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Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-content/plugins/wp-db-backup/wp-db-backup.php on line 106
My Cousin Won the Lottery | The Richest Man in Town
Warning: strtotime() [function.strtotime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/link-template.php on line 110

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/link-template.php on line 135

Warning: mktime() [function.mktime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 41

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 50

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 52

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 54

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 55

Warning: mktime() [function.mktime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 41

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 50

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 52

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 54

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 55

My Cousin Won the Lottery

Posted By Randy Jones on
Warning: mktime() [function.mktime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 41

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 50

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 52

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 54

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/functions.php on line 55
March 12, 2009


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Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /data/9/1/57/101/1220753/user/1301555/htdocs/blog/wp-includes/link-template.php on line 135

I have never personally known anyone to win the lottery—until now. Recently my first cousin and her husband won the Georgia Lottery, to the tune of $133 million. That sum will go a long way, especially in these recessionary times, in Carrollton, Georgia, population 22,000. They are now the richest folks in town. On hearing the happy news, my reaction was one of elation— Heck, who am I kidding? Of course I was remarkably jealous! But the money could not have been bestowed on two more wonderful people. I thought that even before they won $133 million, I swear. Once the excitement subsided a bit, though, I found myself concerned, because at Worth we once published a compelling story on the long-term success of lottery winners, and it was not a pretty picture.

Most lottery winners we tracked were destitute within three years of claiming their cash. Our reporting showed that managing money is a critical skill set that many simply have not mastered. My relatives, however, were smarter than the average lottery winner. My cousin is a financial adviser, so he had a head start. They waited to claim their millions until they had met with smart financial advisers and even smarter tax lawyers, and set up the entity that would receive their winnings. They saved more than $10 million in taxes. And I’ll bet you a free copy of The Richest Man in Town that three years from today, they’ll still be in the high cotton of Carrollton. More later. I’m off to buy a lottery ticket.

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About The Author

Randy Jones
W. Randall Jones is the author of The Richest Man in Town. Visit the About W. Randall Jones and About The Richest Man in Town pages to learn more.

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