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Tag Archives: Jack Whitaker

Would You Stay Frugal If You Won The Lottery?

  This is a post from regular contributor, Kyle James. Enjoy! I recently read an article recently on the Business Week website about a guy name Jack Whittaker who in 2002 won the $314 million dollar PowerBall lottery and opted for the one time lump payment of $93 million. Pretty lucky guy, right? Absolutely ruined him. Everyone wanted money from him. He lost his so-called friends. He couldn’t trust anyone. His wife left him. He hung out at strip clubs. Drank like a fish. Ugly stuff. The interesting thing was that he was already a very successful entrepreneur before he hit the big jackpot. Speaks to the benefits of hard work and “making it” on your own. So this made me think, “Would I remain frugal if I won the lottery?” I like to think I would. Sure, I would upgrade some things. Pay off the car and the house. Maybe take the family to Europe in a couple years. But real frugality is a choice to conserve and seek out value, not done because of situation. I know many people that started being frugal because of circumstance and stayed that way when they came out of debt because it ...

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