Bad Habits and Poor Financial Decisions
Turn Instant Millionaire Lottery Winnings Poor
It is said that money cannot buy happiness and that if a miserable man were to suddenly gain a vast amount of wealth, he would still remain miserable.
The initial thrill of spending money on his whims may afford him the illusion of happiness, but is an illusion that is short lived – especially if he/she squanders everything from their lottery winnings and ends up poorer than he initially was.
Experts have studied the histories of past lottery winners and have discovered that an alarming number of them went bankrupt. These studies revealed that many lottery winners lacked the experience and knowledge to handle a sudden increase in wealth.Unable to cope, they mismanaged their resources till they ran dry:
Some Lottery Winners Who Splurged Their Lottery Payments
• Evelyn Adams won the NJ lottery twice (1985, 1986) but was unable to save and now lives in a trailer.
• William Post won $16.2M in the PA lottery in 1988 but now lives on his Social Security
• Suzanne Mullins won $4.2M in the VA lottery in 1993 but is now deeply in debt
• Ken Proxmire won $1M in the MI lottery and within five years, filed for bankruptcy
• Willie Hurt of Lansing, MI won $3.1M in 1989 and ended up broke and charged with murder two years latter
• Charles Riddle of Belleville, MI won $1M in 1975 and had a life troubled by divorce, lawsuits and drug dealing
• Janite Lee of Missouri won $18M in 1993 and, according to published reports, only has $700 left in two bank accounts and no cash on hand.
• A Southeastern family won $4.2M in the early 90s, bought a huge house and unthinkingly kept helping family members pay off debts till nothing was left of their winnings.