Friday, February 18, 2011

Is Winning the Lottery Worth It?

A lot of people (including myself) have wondered, “What would it be like to win the lottery?” Well, take a look at the real life story (from The Associated Press) of a man who won the lottery and lost everything.

FRANKLIN, Pa. -- William "Bud" Post III, who won a
$16.2 million jackpot and bitterly called it the “lottery of
death” after his life turned sour, has died at 66.

Post, who died of respiratory failure Sunday at a hospital
in Seneca, won the Pennsylvania lottery in 1988 after
pawning a ring for $40 and buying 40 tickets.

Up until then, he had worked odd jobs, had been married
five times and was living on Social Security disability
income because of a job-related injury when he won.

But the winnings, which were paid out in annual
installments of $498,000 after taxes, brought trouble.

Various businesses he started with siblings failed. His
sixth wife moved out, his brother was convicted of trying
to kill him, and his landlady and sometimes girlfriend
successfully sued for one-third of his winnings. She had
purchased 20 tickets with him and the winner was
among the 60.

Post was also convicted of assault for firing a shotgun
over the head of a man who came to his mansion to collect a
bill in the early 1990s.

“For the lack of a better term, he was like the ‘Beverly
Hillbillies,’” said John Lacher, a bankruptcy lawyer who
assisted Post. Lacher described Post as impulsive, saying
Post was the type of person would buy 30 of the same item.

“He did everything you would expect of a guy who became
a millionaire overnight,” Lacher said.

In 1996, a bankruptcy judge auctioned off what was left of
Post’s prize payments - $4.9 million - to pay off his debts,
leaving him with about $1 million.

“I truly won the lottery of death, I think,” he said.
Survivors include his seventh wife, Debra Wice, and nine
Something to think about... if your mindset is one of poverty, then an abundance of money will only hasten your demise. Seems that we should first change our minds... and then the rest will follow!

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