Winning the Lottery Ruined His Life

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

7 New Year’s Resolutions to Make With Your KidsFamily

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Tasty Alcohol-Free Drinks That Adults Will LoveFamily

10 Simple Money Moves to Make Before the New YearFamily

Could Your Pet Benefit From Marijuana-Laced Treats?Family

Jack Whittaker won a $314.9 million jackpot 10 years ago. And despite his altruism, things didn't go well for him.

We recently wrote about how lottery winners often struggle. Now BusinessWeek has a long, sad story about the last lottery winner we mentioned there. He was already a successful businessman, but after winning went through addiction, court cases, multiple family deaths and a divorce. A lawyer who’s represented several winners explains why winning is a burden…

In his experience, [Mike] Kosnitzky says, most lottery winners suffer tremendous guilt as the result of their good fortune; they’re also troubled by family members and friends who feel entitled to their winnings and who become angry when they don’t get what they feel they deserve. Without access to financially and psychologically sophisticated advice, winners quickly find themselves easy marks for every kind of manipulation and often take refuge in preexisting addictions, which are compounded by seemingly inexhaustible wealth.

Money can’t fix everything – and, it turns out, can ruin a lot. Definitely read the whole thing.

 

 

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: How the Trump Tax Plan Will Affect You

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,832 more deals!