The lottery: What if you won?

I'm sure that at one time or another each of us has pondered (if just for a moment) just what we would do if we won big money in the lottery. For most of us that is probably pure speculation, because one has to buy a lottery ticket in order to have a chance to win and most of us never even take that first step.

But if we did win, we would spend our winnings wisely, to enable our families to a better life, we'd help the poor, we'd further medical science, we'd help our church, and so on and so forth. Sure we would. It's a noble dream, but unfortunately, in all too many cases the people that do win the lottery are bankrupt in a short period of time.

Take a look at a few of the folks who struck it rich, far beyond their fondest wishes: Evelyn Adams of New Jersey won not once, but twice to the tune of $5.1 million, in 1984 and 1985. Today she lives simply, in a small trailer. She says she never did learn to say "no" to all her new friends. Of course, the near $1 million she spent on the slot machines in Atlantic City didn't help her situation.

Bud Post won $16.1 in the Pennsylvania lottery in 1988. Today he's broke, with just his $450 Social Security check and food stamps to live on. Says Bud, "It was a nightmare. I wish it had never happened." A girl friend successfully sued him for a share of the winnings. His brother hired a hit man to kill him so that he could inherit the money. Other relatives conned him into investing in a restaurant, and a car agency, among other ventures, which all failed. Within a year he was $1 million in debt. He served time in jail for shooting over the head of a bill collector. Stress caused him to have a serious heart aneurysm.

Willie Hurt, of Michigan won $3.1 million in the lottery. Two years later he was broke, with a messy divorce, sentenced to jail for attempted murder and dealing cocaine.

Many of the winners who went broke said that trying to be the good guy to worthy charities and individuals (and greedy relatives) was the cause of their financial problems. Many were ill prepared to handle large sums of money, even though most states offer financial help to lottery winners.

We like to think that Nebraskans fare better than the average, when it comes to lottery winners, and there is some evidence to support that supposition. In February 2006 seven men and one woman who worked at the ConAgra ham processing plant near downtown Lincoln won what at the time was the largest Powerball lottery of $385 million.

They had been playing the lottery for four or five years, chipping in $5 when the lottery went over $40 million. On the advice of a lawyer and financial planner they decided to take their winnings in a lump sum -- $15.5 million, each, after taxes.

Most planned to further their educations and help relatives. Three kept their jobs on the night shift (for awhile). Typical was Mike Terpstra, 47, the plant supervisor, who was single. He planned to keep on the job at ConAgra, until they found a replacement. "The company has always treated me well. I can't see leaving them in a bind." He thought about buying an island or an airplane, but then he didn't like water or flying, so he was undecided about how he'd spend his share.

One Nebraskan who won the lottery worked as a construction laborer. His current job was on a construction site in Kansas. He had his eye on a "used" pickup, which he thought would be more dependable to drive back and forth to his job in Kansas.

Lyle and Dianne Fleharty, of Hastings won $50.1 million in July 1994. Lyle had worked for many years at Hastings College as the Maintenance Supervisor. As of 2007 he was still on call by the college to help work out maintenance problems at the college. Dianne was the office manager at the plumbing shop where my sister bought her plumbing supplies and Lyle installed her furnace. Dianne stayed in her position until a replacement could be found and afterwards she was available to fill in for emergencies.

One change the couple made in their way of living was to move into a grand new home in Hastings. Their giving to charities, causes, and individuals is always done anonymously.

Connie Daily, of North Platter split a $100 million Powerball prize with a fellow in California. Her notification of her winnings prompted an immediate retirement from her job with the Post Office. Connie is a very private person, but apparently her winnings have enabled her to improve her way of life, to help her church, and do nice things for people less fortunate than she in North Platte.

My favorite lottery winner has to be Frank Selak, a Croatian music teacher, who at one time was known as the world's "Unluckiest Man," with good reason: 1. In 1962 he survived a train derailment where he was thrown into an icy river. 17 killed. Frank suffered a broken arm. 2. In 1963 a door blew off the airplane in which he was riding. He was sucked out of the plane, but miraculously fell onto a haystack, unharmed. 3. In 1966 his bus went off the road into a river. Five died, Frank was unharmed. 6. In 1973 Frank's car caught fire. He was saved though he lost most of his hair. 7. In 1995 he was hit by a city bus, only minor injuries. 8. In 1996 he was forced off a cliff to escape an oncoming truck. He landed safely in a tree, but watched his car explode 300 feet below.

In 2003 Frank's luck changed. He won $1 million in the Croatian lottery. When he was asked to fly to Australia with other winners, to take part in a Doritos commercial he refused. He said that he didn't want to press his luck.

I believe that the prize for wisely handling lottery riches would have to go to 34-year old Brad Duke, of Boise Idaho. Brad was the regional manager of five Gold's Fitness Gyms, with a passion for bicycles and using bicycles for keeping fit.

In 2005 Duke won a $220 million Powerball jackpot, which he took in a lump sum of $85 million after taxes. He took the first month to assemble a team of "experts" to help him invest his money -- with the idea of becoming a billionaire by the time he was in his 50s, when "he could do some real good, with real money." Brad's investment plan:

$45 million in conservative investments, like government and municipal bonds.

$35 million in aggressive investments, like oil, gas, real estate.

$1.3 million to establish the Brad Duke family foundation

$18,000 to pay off student loans

$125,000 to pay off the mortgage on his 1,400 sq. ft. home

$12,000 for an annual gift to each family member

After these expenditures Brad Duke spent some money on himself:

$63,000 for a trip to Tahiti for Brad and 17 friends

$65,000 for new bicycles, including a $12,000 BMW road bike

$14,000 for a used black VW Jetta (He had a newer VW, which he gave to a nephew. He preferred the older car because it accommodated his bike rack better.)

Brad still teaches bicycle "spinning" classes twice a week at the Gold's Gym to his long time students. He had to give up his job as regional manager because too many people approached him with "can't miss" investments opportunities.

Brad Duke's goal of becoming a billionaire is probably just a lofty dream. After all, the Warren Buffetts and Bill Gates of the world are a very rare breed. On the other hand, it's unlikely that we'll ever find Brad Duke buying his groceries with food stamps.

Source: Lincoln Journal, Idaho Press Tribune, MSN Money