That's true. There's a lot of people that win millions and end up broke. Some of them have had problems right out the gate when they win. One of the people that were interviewed on a lotto winner show said 2 people tried to con him a week after he got his money.
On Fri, Nov 13, 2009 at 10:20 PM, Bosco Bosco <[email protected]> wrote: > > > This why so many lottery winners are flat broke within five years of > winning big jackpots. They generally know nothing about money management. > Managing a fortune is a full time job. If you don't treat it as such and > learn all you can about how it works, you're gonna lose it. > > Bosco > > --- On *Sat, 11/14/09, Keith Johnson <[email protected]>* wrote: > > > From: Keith Johnson <[email protected]> > Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction > To: [email protected] > Date: Saturday, November 14, 2009, 12:06 AM > > > > > Wow. Maybe this explains Cage selling off hundreds of thousands of dollars > worth of comics in recent years. > > I remember reading an interview once with Bill Cosby about celebrities and > money management. He and Oprah Winfrey had been discussing the number of > famous people they knew who'd been cheated by their accountants and agents. > Cosby and Winfrey both agreed that one of the most important things a > celebrity needs to do when the money starts rolling in is to take courses in > finance and money management. Winfrey contributed that many rising stars > felt finances were something they could never understand-- especially some > of the kids with little education--but that it was crucial. The bottom line, > Winfrey said, was that you *have* to get yourself to the point where you > understand every single deal and transaction made with your money. She and > Cosby both said that they personally reviewed every check, every contract, > every financial statement that pertained to them, as time consuming and > difficult as that can be at times. Bottom line: always know where your > money's going at all times. > > Cosby said it was one of the first pieces of advice he gave to young > people. That, and never, ever giving anyone the legal ability to make > financial transactions without your signature. > > ************ ********* ********* ********* ********* ********* * > http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- > cnnm-1304107173. html?x=0&.v=2 > > Nicolas Cage loses 2 homes in foreclosure auction > > - By Hibah Yousuf, CNNMoney.com staff reporter > - On 4:47 pm EST, Friday November 13, 2009 > > Even Academy Award winners are suffering from financial woes this > recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of > $6.8 million in a foreclosure auction Thursday. > > Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street > property in the French Quarter appraised at $3.5 million for $2.3 million. > The bank, which has about 1,900 branches throughout the South, Midwest and > Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised > at $3.3 million in the Garden District. > > > New Orleans's civil Sheriff Paul Valteau said no other bids were made on > the houses. > > Cage owed $5.5 million in mortgage payments and $151,730 to the City of New > Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate > Co., a corporation through which Cage purchased both homes, is listed as the > official property owner. Valteau said attorneys representing Samuel Levin, > Cage's former business manager, set up the corporation so that Cage's name > would not appear on the mortgage documents -- a common strategy among > celebrities. > > > Levin also was listed on the mortgage document as the agent for service of > process, Valteau added. That agent is the officer appointed by a corporation > to receive legal notices. > > > Last month, Cage filed a lawsuit against Levin in California claiming that > Levin duped the Hollywood actor out of more than $20 million since 2001 when > he was hired. The suit said Levin "lined his pockets with several million > dollars in business management fees while sending Cage down a path toward > financial ruin." > > > The suit went on to say Cage has "discovered that he is now forced to sell > major assets and investments at a significant loss and is faced with huge > tax liabilities because of Levin's incompetence, misrepresentations and > recklessness. Rather than attaining financial security, Cage has been forced > to dispose of significant assets in order to pay for Levin's gross > misconduct." > > > A reporter's calls to Levin's office for comment were not immediately > returned. > > > CNN reported that Cage owes more than $6 million in back taxes and his > properties in California and Las Vegas have also been foreclosed on and are > designated for auction later this month. > > > The actor, who's known for his roles in Leaving Las Vegas and National > Treasure, has 5 projects slated for 2010, according to the Internet Movie > Database. Cage's publicist Annett Wolf said she had "no information and > can't help" when reached for comment. > > > > > > -- Bringing diversity to perversity for over 9 years! Mahogany at: http://groups.yahoo.com/group/mahogany_pleasures_of_darkness/
