8 Lottery Winners Who Lost Their Millions
 

http://articles.moneycentral.msn.com...rMillions.aspx

Some of these stories are unreal

the thing about them only getting 50k a year installments kinda explains why the lower winners went broke

This is very common in all countries....people go nuts, stop thinking and just spend spend forgetting that although they might have money now they have NO income.
They dont get financial advisors,

Where im from part of the winnings come with a financial advisor, as in you HAVE to see them a few times before the money is even paid out....or at least it used to be that way, not sure weather that is still the case or not.

A potent combination of ignorance and greed is at work here.

It seems like the people that win these big lottery prizes have one marble rattling around in their heads. What is hard to understand about saving/investing your money or living bellow your means? Then greed kicks in and everything goes to hell in a hand basket.

Take the lump sum and plunk that sucker into a money market account or bond fund.

There's a similar thing at work in our business. I've been around for 13 years now and seen it quite a bit. A guy in his early 20's goes from $25,000/year to $200,000/year. He assumes it will last forever. Ten years later he still has nothing to show for it. I've seen people do it with a whole lot more.

I did this myself when I first got in the biz. After my first 4 years in the business I was actually net in debt. AT one point I had to take a job working for someone else.

Fortunately for me I had a 2nd chance and the next time around I knew to be a lot more conservative with my $. Hell, I could still do better.

Best advice I could give anyone is to open two additional separate bank accounts that are not easy to access. No ATM card, maybe an "internet bank" (ING, etc) where it takes 4 days to withdraw money. Every paycheck put $x in the first before doing anything. This is personal savings. The other account is for taxes. There are better ways to do it but if you have bad money habits protecting yourself from enemy #1 - yourself - has got to be a high priority.

I love watching those shows of lottery winners who lose it all

20 Years of 50K means you still have to keep your day job, otherwise it is like living on a pension.

Yeah, it helps take away my pain of knowing i will never win it... :1orglaugh

This one I don't get AT ALL:

"Deeper in debt
Suzanne Mullins won $4.2 million in the Virginia lottery in 1993. Now she's deeply in debt to a company that lent her money using the winnings as collateral.
She borrowed $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006. When the rules changed allowing her to collect her winnings in a lump sum, she cashed in the remaining amount. But she stopped making payments on the loan.
She blamed the debt on the lengthy illness of her uninsured son-in-law, who needed $1 million for medical bills."

Some great stories to read. It's funny how lots of people blame the fact that they won the lottery as the source of their problems instead of their actual decisions.

This guy did it right :1orglaugh

this is why people never made money before their lottery win. If you dont work hard an make it yourself, you will ultimately loose it.

A fool and their money are easily parted...