Are you educated enough to keep your money? The Money Basics series would help fill the gaps…
It has been a common thing to watch celebrities, and some veeeeery lucky people who happened on lots of money become poor again because of mismanagement, lack of proper education and inadequate financial literacy. Let me give some examples:
In 2004, Sharon Tirabassi, a single mother who had been on welfare, cashed a check from the Ontario Lottery and Gaming Corp. for 10,569,00.10 canadian dollars, today, she’s back riding the bus, working part-time, and living in a rented house.
When Mullins won the U.S. lotto in 1993, she opted for yearly payouts instead of a lump sum, reports MSN.
She quickly found herself in debt, using future payouts as collateral for a $200,000 loan. Mullins later switched to a lump sum payout, but never paid back the debt. The loan company filed suit and won a $154,000,000 settlement that was all but worthless — Mullins had no assets.
Against all odds, in the mid-1980s Adams
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