Fat Guys Playing for Big Money
Nothing you can't handle nothing you ain't got
Put the money on the table and drive it off the lot
-Boz Scaggs
A few years ago, I started Don’s Fat Guy’s Club. It was a group designed to help other big guys lose weight.
As we succeeded, we called it the “Don’s Get Fit Club.”
The group is going strong and everyone is slimmer than when they started. Our participants show up every Tuesday. We keep each other in line.
We throw a dollar on the table and the biggest, weight loser that week gathers in the pot.
We’ve been collecting small pots. Now we are playing for big money.
A church in Berea is sponsoring a “biggest loser contest.” About 120 people showed up for the initial kickoff. Including my foursome.
Each person in the contest paid $25 and paired up in team of fours. With big money and severe competition, there many slim people by October.
Although money would be nice, I really like the idea of organizing teams and having friendly rivalries. I’m intensely competitive by nature and so is my group. Winning a prize keeps us focused.
My group has have an advantage over many competitors. We know how to get the weight off quickly and have done it before.
Getting it off and keeping it off are too different stories. I get frustrated when I see people “fall off the wagon” with addictions or poor spending habits. Then I realize that I do the same thing with my weight. I’ve lost close to 1000 pounds in my life. I’ll probably lose 1000 more.
After realizing that good eating habits and good financial habits stem from similar sources, I’ve put my financial education to work against obesity. It works pretty well.
In dieting and finance, you need to have good habits, a plan and a goal.
People want to make it more complicated but it boils down to that.
I used to think some people were “naturally” thin or “naturally” lucky with money. When you study them close enough, you see that they are people with good habits.
A plan will help you develop good habits.
If you want to lose weight, make money, run a business or do almost anything in life, the first step toward improvement is writing down everything you do.
In business, there is a concept called Pearson’s law. It say that which is measured improves. That which is measured and reported improves exponentially.
If you want to get ahead in life, write down what you are doing in the present and measure it against what you have done in the past.
Almost every major weight loss program (I have been in them all) focuses on record keeping. The same way that successful financial planning programs starts with budgeting.
I can tell when I get “off the wagon” on my weight or my spending. It’s when I stop writing things down.
I tell myself that it “doesn’t make any difference” but my waistline and wallet get out of whack when I don’t write things down and stay on track when I do.
Its easy to track finances these days. Almost every bank and financial institution offers online banking. You don’t need to write down your spending, a computer program does it for you.
I have not found a way for a computer to follow me around and track what I am eating. I need to make that effort on my own.
Accountability is the thing that goes along with record keeping. The biggest loser people are smart to put people in teams of four.
If I fall off the wagon, I’ll have to answer to my group. The sense of competitiveness and accountability has made the fat guys into fit guys.
Now, I hope it makes us into the biggest losers.
Don McNay is Chairman of the Board for McNay Settlement Group in Richmond, Ky. You can write to him at don@donmcnay.com or read his award winning column at www.donmcnay.com . Don is Treasurer of the National Society of Newspaper Columnists.
Sunday, July 27, 2008
Sunday, July 20, 2008
The Unbridled Kentucky Nursing Home Regulator
Until his recent termination, Moses Young had been the number two nursing home regulator for the state of Kentucky. According to an exclusive report by Mark Hebert, at WHAS television in Louisville, Young has been living, possibly rent free, in a $175,000 condo owned by Ralph Stacey Jr.
That is the same Ralph Stacey Jr. who owns the Garrard Convalescent Center in Covington.
Garrard is a nursing home. A nursing home that Young regulated.
It's like a DEA agent renting a house from a drug dealer.
There have been 23 complaints against Garrard since 2004. All have been dismissed by Kentucky regulators.
I wonder why?
Young denies that he was living rent free. He has a novel defense. Although he can't provide any receipts or bank statements, he claims he paid Stacey $1300 a month in cash.
Young must carry around a big bankroll.
The IRS and Kentucky Revenue Cabinet might want to knock on Mr. Stacey's door. If Young was giving him $15,600 a year, Stacey had better be reporting that cash on his tax returns.
Even if Young's "cash for a place to crash" explanation holds up, it would seem that Young could have found another landlord. There has to be another one somewhere that doesn't own a nursing home.
The story is evolving and getting uglier. Hebert is on top of it and posted several items to his blog at WHAS Political Blog He found that that Young called Stacey 427 times on a cell phone supplied by the taxpayers of Kentucky.
