PGA Professional Clay Hamrick and Don McNay will introduce their upcoming book:
Life Lessons From the Golf Course:
The Quest for spiritual meaning, psychological understanding and inner peace through the game of golf.
The book will be released during the week of the Masters, April 9, Joseph Beth Booksellers in Lexington.
Don to speak to Bluegrass Estate Planning Council about Advanced Structured Settlement Techniques.
Life Lessons on Finding a Good Advisor
Look at our Lords disciples. One denied Him; one doubted Him; one betrayed Him. If our Lord couldn't have perfection, how are you going to have it in city government?"
-Mayor Richard J. Daley of Chicago
I think about this Mayor Daley quote a lot. I have hired tremendous people, and I have hired some who didn't work out. Like Jesus, I've been denied, doubted and betrayed. Also like Jesus, I've found smart and loyal people who help me get my message out.
There is not a magic formula to hiring good people. Otherwise, only good people would work and the others would be unemployed.
My bestselling book, Life Lessons from the Lottery, gives tips on how someone who comes into a large sum of money can manage it well.
You can translate the tips to fit any aspect of life, I really see people slip up is getting advice from people who don't have a clue what they are talking about.
A longtime friend sent an email about a financial product she was going to buy and if she would have to pay a sales charge. Yes, a large one. I'm glad she called, but chided her for not calling me first.
In Life Lessons from the Lottery, I tell people to find an advisor who has worked with more money than they have. If they win $100 million jackpot, find someone who has worked with clients who have $150 million.
You will find that translates to whatever financial position you are in. I've worked with numerous millionaires and at least one billionaire. It's easier to help richer people than those struggling to make it. Rich people have more options.
The hardest client I have is an injured person who has a million dollars in injuries, but was hit by a drunk driver who did not have insurance. I try to maximize government benefits, but they don't have the money to get the help they need.
The best way to get advice is to:
- 1. Find someone who has more expertise than you do.
- 2. Not be afraid to ask for help.
- 3. Follow up on the advice that you are given.
I know a lot about business, but Warren Buffett knows much more. He also has far more money than I do. I do business with Berkshire Hathaway in structured settlements, and everyone says Warren is easy to talk to. I finally meet Warren, my questions will be ready. He has great expertise, and I want to learn from him.
Too many people ignore expertise in seeking advisors. They hire friend from church or a buddy from the country club. Often the pal does a mediocre job, and both the friendship and business relationship end.
Be it a medical, financial or car repair concern, I want the best expert I can find.
I've used the same accountant, Jimmy Webster in Lexington, for nearly 20 years. Until his daughter joined Webster and Kirk, I didn't know anything about his family or even if he had one. I just knew that he was a great accountant and charges a reasonable fee.
As they say in the Godfather, "It's business, not personal."
Many people have true experts in their universe, but never ask for advice.
I live next door to a man who owns a large plumbing company. I didn't want to bother him with a small concern. Later, after spending thousands on a major problem, I wish I had knocked on his door.
I'm stunned when friends don't ask me money questions. Acquiring and dispensing knowledge is what I live for. If people would get advice from experts they already know, life would go more smoothly.
What is tough for many people is to follow you are given. I give wonderful advice that gets ignored every day. I try to get people to learn from my mistakes, and they go ahead make the same mistakes anyway.
I've blown off plenty of good advice. I thought I was smart and could figure things out on my own.
Wrong.
I'm finally starting to learn. I'm coauthoring a book called Life Lessons from the Golf Course that will be out April 9th. When I met my coauthor, PGA professional Clay Hamrick, I stopped buying golf books and let him be my only source for golfing advice.
It worked. Clay is a wonderful teacher, and I play better golf than I ever have in my life.
As Mayor Daley said, it's hard to find good help, but, like Jesus, if you take time to cultivating good people, you can truly change the world. Or at least your own world.
Don McNay is the bestselling author of "Life Lessons From the Lottery." His new book, Life Lessons From the Golf Course, coauthored with PGA professional Clay Hamrick, will be released on April 9th at Joseph Beth Booksellers in Lexington, during the week of the Masters tournament.
Bingo Joe and Pete Rose
A well-connected friend in New Orleans took me to the critically acclaimed Galatoires restaurant. A fine dining experience at one of the top restaurants in the United States.
My friend has a business relationship with the restaurant and knew everyone there. He asked for John, an entertaining, 40-year-old, veteran waiter, to serve us. My host insisted on paying for lunch, but I insisted on leaving the tip.
After handing John a large tip, as I reminded him of my name and my Kentucky roots, John and I parted as friends.
My wife becomes President of Ursuline Academy this summer. I am also in the process of opening an office for McNay Settlement Group in New Orleans. Both of us will have reason to entertain people at Galatoires.
