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fujiyamasan

(676 posts)

44. Unfortunately like with a lot of sports players that got super wealthy quickly

Wed Sep 17, 2025, 02:27 AM

Yesterday

These winners didn’t get the financial advice needed. With that much money, you need good financial and legal advice as well.

Investing a small portion of their proceeds weekly in just a simple S&P index ETF or mutual fund would have set them up for life. And they should have at least had a trust established for future generations.

And always take the lump sum. I’m sure PCH and others have small print disclaimers that guarantees are void in case of bankruptcy. And of course there’s really no way to sue. It would all be in arbitration. So they’re really screwed.

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Publishers Clearing House's bankruptcy means 'forever' winners will no longer get paid [View all] BumRushDaShow Tuesday OP

If he had invested just half of that annual $260,000 check for ten years Fiendish Thingy Tuesday #1

Sure, but he was promised he didn't have to. yardwork Tuesday #3

He had every reason in the world to believe it was a possibility. NoRethugFriends Tuesday #7

Yes. He should have treated the annuity like stock in the company exboyfil Tuesday #14

Most of the magazine business has dried up. IbogaProject Tuesday #25

But couldn't that happen to somebody even with a regular annuity? raccoon Tuesday #16

Sadly, he was a fool not to think of the possibilities. From what I niyad Tuesday #23

I absolutely agree w/ you. Put some money aside until you build your own nest egg, and then truly celebrate/live. SWBTATTReg Tuesday #4

I have had plans in mind for decades of what to do if I were ever to come into niyad Tuesday #6

And THAT is exactly the reason I would take a cash payout up front niyad Tuesday #2

You are so right. Always get moniss Tuesday #20

I intended to wait for 70 to get Social Security for largest payout, now I think I should take it sooner. (n/t) thesquanderer Tuesday #38

I expect full blown "means testing" to moniss Tuesday #42

Industry squeeze's a way out from under responsibility Torchlight Tuesday #5

Yes. yardwork Tuesday #9

Ed McMahon is at fault. twodogsbarking Tuesday #8

If they do come to your house don't answer the door. They want their money back. twodogsbarking Tuesday #10

If I was a prize winner I would talk to a lawyer. Mosby Tuesday #11

Bankruptcy for corporations needs to be done away with. The Mouth Tuesday #17

I think PCH was a family operation IbogaProject Tuesday #27

It should be about NO ONE having ANY way to avoid obligations they willingly undertook The Mouth Tuesday #30

May you receive everything you deserve. niyad Tuesday #34

I have no idea of what you are talking about The Mouth Tuesday #41

remdi95 niyad Yesterday #43

I always assumed that PCH and similar prize givers bought an annuity ClaudetteCC Tuesday #12

That is what Steve Young had the USFL do exboyfil Tuesday #15

BTW, tsf destroyed the USFL. rubbersole Tuesday #35

5k/week for the last ten years. niyad Tuesday #28

I remember looking at the REALLLLLLLLY FINE PRINT on one of niyad Tuesday #31

One less worry for me, since I never won PCH! LeftInTX Tuesday #13

So, buyout outfits like J.G. Wentworth are left holding the bag? PSPS Tuesday #18

On the other hand, maybe Wentworth went out of business along with PCH? FakeNoose Tuesday #19

All "forever" payments are never guaranteed. Companies often will screw you over. Oneironaut Tuesday #21

Sort of like how social security recipients and disabled veterans will feel Mysterian Tuesday #22

Slight difference being that Social Security is OUR MONEY that they niyad Tuesday #24

Unless the terms of the winning angrychair Tuesday #26

Ummmmm, do you remember Hostess? Went "bankrupt", was "bought out", niyad Tuesday #32

I had forgotten angrychair Tuesday #40

Isn't/wasn't one of the midwest states that had annuity lottery winners in default? 3Hotdogs Tuesday #29

The only thing forever under capitalism is the rich will get richer forever. nt ImNotGod Tuesday #33

exactly niyad Tuesday #36

I had no idea that was still a thing! Initech Tuesday #37

He thought he'd get $ the rest of his life. I thought I'd be living in a democracy. Life is full of disappointments. nt thesquanderer Tuesday #39

Unfortunately like with a lot of sports players that got super wealthy quickly fujiyamasan Yesterday #44