Many, many stories of the “curse of the lottery” are out there. We’ve all heard of people squandering the millions until there is simply nothing left to show for their luckiest lotto moment. But all is not lost, there are plenty who win the lotto 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 money 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.
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.
A Chicago, Illinois McDonald’s employee names Yancy Hicks traded in the Golden Arches for ownership of a franchise of Subway restaurants when he won $1 million in 2008. The restaurant business is notoriously difficult, but thankfully Hicks had honed his knowledge of what it takes to make fast-food profitable during a 26-year career with McDonalds. He knew and understood that Subway is a perennial performer, and a safe investment to help him sustain and even grow his comparatively modest lottery earnings. His only splurge: a red Corvette.
Another modest lottery winning success case is that of Agnes Jackman, who won $1 million in a 1980 New York lottery. Jackman and her husband were able to quit their jobs with the $50,000 a year annuity they collected. They moved into a modest Cape Cod and bought a new car. That was basically it. A kayak for one son, and a bicycle for another, and the couple simply saved the rest. The Jackman’s story illustrates one fundamental truth of the lottery: the best way to keep your winnings is to live modestly.
The Kannegiser family of Warwarsing, New York are another New England lottery story of financial success. Although Louis Kannegiser, the man who bought the winning ticket, passed away before getting to watch his family enjoy the $15 million in winnings, his wife, Kay, has carried on Louis’ smart move of letting financial advisers manage the entire fortune. The managers made a series of wise investments, ultimately setting up a trust that draws interest. It is the interest that the Kannegiser family lives out of, not the actual winnings.
If you are lucky enough to win big in the lottery, you will enjoy being able to put money into whatever you choose to. However, you should take a nod from the lucky winners mentioned in this article. Following sound financial advice and making the right choices is the only way you can know how to win the lottery and live out your dreams in happiness.