Turn of Luck Louie

You know the saying... "You can’t take it with you.” That’s a convenient saying to justify big bucks spent on a houseboat with a multimedia room, gourmet kitchen, and gym. Recently I read an article about a man who had won the largest lottery at the time…back in the early 80’s. Apparently he lived by the motto: “You can’t take it with you.” He’s broke….and he can’t be fixed.

In 1981 at the age of 53, Lou Eisenberg won 5 million dollars. At that time he was making 225 dollars a week changing light bulbs in a high rise building. It must have felt good to go into work the next day and say, “Screw, yourself. I quit.” (Couldn’t resist that one.) For the next 20 years Lucky Louie received 219,000 dollars a year. Now he’s 81, and makes 250 dollars a week through a small pension and social security.

So after winning the lottery…you would think he lived happily ever after. Well, after 20 years passed…his coach turned into a rusty pick-up, his ocean-view condo turned into a mobile home, and his 3 wives turned into blood sucking leeches. Apparently Out-of-Luck Louie had attempted to save, but he had a bad habit of marrying and divorcing. Plus the horse track frequently called his name. I’m guessing he was as unlucky at the horse track as he was in love. Go #7 Skid Row.

So would you consider Louie stupid or a financial planning genius? Why take it with you? Why not spend it and enjoy it now while you’re able to? Why wait until you aren’t able to travel because of that growing problem?

I’m not a throw-caution-to-the-wind Kat…so the idea of spending every penny from a lottery wining doesn’t appeal to me. But the idea of working and saving every penny of a lottery winning……doesn’t either. There has to be a middle ground.

If I had to give advice to Better-Luck-Next-Time Louie…with what to do with his windfall of cash…I would have told him to spend some, save some, and bet on Horse 11. That’s my favorite number.