Customer Reviews

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

5 star:		(32)
4 star:		(13)
3 star:		(4)
2 star:		(6)
1 star:		(10)

 

 

I urge you to read this fascinating story of one man who worked for "The Firm", a company who gave cash payments to lottery winners who (not surprisingly) needed those payments all too often - even after winning the lottery.

As you've probably heard (and it is true) lottery winners often don't understand how to manage their winnings or how the money is paid out. That is where people like Mr. Ugel come in, earning a living from the ignorance of the winners. Before you rush to judgment, you can be sure that Ugel judges HIMSELF - and is quite open about his own shortcomings. That was what made the book so fascinating for this reader, as well as the way he interspersed his own life story with the job. It became clear that he wasn't so different from those he fleeced.

This is a very honest look at one side of the lottery business, one that allows people like Edward Ugal to make deals with lottery winners and -by his own admission - make a living by using their weaknesses to gain an advantage. But here's the kicker: Ugel did so well at this because he was as much a victim of this gambling bug as his victims.

If you are expecting a book which focuses only on lottery winners and losers, this book isn't that sort. Instead, it is a revealing look at one man's life as well as the lottery business. It jumps back and forth in time quite a bit. Even so, I found it very entertaining as well as sobering. It sure cured me of any desire to gamble!

It all makes for one riveting book. I couldn't put it down. Prepare yourself to be both entertained and diverted as well as ready for the unexpected. This one doesn't go where you think it will but it is honest, informative and enlightening.

It is no secret that gambling and games like poker have captured the public imagination, perhaps more so than ever before. Read this book and up your learning curve!

Money For Nothing, by Edward Ugel is deceiving. It's so entertaining, so laugh-out-loud funny that you don't realize you're getting serious insights into human nature.

It made me think of the tried and true therapy trick: if money weren't an issue, what would you do? If you've always been worried about financial security you have a tendency to think that enough money would solve a multitude of problems. But as Ugel's book so artfully show us, that is hardly the case. There are clearly many more problems than solutions for the hapless lottery winners...and the business people who serve them. Movies and television have done us all such a disservice, that it is refreshing to see the happy high roller myth debunked.

What makes this memoir work for me is Ugel's self deprecating humor and the way it masks his very real regrets.In the same way that the best crime dramas show detectives lamenting their similarities to the criminals they pursue, Money For Nothing reveals how even the most glamorous jobs are still work, not hobbies. And in this case work erodes even the most successful and jaded salesman's moral fiber.

Ugel is brutally honest about himself and his shortcomings. It's a courageous first book and I look forward to his next...is there one?

You win the lottery and think you are an instant millionaire! THINK AGAIN!! Ugel has written a true story of his experience working for a company he is forbid to name, tracking down high end lottery winners who receive monthly payments instead of one lump sums. Your number comes up, you are excited, and then when you run to turn in your ticket, where you discover that the 3 million dollars will be taxed at 50 + %, then you will receive approximately 70,000 yearly for multiple years..... Doesn't exactly make you rich. Thats where the "firm" comes in. They will hound, harass, beg, borrow and even steal to gain the right to your monthly payment IN EXCHANGE for a huge amount of interest so they can graciously hand you over a larger lump sum.

Many paragraphs were repetive, and even boring. I suspect this is because he mentions early in the book that when he became employed with "the Firm," he had to sign a wavier stating he would never ever disclose any details of anything having to do with the Firm. Given the restrictions on his employment application, I feel Ugel did an excellent job of informing the public as much information as he was legally allowed to do. Basically, there are hundreds of firms who zero in on lottery winners (and now people who are awarded annunities from accidents payable over a certain time), and try to "buy"
their annual payments. In doing so, the person looses A LOT of money, but the company gets richer and richer.

Ugel spent time discussion his own battle with playing machine poker in the casinos, and his feelings of taking money from clients where he knew the deal would hurt them.

This book is NOT about how lottery winners spend money, but rather how people take advantage of these winners, and track them down at all costs.

Its definately a book worth reading. There are just enough actual stories of certain winners to keep the otherwise dull book sparkle.

I recommend it highly, especailly if you buy lottery tickets

The author of this book seems to think he's a lot more interesting than he really he is, so he spends way too much of this book talking about himself (and constantly repeating the same information) and not enough sharing his more interesting observations regarding the lives of lottery winners, what happens to them, and how easily they are preyed upon. The worthwhile portions of this book could have been edited down to about 40 pages, and even these (as other reviewers have noted) don't have enough details regarding the amounts of money involved. So if you find the subject matter interesting, borrow this one from the library because it's definitely not a book you need to own.

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.

XXXXX

"Now look at those yo-yos, that's the way you do it
You play the guitar on the MTV
That ain't working, that's the way you do it
MONEY FOR NOTHING and your chicks for free
Now that ain't workin', that's the way you do it
Lemme tell ya, those guys ain't dumb."

I couldn't get the above lyrics to a song (that has the same title as this book) out of my mind while I was reading this witty, wise, surprisingly well-written, often hilarious, and, most important, honest book by Edward Ugel. (By the way, the above lyrics are by the band "Dire Straits.")

This is the story of a "lump-sum salesman." I know. I know. What's a lump-sum salesman? Answer: He is a salesman that works in an industry that sells "money to lottery winners in exchange for a portion of their long-term annuities [or payments]." (Note that when a person wins a lottery jackpot of say $5 million, the winner is paid this amount in payments that could last twenty years or more. Taking the jackpot as one lump sum reduces the jackpot considerably.)

The purpose of this book is threefold:

(1) To explain "what really happens to people when they come into a lot of unexpected cash."
(2) To look at "the ubiquitous nature of casinos (Ugel liked to frequent casinos] and gambling in our culture."
(3) To explain that the "sales methods or strategies [he used in the lump-sum industry] applies to salespeople in any industry."

