"Son, I've made my living, out of reading people's faces and knowing what the cards were, by the way they held their eyes." - Kenny Rogers
Gambling takes a front burner in my life during Kentucky Derby week. On top of the normal home state hoopla, I am also speaking to the Society of Settlement Professionals in Las Vegas and an Italian film crew is flying in from Rome to interview me for a documentary about lottery winners.
I don't speak a word of Italian, but I am always up for an unusual experience.
My father was a professional gambler and I went the other way. I encourage people to save, not gamble, but occasionally my father's world meets mine.
I am a mediation and settlement consultant.
I attend mediations and settlement conferences with injured people (or with insurance carriers who wants to settle an injury claim) and develop financial strategies to make their life better.
As I note in numerous books and articles, people who get big money from a lottery often wind up worse off than when they started. The same can happen to injured people.
Things happen in meditations and settlements that give off clues as to how likely they are to blow their money.
Poker players frequently give off signals that tip off the kind of cards they have.
It is the same thing in these conferences. I would actually pay the attorneys and clients to bring me to meditations as I can spot problems and make corrections before they get money in their hands.
In that pressure-filled environment, I can quickly spot "tells" as to how financially sophisticated a person is.
There are some tells that are obvious. For example, it's dangerous in any large money situation when people have a large entourage. Entertainers like Michael Jackson attracted a large "posse" wanting part of their money. The same thing happens to injured people.
The larger the entourage, the more likely that one of them has their own agenda for the money. Often, I throw the "posse" out of the room so that the victim can make a decision with the advice of attorneys and trained professionals.
Another "tell" is when people have money spent before the case is even settled. I've seen people borrow money, sometimes at high interest rates, and order expensive items before the case is settled. It's important to be a calming influence to keep them from jumping at a settlement that is not fair value.
The other situation can occur too. It's not unusual for these people to have unrealistic expectations as to what they will receive.
If someone does not handle money well before a settlement, it is going to get worse when they have more money, more decisions and more people wanting part of what they have.
I go through an informal "check list" of where a person is financially. Do they have a lot of credit card debt or seem to always "run behind?" If so, what can we do to prevent that from happening?
There are a number of financial mechanisms to control money at the time of settlement.
I also want to make sure that people are aware of government benefits and programs and what it takes to keep them.
There are a number of programs designed to help injured people and many new ones when Obamacare kicks in full gear.
Finally, my biggest tell is my "lottery question." I ask people what they would do if they won the lottery.
Those who have a well thought out vision, such as educating their children, buying property or giving back to society, will probably do well.
Not having a vision for their money is a major league "tell."
As the song says, "You've got to know when to hold them, know when to fold them, know when to walk away and know when to run."
Looking for "tells" is a good way to find out which of those strategies works best.
Don McNay is a mediation and settlement consultant based in Richmond Kentucky and New Orleans. He is the author of five bestselling books, including Life Lessons From The Lottery.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.