Lottery winner confesses to hiding $22 million from his kids for years. His reason is as middle-class as it gets
The first thing John did after winning the whopping $22 million was do his research
"If I win the lottery, I won't tell anyone, but there will be signs" is the perfect way to describe an anonymous caller who dialed into The Dave Ramsey Show (@daveramsey) for financial advice. On March 3, Dave Ramsey shared a video on Instagram of a caller who wanted advice on what to do with the lottery money he had won. The man whom Ramsey referred to as "John" in the caption began by saying that he had won $22 million from a multi-state lottery with his co-workers. The problem is that he has not told anyone besides his wife and sibling about the money. He wanted to hear what Ramsey's thoughts were on his decision to "keep it under wraps."
Ramsey wanted to understand why John wanted to keep his winnings hush-hush. John explained that the first thing he did after winning the whopping $22 million was research. The numbers showed that 1 in 5 winners often lose their earnings and go bankrupt within 10 years, and he did not want that to happen to him. He also found that telling too many people would invite individuals looking for handouts, expecting him to "pay for everything."
John and his wife even decided to keep it a secret from their kids, fearing that their two teenagers might become too dependent on their family's newfound wealth. "We just don't want them to grow up to be waiters, you know, waiting for us to die so they can get our money," he clarified. Ramsey burst out laughing at the admission, and John Delony, Ramsey's co-host, admitted he would not tell his children either if he were in John's place. John's explanation was that he wanted his children to "figure out what they want to do in life," and eventually, he will tell them about the money.
John also revealed that both his and his wife's parents are still in the dark, which leads him to another confession.
A month after he won the lottery, his wife's great-uncle passed away. Since he was not married and had no children, he left his inheritance to John's wife and her siblings. John and his wife have been using her great uncle's money as a "cover story" whenever they helped someone. He explained how he bought his mother a new roof and said that the money had come from Great Uncle Bob's inheritance.
Since John called for advice, Ramsey asked him about his car; maybe he could upgrade to a better one. John shared that his house had been paid off before he won the lottery, and they just bought two new Toyotas, and that too was paid for in cash before he won $22 million, so he is not looking to move or buy a new car.
Ramsey then moved to questions about his career, and John revealed that he is still working and that he likes his job. Another box checked on Ramsey's list. He then asked John if he had had any investment advice, to which John admitted having a team to manage his finances and investments. Ramsey concluded by saying that he thinks John is doing everything the right way, and his money is "not anyone else's business." He even called John's decisions "wise" after learning that some of the people in his life may not be able to wrap their heads around a huge sum of money.
Just like Ramsey's advice to John to keep working, the American Bankruptcy Institute suggests the same to lottery winners so they can have a sense of normalcy. It would also prevent them from spending their money lavishly because of too much free time. This advice is because between 30% and 70% of lottery winners end up in bankruptcy court.
Another fact is that lottery winners are more likely to declare bankruptcy within just 3 to 5 years after winning, when compared to a normal individual. Lottery winners are also advised to stay away from the public eye to avoid scammers and thieves.
The video has reached 2.2 million people online, and more than 900 have left their thoughts in the comments. People were talking about how John had already won the lottery even before winning the $22 million after hearing him talk about his house and cars being paid off. @just_stephanie_l wrote, "This man had won the life lottery before even winning the lottery! He loves his job, his house is already paid off, and cars. He was already in a place of happiness and privilege. Amazing!" @wilmara_johana manifested in the comment section, writing, "I am taking this advice for when I win the lottery. Lord, let me demonstrate I can be this wise person."
You can follow Dave Ramsey (@daveramsey) on Instagram for finance-related content.
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