When that happens, I know John will be my server. And my clients and friends will get the same VIP treatment that I got.
Building a relationship with a star professional at a world famous restaurant in a city where I am just getting established seems like a no brainer, but I see a lot of businesspeople with no brains. Servers are anonymous and faceless to them.
When those people go to dine, you will see them waiting in line for three hours to get a table.
My street wise father, Joe McNay, taught me that servers, nurses, plumbers and other support people can be the most important individuals in your life. Dad died 20 years ago this week at age 59.
Dad only made it to the 10th grade, but was smarter than any PhD in understanding human relationships. I always thought he should have been in politics. Instead, he was a bookie and a professional gambler.
Dad was not a millionaire, but he lived like one. His personality and connections gave him a tremendous amount of clout.
Dad fought bravely against prostate cancer and as the end drew near, I had one deathbed question.
Did Pete Rose bet on baseball?
I did not mention dad's friendship with Pete Rose in my 2008 book, Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery.
At that time, Pete had not admitted he bet on baseball. I wrote the book like my dad was looking over my shoulder. I was not going to hurt or embarrass one of his friends.
I'm releasing an updated version of the book on my dad's 80th birthday, July 30th. Several people have died since the first release, so the book will be more revealing.
Dad's friends and clients were a who's who of the Cincinnati region, but in most circumstances, I never knew who was a client and who was just a friend.
I guessed that Pete was a client, but never knew for sure.
I knew Dad and Pete were good friends. During college, Dad gave me Pete's tickets and seated me next to a stunning young blond named Carol. At the time, Pete was married to a woman named Karolyn. When Pete came to bat, Carol would jump up and down and go crazy. I got the impression Carol and Pete were more than casual friends.
A couple of years later, Carol became Mrs. Pete Rose.
Even though he broke the law every day of his adult life, Dad was honest, but closed mouthed about his client list. Thus, asking him about Pete was something I only would do on his deathbed.
He told me that Pete never bet on baseball with him and only bet football for a short time. Dad thought that having a sports figure client like Pete was not a good business decision.
The bookie who took Pete's baseball bets should have made the same decision.
I still wasn't sure about writing about Pete until famed Knoxville trial attorney Donna Davis and her husband Ivan "Buzz" Beltz ran into Pete, who was signing his book, A Prison Without Bars, in Las Vegas.
They told Pete of their friendship with me, and Pete sent back a book with the following inscription.
"Don. Bingo Joe was the best. He owes me $100. Pete Rose, #4256."
I figured the cat was out of the bag at that point.
Last year, I met Dad's close friend, the legendary "Music Professor" Jim LaBarbara at the Montgomery Inn Boathouse in Cincinnati. Pete was there too. Pete immediately said the same $100 line he wrote in the book.
Then he stopped for a second and said, "You know, it is probably the other way around."
If there was any debt owed, it would have to be on Pete's side. Dad never missed paying off a bet. If Dad had to borrow money from everyone in town, he did. Paying promptly is what keeps a bookie in business.
There are a lot of ways I thought about paying tribute to dad on the 20th anniversary of his death, but I suspect giving the tip to John at Galatoires might have been the most fitting.
The lessons from a street wise man had been passed down through the generations.
I can't imagine a better tribute than that.
Don McNay, www.donmcnay.com, is the author of the bestselling book, Life Lessons From the Lottery.
Keep your friends not so close and enemies even further away
You can read a longer version of this on Huffington Post. Concerning Money: Keep Your Friends Not So Close and Enemies Even Further Away
"Keep your friends close, but your enemies closer."
-Michael Corelone (Al Pacino) in The Godfather Part II.
"Tell me who your friends are, I'll tell you who you are."
-Bingo Joe McNay (my father), a professional gambler and bookmaker.
A friend recently lost her husband at a young age. She told me that men started coming on to her at the funeral. I see it all the time.
The first thing I tell lottery winners, widows, widowers or others who come into large sums of money is to watch out for their family and especially for newfound "friends."
The line in The Godfather II about keeping your friends close and your enemies closer works the opposite for people with sudden money. People are usually smart enough to keep their enemies at bay, but it's often the friends who are grabbing for their wallet.
.
I see hundreds of people walk into my office with lots of money only to come back broke a few years later.
Family and friends were the downfall almost every time.
My father was a professional gambler who was the ultimate creature of the streets. Dad had a mantra: "Tell me who your friends are, and I will tell you who you are."
Dad saw many people brought down by the people they befriended. One of my favorite movies on that theme is Al Pacino's movie Carlito's Way. Al Pacino stars as a man trying to break away from his "friends" who ultimately bring him down.
It is a struggle many face in life. The winner inside them can be brought down by friends, family and coworkers.
The worst instincts in people come out when there is money involved.
Selecting friends is a tricky concept.
