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From Five Million to Poverty in 12 Years!

Straight from the files of ridiculous and downright alarming because of the lack of “smarts” among us is this story:

Lottery winner blames bad advice for his losses

From $5.5 million to living on a pension

By DERRICK NUNNALLY
dnunnally@journalsentinel.com

Posted: April 20, 2007

On the day he rode home in a limousine from his security-guard job 12 years ago with a winning $5.5 million lottery ticket in his hand, Andrew Cicero of Muskego figured he had it made.

Andrew Cicero holds a ceremonial Megabucks prize check for $5.5 million in 1995 as store manager Rick Swan (left) and owner John McAdams applaud at the Pick ‘n Save Food Store in New Berlin. Now, the money’s mostly gone.

But he finds himself now in far different straits than he imagined that May day when he accepted a giant Wisconsin Megabucks novelty check, took five secretaries to breakfast and planned both a trip to see his roots in Sicily and a college fund for his five grandchildren.

Cicero, 72, has sold his Waukesha County house and lives in a Milwaukee apartment on a pension and Social Security income while he takes an investment counselor to arbitration. This month, he sued a Milwaukee accounting firm over tax advice he claims cost him at least $170,000.

Remainder of the article here.
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My devotional blog is here.

By Shirley Buxton

Still full of life and ready to be on the move, Shirley at 83 years old feels blessed to have lots of energy and to be full of optimism. She was married to Jerry for 63 years, and grieves yet at his death in August of 2019. They have 4 children, 13 grandchildren and 11 great-grandchildren...all beautiful and highly intelligent--of course. :)

5 replies on “From Five Million to Poverty in 12 Years!”

Good morning, Anna. Yes, it’s crazy, and you have hit on a crucial aspect of our world: young people (and older ones, sometimes) want everything now. It does us good to wait a bit for what we want. A big dose of patience wouldn’t hurt any of us.

Checked your beautiful blog. Those storms are horrific. Stay safe.

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That is craziness. It is a sad society that makes us think we have to have everything now. Maybe if he would have taken it in yearly increments he would still have some coming. And, yes I agree, imagine what a blessing to the work of God, funds like that would be.

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Karen, thank you for more details about persons who gain unexpected wealth. It’s quite sad. I always think about what a blessing such money could be to the work of God.

Jana, your priorities are set in the right direction.

Love you both

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I remember reading a magazine article a few years ago about several lotto winners and what happened to them and their stockpiles of cash. Sadly, they all ended up either bankrupt or in poverty like Andrew Cicero above. Not only that, but it seemed like their family life fell apart too. Divorce prevailed. Some got into drugs, alcohol, and their lives were worse off than before they acquired their financial windfall. I know the Bible says that the love of money is the root of all evil. That doesn’t mean money is evil, but if people crave it and put it before more important things, they will pierce themselves through with many sorrows. I don’t know that that’s what happened with Andrew, but it sure was an eye opener for me when I read that magazine article. Thanks for sharing this. Karen : )

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