Lottery winners who went broke after winning millions

[nicoleivy5]

More stories of lottery winners who went broke after winning millions

"After winning $10 million Cdn most people would expect their lives to change, not to end. But that’s the fate that befell Winnipeg native Gerald Muswagon: After winning the lottery in 1998, he bought a house for drug use and partying, and he bought his friends and family TVs and cars.

After starting a logging business, which failed, Muswagon faced numerous run-ins with the law and served jail time for dangerous driving and sexual assault. He ended up spending all his money and went back to a minimum wage job to support his six children. In 2005, he tragically hanged himself in his parent’s garage."

Damn thats crazy. I cant imagine someone going broke after winning $10 million. In the other stories they won much more and blew it all away

 

[The Great Goose]

incredible.

 

[MarathonMike]

The first mistake they make is taking it in a lump sum. And almost all of them do it.

 

[IsaacNewton]

You'd think anybody would go to a financial advisor and put at least half of winnings into investments. I can see someone who's in their early 20s doing very foolish thing with the money, but you get over 30 you should have some things figured out by then. Even if you just went out and spent half buying property, at least it would be locked up in a place that isn't nearly as liquid as cash, so you couldn't spend it spur of the moment.

It's really foreign to me how anyone can win more than maybe $2 million and lose it all. On the other hand some people win $50 million dollars and keep their job at a factory, which I also can't understand. To each their own.

 

[Andylusion]

The first mistake they make is taking it in a lump sum. And almost all of them do it.

Actually I know of several which did not take the lump sum, and still went broke.

The problem is the mind set. People who invest their money, make more money. People who consume their money end up with no money. And often trying to blame the rich for their failures in life.