Winning the jackpot is a dream come true for most people. It can help many change their lifestyles for the better and provide them with the financial support to live their lives comfortably.
However, it’s not always as easy as that. Sometimes, the new winnings can prove to be a huge challenge for the lucky individual and very quickly, their luck can turn into a dreadful nightmare.
The winnings can present a huge sum of money that seems limitless and that sense of security, backed with lack of money management skills can quickly bring a person into financial ruin.
So let’s talk about some cases where people have lost their winnings and see what they could have done differently to change the final outcome.
The Story Of Janite Lee And Her $18 Million
When the 60 year old, Janite Lee won a jackpot of $18 million, she was thrilled! Soon after, when the excitement settled, she opted for a smart withdrawal.
Instead of taking the money out and losing a lot of it to taxes, she opted for the installment option. This stopped her fortune from trickling away and even though at the time that seemed like a sure thing, quite soon, things started to go sour.
In a sequence of really charitable acts, Lee donated huge sums of money to non-profit organizations and community initiatives.
Sadly, she was not so good at managing her money and quite soon was only left with $700.
This would have all been ok if she didn’t owe nearly $2.5 million at that point, which understandably brought her into bankruptcy.
As sad as this story is, it’s a good example of how lack of investments can truly eat away your savings, no matter how large they might seem.
Giving to charity is one of the best things a person can do with their money if they want to give back. But it’s also, financially speaking, a pure money pit that, if left unmanaged, can eat away your savings in no time.
Lara And Roger Griffiths
This happy couple was ecstatic after they won a $2,76 million lottery jackpot in 2005.
Their relationship seemed sound and before their big win, they hardly ever argued.
After winning the lottery, they went on to buy their dream million-dollar home, along with a Porsche.
However, six years later, Roger drove away in the Porsche after Lara confronted him over some e-mails that suggested his interests in another women.
Their 14-year marriage was over and on top of that, a freak fire destroyed their hose leaving them penniless.
This story goes to show that a sound relationship is always the main pillar holding a life together and how easily financial changes can break unstable ones.
The Lost $5 Million Ticket
Martyn Tott and his wife missed out on a huge jackpot of $5 million after losing their lottery ticket.
They managed to convince officials but were unable to claim their winnings after the 30-day time limit on reporting lost tickets expired.
The jackpot became the largest unclaimed amount since the lottery began in 1994.
What can we say? As heart-braking as this story is, it just goes to show that you never know when luck is around the corner, however, sometimes backed by bad luck.
Trailer Park Millionaire
Evelyn Adams won the lottery twice!
Bagging a sweet $5.4 million in the mid - 1980s. But after a gambling spree in Atlantic City, she managed to lose her winnings as quickly as she won them.
Now she resides in a trailer park.
Again, no matter how big your winnings may be, without a sound investment and money management plan, they can very quickly, “turn to dust”.
Winning The Jackpot Is Easy, But Can You Manage Your Winnings?
These stories are truly heartbreaking, but as you can see, each case was a pure “human error”.
If these people managed their money and took their winnings more seriously, they wouldn’t have lost them.
I hope that you view this as a lesson of what not to do if you win a jackpot yourself.
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