Some people win big and lose it all. Make sure you aren’t one of them! Use some sound financial planning to ensure you keep your money.
Winning the lottery may seem like a dream come true for you but for some people it was more like living a nightmare.
Take a look at how some people rode their luck too long and, after winning big in the lotto, lost it all .
Below are 5 stories of lottery winners who blew it!
The Winners Who Lost it All
Here are some stories that are typical of people who fail to adequately prepare for their future after they win big on the lotto.
Welsh born UK resident Luck was lucky enough to land a £1.3 million (approx. $2.6 million at today’s rates) lottery win back in 2006. However, although this may sound like a lot of money it wasn’t enough for Luke.
After buying an extravagant wedding with a trip to the Canary Islands and a house for himself and his new bride Luke did not have enough money to live on and was forced to seek employment at his local MacDonald’s.
Back in 1989 Willie had a $3.1 million win on the Michigan Lottery.
Unfortunately Willie developed a drug abuse problem and after only 2 years was divorced from his wife, flat bloke, without custody of his kids and facing a charge of attempted murder.
Believe it or not Evelyn was lucky enough to win the New Jersey Lottery not once but twice. Yet, she still managed to blew a cool $5.4 million – her entire winnings gambling in Atlantic City.
She is currently completely broke and lives in the only accommodation she can afford – a cheap trailer park.
Back in 2002 at the tender age of just 19 Michael won £9.7 million (approx. $15.4 million at today’s rates) on the UK National Lottery.
After an 8 year spending spree splashing out on drink, drugs, gambling and prostitutes Michael found himself claiming unemployment benefit and living off £56.25 (approx. $89) per week.
Billy Bob Harrell Jr.
Even a whopping $31 million isn’t enough for some people to be happy.
Billy Bob was a Pentecostal preacher who also worked as a stock boy for Home Depot when he landed his massive fortune.
Even after buying 7 homes, one of which was a ranch, and owning several highly desirable cars Billy Bob could not keep his marriage together and eventually committed suicide.
Don’t Join Them
If you do win the lottery be sure not to become another crushed lottery statistic.
Remember that the majority of lottery winners do not blow all their money. They keep it and live happily ever after (at least financially).