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
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