Money isn’t always the answer to all of life’s problems. In fact, sometimes money can create even more problems – as, it seems, is too often the case for lottery winners. It’s not uncommon for lottery winners to end up with even less than they had before their windfall and sometimes they even end up with nothing at all.
Why is this? One of the main reasons is a lack of financial planning and foolhardy spending habits linked to an inability to manage such enormous and unexpected spending power. Sometimes, lottery winners make the mistake of thinking they have more than they actually have; many countries tax lotto wins and gambling wins to the hilt. A lottery windfall seems to make some winners feel invincible, despite the fact that the cash is far from limitless. Of course, national lottery foundations offer financial guidance and services for their winners to avoid just such this fate and some lottery winners are impressively responsible with their winnings.
A lottery win has huge power to change people for the better – or for the worse. Some people manage it well, while some even donate a portion of their winnings to a noble cause. Sometimes, lotto winners remain the same humble people they were before. Take Washington state resident Tyrone Curry for example; he kept his job as a school janitor after winning a $3.4 million jackpot. He spent some of his winnings on a new track for the school and paid off his debts, but other than that things pretty much remained the same. On the other extreme, however, many lottery winners lose their way and blow their winnings on exorbitant luxuries and frivolous possessions. Many buy astronomically priced homes, expensive cars, lavish vacations, priceless antiques and collectibles, and costly jewelry.
Here, we’re taking a look at the latter sort. Ever felt painfully envious of those jackpot winners? Then you’ll likely experience some schadenfreude in the stories of these ten lottery winners who ended up broke, or worse.
10. Callie Rogers
At 16, Callie was the youngest person ever to win the lottery in the United Kingdom, and her inexperience was sadly evident in the way she managed her money. Today she has nowhere near the 1.9 million pounds she was awarded in 2003 when she was just 16 years old. She blew the money on plastic surgery, drugs and parties. Now 26, Rogers says she is much happier, and is studying nursing. Her wealth drove her to despair, she has since reported, and at her lowest point she even attempted suicide. As of last year her net worth totalled no more than 2,000 pounds.