I've had several landlords but never called them more than a few times. Maybe Young drains were stopped up. .
The story is about more than a regulator possibly getting a sweet deal from someone they regulate. There is always going to be officials who get greedy or stupid. There are always going to businesspeople willing to feed that greed and stupidity.
My question is a bigger one. Are Kentucky's nursing homes good to their patients? How do we know the good ones from the bad ones?
We count on regulators to give us the answers. If regulators have a business relationship with nursing home owners its harder to figure out the truth.
If the allegations are true, I wonder why Stacey wanted some inside influence. If a nursing home is obeying the law, they don't need to manipulate the regulators.
It makes me wonder what is going on in the world of Kentucky nursing homes.
I know there have been problems.
Bernie Vonderheide runs Kentuckians for Nursing Home Reform. He and his group and are ceaseless and selfless advocates for change. Lexington attorney Steve O'Brien won a multi million verdict against a nursing home in Frankfort and I know there have been other verdicts, settlements and fines.
Both of my grandmothers spent many years in and ultimately died in Covington nursing homes. One died in the home that Stacey now owns.
Suddenly, I'm faced with my own nursing home dilemma.
Two weeks ago, someone broke into my uncle's home in downtown Covington. They severely beat him, tortured him and robbed him. The attacker is still at large. The injuries mean that he will spend the rest of his days in a nursing home.
He's lived his entire life in Covington. Other than coming to my house, 100 miles away, I don't think he has ever been out of Northern Kentucky.
He's in a hospital unit in Cincinnati as he attempts to recover. Once he does, he wants to be near his friends in Covington.
How do I help him find a good Kentucky nursing home? After the incident with Young, I am not sure which homes are good and which are just cozy with the regulators.
The closest nursing facility to my uncles house is Garrard. It would be the logical place but I wonder why the operator felt compelled to play landlord, or possibly worse, for the people who are supposed to be watching him.
Kentuckian's uncles, parents, spouses and siblings need to know their loved ones are in a safe place, not just a well connected place.
Don McNay is the Chairman of the Board for McNay Settlement Group and author of two books. You can read his award winning syndicated column at www.donmcnay.com or write to him at don@donmcnay.com
Author Note:
Although people may associate "Unbridled" with former Governor Ernie Fletcher (as in my book, "the Unbridled World of Ernie Fletcher") a more accurate use is anything with Kentucky government, since the state hung on to the "Unbridled Spirit" logo after Fletcher left.
The regulator mentioned in my column served under 3 governors before his recent termination.
Mark Hebert is the state's top investigative television journalist and he did an outstanding job in breaking the nursing home story. He hosted Comment on Kentucky last week and will this week.
That is the same Ralph Stacey Jr. who owns the Garrard Convalescent Center in Covington.
Garrard is a nursing home. A nursing home that Young regulated.
It's like a DEA agent renting a house from a drug dealer.
There have been 23 complaints against Garrard since 2004. All have been dismissed by Kentucky regulators.
I wonder why?
Young denies that he was living rent free. He has a novel defense. Although he can't provide any receipts or bank statements, he claims he paid Stacey $1300 a month in cash.
Young must carry around a big bankroll.
The IRS and Kentucky Revenue Cabinet might want to knock on Mr. Stacey's door. If Young was giving him $15,600 a year, Stacey had better be reporting that cash on his tax returns.
Even if Young's "cash for a place to crash" explanation holds up, it would seem that Young could have found another landlord. There has to be another one somewhere that doesn't own a nursing home.
The story is evolving and getting uglier. Hebert is on top of it and posted several items to his blog at WHAS Political Blog He found that that Young called Stacey 427 times on a cell phone supplied by the taxpayers of Kentucky.
I've had several landlords but never called them more than a few times. Maybe Young drains were stopped up. .
The story is about more than a regulator possibly getting a sweet deal from someone they regulate. There is always going to be officials who get greedy or stupid. There are always going to businesspeople willing to feed that greed and stupidity.
My question is a bigger one. Are Kentucky's nursing homes good to their patients? How do we know the good ones from the bad ones?
We count on regulators to give us the answers. If regulators have a business relationship with nursing home owners its harder to figure out the truth.
If the allegations are true, I wonder why Stacey wanted some inside influence. If a nursing home is obeying the law, they don't need to manipulate the regulators.
It makes me wonder what is going on in the world of Kentucky nursing homes.
I know there have been problems.
