Book Review: Money For Nothing

Instant wealth. A mansion, servants, respect, power. There is always something seductive about the idea winning the lottery. More than once, I’ve daydreamed about having millions of dollars instantly thrust upon me. Many of you have likely done the same. So, it was with some anticipation that I opened Edward Ugel’s Money for Nothing: One Man’s Journey Through The Dark Side of Lottery Millions.

Briefly summarized, Money For Nothing is the story of Ugel’s experiences working for a company that purchases annuities from lottery winners. It describes his down and out days in Portland Oregon, briefly mentions the history and reasons for the popularity of lotteries and describes the mechanics of how payouts work. The latter chapters address his time in the lottery industry and concludes with his exit from the business.

The book failed to meet my anticipations in several important respects. First, Money For Nothing is primarily autobiographical. This format is’nt necessarily a problem, but compelling autobiographies are typically written about extraordinary individuals for the wisdom they offer for others. However, Ugel’s autobiography focuses largely on his 10 years as a salesman for a company which purchased lottery annuities from winners. While this may be of interest to some, his example and life offer few redeeming example for those desiring better understanding of either personal finance or how lotteries might take a healthy role in society.

Money for Nothing suffers from poor craftsmanship. To be sure, writing a full length book is a significant undertaking. I applaud Ugel for his attempt. However, much of what’s compelling about the story, his encounters with lottery winners and experiences in the industry, are unfortunately marked by irrelevant ramblings and overly effusive prose. The book fails to interest the reader at the outset, and never really compels its audience to involve themselves in the story.

As a final point, one is struck by the monstrously unethical nature of Ugel’s activities. The primary business of Ugel’s firm was buying payouts from lottery winners. In order to profit from the deal, Ugel’s firm must have offered the winners less than their payout was worth, by definition impoverishing them. These activities destroy any sympathy Ugel’s readers may have with his character.

In sum, Ugel’s book is a metaphor. It represents a disappointingly shoddy attempt to capitalize on the national dream of getting rich quickly. My recommendation: Avoid Money for Nothing. The book retails for about $14.78. Instead deposit the $14.78 in your IRA, you’d be better off in the long run.

Best,

James