When my daughter Angela Luhys was in the dating world, she developed a concept that she called the "trailer park test."
When a man tried to impress her with material possessions, she always imagined if she would still like him if he lived in a trailer park instead of a nice house.
If she decided that she would still like the guy if he lived in a trailer park, he stayed. If she decided that his money played into how she viewed him, he went.
Angela, who wants (and deserves) full and total credit for coining the phrase "trailer park test," works with me at the McNay Group, where we deal with injured people, lottery winners and others who come into sudden money.
We realized that the "trailer park test" is not just a dating tool; it is a way to measure how people interact with anyone with money.
The person who gets a large sum of money should do a "reverse trailer park test" on their potential posse. Ask themselves if the "friends" or new "romantic interest" would still be in their life if they lived in a trailer park.
Some simple rules for friendship to prevail:
1. Never lend money to anyone. You are a person, not a bank.
Follow the advice of William Shakespeare. In Hamlet, Lord Polonius said, "Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry."
In modern terms, "Friends don't borrow money from friends. That is what banks are for."
Most of the time, the friend subconsciously (or even consciously) considers the loan a "gift" and, as Shakespeare noted, it usually ends the friendship.
2. If someone needs an expensive gift to be your friend, they are not actually your friend.
3. If you like hanging out with wealthy people, pick up the check when you dine with them.
My dad had many celebrity and wealthy friends was always the first to grab a check. Many people expect to be "treated" when they are dining with a wealthy person. It's amazing how some can have "short arm disease" when the check arrives.
Dad was the opposite. He found that wealth was one byproduct for people living interesting lives. He was glad to pick up the tab to be in their inner circle. He was the kind of friend a wealthy person wants to have. Thus, his world was filled with them.
4. Friendship is a lifelong journey, not a drive-by experience.
My new book is dedicated to my grandson and my friends who stood up for me at my wedding. The men have all had successful careers and are wonderful role models for children. They have also been my friends for many decades. I meet people who seem to trade in their friends for a new group every year or so. They try to be with the "in crowd" or never get too deep into getting to know someone.
All relationships require trust, love, giving, commitment and flexibility. People who have totally invested in their relationships are less likely to fall prey to an "entourage" or "posse" wanting their money.
Since family and friends are the primary reasons that people blow a lump sum, if you can invest in good quality relationships, you can go a long way toward maintaining financial success as well.
New and Improved DonMcNay.com
Adam Turner, our newly appointed Editor and Multimedia guru did a terrific job in revising and updating DonMcNay.com. Check it out.
Adam Turner has been named Editor and Multimedia Guru for McNay Consulting LLC.
Adam Turner, holding not one, not two but THREE awards from last week's Kentucky Press Association awards ceremony. Two were first place. Adam Turner, Richmond, Kentucky, has been named Editor and Multimedia Guru for McNay Consulting LLC. McNay Consulting LLC, based in Richmond, is a multifaceted business focused on publishing, media and consulting for individuals and businesses. Affiliated companies are RRP International LLC, www.donmcnay.com and Eugenia-Ruth LLC. A senior broadcasting and electronic media major at Eastern Kentucky University, Turner began work last August as an intern for McNay Consulting, primarily as an editor of Don McNay's weekly syndicated financial columns. "We noticed the potential in Adam immediately," said McNay, founder of McNay Consulting. "He quickly acclimated himself to the ins and outs of our company and proved himself capable of more time-intensive and demanding projects." "Throughout the course of his fall semester, Adam edited and designed my best-selling book, Life Lessons from the Lottery, became a published photographer, designed a new website from the ground up (www.donmcnay.com), shot and edited various video and design projects, in addition to editing my weekly column," McNay said. "Since then, we've asked Adam to officially join our organization as an employee." Outside of McNay Consulting, Turner is the Features Editor of the Eastern Progress, Eastern Kentucky University's student-run newspaper. He in an award-winning writer and designer for the publication, earning five Kentucky Press Association (KPA) awards for his work, including two first places for Best Headline and one for Best Lifestyle Page. He has similarly earned accolades from Kentucky Intercollegiate Press Association (KIPA), the Society of Professional Journalists, and the university itself with a scholarship for Best Writing at the Undergraduate Level in 2011. He is also a member of the EKU Honors Program and vice president of Kappa Tau Alpha, the Honors Society for Journalism and Mass Communication. "I'm extremely grateful for this new opportunity at McNay Consulting and excited for the upcoming year," Turner said. "Looking ahead at 2013, we have a book tour for Life Lesson from the Lottery, several new books to publish, a brand new website and an affiliated office to open New Orleans. I'm ready to play my part in making these projects and more become a reality." Along with McNay Consulting, Don McNay is a best-selling author, syndicated columnist and Huffington Post contributor. An expert on lottery winners and structured settlements, McNay is Chairman of the Board for McNay Settlement Group Inc. and Director of Kentucky Guardianship Administrators LLC.