Bernie Vonderheide runs Kentuckians for Nursing Home Reform. He and his group and are ceaseless and selfless advocates for change. Lexington attorney Steve O'Brien won a multi million verdict against a nursing home in Frankfort and I know there have been other verdicts, settlements and fines.
Both of my grandmothers spent many years in and ultimately died in Covington nursing homes. One died in the home that Stacey now owns.
Suddenly, I'm faced with my own nursing home dilemma.
Two weeks ago, someone broke into my uncle's home in downtown Covington. They severely beat him, tortured him and robbed him. The attacker is still at large. The injuries mean that he will spend the rest of his days in a nursing home.
He's lived his entire life in Covington. Other than coming to my house, 100 miles away, I don't think he has ever been out of Northern Kentucky.
He's in a hospital unit in Cincinnati as he attempts to recover. Once he does, he wants to be near his friends in Covington.
How do I help him find a good Kentucky nursing home? After the incident with Young, I am not sure which homes are good and which are just cozy with the regulators.
The closest nursing facility to my uncles house is Garrard. It would be the logical place but I wonder why the operator felt compelled to play landlord, or possibly worse, for the people who are supposed to be watching him.
Kentuckian's uncles, parents, spouses and siblings need to know their loved ones are in a safe place, not just a well connected place.
Don McNay is the Chairman of the Board for McNay Settlement Group and author of two books. You can read his award winning syndicated column at www.donmcnay.com or write to him at don@donmcnay.com
Author Note:
Although people may associate "Unbridled" with former Governor Ernie Fletcher (as in my book, "the Unbridled World of Ernie Fletcher") a more accurate use is anything with Kentucky government, since the state hung on to the "Unbridled Spirit" logo after Fletcher left.
The regulator mentioned in my column served under 3 governors before his recent termination.
Mark Hebert is the state's top investigative television journalist and he did an outstanding job in breaking the nursing home story. He hosted Comment on Kentucky last week and will this week.
Tom Hewitt
I mentioned my uncle Tom Hewitt in my article. He is my mother, Ollie, only brother and the last surviving family member of her generation.
About two weeks ago, he was severely beaten, robbed and tortured in his home on 13th street in downtown Covington. He lives by himself and it took a couple of days for anyone to find him We don’t know how he lived through it. He is still not out of the woods.
So far, no one has been apprehended for the crime. The Covington police are on it and but Tom has been unable to communicate clearly and the robber had a big head start on the getaway. I’m hoping someone saw something or the thug left some evidence.
Uncle Tom was the first newspaper person in our family. Although his limited education and limited eyesight kept him from writing for a paper, he worked for most of his life “stuffing” advertisements into the Kentucky Post, and Cincinnati Post. He rode with a carrier and put the papers into plastic bags. I don’t think he ever worked for another employer.
He is one of the kindest and sweetest people I have ever known. He never married or had children but loves cats. My family gave him one several years ago and the cat has lived a life of royalty. He likes cowboy and G rated movies. He doesn’t read.
He has been disabled for many years but continued to live on his own. After the beating, he won’t be able to.
He is being treated at:
Heartland of Madeira , 5970 Kenwood Road, Madeira, OH 45243
513-561-4111
He would love to hear from anyone but especially those who know him or knew mom.
About two weeks ago, he was severely beaten, robbed and tortured in his home on 13th street in downtown Covington. He lives by himself and it took a couple of days for anyone to find him We don’t know how he lived through it. He is still not out of the woods.
So far, no one has been apprehended for the crime. The Covington police are on it and but Tom has been unable to communicate clearly and the robber had a big head start on the getaway. I’m hoping someone saw something or the thug left some evidence.
Uncle Tom was the first newspaper person in our family. Although his limited education and limited eyesight kept him from writing for a paper, he worked for most of his life “stuffing” advertisements into the Kentucky Post, and Cincinnati Post. He rode with a carrier and put the papers into plastic bags. I don’t think he ever worked for another employer.
He is one of the kindest and sweetest people I have ever known. He never married or had children but loves cats. My family gave him one several years ago and the cat has lived a life of royalty. He likes cowboy and G rated movies. He doesn’t read.
He has been disabled for many years but continued to live on his own. After the beating, he won’t be able to.
He is being treated at:
Heartland of Madeira , 5970 Kenwood Road, Madeira, OH 45243
513-561-4111
He would love to hear from anyone but especially those who know him or knew mom.
Monday, July 14, 2008
Christopher Reeve, Somewhere In Heaven
Christopher Reeve, Somewhere In Heaven.
