Winning the lottery is a dream come true and will change your life. For many it changes their life for the better, but for some it changes their lives for the worse. All too often winners of the lottery lose all of their winnings, ending up on social security and food stamps. Going from having it all to having nothing can be a nightmare!
There are countless stories of winners going from millionaire to pauper in just a handful of years. Evelyn Adams won $5.4 million in 1985 in the New Jersey state lottery. She hit the jackpot twice in fact. Today, Evelyn does not live in a stately home overlooking the beautiful hills of the Jersey countryside. She lives in a trailer in a small trailer court. Evelyn freely admits she had it all and then hit bottom, hard. She attributes her downfall to her inability to say no when friends and family asked for money and kept asking. In addition to the handouts, she gambled large sums of money away in the casinos of Atlantic City. Evelyn has some regrets but does not regret all of the happenings and now she just takes life one step at a time.
William Post hit it big with $16.2 million from the state lottery of Pennsylvania in 1988. Today, William lives on Social Security. Post has a different perspective than Evelyn Adams, he wishes he had never won the lottery, for him it was a nightmare. Post's problems were not limited to spending too lavishly or giving away money. His brother attempted to hire a hit man to kill William, the brother was arrested. His girlfriend sured him for a portion of the winnings and won. Other siblings convinced Post to purchase businesses for them that soon failed. After losing his winnings he fired a gun at a bill collector and spent time in jail for his efforts. Shortly there after he was in debt by $1 million, today he gets $450 a month plus food stamps. He is quick to point out that he would not have anything to do with a lottery if he had to do it over.
Suzanne Mullins got into financial trouble when she borrowed against her $4.2 million lottery winnings in 1993. She hit the jackpot in Virgina and quickly borrowed $200,000 against the lottery winnings. The situation turned south when the laws changed in Virgina allowing her to get the remainder of her winnings in one lump sum. Soon after getting her large check she stopped paying on the loan. Financial trouble soon befell her.
Winning the lottery is no guarantee that your financial concerns are over. A lack of planning and responsible spending will soon lead to being broke no matter how much money you have or receive. Wasting millions and having nothing to show for it is a tragedy, but one that is easy to avoid. If you can not or do not want to manage your money responsibly, hire someone who will. In the end your financial future and stability will depend on it!