No Money, No Problems: How Winning the Lottery Could Ruin Your Life

Did you hear? This past July, a citizen from Illinois won the Mega Millions Jackpot that was worth $1.337 billion ($780.5 million cash).

As of this year, there are 5 Mega Millions winners, including this past July. While winning a massive amount of money sets most people’s hearts aflutter, the reality is that there are pitfalls to winning the lottery. Winning the lottery will likely change most people’s lives, but not all of these changes will be positive

The Downside of Winning the Lottery

Stress, depression, estrangement, divorce, premature death, and bankruptcy are just a few potential outcomes of winning a substantial jackpot.

Andrew (Jack) Whittaker Jr. 

Andrew (Jack) Whittaker Jr. won the $314.9 million Powerball Jackpot in 2002, the largest lottery jackpot in the United States at that time. After taxes, he collected a lump sum of $113 million.

Michael Carroll

Michael Carroll was a UK National Lottery winner that won £9.7 million lottery prize in 2002. The Daily Mail reported that he had spent his money on drugs, gambling, and thousands of prostitutes. At one point, he smoked £2,000 of crack cocaine daily

Evelyn Basehore

What happens when you win the lottery twice? Evelyn Basehore attests that you can still lose all your money. In 1985, she won the $3.9 million Pick Six Jackpot. Less than six months later, she won $1.4 million (coincidentally, another Pick Six Jackpot).

Things NOT To Do When You Win The Lottery

Tell everyone. When you let out the word, you will have long-lost relatives and friends coming out of the woodwork begging you for money.

Things TO DO When You Win The Lottery

Work with a certified life planner. By working with one, you can understand what would a happy life look like to you. With proper planning, you can live the happiest life.”

Easy Come, Easy Go

The odds of winning the lottery are incredibly low, if not minuscule. Whether you are playing the Powerball, Mega Millions, the Lotto, or Dailies, you have to understand what comes after.