Many, many stories of the “curse of the lottery” are out there. We’ve all heard of people squandering the millions they won in the lotto until there is simply nothing left to show for their luckiest winning moment. But all is not lost, there are plenty who win big and spend wisely. Winning the lottery can change a person’s reality, and though it presents obstacles like being forced to deal with a sudden influx of money, it can be a wonderfully joyous event for you and your family, if you manage the cash well, and don’t let yourself be cheated by scammers, old acquaintances, and two-faced relatives. Thankfully, there are some examples of how to win the lottery and live out your dreams.
How to Win the Lottery… the Stories
When Minnesota’s Les Robins won $111 million in a 1993 Powerball drawing, he started a day camp called Camp Winnegator, still operating today. Media reports from the area say that Robins can still be seen padding around the 226-acre property that hosts the camp in an old Jeep. Robins also said to volunteer his time as a basketball coach. Talk about giving back!
Brad Duke of Idaho put his money to good use when he banked $85 million cash in a 2005 Powerball jackpot drawing. Duke invested carefully. He put the majority of the money into low risk investments, and $35 million into higher yielding, riskier investments. Duke paid of a modest Idaho estate, and set up a plan to pay each of his family members $12,000 a month – the maximum non-taxable amount in accordance with Idaho state law…Continue Reading
Winning at the lottery seems like one of the best things that could ever happen to anyone. Taking home the huge prize can inject millions of dollars into your bank account and change your life in the process. While plenty of people have won the lottery happily, there have been many who won a big jackpot, only to lose everything in a few short years. Gambling, prostitutes, excess donations, over-zealous lending habits, and mesmerizingly poor investments have led lottery winners to lose all. If you find yourself lucky enough to win the lotto, you’ll want to avoid following the lead of some of the biggest-losing lottery winners in history.
When Alabama Waffle House Tonda Lynn Dickerson was given a lotto ticket given to her by a regular customer, her co-workers claim that she agreed to split the earnings, should she hold the winning ticket. Sure enough, the ticket won and Dickerson failed to pay her colleagues a dime. Instead, she put all of the money into a corporation, which she in turn gave 51% ownership of to her family. So, what is the problem? In doing so, she was found liable for the gift taxes – totaling around a million dollars, coming from her 49% of the rapidly-dwindling earnings.
Another example of how not to win the lottery is that of England’s Michael Carroll. Carroll won 9.7-million pounds in the U.K. lottery, which blew, over the course of eight years, on partying, drugs, and prostitutes. He lost over 100,000-pounds on prostitutes alone. Now, with a purported 42-pound per month in income, it seems that Carroll has gone from partying with prostitutes to destitute. Yet, this one lottery-loser who seems happy with his lot in life, having lost his wife and all the money, Carroll insists that this life is the one he prefers…Continue Reading
Many people want to win the lottery to fulfill all of their dreams. They think the mission is accomplished after hitting the jackpot. However, winning is only half of the battle even though it was very difficult to choose all of the right numbers. The last hurdle is to figure out how to stay rich after winning the lottery.There have been too many cases where big lottery jackpot winners have gone from having everything to nothing. It isn’t that hard to spend all of the money. Celebrities do it all of the time as well. That is why it is important for new lottery jackpot winners to make sure that they stay rich.
A big mistake that many people make after they become rich is to upgrade to a very lavish lifestyle. It is perfectly acceptable to upgrade lifestyle significantly after winning the lottery. However, it is important to not partake in the lavish lifestyle excessively. If a quarter of the net proceeds of the jackpot is gone in one year, the lottery winner may be spending way too much money. Spending a quarter of the winnings means the lottery winner will be broke within four years. That is why it is still a good idea to keep a relatively modest lifestyle. There is no law that says lottery winners have to buy a mansion and a yacht…Continue Reading