“Superman or Green Lantern ain't got nothing' on me”
-Donovan
A new book, Somewhere in Heaven, about the life of Christopher and Dana Reeve has just come out.
Like Rock Hudson for AIDS and Lou Gehrig for ALS, Christopher Reeve put a famous and courageous face on an ailment. Because of Reeve, money and resources have been devoted to possible cures for spinal cord injuries.
I work with lesser known people who benefited from the attention that Christopher Reeve brought to spinal injuries. These aren’t famous movie stars. They are people by a truck or who fell on a slippery floor.
Like Reeve, their lives changed in one second.
Christopher Reeve allowed the world to have an insight into his injuries. He was a famous, good looking guy with resources.
Few people with a spinal cord injuries have that kind of money and support. They also don’t have the ability to command public attention they way that Reeve did.
It would have been easy for Reeve to suffer in silence. He chose to be an advocate instead.
An injury can bring out the best or worst in an injured person’s families. I’ve seen families show support that seems super human.
Dana Reeve show of true love was crucial in Christopher’s struggle. Many doubt he would have survived the initial injuries without her encouragement and support.
Christopher was lucky to have Dana. I’ve seen family members be insensitive and cruel.
I saw the wife of a quadriplegic say, in front of her husband, that she was tired of taking care of a cripple in a wheelchair. Tears started running down her husband’s face and he could not move his hands to wipe them away.
Friends of the injured person often drift away. They go on with their lives and forget about their friend who is struggling.
An injured man told me that his goal was to someday drive to each of his old friends' houses and honk the horn so that they knew he was still alive.
Love has a power to make sick people better. I’ve seen family members help their loved ones improve physically and emotionally.
Government benefits for injured people aren’t as good as they should be. Many government agencies started outsourcing benefit programs to big companies. The companies make injured people fill out ream after ream of needless forms. Sometimes, they cut off an injured person’s benefits just because they didn’t fill the paperwork out quickly enough.
I helped a quadriplegic man get some government benefits he deserved. When I finished, he asked his wife to hug me since he couldn’t.
It is hard not to root for a guy like that.
Christopher Reeve was able to bring in dollars for research on spinal cord injuries. Reeve focused attention on scientific solutions and let the world know that injured people need help and support.
Christopher Reeve’s injury changed and shortened his life but it was a path that allowed him to make a great impact on the world. He was a pretty good actor, but few actors make the mark on society that Christopher Reeve did.
Reeve played a super hero in the movies. Real super heroes are not on the big screen. Real super heroes are injured people, and their families, who deal with life changing injuries with love, courage and compassion.
Like Christopher and Dana Reeve did.
Don McNay is the Chairman of the Board for McNay Settlement Group in Richmond, Ky. You can write to him at don@mcnay.com or read his award winning column at www.donmcnay.com McNay is the Treasurer for the National Society of Newspaper Columnists.
“Superman or Green Lantern ain't got nothing' on me”
-Donovan
A new book, Somewhere in Heaven, about the life of Christopher and Dana Reeve has just come out.
Like Rock Hudson for AIDS and Lou Gehrig for ALS, Christopher Reeve put a famous and courageous face on an ailment. Because of Reeve, money and resources have been devoted to possible cures for spinal cord injuries.
I work with lesser known people who benefited from the attention that Christopher Reeve brought to spinal injuries. These aren’t famous movie stars. They are people by a truck or who fell on a slippery floor.
Like Reeve, their lives changed in one second.
Christopher Reeve allowed the world to have an insight into his injuries. He was a famous, good looking guy with resources.
Few people with a spinal cord injuries have that kind of money and support. They also don’t have the ability to command public attention they way that Reeve did.
It would have been easy for Reeve to suffer in silence. He chose to be an advocate instead.
An injury can bring out the best or worst in an injured person’s families. I’ve seen families show support that seems super human.
Dana Reeve show of true love was crucial in Christopher’s struggle. Many doubt he would have survived the initial injuries without her encouragement and support.
Christopher was lucky to have Dana. I’ve seen family members be insensitive and cruel.
I saw the wife of a quadriplegic say, in front of her husband, that she was tired of taking care of a cripple in a wheelchair. Tears started running down her husband’s face and he could not move his hands to wipe them away.
Friends of the injured person often drift away. They go on with their lives and forget about their friend who is struggling.
An injured man told me that his goal was to someday drive to each of his old friends' houses and honk the horn so that they knew he was still alive.
