Winning millions of dollars without really working hard for it can sometimes be financially harmful to you. That’s because you have loads of money in your bank account but you aren’t financially literate or astute. So, rather than managing the money prudently, many lottery jackpot winners end up blowing all their money within few years. Here are 3 Lottery winners that won big time but soon went broke:
1. Janite Lee
Janite Lee, an immigrant from South Korea, ran a wig shop in the US. In 1993 her life and her dreams completely changed when she won an Illinois Lottery jackpot worth $18 million. With that money in hand, she decided to donate to various charities and attend fundraising luncheon. She also donated munificently to universities and gambled unsuccessfully with some of her money. Then the day of reckoning came when the Internal Revenue Service send her a notice to pay the tax on her spending. As you may have guessed it already, Janite Lee didn’t have the money, so she filed for bankruptcy in 2001.
2. Suzanne Mullins
In 1993, the jackpot of $4.2 million was won by Suzanne Mullins. After the tax payments and other payments that she made to her family, she still had 20 annuity payments of $50,000. This should have been enough for her to lead a life of a millionaire but she took an unwise decision to take out a loan from People’s Lottery Foundation of $20,000 and was unable to repay it back. In 2004, the People’s Lottery Foundation sued Suzanne Mullins, as she was unable to return the loan.
3. Evelyn Marie
Evelyn Marie achieved the impossible when she shocked the world by winning two lotteries in her life. She would have thought that she would never ever face financial difficulties back in her life, but things turned out to be negative. Her friends and family began to ask for money and the strangers too. Evelyn Marie lost a large portion of her jackpot winnings while gambling in Atlantic City casinos and now works two jobs to support her. Now after she had lost everything that she has only one advice for the future lottery winners. ‘As soon as you win a lottery, the first thing that you should do is to go to your lawyer and accountant.’