You're probably asking yourself how this kind of salesman could understand gamblers like jackpot lottery winners. Ugel explains:

"[Lump-sum] salespeople were lottery winners--we just never bought tickets. We knew how to sell to [jackpot] winners, we understood them, because over time, we'd become so similar to them. We were no better than the winners. If we were better, we'd have been doing something other than this for a living."

Be aware that this book is a memoir of Ugel's time that he was in the lump-sum industry. Some readers, especially in the first chapters, may be put off by this, and not finish the book. This is a mistake.

A highlight of this book is that it is hilarious. Ugel interjects humor at key points in his main narrative and this is what kept me reading (besides learning about an industry that I never knew existed as well a learning about the dark side of gambling in general). Another highlight is that what Ugel says is honest and I'm sure it wasn't easy for him to dredge up some of the memories that form the core of this book.

Finally, the only problem I had is that, in places, this book seems to be too autobiographical and, as I mentioned, this may turn off some readers. However, I found that the amount of wisdom I learned from this book easily offsets this weakness.

In conclusion, if you happen to win big in the lottery (the odds of matching all the numbers in a six number game is about one in 14 million), read this book before claiming your jackpot. Also, if you contemplate gambling for a living, I recommend that you read this book first before undertaking your new lifestyle.

(acknowledgements; introduction; 11 chapters; epilogue; main narrative 235 pages; endnotes)

<<Stephen Pletko, London, Ontario, Canada>>

XXXXX

I most likely would never like this guy in person, but the book was very well written and often made me laugh. He worked in a boiler room, sort of, where the game was just the same. I really really enjoyed this book. The only strange thing about the format of the book was that the sentences ended so close to the beginning of the next sentences. There was not enough space between them, which was odd.

Money for Nothing by Edward Ugel is a very interesting read. I particularly love books that detail the inner workings of jobs I not only know nothing about, but for which I didn't even know existed. Edward Ugel is a former salesman. But not just any old salesman. He sells lump sum payments to people who have won the lottery. You are probably thinking: doesn't the lottery just offer lump sum payments to its winners? Yes, in most states they do. But a big part of the reason they do is because of companies like the one Edward Ugel worked for. So there are many past winners who never had the option, many current winners who don't have that option, and some people who passed on the state-sponsered option at the time. So there are plenty of people to sell to.

The book is a fascinating story of what it takes to be a lump sum payment salesman. It is not told all that well (he is a salesman, rather than an author), but overall it kept me interested. You are welcome to read it, but since you probably won't, I will be happy to tell you about it (stop here if you plan to read it on your own).

Ed Ugel hated being a lump sum payment guy because of who he sold his products to. He sold to lottery winners. Especially, lottery winners that needed cash. I'm sure there are lottery winners that knew how to manage their money, but those folks didn't give folks like Ed Ugel the time of day. Rather, he dealt with people who squandered most of their "found money" rather quickly and needed a cash infusion. These people were generally not very intelligent and could be taken advantage of. However, that is not the main reason he didn't like it (although it was a part of it). Another part of is the gold rush mentality they had when they found a lottery winner - they would have to get their quick to make their sale or else someone else would take it. A very demanding job.

But the main reason he didn't like it was because that he saw himself and other salesmen taking on the characteristics of lottery winners. In a way, signing a deal with a lottery winner was like winning a little bit of the lottery yourself - it was generally a large infusion of money that you didn't really earn. So the salesmen generally spent the money as soon as they got it and were then desparate to make the next sale. They became lazy. Since most of their cold calls didn't result in any return and many of their big deals fell right in their lap, it didn't always make sense to work hard for the money. This laziness ultimately led to his downfall when a competitor is able to blow past his company and he is fired.

Ed Ugel also details the history of the lottery and the myth that the money all goes to education. As Ed is a gambler himself, he knows well the allure of easy money and how detrimental the lottery can be (watch for a future post regarding the lottery on my efficiency blog). Overall, it is a decent book, but one that I wouldn't recommend to everybody.

I read mostly non-fiction and this book was EXACTLY what I want out of non-fiction read. I couldn't put it down! It gave me insight into the gambling world without too much jargon that a non-gambler (like myself) wouldn't understand. You begin to understand the nation-wide addiction and, at the same time, you are amazed that people give themselves to such pathetic cycles of winning and losing (and more losing). You get to feel the ups and downs of a young guy striving to make his way - but you can see how he too suffers a slight thrill from the addiction of rolling the dice. A definite must-read...excellent!

In his book MONEY FOR NOTHING Edward Ugel gives a paradoxical glimpse into the shocking reality of lottery jackpot winners. "If I ever win the lottery"--we all throw around this cliche, imagining that our lives would be vastly different, all our problems solved. In a witty, very entertaining style that wouldn't let me put this book down, the author gives an inside view showing that though circumstances change, people don't. Same attitudes that cause one to throw money away on lotteries and gambling will cause them to impulsively lose the bigger batches of money it might bring.

I have suspected that money can't buy happiness, and this story confirms that theory. It can buy exquisite things and lots of euphoric experiences which at times were too explicitly expressed in this book for my tastes, but gaping holes needing intangible gratification remain in the human psyche. Getting money does not help settle the spirit but causes unpredictable problems from selfish acquaintances and greedy strangers.

I really appreciated the inside scoop on successful sales and business tactics that will enhance my guard when approached by solicitors. I always enjoy stories about unique people coping with very unique situations. The author is the main character in this story who identifies in a very humorous way with winning gamblers he is hired to help. As Edward Ugel promises, readers will be glad they didn't win the big jackpot when they finish his book MONEY FOR NOTHING, published by Harper Collins