Loren Krytzer walked into the California auction room broke and unemployed, surviving on disability checks. Seventy-seven seconds later, he walked out a millionaire -- all thanks to a blanket. "Everybody loves a rags to riches story," laughs Krytzer. His life changed forever when he discovered that a forgotten old family heirloom, a Navajo blanket from the 1800s that had been sitting in his closet for seven years, was actually worth $1.5 million. And just in time, too. He had been scraping by, living in a shack on the edge of California's Liona Valley, and had lost a leg after a near-fatal car accident. The sale of the blanket "gave me a new lease on life," Krytzer tells CNBC Make It. "It truly did."
"A lot of times a blanket or something will come to us and we won't know the history of it," [auctioneer Jeff] Moran explains. It helped that Krytzer knew the blanket had been handed down for generations, starting with his great-great-grandfather John Chantland, a Dakota tradesman from the 1800s.
After Moran sent the blanket out for testing, the story seemed to line up. The textile was one of the finest and rarest Navajo chief's blankets in the world, according to noted appraiser and specialist Joshua Baer, who was present at the auction six months later.
"I'll bet he's broke again within a few years."
Statistically, 70% of lottery winners wind up worse off financially after winning than they were before winning. Because at one point they had a lot of money and were able to take loans.
Spending money is easy...it's making money that requires skill.
I don't think it really requires that much skill to run a lottery.
But of course a lottery is merely a voluntary wealth redistribution program. No wealth is created, it just gets transferred. Upwards.
"70% of lottery winners wind up worse off financially after winning"
This number is growing to include Americans, who won the lottery of being born in America, but are not going to do as well as their parents, who won the same lottery, or managed to buy a ticket.
"This number is growing to include Americans, who won the lottery of being born in America, but are not going to do as well as their parents."
I guess anything is possible...We'll see.
My advise to anyone who via windfall (like winning the lottery) becomes a millionaire is simple:
1) Buy you and your immediate families debts, don't pay them off and don't tell them.
2) Buy and live in a decent (not expensive) home on property you own.
3) Do this also with your car.
4) Get a financial advisor
5) don't let anyone know you won if you can help it.
#1 | Posted by jpw
You are probably right - you can't live on that. Reading the article... I don't know. Selling the houses he bought should bring him additional money as they have done nothing but go up in value. I mean my house is up about 50% in value in that time frame...
You are probably right - you can't live on that. Reading the article... I don't know.
Without another source of income? He's able to live off of it, but only if he's smart.
He bought a motorcycle, a Challenger (not an entry level, but a $63K version) that he sunk more money into to have a celebrity mechanic trick it out, two homes, a dune buggy, a cruise with his wife and her daughters...not very smart.
This is a guy who said he had such pain he couldn't work. Now he's out 4 Wheeling once his ship came in? Some heart-warming story for the taxpayers who supported this mooch.
I'll bet he's broke again within a few years.
#1 | POSTED BY JPW
No...you HOPE he's broke in a few years. 'cause you're a jealous POS
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