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Dec 06, 2005

Mo' Money Actually Means Mo' Problems · by David Donald

I’ve always wondered if lottery winners actually were able to create lasting wealth, since they came up so fast, just like I’ve wondered whether most rappers will ever be able to create lasting wealth.

As described in this New York Times articles, titled Instant Millions Can’t Halt Winners’ Grim Slide, it is apparently not easy to cope with newfound wealth.


For Mack W. Metcalf and his estranged second wife, Virginia G. Merida, sharing a $34 million lottery jackpot in 2000 meant escaping poverty at breakneck speed.

But he died three years later, never having been able to get his money under control. His estranged wife recently died, also having been plagued by problems.


Mr. Metcalf’s first wife, Marilyn Collins, said: “If he hadn’t won, he would have worked like regular people and maybe had 20 years left. But when you put that kind of money in the hands of somebody with problems, it just helps them kill themselves.”

Also of interest is the fact that out of a $65 million jackpot, he got $34 million in an immediate payout, and with the 60-40 split between him and his wife, he only got $14 million after taxes and she got $9 million after taxes.

This guy threw money around like he was hood rich, as “neighbors recall him buying goods at a convenience store with $100 bills, then giving the change to the next person in line.”

Reminds me a little of Young Jeezy’s situation. Sad stories.

Note: You might have to skip through an ad to read the article. If it makes you register, you can get a fake registration at www.bugmenot.com.

Comments for "Mo' Money Actually Means Mo' Problems"

  1. WE WANT PRE-NUPS!
    — R.H.S.    Dec 6, 07:10 PM   
  2. mo money is mo problem
    YES.

    but no money or no job…
    is bigger problem !

    21% People in poland have no work…
    — nesz    Dec 7, 05:21 PM   
  3. People are stupid.
    — sankofa    Dec 7, 07:53 PM   


  4. Peace to Solidarity. That’s hip-hop.
    — David    Dec 7, 09:51 PM