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The Lottery Curse: 10 Winners Who Lost Millions
The Richest ^ | Jan 24, 2014 | D'Marco Brown

Posted on 01/26/2014 10:17:02 AM PST by Innovative

Have you ever wondered why millions of Americans are secretly addicted to playing the lottery? Even if the chances of anyone actually winning are 1 in 175,223,510? Many of us know at least one person whose religiously dedicated to winning the almighty jackpot–even if they’re aware of the extremely slim odds.

Check out our list of the 10 most unlucky lottery winners whose millions tragically changed their lives forever. Seems to us like the old saying, “Money won’t make you happy”, should be changed to, “Winning the lotto won’t make you happy”.

(Excerpt) Read more at therichest.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: lottery; lotterywinners; moneymanagement
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To: Innovative

Bump for later


41 posted on 01/26/2014 11:29:19 AM PST by painter ( Isaiah: “Woe to those who call evil good and good evil,")
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To: Innovative
I can't remember many of the particulars, but there was a guy who won the IL lottery. Something like $12 million. Then he moved to FL, and won the FL lottery for $6 million.

IIRC, he died recently broke, from an overdose.

Someone on FR could probably verify some other details.

5.56mm

42 posted on 01/26/2014 11:30:22 AM PST by M Kehoe
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To: Innovative

I met a college professor who had done research on how lottery winners were affected by their new found wealth. One interesting observation she shared was that the money winners often found themselves alienated from friends and even family who now saw them as primarily a source of money and free good times. She also told about a girl in her early twenties who was a large money winner. The girl was not particularly educated and grew up in very modest surroundings. After winning the girl became alienated from her friends who seemed to want to use her just for her money. However, while she used the money to move up in society, the girl said she never really felt she fit in and had a hard time establishing new relationships in a more affluent society.


43 posted on 01/26/2014 11:32:51 AM PST by The Great RJ
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To: Innovative

Money may not buy happiness, but it can sure make the down payment. I’d like to have the chance of losing a million dollars. Note to self - no drugs, no low life friends, no gambling, no prostitution and don’t leave half of it in the car.


44 posted on 01/26/2014 11:36:00 AM PST by bgill
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To: Innovative

Same story could be written about Sports stars and Media stars. Very few of them, mainly those who come from well-grounded families and friends, still have the millions that gilded their names in their glory days. Anybody care to guess when Ol’ Justin B will be wondering “What Happened?!?”

I particularly feel sorry for the bag-boy preacher who lost it in being generous to others. Having that amount of money must have seemed a real way of helping others but it seems everyone took advantage but also took no responsibility! Hmmm, sounds a bit like Uncle Sugar, doesn’t it!


45 posted on 01/26/2014 11:37:20 AM PST by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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To: volunbeer

Good point.


46 posted on 01/26/2014 11:38:15 AM PST by Huskrrrr
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To: bgill

“I don’t care about losing all the money. It’s losing all the stuff.”


47 posted on 01/26/2014 11:40:28 AM PST by dfwgator
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To: dfwgator

lol


48 posted on 01/26/2014 11:40:52 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Innovative
So easy.

Step 1- have lunch with lawyer and CPA to set up trusts.

Step 2- take lump sum and the trust takes posession, anonymously of course.

Step 3- pay off all immediate family debts:house, cars, loans, credit card, etc.

Step 4- tax free muni bonds bought from me! A million dollars after taxes, I can get approx. $80,000.00/yr tax free income, and you still have your $1mm at maturity. Don't put all eggs in 1 basket though. Bullets, food, gold and silver us a good place to park money.

after your family is financially safe, then you gift to family, friends, charity, etc.

49 posted on 01/26/2014 11:44:39 AM PST by DCBryan1 (No realli, moose bytes can be quite nasti!!)
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To: Huskrrrr

It can and has been done.


50 posted on 01/26/2014 11:46:29 AM PST by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: volunbeer

One must assume the lottery or bank holding the funds will remain viable to take the monthly payments. One crook in charge or bad luck bank and you could get little to nothing. I think this is the main reason people take the lump sum payment because it’s guaranteed money.

