Bankruptcy, prison time, divorce, murder have been associated with lottery winners because they have experienced it more often than not. As per experts and real-life examples since time immemorial, if you do not consult a tax professional, you might regret winning the lottery altogether.
It is recommended to hire a tax professional and a reputable investment adviser to navigate through any sort of financial trouble that might come your way. In some cases, even family and friends become money-hungry once you tell them about your big win. These lottery winners who think itâs wise to handle it on their own spend everything without saving anything.
You might have a hard time believing that a person could possibly spend or waste millions or billions of dollars right? Well, here are some lottery winner horror stories to make you believe this.
William Bud Post – $16.2 Million Lottery
As per Beaver County Times, William won a lottery of $16.2 million back in 1988. However, instead of changing their lives in a good way, it all went downhill from this point. Williamâs ex-girlfriend sued him for a share in his win and won. But that is not it, his brother hired a hitman to inherit his cash. Meanwhile, other relatives demanded money and he had to file for bankruptcy. He also had a debt of $1 million within a month of winning.
Janite Lee – $18 Million Lottery To $2.5 Million Debt
In 1993, Janite Lee from South Korea won $18 million in the Ilinois Lottery. As per St Louis Post Dispatch, she is an immigrant who worked in a wig shop. Janite did not waste any time and bought a million-dollar house for her family as she was cut out to receive $620,000 per year. However, she later sold her rights to her annual checks for a lumpsum amount and had to file for bankruptcy in ten years when she was 60. She was left with a $2.5 million debt.
Abraham Shakespeare – The Lottery Gets Him Killed
This story is unfortunate as Shakespeare was murdered three years after he won $30 million in a Florida lottery in 2006. As per BBC, he was shot twice by his âfriendâ DeeDee Moore who jumped on the opportunity to befriend him after his lottery win. DeeDee was found guilty of first-degree murder back in 2012.
Denise Rossi – The Bad Luck Never Faded
This story dates back to 1997. The Guardian reported that Denise filed for divorce from her husband immediately after winning $1.3 million in a California lottery. However, two years later, her husband found out that she won the lottery. He took her to court and sued her for not disclosing her money reward in the divorce. Unfortunately, for Denise, the judge awarded the husband every cent.
Jack Whittaker – The $315 Million Jackpot
As per TIME magazine, Jack was already a millionaire before winning $315 million in West Virginia back in 2002. However, after four years he claimed that he is broke and everything went downhill. His granddaughter and daughter died due to a drug overdose. Not only that, he was robbed of $545,000 while sitting in his car at a strip club.
After knowing all these stories, it is highly advisable to consult a tax professional or an investment advisor if you are lucky enough to win the lottery. Spending comes second after winning the jackpot, saving yourself from the financial ruin that might come is always your first priority after winning the lottery!