By David Sweet from BankRate
A real-life ‘Beverly Hillbillies’ story
William “Bud” Post III worked at carnivals and spent time in jail. He seemed aimless with no hopes of ever making enough money to live well. Then, while in his 40s with just a few dollars to his name, he won more than $16 million in the Pennsylvania Lottery. Post would be $500,000 in debt within just three months of his 1988 win, in part because he bought a twin-engine airplane (though he had no pilot’s license). It got worse. A brother was convicted of planning his murder. His annual after-tax prize payments of $500,000 were spent with little thought of the future, and he filed for bankruptcy in the early 1990s. He died of respiratory failure in 2006, at age 66. His bankruptcy lawyer, John Lacher, said it was like a real-life “Beverly Hillbillies” story. “He did everything you would expect of a guy who became a millionaire overnight,” Lacher told the Pittsburgh Post-Gazette. “While you might buy one laptop, Bud would see the same laptop and buy 30.” Would you rather invest in real estate than 30 computers? Compare and contrast mortgage rates to get the best rate on your new home purchase. These other money-saving tips will help keep you solvent.
Striking it rich, twice
Evelyn Marie Adams defied huge odds: The New Jersey convenience store clerk won a seven-figure prize not once, but twice. Adams hauled in $3.9 million from her state’s Pick-6 lottery game in October 1985—and she kept playing. Soon after, another $1.4 million was hers. Many requests for financial help ensued. “I couldn’t go anywhere without being recognized,” she told the New York Times in 1993. “A few of my relatives were angry because I had so much.” She ended up losing a large chunk of her fortune in Atlantic City casinos. In 2012, the New York Post caught up with her at a New Jersey trailer park. “I’m broke now … I work two jobs,” she told the newspaper. “My advice to anyone (who wins) would be to go to your lawyer and accountant first.” Find out which state has the most lottery winners.
Covering her assets?
Denise Rossi had been married for a quarter century when she won $1.3 million in the California Lottery in 1996 (these are the most popular lotto numbers). One of her first moves was to ask for a divorce from her husband — who had no idea she had hit the jackpot. Thomas Rossi uncovered the news a few years later when he opened a letter asking if she wanted to take her winnings in a lump sum rather than in annual payments. So, he sued. In 1999, a judge declared that Denise Rossi had violated state asset-disclosure laws. The result? Her ex-husband received all of her winnings. He had described a friendly marriage in his court filing. “We even shared the same electric toothbrush,” he said. During an interview with People in 2004, while he was collecting close to $50,000 a year from his court victory — he didn’t seem to miss the toothbrush togetherness. “If it wasn’t for the lotto, Denise and I would probably still be together,” Thomas Rossi said. “Things worked out for the best.” Next, find out how to make a budget you can stick to.
America is a Great Country in which to live.