That's why you don't put your money into a bank or into the hands of an independent money manager. Invest with a reputable money managing company, like Edward Jones or ING.

51 posted on 01/26/2014 11:48:23 AM PST by dancusa (Molon Labe)
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To: volunbeer

Yes indeed, don’t invest with Madoff — I am sure there others like him out there too.

DIVERSIFY, don’t invest with an investment advisor, just because all the famous people do, many lost a great deal of money because they were greedy and gullible and believed Madoff.


52 posted on 01/26/2014 11:52:19 AM PST by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: DCBryan1

I doubt a “trust” can’t take initial possession, though in some places one may remain anonymous.

A “trust” tried to claim a prize in Iowa. Not only could a trust not claim it, any claimant has to prove a lawful chain of possession of the winning ticket.


53 posted on 01/26/2014 11:53:10 AM PST by jjotto ("Ya could look it up!")
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To: DeFault User
Thanks for the link. I'd rather read success stories than failures. IMHO, the 18 YO who won a (relatively) small amount and parlayed it into successful investments is the winner there.

Not much is said about the other winners before they won. The gym owner seemed to have already been successful prior to winning. Too many people really don't know where to turn or who to trust after they win big, having never had that kind of money before.

And what with the story from the UK about banks not giving people their money back without a "good reason" makes me trust banks even less (if that's possible), so storing tens of millions in a bank even for a short while doesn't seem like much of an option these days.

What's a safer investment than multi-year jumbo CD's? Not much of an investor, so IDK.

54 posted on 01/26/2014 12:10:32 PM PST by jeffc (The U.S. media are our enemy)
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To: Rides_A_Red_Horse

******“Money won’t make you happy”,


Yeah, but it’s nicer to be miserable in a Rolls Royce than in a Yugo.


Agree, Poverty won’t make you happy either. I’ll take the money, trust, DPA and will already set up. At 75 its time to party. If I can find any energy..


55 posted on 01/26/2014 12:12:58 PM PST by goat granny
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To: DCBryan1

“Step 2- take lump sum and the trust takes posession, anonymously of course.”

Step 2- take lump sum and your newly formed Cook Islands International Trust takes posession, anonymously of course (of course, you always have to report to Uncle Sam).


56 posted on 01/26/2014 12:13:58 PM PST by aMorePerfectUnion (Truth is hate to those who hate the Truth)
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To: jeffc

I would suspect that most winners do succeed in bettering themselves. Why do I say that? Simply because we’d be hearing about them if they were in fact abject failures.


57 posted on 01/26/2014 12:14:15 PM PST by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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To: jeffc

I was wondering the same thing. Give us some stories of people who have done well after winning the lottery. there has to be a few.


58 posted on 01/26/2014 12:24:22 PM PST by Ditter
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To: dfwgator

The reason why people take cash instead of the installment payments is the UNITED STATE FEDERAL ESTATE TAX imposed upon the estate of the decedent, due and payable nine months after death in CASH. The IRS calls the payments “Income in respect of a decedent”, you own it and anything you own in included is the asset calculation that will be subject to the estate tax.. which can be as high as 50%.

The problem arises in that the estate does not have the cash on hand because it is coming in future down the road payments but the estate tax is payable NOW. Taking the winnings in cash will not eliminate the estate tax but the money is there to deal with the IRS in the ninth month when the estate has to make the estate tax payment.

Do a google on U.S Estate taxation.

Have a good day...


59 posted on 01/26/2014 12:36:24 PM PST by LaMudBug
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To: Innovative

The ones that really get to me are the folks like Jeff Dampier and Bob Harrell, who used their money to try to help others and ended up being burned (and in Dampier’s case, murdered) for it. No good deed goes unpunished, an all that.

As for me, I would not breathe a word to anyone if I won lots of money. I sat down one day after buying a lottery ticket, and wrote out a list of all the people I knew (or had known at some point in my life) that would likely come looking for a handout if I won. I stopped after two full pages of names. Add in strangers, scam artists, and so on, and I’d never know a moment’s peace.


60 posted on 01/26/2014 12:39:36 PM PST by DemforBush (A Repo Man is *always* intense.)
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