Levi Johnston, best known for putting a "bun" in Bristol Palin's "oven" and milking his 15 minutes of "fame" into a book, a reality show (and whatever else) for over $1 million, can actually teach young adults something useful- about financial planning and settlement planning. I'll get to that in a minute.
At age 22, Levi Johnston has purportedly squandered the over $1 million he earned on "guns, boats and four wheelers" and is purportedly behind $38,000 in child support for his son Tripp, at the same time he is set to become a father in an unplanned pregnancy for the second time. He falls squarely into the time frame of that much ballyhooed "hunch-statistic" that 90% of people dissipate a lump sum within 5 years. According to US weekly and syndicated reports in newspapers all over the world, such as the UK's Daily Mail, Levi Johnston has moved back home with his mother and is penniless from rampant spending. I sincerely hope Levi Johnston can "man up" and get control of his life and be a warning beacon to others.
Where a personal injury case is settled by a young adult, on behalf of a minor, or a minor is the recipient of a settlement from a wrongful death lawsuit, a discussion often ensues over the best settlement planning strategy for them. I've seen some parents who want to have their children receive a huge lump sum at age 18 and cautioned against it. Why leave a natural tendency to be impetuous to chance? Being impetuous now can lead to regrets and depression later as the individual matures and comes to the realization of what he or she has lost. This sense of loss is even more acute on wrongful death cases . I've seen it with a 9-11 survivor.