(Closed) People whose lives were ruined by big lottery wins…why?

posted 6 years ago in The Lounge
Post # 3
Member
3375 posts
Sugar bee
  • Wedding: October 2011

People who aren’t good with budgeting 50k are not going to be good budgeting 640 million either.

I would never, ever tell if I won.

Post # 4
Member
5786 posts
Bee Keeper
  • Wedding: May 2011

Its because they don’t seek financial advice soon enough, you can burn through any amount of cash if you have no idea what you’re doing.

Post # 5
Member
3943 posts
Honey bee

I think those people are just not good with money.

A guy I used to work with won $100K a few years ago. He blew it in 4 months and now is on public assistance.

Post # 6
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

@LGenz:  yes. I think that is about 99% of the problem

Post # 8
Member
1526 posts
Bumble bee
  • Wedding: March 2012

@PinkMagnolia:  I agree, I would try to keep very quiet about it!!

I think people go crazy when they win that kind of money! They think it will never run out so they get ridiculous and then pay for it! I know I would be saving a HUGE chunk of that money if I won! I would never go out and but 10 houses, 3 sportscars, an island, etc lol

Post # 10
Member
9029 posts
Buzzing Beekeeper
  • Wedding: June 2011

I think more money really does bring more problems. Especially when the money comes all at once. I think everyone close to you expects you to help them out with their financial troubles and people think you must be happy all the time and cant have any problems just because you have lots of money. And ofcourse you also become a target. People murder their spouses for as little as $250,000 life insurance payout, so imagine what people might do to get to your millions.

Post # 12
Member
548 posts
Busy bee
  • Wedding: March 2013

@claireos:  This might be more philosophical than anything, but I think people who earn a large sum money over their whole lives by working hard have a much different attitude and appreciation for life than someone who has literally earned a large sum of money overnight. 

How can you truly appreciate it?  I think it’s those people that typically don’t know how to handle that sort of responsibility.

Post # 13
Member
3375 posts
Sugar bee
  • Wedding: October 2011

One thing about the lottery that makes it harder for winners is that they publish the names. It makes it really easy for the scammers, relatives, friends to find you and con you for money. Nearly every state prohibits you from being anonymous.

Post # 14
Member
10714 posts
Sugar Beekeeper
  • Wedding: June 2012

I’ve read of people forgetting to  pay the tax on it and ending up in severe debt after spending it all.

Post # 15
Member
2580 posts
Sugar bee
  • Wedding: November 1999

I agree with PPs–I think it’s the way people handle (or don’t handle)their newfound fortune. If I won the lottery, I wouldn’t go on TV or on magazine covers–I would get a lawyer, have them accept on my behalf and help me to get my legal stuff in order, and go to a financial advisor and get my money properly invested for the future. I’m not even sure what to what extent I would tell friends and family about it.

It makes it sound very boring! Truthfully, though, I think that if more people could handle winning money in a more calm and rational way instead of just going crazy spending, they might not end up so unhappy.

I heard that most lottery winners who take the bulk payout have nothing left in 5 years, and it doesn’t surprise me.

Post # 16
Member
3375 posts
Sugar bee
  • Wedding: October 2011

@MaraBeth Normally you have to go on a publicity stint for the state lottery in order to be eligible to accept the money. They release your name, picture, and city on their website.

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