Love has a power to make sick people better. I’ve seen family members help their loved ones improve physically and emotionally.
Government benefits for injured people aren’t as good as they should be. Many government agencies started outsourcing benefit programs to big companies. The companies make injured people fill out ream after ream of needless forms. Sometimes, they cut off an injured person’s benefits just because they didn’t fill the paperwork out quickly enough.
I helped a quadriplegic man get some government benefits he deserved. When I finished, he asked his wife to hug me since he couldn’t.
It is hard not to root for a guy like that.
Christopher Reeve was able to bring in dollars for research on spinal cord injuries. Reeve focused attention on scientific solutions and let the world know that injured people need help and support.
Christopher Reeve’s injury changed and shortened his life but it was a path that allowed him to make a great impact on the world. He was a pretty good actor, but few actors make the mark on society that Christopher Reeve did.
Reeve played a super hero in the movies. Real super heroes are not on the big screen. Real super heroes are injured people, and their families, who deal with life changing injuries with love, courage and compassion.
Like Christopher and Dana Reeve did.
Don McNay is the Chairman of the Board for McNay Settlement Group in Richmond, Ky. You can write to him at don@mcnay.com or read his award winning column at www.donmcnay.com McNay is the Treasurer for the National Society of Newspaper Columnists.
Monday, July 7, 2008
McNay Named Treasurer of the National Society of Newspaper Columnists
Monday, July 07, 2008
For Immediate Release
For more information contact Don McNay at don@donmcnay.com
McNay Named Treasurer of the National Society of Newspaper Columnists.
Syndicated columnist Don McNay of Richmond, Kentucky was elected Treasurer of the National Society of Newspaper Columnists at their June 22, convention in New Orleans.
His syndicated column appears in over 200 publications and on the internet at www.donmcnay.com
McNay, an award winning business and political commentator, is Chairman of the Board for McNay Settlement Group, a structured settlement and financial consulting firm. He is the author of two books: Son of a Son of a Gambler: Winners Losers and What to Do When You Win the Lottery and The Unbridled World of Ernie Fletcher.
McNay is a graduate of Eastern Kentucky University, where is he is a member of the Hall of Distinguished Alumni. He has Masters degrees from Vanderbilt University and the American College and has been named to the Million Dollar Round Table for 22 consecutive years.
This is the second time that McNay has been elected to the NSNC Board of Directors. Samantha Bennett, an award winning columnist for the Pittsburgh Post Gazette, was elected to a two year term as the group’s president.
For Immediate Release
For more information contact Don McNay at don@donmcnay.com
McNay Named Treasurer of the National Society of Newspaper Columnists.
Syndicated columnist Don McNay of Richmond, Kentucky was elected Treasurer of the National Society of Newspaper Columnists at their June 22, convention in New Orleans.
His syndicated column appears in over 200 publications and on the internet at www.donmcnay.com
McNay, an award winning business and political commentator, is Chairman of the Board for McNay Settlement Group, a structured settlement and financial consulting firm. He is the author of two books: Son of a Son of a Gambler: Winners Losers and What to Do When You Win the Lottery and The Unbridled World of Ernie Fletcher.
McNay is a graduate of Eastern Kentucky University, where is he is a member of the Hall of Distinguished Alumni. He has Masters degrees from Vanderbilt University and the American College and has been named to the Million Dollar Round Table for 22 consecutive years.
This is the second time that McNay has been elected to the NSNC Board of Directors. Samantha Bennett, an award winning columnist for the Pittsburgh Post Gazette, was elected to a two year term as the group’s president.
Sunday, June 29, 2008
The happy but unknown lottery winner.
The happy but unknown lottery winner.
Baby we can do it, take your time, do it right, we can do it baby, do it tonight
The SOS Band
In my last book, I told lottery winners four things: Don’t let anyone know you won. Set up a trust. Hire good attorneys and advisors. Take the money in annual payment.
On June 27, someone near Cincinnati collected a $196 million Mega Millions jackpot. The winner did it exactly the way I outlined.
I feel like I won the lottery myself.
I’m not sure if the winner read my book but they followed my game plan.
Unlike most lottery winners, the Cincinnati winner should have a happy life.
According to the Cincinnati Enquirer, the ticket was sold in May, just outside of Cincinnati. Several weeks later, an attorney from the Cincinnati law firm of Graydon, Head and Richey claimed the ticket on behalf of an undisclosed client
A blind trust was set up and the winner opted for 26 annual payments of $7.5 million each.
