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.
In the early 1980s, interest rates were soaring like a caffeinated kangaroo. If Lou Eisenberg had tucked away even a smidge of his earnings—say, in a fixed-rate account or a handful of Apple shares—he’d be rattling a treasure chest of coins today, instead of wistfully counting out the lonely $200 he’s clinging to.
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.
Related Reading
https://www.upi.com/Archives/1981/11/19/Maintenance-worker-wins-5-million/4771374994000
New York lotto poster boys blew it all, but not their friendship
Leave a Reply