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.”