A Couple Won the Powerball. Investing It Turned Into Tragedy.
July 16, 2024 by Jason Zweig
In spring 2008, Paul Rosenau, a construction supervisor and heavy-equipment operator in Waseca, Minn., bought a Powerball ticket—and hit a $59.6 million after-tax jackpot.
Rosenau, a devout Lutheran and the son of a pastor, recalls with a tremor in his voice how he and his wife, Sue Rosenau, felt when they woke up the next morning.
They realized their granddaughter Makayla had died exactly five years earlier. She had Krabbe disease—a rare neurodegenerative illness that strikes infants and usually kills them in less than four years. Makayla died at the age of two.
Click HERE to read the full story via WSJ
Wink’s Moore on the Market: What ever happened to diversification?
I was under the (apparently mistaken) impression that foundations aren’t supposed to use annuities as a vehicle to invest their funds.
In fact, a variable annuity is the WORST type of annuity for a non-profit because they can lose money as a result of the market’s changes.
And…why would anyone SELL a life insurance policy, after being diagnosed with cancer?
The advisor in this situation was apparently was a liar.
Principal appears to be asleep at the wheel.
I empathize with the widower. What a terrible experience!
Thanks for the information, Jason Zweig with The Wall Street Journal. -sjm