with those here who we have discussed these topics a lot. Naturally, some things are going to be repetitive, but some things sometimes are, for one reason because there is a flow of new members or lurkers who have never seen the previous comments.
Question for ya Joe...with all the repetitive smack talk that goes on in this forum, and many other repetitive type posts in all the forums such as pointing out ebay scams, 52 Mantle discussions, etc., of which I enjoy those topics as well...why would this bother you so much? Heh?
Steve >>
Yea, that was my first reaction as well. Especially since the thread's topic had to do with gambling and there were comments made about gambling addiction, and I simply expounded on that. Perhaps good ol' Joe makes money through some poker affiliate programs and is afraid a little forthright discussion about poker gambling would result in him losing some suckers...err I mean customers.
But whatever is your reason Joe, I don't really give a chit.
Steve
I'm not the one trying to make money with his message.
That, of course, does not cheapen your arguments. My beef with you is that you don't debate, you don't promote "forthright discussion," you cut and paste the same talking points over and over and over.
Joe
<< <i>I have no vested interest in promoting gambling.
I'm not the one trying to make money with his message.
That, of course, does not cheapen your arguments. My beef with you is that you don't debate, you don't promote "forthright discussion," you cut and paste the same talking points over and over and over.
Joe >>
You know what's funny?
Had you not posted that link, no one would have known about it.
I'm sure he appreciates your free plug
<< <i>
<< <i>I have no vested interest in promoting gambling.
I'm not the one trying to make money with his message.
That, of course, does not cheapen your arguments. My beef with you is that you don't debate, you don't promote "forthright discussion," you cut and paste the same talking points over and over and over.
Joe >>
You know what's funny?
Had you not posted that link, no one would have known about it.
I'm sure he appreciates your free plug
Thanks Stown. I'm not going to discuss the book here in any way, shape or form. Frankly, the book has been out now for 2 1/2 years and I've already discussed it enough anyway.
The next book I'd like to do is the uncensored biography of Maria Sharapova.
Steve
<< <i>The next book I'd like to do is the uncensored biography of Maria Sharapova.
Uh, I'd read that one!!!
Steve, I'll be honest, I don't agree with a lot of your posts. I'd love to banter back and forth about your opinions of gambling.
But I DO love every one of them. They are extremely lucid, courteous, thought out, and honest.
I hope you keep them coming.
shawn
<< <i>I have no vested interest in promoting gambling.
I'm not the one trying to make money with his message.
That, of course, does not cheapen your arguments. My beef with you is that you don't debate, you don't promote "forthright discussion," you cut and paste the same talking points over and over and over.
Joe >>
You know what's interesting Joe, and I had never even really given it thought before, I have posted thousands of times in various gambling recovery forums over the past few years, and have never cut and pasted a single reply...not one that I can remember. I don't think I've ever cut and pasted a reply here about this topic.
Naturally, articles or some chapters were cut and pasted...but no replies to someone ever was. Gambling addiction is such a complicated addiction with so many different variables involved, that frankly I feel it's easier and more effective to just type out a "custom" reply, rather than trying to figure out what to cut and paste.
Steve
<< <i>
<< <i>The next book I'd like to do is the uncensored biography of Maria Sharapova.
Uh, I'd read that one!!!
Steve, I'll be honest, I don't agree with a lot of your posts. I'd love to banter back and forth about your opinions of gambling.
But I DO love every one of them. They are extremely lucid, courteous, thought out, and honest.
I hope you keep them coming.
shawn >>
Shawn - I've got no problem at all with the disagreement. For example, I've got friends who are non-gamblers, I've got friends who are ex-gamblers, and I've got friends who are gamblers. My "fight" isn't with gamblers, it is with those who prey on gamblers, especially addicted gamblers and underage children - that bugged me even when I was gambling.
I don't like scammers - never have and never will. I see a lot of the gambling industry, especially gambling websites, as a huge scam, luring and enticing people into losing their money. Scammers on ebay bug me as well, and I like pointing out these scams in the other forum here at CU whenever they occur.
But I'm not neurotic about this topic despite what Joe may think. I don't walk around po'd all day about the gambling industry. I take my recovery very seriously, but I also feel life should be enjoyed. I just enjoy things now without gambling and actually it has been much more enjoyable since I quit gambling.
I know some sports fans who when "hitting bottom" from gambling...decided to quit watching sports because they felt that triggered them to gamble. I tell them in my view that is a mistake to giveup watching sports. If you love sports then why give that up? Just give up the gambling part of it. I've often seen them relapse because they didn't like recovery. Recovery must be taken seriously, but also has to be enjoyable otherwise we might not stick with it.
