26. January 2012 · Comments Off · Categories: Autobiographies, Melody

Money for Nothing by Edward Ugel, 235 pages, read by Melody, on 01/25/2012

Money for Nothing is the memoir of a former lottery annuity buyer.  He worked for The Firm which bought lottery annuity payments for lump sum payouts, minus a very juicy cut for itself.   Turns out that winning the lottery isn’t always the dream come true that it would seem.  There is of course the stories of lottery winners blowing through enormous amounts of cash in a very short time, of greedy relatives and hanger ons, and of how that problems that winners had before the millions are invariably the problems they have after the millions.  I did learn quite a bit that I did not know.  When the lottery says that it pays for schools, not really.  If the state budgets 200 million for schools and the lottery gives 75 million, the state simply pays 125 million and lets the lottery pick up the rest,  Schools do not get extra money because of the lottery. Money for Nothing was a fast read with interesting characters and very relevant issues given our society’s love/hate relationship with gambling.  He closes with the sentiment that we value and respect money that we earn, not money that is found.  Of course, I’d still like my chance to blow a chunk of someone else’s cash.

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