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fujiyamasan

(919 posts)

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

Wed Sep 17, 2025, 01:27 AM

Sep 17

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 Sep 16 OP

If he had invested just half of that annual $260,000 check for ten years Fiendish Thingy Sep 16 #1

Sure, but he was promised he didn't have to. yardwork Sep 16 #3

He had every reason in the world to believe it was a possibility. NoRethugFriends Sep 16 #7

Yes. He should have treated the annuity like stock in the company exboyfil Sep 16 #14

Most of the magazine business has dried up. IbogaProject Sep 16 #25

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

Sadly, he was a fool not to think of the possibilities. From what I niyad Sep 16 #23

I absolutely agree w/ you. Put some money aside until you build your own nest egg, and then truly celebrate/live. SWBTATTReg Sep 16 #4

I have had plans in mind for decades of what to do if I were ever to come into niyad Sep 16 #6

And THAT is exactly the reason I would take a cash payout up front niyad Sep 16 #2

You are so right. Always get moniss Sep 16 #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 Sep 16 #38

I expect full blown "means testing" to moniss Sep 16 #42

Industry squeeze's a way out from under responsibility Torchlight Sep 16 #5

Yes. yardwork Sep 16 #9

Ed McMahon is at fault. twodogsbarking Sep 16 #8

If they do come to your house don't answer the door. They want their money back. twodogsbarking Sep 16 #10

If I was a prize winner I would talk to a lawyer. Mosby Sep 16 #11

Bankruptcy for corporations needs to be done away with. The Mouth Sep 16 #17

I think PCH was a family operation IbogaProject Sep 16 #27

It should be about NO ONE having ANY way to avoid obligations they willingly undertook The Mouth Sep 16 #30

May you receive everything you deserve. niyad Sep 16 #34

I have no idea of what you are talking about The Mouth Sep 16 #41

remdi95 niyad Sep 16 #43

I always assumed that PCH and similar prize givers bought an annuity ClaudetteCC Sep 16 #12

That is what Steve Young had the USFL do exboyfil Sep 16 #15

BTW, tsf destroyed the USFL. rubbersole Sep 16 #35

5k/week for the last ten years. niyad Sep 16 #28

I remember looking at the REALLLLLLLLY FINE PRINT on one of niyad Sep 16 #31

One less worry for me, since I never won PCH! LeftInTX Sep 16 #13

So, buyout outfits like J.G. Wentworth are left holding the bag? PSPS Sep 16 #18

On the other hand, maybe Wentworth went out of business along with PCH? FakeNoose Sep 16 #19

All "forever" payments are never guaranteed. Companies often will screw you over. Oneironaut Sep 16 #21

Sort of like how social security recipients and disabled veterans will feel Mysterian Sep 16 #22

Slight difference being that Social Security is OUR MONEY that they niyad Sep 16 #24

Unless the terms of the winning angrychair Sep 16 #26

Ummmmm, do you remember Hostess? Went "bankrupt", was "bought out", niyad Sep 16 #32

I had forgotten angrychair Sep 16 #40

Isn't/wasn't one of the midwest states that had annuity lottery winners in default? 3Hotdogs Sep 16 #29

The only thing forever under capitalism is the rich will get richer forever. nt ImNotGod Sep 16 #33

exactly niyad Sep 16 #36

I had no idea that was still a thing! Initech Sep 16 #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 Sep 16 #39

Unfortunately like with a lot of sports players that got super wealthy quickly fujiyamasan Sep 17 #44