https://www.goldismoney2.com/threads...l-quick.55854/
The story of Leroy Fick and his Son Jeff. He won 2 million bucks (too home about $850k) in a Michigan lottery and while he did pay close to $200K to rebuild his house, he and his son blew through the rest of the money in less than a year and are now broke, and facing jail time.
Of course hiring his unemployed son as a financial adviser may not have been such a great idea. His son winded up renting a motel room for about $80 a day to store collectible such as football jerseys and his sword collection among other things.
It was almost comical watching the show "how the lottery changed my life", but in the end, I kind of feel sad for them as well.
I read that something like close to 70% of lottery winners wind up broke within 5 years. I believe that's pretty close to the same number as professional athletes who wind up broke within 5 years of retirement. Likely the inability to plan and handle money is the reason.
The story of Leroy Fick and his Son Jeff. He won 2 million bucks (too home about $850k) in a Michigan lottery and while he did pay close to $200K to rebuild his house, he and his son blew through the rest of the money in less than a year and are now broke, and facing jail time.
Of course hiring his unemployed son as a financial adviser may not have been such a great idea. His son winded up renting a motel room for about $80 a day to store collectible such as football jerseys and his sword collection among other things.
It was almost comical watching the show "how the lottery changed my life", but in the end, I kind of feel sad for them as well.
I read that something like close to 70% of lottery winners wind up broke within 5 years. I believe that's pretty close to the same number as professional athletes who wind up broke within 5 years of retirement. Likely the inability to plan and handle money is the reason.
via International Skeptics Forum https://ift.tt/2kGfMkk
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