Meet People Who Won The Lottery And Lost It All

Posted: 20/09/2011 |Comments: 0 | Views: 146 |

They say there are thousands of ways to get rich, but each one comes with its own price. You can't agree more with this statement, especially as regards lotteries. There is nothing wrong about fantasizing about how your life can turn around by a successful shot at the jackpot. But does winning a lottery necessarily make you rich? This is a question a good number of people hate to hear. These are none other than people who have won the lottery only yo lose it all. How this happens is still a mystery to many.

How It Happens
Financial analysts posit that financial literacy is the  most important form of education. Looking at the large number of people who won lotteries and are now languishing in poverty, you can hardly dispute that. Most people who won the lottery have lost their money by:

  • Buying all the expensive things they wouldn't have afforded.
  • Dishing out huge sums to friends and family.
  • Signing up for high maintenance credit cards.

All these and many other poor financial practices often leave people who won the lottery worse than they started.

Real Life Cases
The thought of someone winning millions of dollars and ending up in the streets sounds generic to many minds. You might even be thinking that winning a lottery will automatically solve all your financial woes. However, the below real life cases will help you understand that the worst can happen, and that only sound financial advice can help you out:

  1. Billy Bob Harrell: In 1997, this Home Depot stocker won an enviable $ 31 million in a Texas jackpot. He then went ahead to buy six home, a ranch and a fleet of sleek cars. With time, the wealth of this former pentecostal preacher kept shrinking, and he found himself having to live on loans. He ended up divorcing his wife and committing suicide after leaving a note saying that winning a lottery was the worst thing that ever happened to him.
  2. Jack Whittaker: When this 55-year-old West Virginia contractor won a $ 315 million Powerball jackpot, things were looking nowhere but up. However, a series of robberies and weird family deaths later, not even his generous charity donations can explain where all this money went to.
  3. Janite Lee: This St. Louis fashion shop owner won $18 million in 1993, only to scamper into a philanthropy binge that ate it all up. Her donations to Washington University, charity, politicians and definitely family forced her to file for bankruptcy in 2001.
  4. Callie Rogers: When a sixteen year old girl wins $ 1.9 million when the dollar is extremely powerful, you can forgive her for thinking that her life would never be the same. At 22, she is but a single mother of two, working as a maid to fend for herself.

The stories of people who won lotteries could go on and on, but you must be holding your head in disbelief already. Don't do away with your lottery dreams, only remember that when the money comes, it's nothing but a huge responsibility.

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