Lou Eisenberg has defied the 90% in 5 years statistic by blowing through his lottery winnings in 20 years. On Friday November 13, 1981 "Light Bulb Lou" won $5,000,000 and took annual installments of $219,0000 (*$130,000 after taxes)over the 20 years. He spent it all and was broke by 2001. He now lives in a mobile home on $250 per week from social security and Pension checks.
Looking incredibly good for 81 years of age, with a girlfriend and a pooch, Eisenberg's dissipation story hit Monday's New York Daily News.
in the early days of the 1980s interest rates were soaring. If Eisenberg had just put away a fraction of what he was receiving then into fixed rate investments or even Apple computer stock he'd have a few more shekels in his pocket, certainly more than the $200 he wishes he had.
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