Lottery Winner Demonstrates How Not to Invest a Windfall

Photo by karenfoleyphotography / Shutterstock.com

A massive Powerball jackpot is on the line this weekend. If someone is lucky enough to match all five white balls and red Powerball in Saturday’s drawing, they could win a whopping $478 million.

Wow.

Potential Powerball winners are likely dreaming about what they would do with the money if they had the winning ticket in hand. (I never play the lotto, but that doesn’t stop me from fantasizing about all the things I would do with a multimillion jackpot).

While you may be envisioning traveling around the world, investing in lucrative stocks, driving a fancy new car or paying off your debts, you can learn a thing or two about what you should not do with lottery winnings from a Georgia man whose luck quickly ran out after he won a $3 million lotto jackpot.

Ronnie Music Jr. won the top prize in a scratch ticket lottery game in 2015, and then decided to “invest” his winnings in a venture that could earn him a long prison term, The New York Times reported.

The 45-year-old former maintenance supervisor (and previously convicted felon) opted to play his odds by investing in a methamphetamine ring. Music allegedly used his windfall to purchase meth for resale. After his business partners were caught trying to sell the crystal meth, an investigation led law enforcement back to Music as the supplier.

Music pleaded guilty last week to federal drug trafficking and firearm charges. Says the Times:

While it was not immediately clear how much he earned altogether from his business, Mr. Music passed on some safer, legal investments. For example, he could have made a return of about 5.67 percent, or about $170,000, if he had invested the $3 million in a fund tracking the Standard & Poor’s 500 stock market index.

“As a result of his unsound investment strategy, Music now faces decades in a federal prison,” U.S. Attorney Edward J. Tarver said in a statement.

So, if you end up winning the Powerball jackpot (which you won’t), it’d be a wise move not to bet on a meth ring investment, unless you want to earn yourself a spot in prison.

Check out “Can You Improve Your Lottery Odds?

What would you do if you won the Powerball jackpot this weekend? Sound off below or on our Facebook page.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Read Next
10 Bad Money Habits That Are Robbing You Blind
10 Bad Money Habits That Are Robbing You Blind

Here’s how to change those bad behaviors.

Secret Ways to Save on Netflix
Secret Ways to Save on Netflix

These little-known savings tactics can help whittle down what you pay for your streaming video subscription — every month.

7 Secret Departments of Amazon You Should Know About
7 Secret Departments of Amazon You Should Know About

These little-known sections of Amazon are hidden gems for deal-seekers and impulse shoppers alike.

12 Ways Retirees Can Earn Passive Income
12 Ways Retirees Can Earn Passive Income

These simple ways of earning income without a lot of active, ongoing effort can stretch your retirement dollars.

12 Expenses You May Be Tempted to Claim as Tax Deductions — but Shouldn’t
12 Expenses You May Be Tempted to Claim as Tax Deductions — but Shouldn’t

Thinking of trying to deduct a few of these things on your federal tax return? That could be a costly mistake.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

10 States Where COVID-19 Threatens Seniors the Most
10 States Where COVID-19 Threatens Seniors the Most

No state is immune from the coronavirus. But statistics show that some places are especially dangerous for older residents.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

20 Things That Are Actually Worth Stockpiling
20 Things That Are Actually Worth Stockpiling

You probably don’t need a year’s supply of toilet paper to survive an outbreak, but consider stocking up on these items.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

22 Things You Should Always Buy at a Dollar Store
22 Things You Should Always Buy at a Dollar Store

The dollar store has great bargains on these purchases.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

The Top 11 Jobs That Employers Want Retirees to Do
The Top 11 Jobs That Employers Want Retirees to Do

Tired of age discrimination? Businesses are clamoring for older workers to fill certain roles.

9 Things That Are Cheaper Due to the Coronavirus
9 Things That Are Cheaper Due to the Coronavirus

The pandemic has a silver lining.

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.