Most people can live on $7.5 million a year.
Because the identity was kept private, the winner won’t have a posse of newfound “friends” looking for a handout. He or she won’t become a national laughingstock like Powerball winner Jack Whitaker.
I know several members of the Graydon law firm. I’ve never heard one tell a client to bring $600,000 to a strip club like Powerball Jack did.
It’s been said that over 90% of people who get a large lump sum run through it in less than five years. The Cincinnati winner won’t be in that category. It will take 26 years before the final payment comes in.
I always tell lottery winners to take the money in annual payments but only 2% do. The tax and financial advantages of payments are better than a lump sum.
The Cincinnati winner didn’t rush to grab the money. They took their time and made a plan.
I’ve seen several winners (all who have run through their money) go straight to a car dealership and buy an expensive car BEFORE going to the lottery office and cashing their ticket. They couldn’t wait to parade around and wave a large check.
They also couldn’t wait to blow all their money.
The Cincinnati winner bought the ticket in May but it was not cashed until late June. The winner went to great lengths to protect their identity. The trust and advisors were put in place before the ticket was cashed.
We don’t know the name of the winner. Ohio has an exception to the opens records law if lottery winnings are collected in a blind trust. . The winner’s name is only known to a few lottery officials, so they can see if the winner owes back taxes or child support.
I’m a fanatical believer in open records laws but would make an exception on keeping the recipient of lottery blind trusts quiet.
Lottery winners weren’t expecting to be public figures. The pitfalls of sudden fame outweigh the advantages of unexpected money. Many lottery winners have screwed up their lives and the publicity was a large factor.
State lottery commissions should want blind trusts. Although lotteries get a media blast, when a winner is dancing around with a big check, they also get the embarrassment of watching guys like Jack Whitaker make fools out of themselves.
Jack was robbed and sued. His wife left him and his granddaughter died of an overdose. That lifestyle can’t be an encourage people to play the lottery.
My worst nightmare would be living Powerball Jack’s life.
I wouldn’t mind living like the Cincinnati lottery winner. It would be nice to quietly get $7.5 million a year. With a trust, I could assure money for my family and charitable interests.
If I took a sudden hankering for casinos and strip clubs, the trustee would stop me from walking around with $600,000 in my pocket.
It would be a good life. Which is what winning the lottery is supposed to bring you.
Money can bring happiness to those who take their time, make a plan and do it right.
Don McNay is the author of Son of Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery. You can write to him at don@donmcnay.com or read other things he has written at www.donmcnay.com
Baby we can do it, take your time, do it right, we can do it baby, do it tonight
The SOS Band
In my last book, I told lottery winners four things: Don’t let anyone know you won. Set up a trust. Hire good attorneys and advisors. Take the money in annual payment.
On June 27, someone near Cincinnati collected a $196 million Mega Millions jackpot. The winner did it exactly the way I outlined.
I feel like I won the lottery myself.
I’m not sure if the winner read my book but they followed my game plan.
Unlike most lottery winners, the Cincinnati winner should have a happy life.
According to the Cincinnati Enquirer, the ticket was sold in May, just outside of Cincinnati. Several weeks later, an attorney from the Cincinnati law firm of Graydon, Head and Richey claimed the ticket on behalf of an undisclosed client
A blind trust was set up and the winner opted for 26 annual payments of $7.5 million each.
Most people can live on $7.5 million a year.
Because the identity was kept private, the winner won’t have a posse of newfound “friends” looking for a handout. He or she won’t become a national laughingstock like Powerball winner Jack Whitaker.
I know several members of the Graydon law firm. I’ve never heard one tell a client to bring $600,000 to a strip club like Powerball Jack did.
It’s been said that over 90% of people who get a large lump sum run through it in less than five years. The Cincinnati winner won’t be in that category. It will take 26 years before the final payment comes in.
I always tell lottery winners to take the money in annual payments but only 2% do. The tax and financial advantages of payments are better than a lump sum.
The Cincinnati winner didn’t rush to grab the money. They took their time and made a plan.
I’ve seen several winners (all who have run through their money) go straight to a car dealership and buy an expensive car BEFORE going to the lottery office and cashing their ticket. They couldn’t wait to parade around and wave a large check.
They also couldn’t wait to blow all their money.
The Cincinnati winner bought the ticket in May but it was not cashed until late June. The winner went to great lengths to protect their identity. The trust and advisors were put in place before the ticket was cashed.
