Are you one of the millions of people who purchase lottery tickets? You’d think that winning the lottery would lead to a life of riches, joy, parties on fancy yachts, and money raining down on you — but maybe winning the lottery isn’t all it’s cracked up to be. But many past lottery winners regret playing the lottery and why you should be wary too.
Take Janite Lee, for example. The South Korean immigrant was working in a wig shop when she won $18 million in the Illinois Lottery in 1993. She set up her family in a nice home and donated a good amount of her money toward philanthropic efforts. Unfortunately, she gambled the rest of her money away. In 2001 she declared bankruptcy since she only had $700 in her account and debt of around $2.5 million.
How the money is issued to the winner 1:38
The story of Janite Lee 2:03
The story Sandra Hayes 3:23
The story of Thomas and Denise Rossi 3:40
The story of Donna Mikkin 4:24
The story of Callie Rogers 4:42
Why a lot of people aren’t prepared for winning the lottery 5:04
How the lives of lottery winners can change 5:40
How you can avoid the pitfalls 7:43
Music by Epidemic Sound https://www.epidemicsound.com/
– When a person wins a lottery, they can collect the money over a number of years or take a lump sum, which is an immediate payment but of lesser value. Taking the lump sum all at once can be a big shake-up in a person’s lifestyle, and having access to all that money can lead to many bad decisions.
– The South Korean immigrant won $18 million in the Illinois Lottery in 1993. She set up her family in a nice home and donated a good amount of her money toward philanthropic efforts. Unfortunately, she gambled the rest of her money away.
– Janite Lee spent her money on gambling and bad investments. Many stories of past lottery winners are also riddled with loss of friends, emotional difficulties, theft, and addictions.
– Sandra Hayes won the Missouri lottery in 2006. She won a whopping $224 million and split it with a dozen coworkers. She had to “endure the greed and the need that people have, trying to get you to release your money to them.”
– Thomas and Denise Rossi from California were happily married for 25 years when she suddenly filed for divorce. It turned out she had won $1.3 million in the California State Lottery and didn’t want to split the money with her husband.
– British teenager Callie Rogers won $3 million in the UK’s National Lottery in 2003. She spent the money on lavish gifts to her family, vacations for everyone, partying, and designer clothes. Before the end of the decade, she was facing bankruptcy.
– Winning the lottery is an upheaval that a lot of people aren’t prepared for. It’s very different when a person earns their money through a lifetime of hard work.
– According to economist Jay L. Zagorsky, winning the lottery actually gets people into financial trouble since “bankruptcy rates soared for lottery winners 3 to 5 years after winning.”
– In the United States, most states don’t allow a winner to remain anonymous. This allows a lot of lottery winners to become the targets of scams and people claiming to want to help them invest their money when they actually have a nefarious purpose in mind.
– Making a request to remain anonymous will help you keep control of your life. If granted, it would be your decision whether or not you want to let other people know about your change in luck.
– t’s also recommended that you avoid changing your lifestyle too much for the first 6 months since these changes might be impulsive and could be regretted later.
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