70% of Lottery winners go broke

KingMalik

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History is replete with lottery winners whose lives have gone sour after becoming rich.

The National Endowment for Financial Education cites research estimating that 70 percent of people who suddenly receive a large sum of money will lose it within a few years.

In 2002, Jack Whittaker - already a millionaire - won $315 million in a lottery in West Virginia. Just four years later he claimed to be broke. Whittaker gave away millions of dollars, but people also stole hundreds of thousands of dollars from him and he lost a granddaughter to a drug overdose.:scust:

Last year, Urooj Khan died just two months after winning $1 million in the Illinois lottery, from what initially appeared to be natural causes. Toxicology tests run at a relative's request found cyanide poisoning. Police are now investigating his death as a homicide. :patrice: :mjpls:

Maintaining a stable life such as the Hills are attempting is difficult, said Don McNay, author of "Life Lessons from the Lottery" who has studied winners of big money for 30 years.

"They are beyond exception," McNay said.

Most ordinary people who come into large sums of money become victims of their own lack of financial savvy or discipline, McNay said. People also come under great pressure from friends, relatives and a host of others wanting money.

Missouri Lottery spokeswoman Susan Goedde said the vast majority of lottery winners from the state were "doing great" and if they were good money managers before, they would be after.

"Circumstances may change, they may not work anymore and they have the freedom to travel," Goedde said. "But if they clipped coupons before winning the lottery, they will do it after winning."

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newworldafro

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The best combo is winning the lottery in a state that doesn't require the winner to be publicly recognized....like Maryland.

The problem then becomes personal, which is whether you want to tell people, don't tell people but be crazy flashy, or if you stay more or less the same in actions and material goods...and slowly transition to living like you really "did good for yourself".
 

Easy-E

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How the fukk do you blow 300 M's :mindblown:
How u get it is how u keep it.


That's the issue with ball players; there literally kids getting more money, in a year, than most make as a family together.

U don't earn it, u don't know how to build on it.

But, losing 300 spankies, son!? :scusthov:
 

NSSVO

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Can't you just spread that out? :laff: I know if I get 315, 240 after taxes... my black ass is in some trouble. I have to have a monthly wage after I take 20 upfront. But I can't even comprehend having that type of money. I'll have blue diamonds on my windshield wipers :heh:
 

philmonroe

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Chris Rock:

I aint talkin about Rich. I'm talkin about Wealth. You can't get rid of wealth. shyt, "Rich" is something you can lose with a crazy summer and a drug habit. Rick James was rich"

:skip:
This wack ass saying again. Wish Chris Rock never said that silly shyt.
 

Audemar

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How the fukk do you blow 300 M's :mindblown:
It's quite easy actually. Like Gus said in Breaking Bad: "One must learn to be rich." :wow: It's the same reason why the cliche is the rich will always be rich because they've learned how to manage money and know when/who to give it away to (politicians, etc.) or when to invest it. When people suddenly go from having no money to having a whole lot of it, they immediately feel like it won't ever run out; they just keep spending, giving handouts, and doing favors. Another part of it is the average person isn't financially smart to begin with. I'd personally defer the one time payment and just live assured that there's always a steady source on income.
 

Remote

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This wack ass saying again. Wish Chris Rock never said that silly shyt.
It's just a funny quote with a degree of truth to it.

Stop being a miserable fukk all the time.

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