We don’t know the name of the winner. Ohio has an exception to the opens records law if lottery winnings are collected in a blind trust. . The winner’s name is only known to a few lottery officials, so they can see if the winner owes back taxes or child support.
I’m a fanatical believer in open records laws but would make an exception on keeping the recipient of lottery blind trusts quiet.
Lottery winners weren’t expecting to be public figures. The pitfalls of sudden fame outweigh the advantages of unexpected money. Many lottery winners have screwed up their lives and the publicity was a large factor.
State lottery commissions should want blind trusts. Although lotteries get a media blast, when a winner is dancing around with a big check, they also get the embarrassment of watching guys like Jack Whitaker make fools out of themselves.
Jack was robbed and sued. His wife left him and his granddaughter died of an overdose. That lifestyle can’t be an encourage people to play the lottery.
My worst nightmare would be living Powerball Jack’s life.
I wouldn’t mind living like the Cincinnati lottery winner. It would be nice to quietly get $7.5 million a year. With a trust, I could assure money for my family and charitable interests.
If I took a sudden hankering for casinos and strip clubs, the trustee would stop me from walking around with $600,000 in my pocket.
It would be a good life. Which is what winning the lottery is supposed to bring you.
Money can bring happiness to those who take their time, make a plan and do it right.
Don McNay is the author of Son of Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery. You can write to him at don@donmcnay.com or read other things he has written at www.donmcnay.com
Sunday, June 22, 2008
Ed Prichard, Eliot Spitzer and the Comeback
Ed Prichard, Eliot Spitzer and the Comeback
I'll always be around. and around and around and
around and around
-The Highwayman by Jimmy Webb
Author and CNN commentator Jeffrey Toobin recently spoke to the Kentucky Bar Association and told a fascinating story.
Several years ago, Toobin interviewed Donald Graham, Publisher of the Washington Post. He asked Graham where he got his middle name Edward. Graham told him he was named for Ed Prichard, who was his father Phillip’s closest friend.
David Halberstam’s bestseller The Powers That Be, chronicles the friendship that began when Prichard and Graham were Harvard Law students.
Prichard and Graham were the two brightest stars of their generation but their careers were cut short. Graham suffered from mental illness and ultimately committed suicide. Prichard was convicted of stuffing the ballot box in Kentucky. He spent time in jail and his political career was ruined.
25 years later, Prichard came back and huge impact on Kentucky’s education system.
Toobin became fascinated with Prichard’s story and Tracy Campbell biography of Prichard, Short of the Glory.
Toobin was also a Harvard Law school classmate of former New York Governor Eliot Spitzer.
When Spitzer was forced from office, Toobin sent Spitzer a copy of Short of the Glory. Toobin hoped that Prichard’s story will inspire Spitzer to make a contribution to society like Prichard did.
An Ivy League education is supposed to give you a leg up on the world. Look at any list of important business, political and media figures. The Ivy League is all over it.
Barack Obama and Al Gore went to Harvard. Bill and Hillary Clinton graduated from Yale as did George H.W. Bush. George W. Bush did both. Yale undergraduate and a Harvard M.B.A.
Prichard and Spitzer threw away the advantages their education gave them.
I met Mr. Prichard in 1980 while I was a college student. I was charged with running a stop sign and he was my attorney. Prichard seemed to need the small fee I paid him. He was in poor health.
That same year, Prichard formed a group which in 1983 became the Prichard Committee for Academic Excellence. The group is one of the significant in the history of Kentucky. It promotes education reform and help Kentuckians value the importance of education as part of their overall quality of life.
The group is celebrated its 25th year by forming the Al Smith Fund for Education. Smith, one of the greatest living Kentuckians, is leading the charge for an endowment to continue the cause that Prichard spearheaded.
Smith is the perfect choice to head a cause related to Prichard. Al was a young man of promise who lost years to alcoholism and turned it all around in middle age.
The key ingredient in Prichard and Smith’s redemption is that they helped themselves by helping others.
It is the concept that many religions promote. The road to salvation comes from loving others as you love yourself. In the case of a guy like a self destructive guy like Prichard, he loved Kentucky more than he loved himself.
I’ll be curious to see if Spitzer will comeback like Pritchard did. People who screw up their lives often get bitter and withdrawn. Prichard did for many years. When Prichard started on the trail of redemption, he didn’t seek riches; he set out to make a difference.
