Money for Nothing: One Man's Journey Through the Dark Side of Lottery Millions
For the better part of a decade, Edward Ugel spent his time closing deals with lottery winners, making a lucrative and legitimate—if sometimes not-so-nice—living by taking advantage of their weaknesses . . . weaknesses that, as a gambler himself, he knew all too well.
In Money for Nothing, he explores the captivating world of lottery winners and shows us how lotteries and...more
The book didn't get into the mind of lottery winners. It didn't tell many stories of them. It more or less described the authors ascent at the Firm, and how good he was at selling.
The subject of lottery winners, and the industries that cater to them, seems fascinating. Unfortunately, this book didn't cover much of that at all. Finally, in order to protect his/the firm's anonymity, the author didn't delve int ...more
Specifically, there are companies that exist to advance lottery winners cash when they run out before their next payment. The bigger the lottery winner, the bigger the salesman's commission. It is legal, it is big money, but it isn't for the "nice".
The reason the book is enjoyable is that the author is quick to point out the flaws in himself; more so than those around him. He doesn't make excuses ...more
The book is about the lottery lumpsum purchase business. When you win a lottery, you can elect to get annual payments of a certain fraction for a period of time. Often, the winners start going broke midway through the period and want to sell the remaining payments for a one-ti ...more
Everyone loves the idea of winning the lotto and beginning their carefree new life. This is the reason I read this book. The reality is not so peachy and the author tells a tale about his own metioric rise in the world of buying annuities from lotto winners. So he's a college grad with few prospects living beer to beer. He has a degree that is useless in the real world and thus begins working as a bartender. Soon he sees the fruitless path he is on and moves back home with his parents. One night ...more
His story if interesting in and of itself but this wasn't the main point of interest and I felt he could have illustrated his tales with more examples of the typical lottery winner and how/why they often end up broke and/or wi ...more
This is an odd type of whistleblower's story wherein the whistleblower has already been paid millions n ...more
You just might turn to someone like this author, who will "jovially" buy you out of your "arrangement." - at a HUGE cost. (that is spelled H - U - G - E!!!)
This is an amazing book I found utterly fascinating. There are many stories about winners from all walks of life, under various financial stresse ...more
- too much information about Ed, and not enough about the lottery winners who couldn't handle their winnings
- although he didn't work with them, some stories of lottery win ...more
While it made for a somewhat interesting case study, I would not recommend as a pleasure read. It is a good book if you need more reasons NOT to play the lottery. The author was extremely effective painting a sad picture of lottery winners, salesman, and gambling addicts. He also made some fascinating points about state governments and lotteries.
I am not sure of the point of the epilogue except to highlight the strict contrast of how the author and ...more
Unfortunately, the lottery history section of the book is only mildly interesting and the author is too self-absorbed. As the book goes on, you become more and more annoyed with the author's focus on his own life story and his own poor decision making.