Anne Parton has been named Director of Operations for McNay Consulting LLC Anne Parton, Richmond, Kentucky, of has been named Director of Operations for McNay Consulting LLC McNay Consulting LLC, based in Richmond Kentucky, is a multi-faceted business focused on publishing, media and consulting for individuals and businesses. Affiliated companies are RRP International LLC, Don McNay.com, Eugenia-Ruth LLC, Parton has previously been the owner of iAssist, a firm providing executive assistant services to corporate executives. "McNay Consulting hired IAssist in 2011 to coordinate the book tour for Wealth Without Wall Street, a bestselling book," said Don McNay, founder of McNay Consulting. "Since that time, we have used Anne and IAssist on a regular basis. They have organized and implemented a plethora of projects that have dramatically increased productivity and McNay Consulting's visibility in the marketplace." A tireless community and civic volunteer, Parton is in this year's Leadership Madison County class. "2013 will be a incredible year for McNay Consulting," said Parton. "Along with promoting the Life Lessons from the Lottery book and our traditional consulting services, we are going to publish several new books by different authors, launch a radio show for Don McNay, and open an affiliated office in New Orleans. "
Life Lessons From the Lottery Book Tour Begins February 11, 2013.
Paperback will be released that day.
Confirmed Appearances:
Monday, February 11: Joseph-Beth Booksellers, Lexington Ky.
Tuesday February 12: Joseph-Beth Booksellers, Crestview Hills, Ky. (formerly the Borders store in Northern Kentucky.)
Life Lessons from the Lottery: Protecting Your Money in a Scary World
By best-selling author and syndicated columnist Don McNay, CLU, ChFC, MSFS, CSSC
The world is an increasingly complicated place, but one rule has held true for centuries: People who have financial security control the destiny of people who don't.
People who are financially secure live longer and healthier lives. They have the freedom and independence to pick what they want to do for a living, where they want to live and to create a financial legacy for their families and causes they support.
So why do so many people who "have it made" run through their money and wind up broke? Why do the majority of lottery winners, injury victims, professional athletes and people who receive an inheritance run through it all so quickly?
A better question: How do you keep it from happening to you? How do you protect your retirement, injury settlement or inheritance in a way that will keep you financially secure for life?
In his fourth book, best-selling author and financial guru Don McNay offers concrete solutions to those questions.
McNay draws upon his internationally recognized expertise on what to do when you win the lottery and his 30 years experience as a structured settlement consultant to show people how money can provide them with happiness, security and peace of mind.
Although McNay has a strong academic background with two master's degrees and four financial professional designations, the book is written in a style that everyone can grasp and understand. He breaks the book into five sections, based on the five rules of thumb that he gave to lottery winners in his 2008 bestseller, Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery.
McNay said that his book is about financial freedom. "Real freedom means stability, security and independence," he said. "It means never running out of money. It means never having to work at a job you hate, because you can't afford to quit. It means never becoming a slave to your creditors. It means having control and stability in your life."
Life Lessons from the Lottery: Protecting Your Money in a Scary World is the road map to finding that kind of freedom.
Don McNay, CLU, ChFC, MSFS, CSSC
Don McNay, best-selling author and financial columnist, is a structured settlement consultant and one of the world's leading authorities on how lottery winners handle their winnings.
His syndicated financial column appears regularly in The Huffington Post and in hundreds of publications worldwide. McNay also has appeared in several hundred television and radio programs, including CBS Morning News, CBS Evening News with Katie Couric, ABC News Radio, BBC News, KPCC-Los Angeles, WLW-AM-Cincinnati, Al Jazeera-English, CBC Television (Canada), CTV (Canada) and Radio Live (New Zealand).
His insight has been sought by hundreds of print publications, including the Los Angeles Times, USA Today and Forbes.
He founded McNay Settlement Group Inc., which is part of the McNay Group (www.mcnay.com).The organization is considered one of the world's leading experts concerning structured settlements, mass torts and qualified settlement funds. His company has been noted for its work with special needs children, along with injury victims and lottery winners.
A graduate of Eastern Kentucky University, McNay was inducted into the Eastern Kentucky University Hall of Distinguished Alumni in 1998. McNay has a master's degree from Vanderbilt University and a second master's in Financial Services from the American College in Bryn Mawr, Pennsylvania. McNay has four professional designations in the financial services field.
McNay is a Lifetime and Quarter Century Member of the Million Dollar Round Table, signifying that McNay met the organization's highly selective standards for service, production and ethical behavior in 25 different years.
For more information:
Don McNay, don@donmcnay.com, (859) 353-4598 or (859-626-3600 ext. 225)
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