Almost everyone dreams about winning the lottery at some point in their lives, but most never get lucky enough to see those dreams realized. Even if you do manage to hit a jackpot, it’s not always a fairy-tale ending.
What To Know: The lottery jackpot total has only crossed the $1 billion mark nine times in history. There were four jackpots in 2023 that climbed above $1 billion, the most recent being the $1.6 billion-plus Mega Millions jackpot, which was claimed in October.
According to Mega Millions, the odds of winning a jackpot are one in 302,575,350. Those lucky enough to actually win get the choice of either taking the cash as a one-time, lump-sum payment or opting for an annual payout.
The annual payments are designed to help “protect winners’ lifestyle and purchasing power in periods of inflation.” On the other hand, the immediate cash payment allows the winner to invest the money right away and generate returns on their cash.
The problem is that most people who opt for the lump-sum payment don’t plan for the future appropriately. In some cases, winners suffered strings of bad luck following their lottery breakthroughs.
Business Insider gathered a handful of stories from lottery winners who lost it all. Here’s a look at what went wrong.
Lottery Winners Go Broke
Lara and Roger Griffiths spent their lottery jackpot winnings of $2.76 million in 2005 on a million-dollar house, an expensive car and luxurious trips. But the couple ended up buried in bills after a fire that forced them to gut their home. And Roger, who reportedly never argued with Lara prior to winning the lottery, left her for another woman shortly after.
Bud Post won $16.2 million in 1988 and then racked up $1 million in debt within a year after putting a bunch of money into his family business. One of his former girlfriends sued him for a third of his winnings, and his brother was arrested for allegedly hiring a hitman to kill him. “I wish it never happened. It was totally a nightmare … I was much happier when I was broke,” Post reportedly said.
Sharon Tirabassi quickly spent her $10-million winnings in 2004 and on a large house, fancy cars, designer…
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