Many of us have heard about the Lottery Curse: the tendency for people who won big on the lottery to blow it all away in a little while and return to their initial financial situations. While this is not the case for everyone, we must admit that many have gone the same path. Here, let’s talk about five people who blew their lottery windfall:
Jack Whittaker is not your average lottery winner. He was already a wealthy construction boss when he won a staggering $314.9 million on the Powerball multi-state lottery and opted for a lump sum payout of $113 million. The large sum changed him more than the wealth he created himself, and within five years, all the money was gone.
David Lee Edwards
David Lee Edwards’ life changed when he won a $27 million share of a Powerball jackpot in 2002. He probably thought that sort of money never ends and embark on all kinds of spending sprees, buying machines, supercars, and even a Learjet. He reportedly went into drugs too, and within five years, the whole money was gone. He died penniless in 2013.
Curtis Sharp Jr.
This gentleman won his $5 million jackpot when the lottery industry was facing an image problem. His winning proved that every day people could buy a ticket, win, and change their lives forever. But his unsustainable lifestyle meant that that the money finished quite early.
William Post III
According to reports, this man had less than $3 in his bank account and had to sell one of his few possessions in order to get enough money to buy the lottery ticket that changed his life. He won $16.2 million from the Pennsylvanian lottery. One year later, he was half a million dollars in debt. His’ was an obvious curse.
In 1993, a kind-hearted South Korean immigrant, Janite Lee, won $18 million on the Missouri Lottery. Sadly, her rags to riches story didn’t play out too well because she was overly generous. She donated millions to charity and bankrolled the Democratic Party. Eight years later, she was 2.5 million dollars in debt.
There you have it! Above are some individuals that blew their lottery windfall. From the stories above, it may seem that all lottery winners lose their money within a few years. This is not always the case. Some make good use of their winnings and remain rich throughout their lifetime.