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Life Lessons from the Lottery: Protecting Your Money in a Scary World (McNay On the Money Book 2)
 
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Life Lessons from the Lottery: Protecting Your Money in a Scary World (McNay On the Money Book 2) [Kindle Edition]

Don McNay , Adam Turner

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Product Description

Life Lessons from the Lottery: Protecting Your Money in a Scary World
By best-selling author and syndicated columnist Don McNay, CLU, ChFC, MSFS, CSSC

The world is an increasingly complicated place, but one rule has held true for centuries: People who have financial security control the destiny of people who don't.

People who are financially secure live longer and healthier lives. They have the freedom and independence to pick what they want to do for a living, where they want to live and to create a financial legacy for their families and causes they support.

So why do so many people who “have it made” run through their money and wind up broke? Why do the majority of lottery winners, injury victims, professional athletes and people who receive an inheritance run through it all so quickly?

A better question: How do you keep it from happening to you? How do you protect your retirement, injury settlement or inheritance in a way that will keep you financially secure for life?

In his fourth book, best-selling author and financial guru Don McNay offers concrete solutions to those questions.

McNay draws upon his internationally recognized expertise on what to do when you win the lottery and his 30 years experience as a structured settlement consultant to show people how money can provide them with happiness, security and peace of mind.

Although McNay has a strong academic background with two master’s degrees and four financial professional designations, the book is written in a style that everyone can grasp and understand. He breaks the book into five sections, based on the five rules of thumb that he gave to lottery winners in his 2008 bestseller, Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery.

McNay said that his book is about financial freedom. “Real freedom means stability, security and independence,” he said. “It means never running out of money. It means never having to work at a job you hate, because you can't afford to quit. It means never becoming a slave to your creditors. It means having control and stability in your life.”

Life Lessons from the Lottery: Protecting Your Money in a Scary World is the road map to finding that kind of freedom.


Don McNay, CLU, ChFC, MSFS, CSSC

Don McNay, best-selling author and financial columnist, is a structured settlement consultant and one of the world’s leading authorities on how lottery winners handle their winnings.

His syndicated financial column appears regularly in The Huffington Post and in hundreds of publications worldwide. McNay also has appeared in several hundred television and radio programs, including CBS Morning News, CBS Evening News with Katie Couric, ABC News Radio, BBC News, KPCC-Los Angeles, WLW-AM-Cincinnati, Al Jazeera-English, CBC Television (Canada), CTV (Canada) and Radio Live (New Zealand).

His insight has been sought by hundreds of print publications, including the Los Angeles Times, USA Today and Forbes.

He founded McNay Settlement Group Inc., which is part of the McNay Group (www.mcnay.com).The organization is considered one of the world’s leading experts concerning structured settlements, mass torts and qualified settlement funds. His company has been noted for its work with special needs children, along with injury victims and lottery winners.


A graduate of Eastern Kentucky University, McNay was inducted into the Eastern Kentucky University Hall of Distinguished Alumni in 1998. McNay has a master’s degree from Vanderbilt University and a second master’s in Financial Services from the American College in Bryn Mawr, Pennsylvania.

McNay has four professional designations in the financial services field.
McNay is a Lifetime and Quarter Century Member of the Million Dollar Round Table, signifying that McNay met the organization’s highly selective standards for service, production and ethical behavior in 25 different years.

About the Author

Don McNay, CLU, ChFC, MSFS, CSSC www.donmcnay.com Don McNay, best-selling author and financial columnist, is a structured settlement consultant and one of the world's leading authorities on how lottery winners handle their winnings. His syndicated financial column appears regularly in The Huffington Post and in hundreds of publications worldwide. McNay also has appeared in several hundred television and radio programs, including CBS Morning News, CBS Evening News with Katie Couric, ABC News Radio, BBC News, KPCC-Los Angeles, WLW-AM-Cincinnati, Al Jazeera-English, CBC Television (Canada), CTV (Canada) and Radio Live (New Zealand). His insight has been sought by hundreds of print publications, including the Los Angeles Times, USA Today and Forbes. He founded McNay Settlement Group Inc., which is part of the McNay Group (www.mcnay.com).The organization is considered one of the world's leading experts concerning structured settlements, mass torts and qualified settlement funds. His company has been noted for its work with special needs children, along with injury victims and lottery winners. A graduate of Eastern Kentucky University, McNay was inducted into the Eastern Kentucky University Hall of Distinguished Alumni in 1998. McNay has a master's degree from Vanderbilt University and a second master's in Financial Services from the American College in Bryn Mawr, Pennsylvania. McNay has four professional designations in the financial services field. McNay is a Lifetime and Quarter Century Member of the Million Dollar Round Table, signifying that McNay met the organization's highly selective standards for service, production and ethical behavior in 25 different years.

Product Details

  • Format: Kindle Edition
  • File Size: 901 KB
  • Print Length: 132 pages
  • Simultaneous Device Usage: Unlimited
  • Publisher: RRP International LLC (Nov. 7 2012)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B00A5WUOMW
  • Text-to-Speech: Enabled
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  • Amazon Bestsellers Rank: #574,696 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Amazon.com: 3.9 out of 5 stars  21 reviews
8 of 8 people found the following review helpful
5.0 out of 5 stars Win with McKay's book on the lottery. Aug. 2 2013
By Paul Sanders - Published on Amazon.com
Format:Paperback
Book Review
By Paul Sanders

Life Lessons from the Lottery: Protecting Your Money in a Scary World
By Don McNay

Full disclosure: I plead guilty to the sometime sin of playing the lottery. I figure it is a dollar's worth of entertainment just to take a couple of minutes and daydream what I would do if a pink square of paper suddenly translated into millions of dollars.

