From millions to bankruptcy in 5 years
The lottery was the best thing, and the worst thing, to happen to Ken Proxmire.
Proxmire was a machinist in Michigan when he won $1 million in the lottery. The next few years were sort of a whirlwind – he moved to California, and went into business. He and his brothers started an automobile business. Things didn’t go so well, and 5 years later Proxmire was filing for bankruptcy.
How can things go so bad so quickly? Well, usually people that are suddenly wealthy don’t really know how to manage that money. They tend to spend too much money on themselves, and on other people.
Ken’s son Rick says, “He was just a poor boy who got lucky and wanted to take care of everybody.”
Rick adds, “We’re just regular everyday folk now. Dad’s now back to work as a machinist. No more talk of riding in limos, or owning a helicopter.”
From $16 million to food stamps
This is the classic story of how a lottery jackpot can ruin someone’s life, if they don’t know how to handle it.
William Post won $16.2 million in the Pennsylvania lottery. This is what happened since then:
- his brother hired a hit man to kill Post, with the hopes of inheriting some of the money (the brother was arrested)
- a former girlfriend sued him and got a portion of the winnings
- another brother finally persuaded Post to invest some money into a couple of businesses in Florida, both of which failed
- Post got so angry at a bill collector that he fired his handgun over the bill collector’s head (no one injured, but Post did serve time in jail for that one)
Post eventually had to declare bankruptcy, and now lives on $450 per month from Social Security, and his food stamps. He recently had an operation on his heart.
Post says, “I’m tired, I’m over 65 years old…lotteries don’t mean **** to me.”
First a big lottery winner, now a big loser
Suzanne Mullins does not have fond memories of her lottery experience.
Mullins won $4.2 million in the Virginia lottery a few years ago. She did not plan well.
In the initial arrangement, she was to get yearly checks from the Virginia lottery until her total payout was reached. Based on that arrangement, she borrowed $197,746 and planned on paying back that loan with the yearly checks. So far so good.
But then the Virginia lottery rules changed, and Mullins was allowed to collect the rest of her winnings in a single lump sum. She collected that lump sum, but then decided she could not afford to pay back the loan. She still owed the Singer Asset Finance Company $154,147 so they sued her for it. They have yet to collect the first dollar from her.
Mullins says that the primary reason for her downfall was a relative who was seriously ill and had no insurance – he needed $1 million for medical bills. Of course, that still leaves a few million dollars unaccounted for.
Mark Kidd, the attorney representing the finance company who sued Mullins, says, “My understanding is that she has no assets.”
Man misses winning numbers, sues his children for having the wrong birthdates
Of course, this makes so much sense!
A cab driver in Athens, Georgia, is really upset right now. Stephen Jones played last week’s Mega Millions, where you have to pick 6 numbers to win the big jackpot. Here is how he picked his numbers:
- his age (46)
- his age plus one (47)
- his wife’s age (39)
- birthday of first child (5)
- birthday of second child (8)
- birthday of third child (21)
Here are how the winning inumbers came up: 6, 11, 26, 39, 46, 47
As you can see, he matched 3 numbers out of the 6. The ones he missed were the dates that his children were born. So, he determines the children are at fault – and he has sued them.
Jones’ lawsuit seeks damages totaling $196 million, which is the amount he would have won if his children would have had the good sense to be born on the 6th, the 11th, and the 26th of the month.
Rather than sue the children, it seems that Mr. Jones should have planned those dates a little more carefully himself.
NJ woman wins lottery TWICE; now lives in a trailer
Ask Evelyn Adams how great it was to win the lottery. She won’t give it a strong endorsement.
“Winning the lottery isn’t always what it’s cracked up to be,” Adams comments. “I won the American dream but I lost it, too. It was a very hard fall. It’s called rock bottom.”
Adams won the New Jersey Lottery in 1985 and 1986. Her total winnings were $5.4 million.
She says that the hardest part was everyone wanting some of her 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.”
Part of her money was lost in Atlantic City slot machines. Adams admits, “I was a big time gambler. 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.”