The key reason why millions of people worldwide participate in lottery competitions on a daily basis is because they believe lottery can change their lives for the better. Whereas it is true that people’s lives have been changed as a result of winning millions of dollars in lottery, there are also people’s lives that were ruined because of winning huge sums of cash in lottery.
In this article, we look at the lives of people that were changed for the good and bad thanks to winning $1 million dollar plus in lottery.
Lottery Winners Who Did Not Relish Their Winnings
The popular saying, “Winning is not everything” is best demonstrated by the people listed below. By reading some of their stories, you will be encouraged to think about what to do with your winnings the instant you are the lucky winner of a million dollar jackpot.
#1: Suzanne Mullins
Rather than clear her debts, Suzanne Mullins managed to dig herself deep into a pile of debts. According to MSN, after winning $1 million the 1993 US Lotto, Suzanne saw that it was in her best interest to receive annual payouts rather than a single lump sum of cash. Before she realized it, she was in a pile of debt. She opted to utilize her future annual payouts as security for a $200,000 credit. Later on, Suzanne decided to receive the remaining sum in lump sum. Unfortunately, she did not use the cash received to pay off her debts. The financing company decided to file a lawsuit and was awarded a $154,000,000. Regrettably, the loaning company did not collect a single cent given that Suzanne did not have any tangible asset to her name.
#2: Michael Carroll
According to The Week Reports, Michael Carroll was at the peak of his career when he was announced as the lucky winner of Britain’s £9.7 million jackpot in the year 2002 which is equivalent to $15 million. However, Michael had a desire for life in the fast lane. Some of the luxuries that Michael Carroll had a weakness for included, but not limited to expensive cars, prostitutes, party life and cocaine. In less than 5 years, Michael had blown away the £9.7 million he had won…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