Winning Lotto

Lou the light bulb man is back in the news. I remember him from my college days. In 1981 he won $5 million in New York lotto --at the time the biggest winner they had crowned.

He took his payouts over 20 years, and is now "broke" and living only on his $1000 per month Social Security, in a trailer in Lake Worth. He reported he spent all of his money on gambling and 2 ex wives.

The undercurrent of the articles is that he's a fool --that he should have invested better. But --he looks mighty happy in the photo. He has a young (ish) girlfriend, and his health. He talks about his best friend, who worked himself to an early grave, but DID leave savings.

I usually don't subscribe to conspiracy theories, but I wonder about the relationship between the popular media and the financial industry. Every article I read about retiring says, in effect, "you can't." Of course, the Merrill Lynches of the world want more and more of our money, so they scare us, or try to , that way.

I'm an empiricist. I look at my father's situation. He retired in 1979, at 60, with a grand total of about $250K in savings, plus a paid for condo. He only lived three years, but my mother still has money left --30 years later. She's starting to run short as she nears 90, but she travelled extensively in her 60s and 70s, and gave generous gifts to her children and grandchildren (our first house down payment was a $10K gift she gave to Wifey and me in 1986).

So of course it's important to save money. My Depression era mentality wouldn't let me live any other way. Even at the height of my earning years, I'd have no sooner bought a Lambhorgini or other exotic car than I'd have jumped off a roof.

But -- I cheer for light bulb Lou. He's made it to 80, and has a close relationship with a 57 year old son. He "lived for the moment," as he says, for 20 years.

I guess, as with all things, the key is balance. I go to the track on rare occassions. I'd love to meet light bulb Lou there.