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In the This American Life episode #329, there's a great interview with a person who buys up lottery winners' annuities for (discounted) lump sums. After seeing
by MartinCron 17y ago
In the This American Life episode #329, there's a great interview with a person who buys up lottery winners' annuities for (discounted) lump sums. After seeing what happens to the lives of so many "instant millionaire" lottery winners, he starts seeing winning the lottery as a horrible curse instead of as a wonderful blessing.
http://www.thisamericanlife.org/radio-archives/episode/329/Nice-Work-If-You-Can-Get-It http://www.thisamericanlife.org/radio-archives/episode/329/N...
The interviewee, Ed Ugel, wrote a book on the subject:
http://www.edwardugel.com/money-for-nothing.html http://www.edwardugel.com/money-for-nothing.html
- aristus 17y agoI used to work for a company that did this. Rather, they had moved on to advising people who did this. Cashflow brokering is sometimes a sensible business for actual businesses, eg you have $1M in firm orders and need some cash today to fill them. But I feel the same way as that guy about most lottery winners. Being rich really is a habit of mind that you can't learn overnight.