The TRUE Reasons Why Lottery Winners Go Broke

What are some of the top reasons lottery winners go broke? Is it because they’re too young for that type of money? Is it because it takes time to get used to that type of money? Or is it just the fact that they spend too much? Or is it a timing issue?! Find out all the reasons why lottery winners go broke in this video!

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Here are the top reasons why lottery winners go broke!

8 - Family and Money
It’s overwhelming to suddenly stumble on an amount of money that’s more money than 99.9% of what the population would make in a lifetime. The smart thing to do is to consult with actual legal and financial experts who’re experienced in dealing with unexpected windfalls, such as inheritances, or in this case, lottery winnings.
It’s not just lottery winners that can’t deal with a big sum of money that they aren’t used to. Just think of how many professional athletes go broke! The vast majority of people just don’t know how to react to such a large amount of money. Especially money that they didn’t have to work for. There are lawyers who specialize in the niche field of advising instant millionaires on how NOT to low their money. Or you can go with a fiduciary advisor. What lottery winners DON’T want to do is to follow the advice of family members! Listening to the advice of friends and family is one of the best ways to lose a lot of money. Managing a large sum of money is a complicated business. If someone has never dealt with a lot of money before, they most likely need professional help. Unless a family member is actually a professional in the finance industry, they’re not who lottery winners should turn to!

7 - Always Protect Yourself
We’ve already gone over Abraham Shakespeare before in one of our previous videos, but we’re gonna go over Mr. Shakespeare really quick again. Abraham won a thirty million dollar lottery jackpot in Florida, and received a lump sum of $17 million in 2006. He moved out of his working-class neighborhood in Lakeland, Florida into a gated community. Several months after his lottery win, apart from buying a million dollar home, his only other major purchases included a Nissan Altima and a second-hand Rolex watch. His relatively modest purchases didn’t do him in. It was the people that he kept around him. Shortly after his win, Abraham went missing, and in January 2010 his body was found in the backyard of an acquaintance. Dorice "Dee Dee" Moore was found responsible, and is now serving life in prison without the possibility of parole. Abraham, however, isn’t the only winner who had other people plotting on their money. Urooj Khan won a million dollars in the Illinois lottery back in 2012. He planned on using the money to expand his dry-cleaning business. Sadly, Khan never got to carry out what he planned, as he unexpectedly passed away. While his passing was ruled natural at first, tests later revealed that he had a high amount cyanide in his system. To this day, the police haven’t even named a suspect, much less solve the mystery. Anyone that wins the lottery should try to stay anonymous, and be extremely careful with new people in their lives!

6 - Money Management
This is probably the most obvious reason of how people lose their money real quickly. They blow it! Many people think millions of dollars can last a long time, but there are so many ways to quickly spend millions of dollars. For example, William "Bud" Post won $16.2 million in the Pennsylvania lottery in 1988, but he soon was $1 million IN DEBT within just a year! On top of that, his ex-girlfriend successfully sewd him for a share of his winnings. Annnnd his own brother was arrested for plotting a scheme to get a share of his winnings. Unfortunately, Post now lives quietly on a low income and has been on food stamps. Another unfortunate example is Sharon Tirabassi, a single mother who had previously been on welfare. She was fortunate enough to win $10 and a half million in the lottery.
However, she spent her winnings on a big house, fancy cars, designer clothes, and lavish parties. She also went on vacation all over the place and gave handouts to family and friends. Sadly for her, in less than ten years she was back to riding the bus, working part-time, and living in a rented house.

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