Another lottery winner goes broke

Reply #24

justxploring — Tue, 16 May 2006 08:27:04 GMT

Definitely. Many people end up paying one of those services that buy annuities because they can't live on the annual payments. Blowing millions is mind-boggling, but I can see how someone can go through a lot of money in a short time. Still, a couple would have a serious drug or gambling problem to lose that much. Sad.

Reply #23

ryanm — Mon, 15 May 2006 16:43:14 GMT

Actually, I don't know of any circumstances in which annuity would be appropriate. If someone is bad at managing money, odds are he or she will just borrow against the annuity anyway instead of blowing the lump sum.

Reply #22

ryanm — Mon, 15 May 2006 16:42:05 GMT

lol That's the reverse of the old saying, "It is better to have loved and lost than to never have loved at all.

Reply #21

KY Floyd — Sun, 14 May 2006 19:47:11 GMT

This guy's problems aren't the result of the state requiring his identity to be revealed. There was an article about him in Playboy a couple of years ago. IIRC, he found out he had won very shortly after the drawing and began making calls immediately to start telling people. He would never have taken advantage of the chance to remain anonymous. Ultimately, he was a loser before he bought the ticket and he was just a rich loser after he won.

Reply #20

MillionsWanted — Fri, 12 May 2006 21:31:19 GMT

Annuity would be a good choice for some winners.

Reply #19

fxsterling — Fri, 12 May 2006 19:14:44 GMT

i saw that comming

Reply #18

cathywalden — Fri, 12 May 2006 18:59:43 GMT

material things, drugs...etc. how can a person spend 42 million dollars in 4 years? the whole thing blows my mind

Reply #17

bambini — Fri, 12 May 2006 18:50:19 GMT

Sounds to me, like he got lost in the material world.

Reply #16

cathywalden — Fri, 12 May 2006 18:48:02 GMT

you're right...a part of what you said reminds me of a quote in the Bible...Its better to have never known Him...than to have known Him and rejected (lost) Him.

Reply #15

bambini — Fri, 12 May 2006 18:43:40 GMT

Loser

Reply #14

duckman — Fri, 12 May 2006 18:36:27 GMT

Two words: Money Management

Two more words: Common Sense

This is a story which happens many times involving people who are instant multi-millionaires. It's one thing to have never had it, but even more sad for someone who has had it (the money) and blew it.

On the lighter side, I remember a Saturday Night Live report of a man in New York who won several million. Dennis Miller, the SNL news jokester at the time, commented "The winner was an unemployed cocaine addict. He was quoted as say... [ More ]

Reply #13

cathywalden — Fri, 12 May 2006 16:03:15 GMT

I went to school with David, I was hoping that he was going to get his life on the right track and do the right thing...everyone from our town said that the money and the good life would only last a year if that...I was so hoping that they were all wrong! I did see the show that he was on...the way he was showing off the expensive items that he purchased? such a waste.....I would hate to be in his shoes and have to go back to Ashland! I know how they are in Ashland (small town) like a soap opera... [ More ]

Reply #12

bellyache — Fri, 05 May 2006 10:13:29 GMT

That may be true rundown, but the guy still went on tv and had other problems going on in his life. (like overspending and drugs) I don't think being anonymous would have kept this guy out of trouble.

Reply #11

rundown99 — Fri, 05 May 2006 08:29:29 GMT

If he had won it in a state that allows you to be anonymous, his life would have been completely different.

Reply #10

fja — Thu, 04 May 2006 21:08:28 GMT

Yeah thats the one but I think it was the sister -in -law that was doing all the jawing about them

Reply #9

TNPATL — Thu, 04 May 2006 21:04:22 GMT

For some people more money means more problems. It's really a shame that some people do not manage their fiances when they hit a nice jackpot. I wonder if these people bother to contact financial advisors

Reply #8

LOTTOMIKE — Thu, 04 May 2006 19:53:04 GMT

was this the guy who a person was posting was their brother in law and had been staying at her house with their kids

Reply #7

ryanm — Thu, 04 May 2006 19:42:55 GMT

Once again greed gets the best of a lottery winner.

Reply #6

pigsNtrees — Thu, 04 May 2006 19:29:53 GMT

What I do (dreaming of winning the big one) is I take the amount after taxes and divide it into 20 years.

For example MM is an estimated 22,500,000 after taxes. Which makes my budget 1,125,000 a year. The money I make through safe investments (say bonds) will go on the back in after 20 years.

Reply #5

bellyache — Thu, 04 May 2006 19:18:30 GMT

I remember watching that lottery program too. He did seem to have a bit of a spending habit. I remember when he was showing off different objects he had bought and he got to the bathroom and there was this one carved piece and he laughed and said he wouldn't even tell anybody how much that piece cost.

If he had invested his money, kept the spending down, him and his family could have been set for life.

Reply #4

fja — Thu, 04 May 2006 19:14:48 GMT

You can do a LP search of powerbaoll winner David Lee Edwards, We hit this topic back in January! he was supposedly on the run back then

Reply #3

pigsNtrees — Thu, 04 May 2006 19:12:54 GMT

Drug abuse seems to be a common thread in these stories. Face it if you can't live within your means on $50 thousand a year what makes you think you can be fiscally responsible for millions.

Reply #2

delS — Thu, 04 May 2006 19:06:12 GMT

I remember him indeed. My wife and I came away with the same thought. That he was arrogant and splurging his money more than he could manage it! Its unfortunate. Sad. Sad. Sad.

Reply #1

csfb — Thu, 04 May 2006 19:04:40 GMT

I remember this winner. Yes, he was featured with other lotto winners in a TV program. He looked quite flamboyant at that time. How very sad.

Another lottery winner goes broke

petergrfn — Thu, 04 May 2006 18:12:21 GMT

Jackpot Winner May Lose House

May 4, 2006 9:06 a.m. EST

Ayinde O. Chase - All Headline News Staff Writer

Palm Beach, FL (AHN) - In what is the talk of the town, an unemployed man that won a Powerball jackpot may be broke again as his $1.2 million Florida home is scheduled to be on the auction block May 22.

The Palm Beach Post has tried to contact David Lee Edwards to no avail.

Post reporters have only been able to ascertain that since he won $42 million in a Kentucky Powerball dra... [ More ]