As Toobin astutely noted, Prichard is a role model for people who self destruct and later find redemption. Prichard and I had a mutual friend who screwed up and went to prison. When our friend got out of jail, he went straight to Prichard for advice. He is now a success in business and life.
Prichard focused on helping others become educated. I’m not sure if he was atoning for the outstanding education he squandered but it was a good choice for his focus.
Education would also be a good area for Spitzer to devote himself to.
I hope Spitzer follows Prichard’s example and contributes to society. He has a lot of talent and the benefit of a fine education. If he uses those talents and education to help others, he’ll leave a legacy that will always be around and around and around.
Just like the legacy of Ed Prichard.
Don McNay is Chairman of McNay Settlement Group in Richmond, Ky. You can read his award winning, syndicated column at www.donmcnay.com or write to him at don@donmcnay.com
I'll always be around. and around and around and
around and around
-The Highwayman by Jimmy Webb
Author and CNN commentator Jeffrey Toobin recently spoke to the Kentucky Bar Association and told a fascinating story.
Several years ago, Toobin interviewed Donald Graham, Publisher of the Washington Post. He asked Graham where he got his middle name Edward. Graham told him he was named for Ed Prichard, who was his father Phillip’s closest friend.
David Halberstam’s bestseller The Powers That Be, chronicles the friendship that began when Prichard and Graham were Harvard Law students.
Prichard and Graham were the two brightest stars of their generation but their careers were cut short. Graham suffered from mental illness and ultimately committed suicide. Prichard was convicted of stuffing the ballot box in Kentucky. He spent time in jail and his political career was ruined.
25 years later, Prichard came back and huge impact on Kentucky’s education system.
Toobin became fascinated with Prichard’s story and Tracy Campbell biography of Prichard, Short of the Glory.
Toobin was also a Harvard Law school classmate of former New York Governor Eliot Spitzer.
When Spitzer was forced from office, Toobin sent Spitzer a copy of Short of the Glory. Toobin hoped that Prichard’s story will inspire Spitzer to make a contribution to society like Prichard did.
An Ivy League education is supposed to give you a leg up on the world. Look at any list of important business, political and media figures. The Ivy League is all over it.
Barack Obama and Al Gore went to Harvard. Bill and Hillary Clinton graduated from Yale as did George H.W. Bush. George W. Bush did both. Yale undergraduate and a Harvard M.B.A.
Prichard and Spitzer threw away the advantages their education gave them.
I met Mr. Prichard in 1980 while I was a college student. I was charged with running a stop sign and he was my attorney. Prichard seemed to need the small fee I paid him. He was in poor health.
That same year, Prichard formed a group which in 1983 became the Prichard Committee for Academic Excellence. The group is one of the significant in the history of Kentucky. It promotes education reform and help Kentuckians value the importance of education as part of their overall quality of life.
The group is celebrated its 25th year by forming the Al Smith Fund for Education. Smith, one of the greatest living Kentuckians, is leading the charge for an endowment to continue the cause that Prichard spearheaded.
Smith is the perfect choice to head a cause related to Prichard. Al was a young man of promise who lost years to alcoholism and turned it all around in middle age.
The key ingredient in Prichard and Smith’s redemption is that they helped themselves by helping others.
It is the concept that many religions promote. The road to salvation comes from loving others as you love yourself. In the case of a guy like a self destructive guy like Prichard, he loved Kentucky more than he loved himself.
I’ll be curious to see if Spitzer will comeback like Pritchard did. People who screw up their lives often get bitter and withdrawn. Prichard did for many years. When Prichard started on the trail of redemption, he didn’t seek riches; he set out to make a difference.
As Toobin astutely noted, Prichard is a role model for people who self destruct and later find redemption. Prichard and I had a mutual friend who screwed up and went to prison. When our friend got out of jail, he went straight to Prichard for advice. He is now a success in business and life.
Prichard focused on helping others become educated. I’m not sure if he was atoning for the outstanding education he squandered but it was a good choice for his focus.
Education would also be a good area for Spitzer to devote himself to.
I hope Spitzer follows Prichard’s example and contributes to society. He has a lot of talent and the benefit of a fine education. If he uses those talents and education to help others, he’ll leave a legacy that will always be around and around and around.
Just like the legacy of Ed Prichard.
Don McNay is Chairman of McNay Settlement Group in Richmond, Ky. You can read his award winning, syndicated column at www.donmcnay.com or write to him at don@donmcnay.com
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