Fortunately, Richmond, Kentucky author Don McNay takes a more serious approach to the lottery in his book, "Life Lessons from the Lottery: Protecting Your Money in a Scary World." McNay, a financial consultant and author of several best-selling books on finance chooses to look at the lottery as an opportunity for understanding money--both how to make it and hold onto it.

The result is an insightful, helpful guidebook that explores both the conscious and subconscious relationships people have to money.

McNay could have begun the book with an exploration of why people play the lottery. His probing is more vital as he begins with a question that should be asked by everyone, lottery winner or no: why do people run through money, even large sums, quickly?

Whether it is a lottery, inheritance or salary bonus, people often end up doing stupid things with their money, McNay says. This seems to apply not only to lottery winners but also highly paid sports stars, wealthy business people and nearly everyone else. The National Endowment for Financial Education reports that 70 percent of those who receive a lump sum from any source run through it in a few years.

Universally, McNay says, people have a problem holding onto money, particularly when received in large sums.

He compares this to how high fructose corn syrup in food can lead to obesity. Fructose, he says, hits the body too fast for people to process it. Money, particularly big money all at once, can be overwhelming as well.

In 30 years of experience in working with injury victims, lottery winners, those who have received inheritances and others impacted by "high-fructose" influxes of cash, McNay concludes there are 5 reasons why people blow through money.

The first comes from those nearest and dearest--friends and family. People try to buy love, McNay says. He quotes Will Rogers in this context, "They are spending money they don't have to impress people they don't know."

A lack of knowledge, bad advice or simply bad habits is the second reason. People with poor money management skills will not suddenly be "cured" if they come into money.

McNay notes that taking money in a lump sum instead of over time is a common mistake. From his experience he has found that people run though a lump sum quickly and are then broke.

The fourth reason is impulsive decisions. People don't think before they spend.

Not having a purpose for their money is the final reason people lose it.

Having explored why people cannot hold onto money, Life Lessons from the Lottery moves into territory usually not explored in personal finance books. The author encourages "taking a deep look into your soul, finding out what you are looking for in life and using the money you have to get you there."

The remainder of the book is divided into 5 sections, counterpointing the 5 reasons people can't hold onto money. Each section discusses one of the insights that his experience with lottery winners has provided McNay and that he shares with clients.

In summary, the 5 things to do when you win the lottery:

1. Tell as few people as possible (preferably no one) that you won.
"Once you have told the world that you received money that you never expected to have, everyone has their hand out, and you are not prepared for it," McNay said.
2. Work with a financial advisor who works with more money than you have.
Hire an expert, not a friend, preferably someone who has works with tax, estate and planning issues.
3. Take the money in annual payments instead of the lump sum.
This allows you to make adjustments as the money comes in over time.
4. Take a deep breath and make some good, long-term decisions.
Lotteries often allow you to take months or even a year to cash a winning ticket. Take time to plan your strategy.
5. Give back to society.
It is a proven fact that people who use their wealth to make an impact on society are happier than those who don't.

McNay says he has one goal for any person he deals with: making sure that their money brings them happiness. This is definitely my plan if I win the lottery--but don't expect to hear anything about it. I'll be happily--and quietly--following McNay's rules.
7 of 7 people found the following review helpful
5.0 out of 5 stars very informative read Dec 27 2012
By Amazon Customer - Published on Amazon.com
Format:Kindle Edition
Would reccomend this book for anyone who has or maybe coming into a substantial amount of money.
Very informative book with a down to earth author,who really has the best interests of the average joe at heart.
Delves into not only the financial part of things,but discusses most importantly the emotional side of money and the pitfalls individuals encounter when they do not handle money in a rational way.
Very good read,with many stories that author uses to make his point.
He's been at finances for his entire life,thats why I prefer to learn from his past clients mistakes so as not repeat them.
9 of 10 people found the following review helpful
5.0 out of 5 stars Helpful Life Lessons Dec 20 2012
By Helen Burkhart - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
This book contains more than just financial advice. It really influenced me to look at how I want to live my life. In fact, I don't think I'll ever buy another lottery ticket - I don't need to win ! Winning large amounts of money simply does not appeal to me now. Thanks, Don, for changing my outlook !
4 of 4 people found the following review helpful
5.0 out of 5 stars Pretty straight forward reminders Jan. 29 2014
By Failtelorn - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
Didn't learn anything new but this works as a good reminder of what to keep in the forefront of your thoughts if you win. His biggest harp is on taking an annuity as opposed to the cash value but the only reason is so if you screw up the first year (or second or third ect) you can start over next year when your next payment arrives. I guess i'm of the thought that you can deal with a good investment advisor, set up a yearly payout to yourself from the investment and still increase your overall investment, where as the annuity from the lottery wouldn't increase any more than the one or two percent they adjust for in regards to inflation. All in all though, a pretty decent little book.
2 of 2 people found the following review helpful
4.0 out of 5 stars Clear, concise...and somewhat riveting May 16 2014
By John L. Kephart - Published on Amazon.com
Format:Paperback|Verified Purchase
Don McNay's advice is certainly attention-getting. To me, there would be few things more tragic than wasting a huge opportunity such as a financial windfall -- but according to Don, most people who come into sudden money, sports stars included, end up broke. Don's advice is concise and repeated -- take the annuity and invest carefully. I am glad I got this book, and will be reading it again.

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