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Are All Lottery Winners Doomed to Lose Everything?

This is a guest post by Tino. Tino writes a blog about people winning the lottery.

There was this old man that turned 98. He won the lottery and died the next day. That’s ironic, don’t you think? That kind of reminds me of the story about a guy that always played it safe. Mr. Play-It-Safe was afraid to fly. He packed his suitcase and kissed his kids goodbye. He waited his whole damn life to take that initial flight and as the plane crashed down, he thought, “Well isn’t this nice?” That’s ironic, ya I really do think!

Ya ya, I know, none of this is true. For those of you that are old enough, you’ll know that I’m just quoting a certain Alanis Morisette song. But it seems this certain Alanis Morisette song rings true with many a lottery winner, but maybe just with different circumstances. Take the old man that won the lottery and died the next day. How about we change that to a middle-aged woman who won the lottery and died the very SAME day? Yep, it’s true… Ironic!

That’s not the only example of lottery irony. Take, for example, Leroy Fick. Leroy also won the lottery. He won $2 million. That’s a sum of money that would classify you as rich or, at the very least, well-off. Yet, even after winning the lottery, Leroy Fick continued to receive food stamps. Food stamps weren’t designed to help rich people feed themselves. A lottery winner receiving social assistance… Ironic!

I can’t help myself, let me give you one more example of lottery irony. Andrew Jackson Whittaker, Jr. was a successful business man with an estimated net worth of $17 million. But that was before he won the lottery. Andrew won a huge Powerball jackpot worth almost $315 million in 2002. Seeing as he was a successful business man prior to winning the huge lottery jackpot, you would think that Whittaker would know how to take care of a huge sum of money. He didn’t. It took just a few short years for him to blow it all. He’s broke now and can barely make ends meet…. Ironic!

Unlike the Alanis Morisette song, these are all true stories of bad luck befalling lottery winners. Kind of makes it look like winning the lottery attracts bad luck, doesn’t it? Just that statement alone is ironic… Winning the lottery and bad luck in the same sentence – Who’d have thought?

Is winning the lottery really bad luck, though? It might seem that way based on the above stories. However, I would ponder that it’s not really bad luck at all. Here’s why. The media tends to jump on negative stories, especially negative stories about people that seemingly have all the luck in the world, like lottery winners, and then proceed to blow it. This barrage of bad luck stories make it seem like its the norm.

It’s quite common to hear stories in the media about lottery winners blowing all their money. That actually happens quite a bit. And, I would think the reason for that is that people that win the lottery didn’t have to work for the money; it gets thrust upon them. Not having to work for the money, they don’t know the value of the dollar. That’s a recipe for disaster. Then they blow it.

However common this type of situation may be, I believe it’s not the norm. Why? I think that most people are inherently smart. When they win the lottery, they might not know what to do with the money initially, but they learn. They seek advice. It may be professional advice, like what you’d get from an accountant or lawyer, or it may be advice from friends and family. Or they might simply just go online and research what to do with the money themselves. There’s a ton of information online pertaining to personal finance, just like the topic of the very blog you’re reading right now.

You just don’t often hear about lottery winners doing good with their money through the media. After all, that just wouldn’t be a very interesting story. Isn’t it ironic?

Whether you are a lottery winner or not, consider a fraud management degree online to better protect yourself and your finances.

2 comments to Are All Lottery Winners Doomed to Lose Everything?

  • Marie

    “You just don’t often hear about lottery winners doing good with their money through the media. After all, that just wouldn’t be a very interesting story.”

    And therein lies my problem with the media, but that’s a completely different issue.

    If I won the Lottery, I know that I’d panic. I definitely wouldn’t have the “crack open the champagne” reaction. Frankly, I’d want to keep it as quiet as possible. Going public with a Lottery win can open you up to all kinds of attention, from the annoying to the downright sinister.

    But after that, I’d figure out the sum that would mean I’d never have to worry about money again, then put it in the bank. And I’d leave it alone, unless I somehow managed to spend the rest. And then I’d pay off my mortgage.

    But to be honest, the bulk of the win would probably just sit there, much as my disposable income does now. I wouldn’t go without anything that I really wanted, but I certainly wouldn’t be splashing the cash on private jets and yachts and the rest of it. I don’t want or need those things now, so there’s no reason for buying that kind of thing even if I did win the Lottery.

  • Shirley Jackson

    With large lotto jackpots (like the recent Mega-Millions jackpot), the winner will be found out. No one deposits large sums of money in a bank without being noticed.

    The problem is “Found-Money” vs “Earned-Money”. With found money, everyone including your old best friend from 1st grade somehow thinks their entitled to some of your money as you didn’t earn it. Same with that Swiss Bank you think you’re going to deposit it in, they know you didn’t earn it.

    The people that want to extract money from you take the form of Financial Planners, Lawyers, Investment Bankers, Advisors, Security, Psychologists, “Old” Friends, Charities, Orphan Disease Foundations, Kids with Cancer, The Homeless, The Psycho Who Knows Your Identity, and don’t forget your “New” friends who know you didn’t earn it, and probably even “After-Lotto” (look-em up) …

    So who do you trust? Those you don’t know or those you do know?

    There is no escape …and thats the punch-line of winning the lotto.