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View Full Version : lottery winner loses $114 million in four years



dreday
03-29-2012, 07:11 PM
The Loser

Just four and half years ago, Andrew Jackson "Jack" Whittaker, Jr. was the president of of a successful contracting firm called Diversified Enterprises Construction. At 55 years old, Whittaker was living a successfully comfortable American life complete with a a net worth of over one million dollars, a well rounded family, great job and healthy grandkids. On December 25, 2002, Whittaker's life changed forever when he stopped at a supermarket to fuel his Lincoln Navigator and purchased a deli breakfast sandwich and a Powerball Ticket worth US$315 million. The jackpot won by Whittaker was the highest ever in the United States at the time and Whittaker chose the cash payment option receiving a check after taxes for about US$113.4 million. Little did Whittaker know, the devastation that ticket would cause on his life.

http://www.karemar.com/blog/lottery-winner-loses-114-million-four-years-plus-look-biggest-winners-all-time

Myles Fynch
03-29-2012, 08:13 PM
That was on 60 minutes or a show like that at the time. Crazy story. It was like he hit the lottery, then a black cloud followed him for the rest of his days. A lot of it was his own fault, TBH.

dreday
03-29-2012, 09:07 PM
LMAO @ this dude FAILED miserably.......

http://www.finheaven.com/images/imported/2012/03/2116nh1-1.gif

Valandui
03-29-2012, 10:59 PM
Who keeps multiple hundreds of thousands of dollars in their car, especially after getting robbed the first time?

silverfin
03-29-2012, 11:08 PM
Reminded me of this :bobdole:

Clicky (http://www.dailymail.co.uk/news/article-1249209/Lotto-lout-Michael-Carroll-dole-squandering-millions.html)

JCane
03-29-2012, 11:18 PM
He looks like a winner to me?

:idk:

http://www.finheaven.com/clear.gif

Vaark
03-30-2012, 12:25 AM
Dumbazz! He should have been loading up on real estate near the market bottom probably financed by the lowest interest rates he'll ever see. With that war chest he could have afforded to take some more depreciation, write it off while still using OPM as leverage. Not an original idea; actually recently heard the recommendation during an interview with one of the greatest men in the universe, Warren Buffett.

ROADRUNNER
03-30-2012, 05:26 AM
Man he should have just kept it in the bank and had fun with the interest............

The Confessor
03-30-2012, 05:54 AM
Man he should have just kept it in the bank and had fun with the interest............

Yep this.

Somebody help me out with the math, but if you put 1 million in the bank, and let it accrue interest, I believe you can spend almost 200 dollars a day (73k a year) and never even touch that million dollars. This doesnt include any investments or anything, just simple interest.
Multiply that by 114?
You could live on 8.3 million a year and never even touch the initial 114.....freakin ridiculous!!!!!

ROADRUNNER
03-30-2012, 07:22 AM
Yep this.

Somebody help me out with the math, but if you put 1 million in the bank, and let it accrue interest, I believe you can spend almost 200 dollars a day (73k a year) and never even touch that million dollars. This doesnt include any investments or anything, just simple interest.
Multiply that by 114?
You could live on 8.3 million a year and never even touch the initial 114.....freakin ridiculous!!!!!

Wow that is a lot.............

PhinzN703
03-30-2012, 11:14 AM
Sounds like a douche to me. Only an idiot would keep money in their car anyway.

Locke
03-30-2012, 12:41 PM
I see no bad luck in that entire story, just stupidity. The lottery didn't ruin your life you douchebag, you did by keeping absurd amounts of money in your car, dropping thousands of dollars in strip clubs, and behaving like a scumbag...

cbreeden
03-30-2012, 12:58 PM
Yep this.

Somebody help me out with the math, but if you put 1 million in the bank, and let it accrue interest, I believe you can spend almost 200 dollars a day (73k a year) and never even touch that million dollars. This doesnt include any investments or anything, just simple interest.
Multiply that by 114?
You could live on 8.3 million a year and never even touch the initial 114.....freakin ridiculous!!!!!

Most bank savings account offer less than 1% interest APY but there are a few that offer 1.25 or even 2%. So, taking the conservative approach and using 1% interest compunded monthly on $1M yields $10K/month for an annual salary of $120,000. Multiply that by 114 and you could easily earn $13.68M! I could be wrong here, but I don't think there's a dumbazz among us here on FH that couldn't live more than comfortably on that amount of cheese.

Whitaker was a 'tard! Just sayin'.

Clipse
03-30-2012, 01:32 PM
He'll get no sympathy for me. He lost that money because he's an idiot.

Bumpus
03-30-2012, 02:20 PM
Yeah, I remember that 'tard

:bobdole: