Win the Lottery and go Broke

really a thought provoking question. It is a universal fact that all lottery winners are normally born as beggars and die as beggars. the simple reason is they got the money free and anything that come without your sweat does not stay. people whomake money by hard labour know the value of each penny and spend wisely. The lucky neo richs spend as if their money will last forever. I feel there need to be a probation period for all lottery winners to with draw at least half of their wind fall?! As for me if I win a lottery i will start a business in which I am proficient or expand the present one. Put some money in mutual funds and securities for my family expenditure and start a small charity program for the old and sick. I need only their prayers to sustain!

Someone went in and cleaned out his bank account. As for what I'd do with it. 1. Pay off my house and get a lot of my rebuilding plans done. 2. Pay off my credit cards. 3. Buy my wife and myself new ( though reasonable cars ). 4. I'd buy the two vacant proroperties beside my house, I don't want someone building that close to me. 5. Put the rest in several high interest accounts. ( so its not all in one for someone to clean out like they did to him )

My daughter and I were talking about this the other day. It's beyond me how someone could go through that amount of money in such a short time, and have nothing in the end. But, I've never been in that situation, and I know it's easy to stand on the outside and look in and criticize. First thing I would do though, is to NOT tell any friends or family that we won lol. I've seen tv shows and read articles how the "relatives" come out of the wood works looking for a handout, or to borrow money. Next, I'd fix up the house, it's an old house needs some work, maybe add an addition on. Fence in all our property for my animals I have and want to get. Buy a car, nothing fancy, just something bigger and newer. Buy some property out of state, probably buy our neighbor's property if it's still for sale lol, just to add to our land. Few other little things, for doable for under 1 million dollars. Give to some charities. The rest, I'd invest somehow. And, I WOULD keep working, even if it's only a part time job, I'd still do something. I do feel sorry for the guy in a way, you don't know what happened to cause him to lose it. One lottery story I'd read, his family raked him over the coals bad, he just couldn't say no to them. That's how he lost it.

The first thing is learning investment knowledge.Second,giving one third to bank,another one third to national debt,the leavings for stock.Third,keeping work for living.

i would spend it 4 many social organisation and in business to earn more.

If I win a lottery. What I will do? I will buy a piece of land which in 10 to 12 km just out-side of a booming city. It will be great if this land is closer to a high-way. In this way 10-15 years I will sell this land to a developer in price 10 fold of it's original cost. And rest I will put in bank and have a safe earning from them after taxation.

Nice post. I don't feel sorry for the guy. Easy come, easy go. He made some really awful choices for sure. If I won that lottery, I would have given most of it to charity, my church, animal rights, and so forth. I would pay off my bills and stop working for the little time left to go and travel. What would you do?

I can completely understand how he can lose his winnings. Unfortunately when people aren't taught how to manage money, especially when they have a windfall, it's much easier for them to squander what they have. I've not read it yet, but there is a great book someone recommended to me called 'Rich Dad, Poor Dad' by Robert Kiosaki. I believe he covers quite clearly how if you don't have somebody who can mentor you in money management, you will inevitably make poor money decisions that can easily bankrupt you. I do feel sorry to an extent for the man. It had to be quite difficult for him to think that with his winnings he would be set for life and never have to work another day. And now, I'm sure he's back in the exact same financial position he was when he first won the money.

Wow that is a lot of money to lose so quickly. I have heard of people going broke after winning the lottery. I think the best thing to do is put it in savings or cds, all except what you need to live on. Of course, most people will spend money in the beginning on frivilous things that bring them joy. That's to be expected but you got to put the brakes on it quick. I do feel bad for the guy.

I donot feel sorry for him. He should of manage his money wisely. I would move first. I would invest my money. I would not give my money to every new cousins that I did not know existed before. I would hire an accountant. I would have final say in all financial transactions. I would of course take of my family.

I think I read something about that guy before he went broke. He was well to do before he ever won the lottery. Once he won the money things started to fall apart. All the publicity at the beginning started it if I recall. Roght now only two states have a privacy clause. It mens that the winner can refuse to have their name published. One is Delaware and I forget the other. More states should have that clause to protect the winners from the so called lottery curse.

WEll, depends what you spend it on. Ill be broke. If i won $315 million in lottery, I would spend it on a Haitian Voodoo car, Blue Infernus, Firebird Red Convoitable convertible ragtop pinstripes magwheels,Jaguar, Cometprosche. A New Flying V Guitar. A lot more things, ALL VALVE STEAM games. Half Life 2 Game Of THe Year 50 awards

It is the mater of purpose on winning the lottery. If you wish to spend all your lottery for fu. Then you dont have to wait for 4 years to loose them all. If you have a great management, may be you can spend it for good things like homing, educations, and other stuff and also not to forget to make a savings out of it, because it can be your only moment you'll ever win any lottery. But there is a devil circle on lottery... You'll never win, there always be alot of ways to make it flow away like holding winds, form people suddenly claiming to be family and alot of temptation. Easy money never last long. Theres a saying about it. Easy Come Easy Go

It is really shame that he lost all of his money and stay broke right now. It is incredible that this can happen. If it were me, i would invest my money in a bank, also donate some of it to many non-profits organizations.

The first thing I would is take care of a few necessities, like getting newer reliable cars, buy a home, and clear up our credit. All the while still working. That is 1 thing I wouldent let my husband quit his job. Even tho we would have money we still need an income coming in no matter what. That is how I would try to keep the money as long as possible. I would also put a good chunck in a CD at the bank so it can collect intrest.

thats too bad people need to invest in a future not lose it all /some people can not handle that much money,and people that have money are often under bombardment from those that want it. i would definitely make sure i had what ineeded not what i wanted cause taxes do kill a good thing and spread it out over alifetime investment or maybe the philosophy you can take it with you would make it easier just to blow it and give it away?

Thats type crazy.I would invest in a few companies ,buy stocks etc .Way more contrutive than spending all the money

well, it's no surprise money is a lot easier spent than earned. if you're not really wise in managing you're finances then eventually you'll be broke if i won the lottery, then i'll have to invest on stocks, acquire properties and some of course for personal leisures but that should be minimal.

I would make sure my family was taken care of, give money to various charities, I would invest my money and live comfortably ever after...

I did read the story and he said that thieves got his account information and wiped out his accounts. But it sounds fishy to me... He's had some run in's with the law and he doesn't sound like a good character anyway. I don't feel sorry for him... If he was really robbed and seemed like a nice guy, I would... but something really seems off about this guy.