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Started By
Message
re: 2012 won $5K a week for life, now he's losing everything including his home
Posted on 9/6/25 at 1:23 pm to TigerintheNO
Posted on 9/6/25 at 1:23 pm to TigerintheNO
That's his own fault for thinking the wheels weren't ever gonna fall off the gravy train.
0
Posted on 9/6/25 at 1:27 pm to TigerintheNO
I've gotten three voicemails in the last month from PCH.
The scam continues.
The scam continues.
Posted on 9/6/25 at 1:33 pm to shutterspeed
quote:
Poor baw thought he was doing the long-term financially responsible thing buy collecting an annual check instead of the lump sum payment.
The responsible thing would be to take the lump sum
Posted on 9/6/25 at 1:36 pm to TigerintheNO
That damn Ed McMahon!
Posted on 9/6/25 at 1:40 pm to MikeD
quote:
Gotta take the lump sum
Almost always the right answer in all contexts.
Posted on 9/6/25 at 1:42 pm to TigerintheNO
A coworker of mine won 9 million in the lottery in 95/96. Borrowed 10-20 bucks every week from another co worker for cigs and lottery tix… after he won he just paid him what he borrowed never so much as thanked him with a meal.
I work in the same dept as lottery winner’s son in 98 who had just gotten married and supposedly dad had a trust set up for him and sibling to buy houses….. getting ready for closing he going out all money was gone….
Divorces yes 2. Bad investments
Less than 5 years after winning he was back driving a forklift.
Some of the stuff he blew money on was mind boggling
I work in the same dept as lottery winner’s son in 98 who had just gotten married and supposedly dad had a trust set up for him and sibling to buy houses….. getting ready for closing he going out all money was gone….
Divorces yes 2. Bad investments
Less than 5 years after winning he was back driving a forklift.
Some of the stuff he blew money on was mind boggling
Posted on 9/6/25 at 1:42 pm to SloaneRanger
To be fair, if he took the lump some he would probably have blown it years ago.
Posted on 9/6/25 at 1:45 pm to TigerintheNO
Yea as much as quitting work sounds like a good idea if you win something like this I’d rather just work still and use the prize money as extra income. I’m not someone that would do well mentally retiring early either
Posted on 9/6/25 at 1:49 pm to TigerintheNO
The FTC put a hurting on PCH
Posted on 9/6/25 at 1:50 pm to Bestbank Tiger
quote:
On one hand I feel bad for him because he was counting on the money.
On the other, give me $260k every January for 12 years and I'll be in very good financial shape when the 13th check doesn't arrive.
Pretty much this.
Posted on 9/6/25 at 1:53 pm to jbgleason
quote:
I always assumed PCH had some annuity set up that provided the yearly payments for this.
Same
Posted on 9/6/25 at 1:54 pm to Pedro
quote:
Yea as much as quitting work sounds like a good idea if you win something like this I’d rather just work still and use the prize money as extra income. I’m not someone that would do well mentally retiring early either
$260,000/year isn’t enough to quit my job. I’d keep working and live very comfortably. At least my wife would never have to work again.
This guy was in his 40s when he made the decision to quit working. If he was 60 I would understand retiring. But in your 40s you can keep working and save and invest almost 100% of your prize money for a while, then retire early.
Posted on 9/6/25 at 2:57 pm to jbgleason
quote:
I always assumed PCH had some annuity set up that provided the yearly payments for this.
They did for a very long time but switched to self-payment fairly recently, which is why so few people were impacted.
Posted on 9/6/25 at 3:25 pm to TigerintheNO
5% interest on 3 million pays 150k a year. Even if you spend a half million out of the gate with the returns we've seen he could still have been making that 150k a year. With no debt that's a good gig.
Posted on 9/6/25 at 3:31 pm to Gee Grenouille
Does PCH offer a lump sum option? I thought they always advertised the potential winnings as so much a year for life.
Posted on 9/6/25 at 3:40 pm to Bestbank Tiger
quote:
On the other, give me $260k every January for 12 years and I'll be in very good financial shape when the 13th check doesn't arrive.
I guarantee I could have easily put $100 - 125K in the bank every year and at that rate, there would have been over $1 mil when the checks stopped coming.
Posted on 9/6/25 at 3:45 pm to Gee Grenouille
quote:
5% interest on 3 million pays 150k a year. Even if you spend a half million out of the gate with the returns we've seen he could still have been making that 150k a year. With no debt that's a good gig.
You forgot the initial tax burden on the lump sum. Probably starting with under 2 million.
Posted on 9/6/25 at 3:48 pm to southernelite
quote:
Maybe you’re a rational person and you think rationally, but not everyone does.
What a raciss thing to say.
Posted on 9/6/25 at 3:52 pm to TigerintheNO
No concept of savings for people these days. Almost $3 million in earnings and still living paycheck to paycheck is pathetic.
Posted on 9/6/25 at 4:02 pm to The Boat
quote:It's fascinating how different people can be, because at a quarter-million dollars a year I'm quitting any job that isn't "professional bourbon taste-tester" the next day.
$260,000/year isn’t enough to quit my job.
What in the heck do you do and how much money do you need?
This post was edited on 9/6/25 at 8:38 pm
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