Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions

Talk about mixed feelings. On one hand, I was disappointed that Money for Nothing didn't spend more time describing the experiences of lottery winners. There's some of that in this book, but not much. On the other hand, I was fascinated to read about an entire industry that I had no idea even existed.Then there's the tone of the book. On one hand it often reads like something from the 1950s, a hard-driving salesman who parties in Vegas and motivates himself by screaming "I am King Kong!". But on the other hand, Ugel also sounds like a nerdy Gen X-er who thinks too much, like someone from This American Life, a show he's written for.Ugel works for a company that pays lottery winners a lump sum for their future payments. He never divulges how much the company pays the lottery winners, because they pay as little as they can get away with. It depends on how much the lottery winner needs cash and how skilled the salesman is. Using California as an example, let's say you win a jackpot of 26 million dollars. If you take the annual payment option, the Califonia Lottery will pay you an average of a million dollars (before taxes) per year for 26 years. The Lottery doesn't actually have the 26 million now, but if they invest about 13 million (depending on current interest rates) now, they'll be able to pay you 26 million over 26 years. If you opt for a lump sum payment, they simply give you that 13 million now. Ugel's company does something like that for winners who don't have the lump sum option in their state or didn't when they won. He describes it as a service for people who want it. It would be a service, just like cashing checks or lending money can be a service. Except when it's those usurious check cashing places in the strip malls or loan sharks that charge exorbitant rates.So on one hand, it's disgusting that Ugel spent years smooth-talking people into giving up their future winnings on some fast cash now, but on the other hand these lottery winners squandered a lot of money if they're so hard up they need to even talk to a Ugel or his oily colleagues.I'm not the only one who's conflicted about this. Ugel spends much of the book justifying the business of buying out lottery winnings for pennies on the dollar. He also spends a lot of time wallowing in self-hatred for having being so successful at such a slimy occupation.At one point Ugel describes having a ritual fried chicken dinner before closing on a big deal. "I was nervous and my palms were sweating. The sweat mixed with the grease from the chicken...I was a mess. I had to get out of there. I stopped into the bathroom and compulsively washed my hands, soap and water, soap and water, soap and water, trying to get rid of the grease." After reading Money for Nothing, I know how he feels. Keep scrubbing, Ed.

After recently finishing, here is my take in random thoughts. Why 5 stars? Seems kinda lame to put anything but all or none. Like I say below, you are probably going to read this anyway. In no particular order:1. You are not going to be able to resist buying this if you're already interested in the subject. It follows Ben Mezrich's stuff, but a little less edgy.2. This was a slimy business, and some salespeople are right for it. Ed ultimely wasn't, but mainly because of his guilt. Without a conscience, he could have been better (sold more) than "Ben," his own mentor.3. Comes off as honest. (Also funny, for the most part.) Google lump-sum agency and see how their FAQ's read exactly like Ed Ugel's descriptions.4. Add this one to the list of 'must reads' for anyone in serious sales work. There are things to learn here, especially about the unique and sometimes weird psychology of a salesman.5. Isn't it amazing that MILLIONS play the lottery and not more than 42 players (give or take) know what the jackpot actually is, how it is paid, exactly, or what any of the numbers add up to be?6. Then, amazingly (or not) they basically didn't know what the cost of lumping out was - Ed claims that many actually get advice from good advisors - but what difference does it make? If you need the dough, you are going to go through with it anyway. Amazing.7. Ed should either have deleted the disclaimer in the beginning about how he "changed everything" or had a lawyer go over his DNC's and manuscript. No, actually, by his own admission, Ed claims that he is kind of soft. Bag all of that, Mr. Ugel, man up and write, forget all the boohoo. Okay to admit your feelings, but c'mon. Do you think a movie director has problems with changing the facts a little in the script? Even Ron Howard admits it's only about making a good movie.8. Along the same line, you needed more hard numbers here. You write a book, you need to spill some beans, irritate some people, you "never ever burn bridges?" You should've burned a few for the sake of the book. You owed less to your "Firm" and co-workers than you did to the clients you apologize to (ad nauseum) in the book. And if you're even thinking about getting back into this business, bleachhhhh, you dog.