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About 70 percent of lottery winners go broke

usa powerball mega millions great pressure money leechers

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#16 LUTZIFER

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Posted 24 February 2013 - 15:37

It's not surprising at all. It has been said if all the money in the world were equally distributed that within a short period those who were rich would return to affluence and those who were poor would return to poverty.

Yep that makes total sense. I agree.


#17 qdave

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Posted 24 February 2013 - 15:47

Its funny how friends and distant relatives just ask for money because you are rich.

#18 blade1269

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Posted 24 February 2013 - 17:22

I'll just leave this. Proverbs 13:11 (NLT) - Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.

https://www.bible.co.../116/pro.13.nlt


Awesome !!!

#19 +Phouchg

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Posted 25 February 2013 - 19:00

Two months ago I won a fiver. I'm broke today. Lesson well learned.

#20 Night Prowler

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Posted 25 February 2013 - 19:23

History is replete with lottery winners whose lives have gone sour after becoming rich.

The National Endowment for Financial Education cites research estimating that 70 percent of people who suddenly receive a large sum of money will lose it within a few years.

In 2002, Jack Whittaker - already a millionaire - won $315 million in a lottery in West Virginia. Just four years later he claimed to be broke. Whittaker gave away millions of dollars, but people also stole hundreds of thousands of dollars from him and he lost a granddaughter to a drug overdose.

Last year, Urooj Khan died just two months after winning $1 million in the Illinois lottery, from what initially appeared to be natural causes. Toxicology tests run at a relative's request found cyanide poisoning. Police are now investigating his death as a homicide.

Maintaining a stable life such as the Hills are attempting is difficult, said Don McNay, author of "Life Lessons from the Lottery" who has studied winners of big money for 30 years.

"They are beyond exception," McNay said.

Most ordinary people who come into large sums of money become victims of their own lack of financial savvy or discipline, McNay said. People also come under great pressure from friends, relatives and a host of others wanting money.

Missouri Lottery spokeswoman Susan Goedde said the vast majority of lottery winners from the state were "doing great" and if they were good money managers before, they would be after.

"Circumstances may change, they may not work anymore and they have the freedom to travel," Goedde said. "But if they clipped coupons before winning the lottery, they will do it after winning."

full story


Yep, I can attest to that fact. I Won $15 dollars yesterday, and I am broke again today :(

#21 Jason S.

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Posted 25 February 2013 - 19:28

bad example in the article - Urooj Khan didnt exactly go broke, did he?

#22 vcfan

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Posted 25 February 2013 - 22:15

i won a lottery about 12 years ago. 2.2 million,and I spent it all within 4 months.... on property. :)

#23 matt4pack

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Posted 25 February 2013 - 22:19

Well if you play the lottery then obviously you're bad with money to start with but just happened to get lucky so not surprising.

#24 Astra.Xtreme

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Posted 25 February 2013 - 22:33

Well if you play the lottery then obviously you're bad with money to start with but just happened to get lucky so not surprising.


You can maybe make that generalization to people who play the lottery daily or maybe weekly.
When Powerball hits a couple hundred million, sure I'll throw in $20. Same do millions of others who can manage their money just fine.

Personally, if I won the lottery, I'd move away and disappear off the radar for a while. During that time I'd probably invest it all and go back to school and get a few degrees in the mean time. After then I'd move back, start a business, and hope nobody cares anymore.

#25 Growled

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Posted 26 February 2013 - 00:25

I just would not tell anyone.


Me either. It's no one's business really.

#26 Detection

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Posted 26 February 2013 - 00:36

About 70% of non-lottery winners are already broke

#27 LaP

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Posted 26 February 2013 - 00:38

If I won the lottery and people started asking me for money, I'd just tell them I spent it all on Microsoft points.


It's not illegal to simply say NO.

Personally if i would win many millions (let's say dunno 100) i would give a part of this to my close family (mother, sisters, father, nieces, nephews). Let's say 25% of the total. That's all. Any other request for money would be denied forever.

I would buy a better house, a new car and would invest most of the rest. I would keep enough for my retirement in a rock solid bank without any risk.

#28 Growled

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Posted 26 February 2013 - 00:43

I've never won anything and I'm still broke. :p

#29 +timster

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Posted 26 February 2013 - 00:51

Its funny how friends and distant relatives just ask for money because you are rich.

that's not funny at all. it shows how greedy ones "friends" and distant relatives can be

#30 Detection

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Posted 26 February 2013 - 00:53

Its funny how friends and distant relatives just ask for money because you are rich.


Yea sucks being rich eh :p