Just when you thought it was safe to be a lottery winner comes the buzzkilling news that many winners, even those in the multimillion dollar range, manage to blow through their windfalls and are back to broke in under seven years.
Disappointed about missing out on the $1.6B jackpot Wednesday night? If you bought a ticket, of course you are! Chances are good, however, that you won't have to wait terribly long for another opportunity.
As everyone in America seems to know, the Powerball jackpot has reached new heights, with an estimated annuity prize of $1.5 billion for the drawing on Wednesday, January 13, 2016. A monster jackpot is exactly what Powerball hoped for when it changed its game structure last fall.
Here are the top five jackpots with respect to total payout. The larger number is the amount of the annuity (how much winners would get over many years) while the cash payout represents a smaller lump-sum amount that a winner could choose to receive.
Rigging the lottery to win $14 million? It sounds like the plot of a fictional Ocean's Sixteen. However, it actually did occur, but in Iowa, not Vegas. The criminal never did profit from his crime, and was recently convicted on fraud charges.
It is highly likely that someone will win the big lottery drawing you have so hopefully entered. That seems clear enough, but here is what gets missed: The certainty of something happening doesn't increase the chances that it will happen to you.
It can be argued that Abraham Shakespeare, David Edwards and Amanda Clayton had little in common besides winning the lottery. Along with diverse geographic differences, they were very different people with very different problems. And they are all dead. Long before their average life expectancy.
If you play Powerball or Mega Millions in an office lottery pool, you should be forewarned. If you are lucky enough to win, you may be unlucky in litigation. Many office lottery pools are not structured correctly.
There are 2,304,266 refugees in the bitter cold Syrian refugee camps, 20 percent of whom are children under 18. That's half a million children possibl...
Winning the lottery has not always been the ticket to paradise. But if people use the money wisely, for a purpose, and with financial security being their number one priority, it might allow them to get closer to that elusive dream of happiness.
Taking money over time is a tenet of my faith. I believe in God, the Cincinnati Reds and not taking money in a lump sum.
Amanda Clayton was not your typical millionaire. In her short life, she won a million dollar lottery in Michigan, was convicted of collecting state welfare money after she got the million dollars and embroiled in a plethora of drama and legal battles. Now she is dead.
Lottery winners have the same financial and social issues that other people have. Only their problems are magnified 1000 percent.
Something strange happens when a loved one dies and it's time to distribute the estate. No matter how close people are, money has the ability to widen wedges and force family members apart. Regardless of how those assets are distributed, someone will inevitably feel slighted.
I wrote a book called Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery. Whenever a jackpot hits record highs, like the Mega Millions lottery did last week, the book climbs to the top of the Amazon charts. I can boil down my advice to five points.
That's just the thing about winning the lottery: winning it makes you rich, not wealthy. There is no more honor in luck than there is happiness in money.