As big of a sports fan as I was when gambling, I feel that I am a bigger and better sports fan now. For example, instead of analyzing the Eagles from a point spread gambling basis, all I do is root hard for them to win the game and that's all I have to be concerned about. Not worrying about digging up some money so I can pay the book on Tuesday.
I forget what year it was, but I remember I'm at Veterans Stadium watching the Eagles and I've got the Eagles -7. Well the game goes into overtime and of course I can't even push the bet because no extra point is kicked in overtime. So I'm sitting there having to still watch this f*ing game after losing a big bet. Well Mike Quick catches a post pattern pass on about the Eagles 30 and runs it in for a touchdown - what a beautiful dramatic finish to an Eagles game, but I'm sitting there po'd because of losing the dam bet. I didn't even enjoy that wonderful finish. It's nice not having to concern myself with chit like that anymore - I can just enjoy the games for what they are - great entertainment.
Steve
That response was a copy/paste from your book and the only original part was Shawn's name.
<< <i>Let me guess...
That response was a copy/paste from your book and the only original part was Shawn's name.
Yes, that was cut and pasted from "The Eagles win by 6 points, but I lose by 1 point" chapter.
<< <i>Yes, that was cut and pasted from "The Eagles win by 6 points, but I lose by 1 point" chapter.
Thanks for reminding me that I had SEA -1.5 against the Cowgirls
<< <i>
<< <i>Yes, that was cut and pasted from "The Eagles win by 6 points, but I lose by 1 point" chapter.
Thanks for reminding me that I had SEA -1.5 against the Cowgirls
I didn't Google it to try to find it, but there is a well known in gambling circles, "infamous" football point spread game in which a team scored two absolutely meaningless touchdowns in like the last minute of the game to beat the point spread against Notre Dame. Notre Dame still won the game by like 20 points. You see it coming a mile away...I watched that game live on TV and bet heavy on Notre Dame. Towards the end of the game, I had that money "spent" - worst game I ever bet on, not the most I ever lost on a game, but just an excruciating way to lose.
-
I've never been a big gambler, but I do play a lot of cards for a small amount of money well within my means. I've never overextended myself gambling and do it recreationally, so in my mind it's okay.
But I know what you mean about sports betting. I used to bet $10 or $20 on games, but I absolutely sucked at it, and it completely took away from the enjoyment of the game. The ultimate for me one time was I put $20 on a six team parlay, just for fun, trying to hit the big on.
I missed all six games.
I didn't even think that was possible.
So I stick to cards, and do fine there, waiting for my luck to run out.
Again, though, I never overextend myself. I know guys who win $500, then lose $500 the next day. Or they win $500 on a $3/$6 table, then lose it all the next day at the $10/$20 trying to press it up.
I generally JUST played $11 Sit and Go's, and when I got my account up to over $100, I don't go up and try to press it.
I cash out the profit, go back to the next $11 tourney, and buy my next '55 All American.
It's hard to go broke (or get rich either, obviously) going that route.
shawn
<< <i>Well, I guess it's like anything else, it's a "problem when it becomes a problem" as a friend of mine used to say.
I've never been a big gambler, but I do play a lot of cards for a small amount of money well within my means. I've never overextended myself gambling and do it recreationally, so in my mind it's okay.
But I know what you mean about sports betting. I used to bet $10 or $20 on games, but I absolutely sucked at it, and it completely took away from the enjoyment of the game. The ultimate for me one time was I put $20 on a six team parlay, just for fun, trying to hit the big on.
I missed all six games.
I didn't even think that was possible.
So I stick to cards, and do fine there, waiting for my luck to run out.
Again, though, I never overextend myself. I know guys who win $500, then lose $500 the next day. Or they win $500 on a $3/$6 table, then lose it all the next day at the $10/$20 trying to press it up.
I generally JUST played $11 Sit and Go's, and when I got my account up to over $100, I don't go up and try to press it.
I cash out the profit, go back to the next $11 tourney, and buy my next '55 All American.
It's hard to go broke (or get rich either, obviously) going that route.
shawn >>
Yes, virtually anything can become a problem. Take a look at this link, which just happened recently.
Woman Dies From Drinking Too Much Water After Water-Drinking Contest
http://www.allheadlinenews.com/articles/7006143582
Steve
looking for low grade t205's psa 1-2
As far as the relatives and friends are concerned, I think you will know who are your true allies at that point. Its sad that money issues cause the worst in people to be unearthed, but knowing the truth has its virtues too.
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