If you’re thinking of buying a lottery ticket, you need to consider the risks. Winning a jackpot is a once in a lifetime event, and there are many decisions you need to make.
Some people who have won lottery jackpots have wasted their winnings, while others have made poor investments. Keeping your winnings anonymous protects you from scammers.
One of the most shocking stories is that of Jack Whittaker. He won a $314 million Powerball jackpot in 2002. At the time, he was a construction worker in West Virginia. He blew his winnings on expensive cars, legal entanglements, and partying.
Another example of a lotto winner who squandered his fortune is that of David Lee Edwards. He died alone in hospice care at age 58. It was 12 years after he won the lottery. By then, he had spiraled into drug addiction.
Evelyn Basehore won a $1.4 million prize in 1985. She moved into a trailer park and gambled away much of her winnings. In the meantime, she also lost her husband and all of her children.
William “Bud” Post won a $16.2 million jackpot in the Pennsylvania Lottery in 1988. Apparently, his brother hired a hitman to kill him. But his ex-girlfriend sued him for part of the money.
Ibi Roncaioli won a $5 million jackpot in 1991. After he won the lottery, he lived two lives. As his addiction worsened, he was accused of reckless gambling.
Jack Whittaker’s story is a cautionary tale about how a lotto jackpot can ruin a life. Instead of donating the winnings to charities, he spent the cash on cars, gifts, and legal entanglements.