Money for Nothing (2007)

3.5 stars out of 5.

Money for Nothing by Edward Ugel is a very interesting read. I particularly love books that detail the inner workings of jobs I not only know nothing about, but for which I didn't even know existed. Edward Ugel is a former salesman. But not just any old salesman. He sells lump sum payments to people who have won the lottery. You are probably thinking: doesn't the lottery just offer lump sum payments to its winners? Yes, in most states they do. But a big part of the reason they do is because of companies like the one Edward Ugel worked for. So there are many past winners who never had the option, many current winners who don't have that option, and some people who passed on the state-sponsered option at the time. So there are plenty of people to sell to.

The book is a fascinating story of what it takes to be a lump sum payment salesman. It is not told all that well (he is a salesman, rather than an author), but overall it kept me interested. You are welcome to read it, but since you probably won't, I will be happy to tell you about it (stop here if you plan to read it on your own).

Ed Ugel hated being a lump sum payment guy because of who he sold his products to. He sold to lottery winners. Especially, lottery winners that needed cash. I'm sure there are lottery winners that knew how to manage their money, but those folks didn't give folks like Ed Ugel the time of day. Rather, he dealt with people who squandered most of their "found money" rather quickly and needed a cash infusion. These people were generally not very intelligent and could be taken advantage of. However, that is not the main reason he didn't like it (although it was a part of it). Another part of is the gold rush mentality they had when they found a lottery winner - they would have to get their quick to make their sale or else someone else would take it. A very demanding job.

But the main reason he didn't like it was because that he saw himself and other salesmen taking on the characteristics of lottery winners. In a way, signing a deal with a lottery winner was like winning a little bit of the lottery yourself - it was generally a large infusion of money that you didn't really earn. So the salesmen generally spent the money as soon as they got it and were then desparate to make the next sale. They became lazy. Since most of their cold calls didn't result in any return and many of their big deals fell right in their lap, it didn't always make sense to work hard for the money. This laziness ultimately led to his downfall when a competitor is able to blow past his company and he is fired.

Ed Ugel also details the history of the lottery and the myth that the money all goes to education. As Ed is a gambler himself, he knows well the allure of easy money and how detrimental the lottery can be (watch for a future post regarding the lottery on my efficiency blog). Overall, it is a decent book, but one that I wouldn't recommend to everybody.