SayWhat
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- Sep 25, 2017
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If you think you're better off getting a big lump sum of money at 18, never seeing money like that again in your life then I don't think you have much experience with situations like that. There's a reason 70% of lottery winners file for bankruptcy, and they aren't a bunch of 18 year olds.
Here's an excerpt from an article on lottery winners:
Lottery winners are more likely to declare bankruptcy within three to five years than the average American. What’s more, studies have shown that winning the lottery does not necessarily make you happier or healthier.
“Evidence shows that most people who make it to the top one percent of income earners usually don’t stay at the top for very long,” writes The Washington Post’s Jonnelle Marte.
Economist Jay L. Zagorsky agrees with the research. He writes for U.S. News and World Report: “Studies found that instead of getting people out of financial trouble, winning the lottery got people into more trouble, since bankruptcy rates soared for lottery winners three to five years after winning.”
Jack Whittaker, who won $315 million in a lottery in West Virginia in 2002, tells Time, “I wish that we had torn the ticket up.” Since winning, Whittaker’s daughter and granddaughter died due to drug overdoses.
Just eight months after winning, he was robbed of $545,000. “I just don’t like Jack Whittaker. I don’t like the hard heart I’ve got,” he said. “I don’t like what I’ve become.”
“He’s the last person I would have prototyped for going completely crazy but he did,” Don McNay, a financial consultant to lottery winners and the author of “Life Lessons from the Lottery,” tells Time about Whittaker. “No question it was because he won the lottery.”
McNay says many winners struggle with suicide, depression and divorce. “It’s the curse of the lottery because it made their lives worse instead of improving them,” he says.
Sad story on him and his family, but the lottery wasn't at fault. I'd take my chances, then again I don't throw my money at something with such a low chance of winning. Generally, it's a poor man or woman's game.