How many of you ever had a dream about
winning on a lottery!? You probably think that those few millions would solve all of your problems.... here are few interesting cases that could change your mind about that.
Here are some confession from those that Had It All and managed to touch the bottom.
If you win the lottery, make sure to get a financial advisor and be smart about your winnings. Winning the lottery can be exciting and fun and can change your life for the better, as long as you handle it well!
1. Evelyn Marie Adams
Evelyn Marie Adams hit the jackpot not once, but twice, buying both winning tickets at the 7-11 store her husband owned in New Jersey, a total winning of $5.4 million in 1985 and 1986. At the time Adams won, she was required to take winnings as an annuity paid out over 20 years. While the winnings were taxed at 50 percent, the government initially took only 20 percent, surprising her later with a tax bill for the remaining 30%. Like many lottery winners, Adams had to sell off her annuity to pay her taxes and her debts. She spent some money on travel, visiting South America, Hawaii and Disney World, and ignored the seven marriage proposals she got. But she did follow some bad advice; she was told to become a professional gambler so she could use her gambling losses to offset her winnings at tax time. Adams says she spent so much money gambling that she actually lost more than she won. Today, Adams lives in a trailer park and works in an upscale food services company. She does still play the lottery, but only in affordable amounts now and then.
2. William “Bud” Post III
In 1988,
William “Bud” Post III, won $16.2 million in lottery winnings but it only brought him debt, despair and heartache, causing his death of respiratory failure Jan. 15 at a Pittsburgh area hospital. His problems included a brother who tried to hire a contract murderer to kill him and his sixth wife; a landlady who forced him to give her one-third of the jackpot; and a conviction on an assault charge, after Mr. Post fired a shotgun at a man trying to collect a debt at his deteriorating dream house in northwestern Pennsylvania. He went bankrupt, came out of it with $1 million free and clear and spent most of that windfall, too.
3. Suzanne Mullins
In 1993,
Suzanne Mullins won $4.2 million in the Virginia lottery. Now she’s deeply in debt to a company that lent her money using the winnings as collateral. She borrowed $197,746.15 from this company, but eventually stopped making payments on the loan. She blamed the debt on the lengthy illness of her uninsured son-in-law, who needed $1 million for medical bills. Needless to say, her lottery win did not end in happiness.
4. Ken Proxmire
Ken Proxmire was a machinist when he won $1 million in the Michigan lottery. He moved to California and went into the car business with his brothers. Within five years, he had filed for bankruptcy. “He was just a poor boy who got lucky and wanted to take care of everybody,” explains Ken’s son Rick. “It was a hell of a good ride for three or four years, but now he lives more simply. There’s no more talk of owning a helicopter or riding in limos. We’re just everyday folk. Dad’s now back to work as a machinist,” says his son.
5. Willie Hurt
In 1989,
Willie Hurt of Lansing, Mich., won $3.1 million. Only two years later he was broke and charged with murder after spending his fortune on a divorce and crack cocaine.
6. Janite Lee
In 1993,
Janite lee of Missouri won $18 million. Lee was generous to a variety of causes, including various political organizations, education programs and the community services. According to published reports, eight years after winning, Lee had filed for bankruptcy with only $700 left.
7. Southeastern Family
In the early 1990s, a Southeastern family won $4.2 million. In almost no time at almost all of their winnings were spent on a huge house, cars, and various requests from family members. They bought a huge house and succumbed to repeated family requests for help in paying off debts. Eleven years after winning, the couple got divorced, the house was sold and what was left of their lottery winnings had to be split.
8. Kenneth and Connie Parker
When
Kenneth Parker’s wife cashed a $25 million lottery ticket in winter of 2002, he thought they would have a new life. Now it seems they will — but not together. A few months later, he said his wife turned cold, kicked him out of the condo they had bought, and told him she was keeping all the money. Kenneth, however, took his anger and filed—in court, seeking both a divorce and what he feels is his share of the cash.
9. Jeffrey Dampier
Jeffrey Dampier won a $20 million jackpot and was then kidnapped and murdered by his own sister-in-law who hoped to inherit the winnings. Victoria Jackson and Nathaniel Jackson faced charges of first-degree murder, armed kidnapping and armed carjacking. Authorities say they invited Dampier to their apartment July 25, 2005, then tied his wrists together and ordered him into his van at gunpoint. Victoria Jackson killed Dampier with a shot to the head, according to records.
10. Jack Whittaker
Jack Whittaker is a businessman who became famous when he won US$315 million in the Powerball multi state lottery. At the time it was the largest jackpot ever won by a single winning ticket in the history of American lottery. He has garnered even more publicity since his win due to several well-publicized brushes with the law as well as personal tragedies. Though he began with intentions to do good with his winnings, his world quickly fell apart with the death of his granddaughter Brandi from a drug overdose which was funded by her allowance from Whittaker and the breakup of his marriage. Whittaker did give money to churches and to people who were in need but was soon bombarded with lawsuits, thievery and greed. He turned to drinking as he watched what he called the “powerball curse” destroy his life.
