Dave Ramsey is a personal financial consultant who has a successful radio show and podcast. Recently a man named “John” called the show and announced he had won $22 million in the state lottery. He refuses to tell his kids he won $22 million for fear they’ll become “waiters.” “We just don’t want them to grow up to be waiters,” continued John. “You know, doing nothing, waiting for us to die so they can get our money.” The seemingly tight-fisted prize winner went on to explain his parenting logic, saying, “I want them to go figure out what they want to do in life and get going.” John conceded, however, that he and his equally tight-lipped wife will eventually clue in their kiddies. “I’ll let them know,” John vowed. “I’m not going to keep it from them forever.” John told Ramsey that he hopes to maintain his wealth by keeping his kids, parents and extended family members uninformed. The well-to-do dad went on to reveal that his little ones aren’t the only ones being left in the dark. “Our parents and stuff — we haven’t told any of them,” said John, revealing that neither his mother and fathers nor in-law are aware of the multimillions.
And he’s keeping his loved ones ignorant for good reason. “The first thing I did after I won was research,” John explained. “It said 1-in-5 people lose their lottery winnings or go bankrupt within the first 10 years…[because] you tell too many people, and you get too many people at your door asking for handouts and expecting you to pay for everything.” However, when family members are in need, John says he and his partner pull off the perfect scheme. John and his wife have begun being creative explaining the money they use to assist family members in need. They still take care of the family, but from a distance.
Meanwhile in South America:
Exequiel Hinojosa was very glad to have a father that saved his money, going through his late father’s belongings when he found a six-decade-old bank passbook that forever changed his fortune. Back in the 1960s-70s, Mr. Hinojosa’s father was saving up to buy a house. The passbook showed that he had managed to save almost 140,000 pesos, about $163 now. With 65 years of compounded interest and inflation, the 140,000 pesos are now estimated to be worth over 1 billion pesos, or nearly $1.2 million. His father had died 10 years ago and nobody in the family knew of his father’s particular bank account and savings. After his death, the book remained stored away in a box for decades until Mr. Hinojosa stumbled upon it during his house cleaning.
Unfortunately, the man learned that his father’s bank had shut down long ago. Similar bankbooks were found to be worthless, but the passbook he found had a crucial detail that read, ”State Guaranteed.” This promise indicated that in the event the bank couldn’t make payments, the government would take control. Similar to our FDIC only with a lifetime commitment. However, the current government chose not to honor the commitment, forcing Mr. Hinojosa to initiate a legal dispute with the state. ”That money is our family’s. He saved it by working really hard,” Mr Hinojosa said, adding that the family didn’t even know the passbook existed until they found it. “I never thought this process would turn into a kind of lawsuit towards the state,” he added. Multiple courts ruled in favor of Exequiel, but the government appealed every step of the way. Finally, the Chilean Supreme Court ruled in his favor compelling the government to compensate him, 1 billion Chilean Pesos along with accrued interest and allowances. Or about $1.2 million US dollars.
My wife and I had a huge argument last week. She called me gullible and financially irresponsible. I can’t wait to see the look on her face when I tell her I just won the Nigerian lottery!
I don’t know why people bad mouth lotteries.
I pay taxes and odds of winning the lottery are way better than the odds of getting good government.
Why do lottery winners always go bankrupt?
Because if they knew anything about managing money, they wouldn’t be playing the lotto in the first place!
I always wanted to win the lottery, like my father.
-Your father won the lottery?
-No, but he wanted too.
October 31st Birthdays
1993 – Vanessa Marano, 2000 – Danielle Rose Russell, 1994 – Nadine Lustre, 1998 – Sydney Park
1964 – Rob Schneider, 1952 – Nick Saban, 1936 – Michael Landon, 1950 – John Candy