What Happens To Lottery Millionaires

Every year thousands of people become millionaires all thanks to the world lotteries. Sure, I pulled that number out of the air but I’m sure with the amount of world lotteries out there it wouldn’t be too far off the mark.

The problem with a lot of these newly hatched millionaires is they just don’t know how to hold on their newly acquired riches. I found one particular article that highlights 17 cases of what happens to lottery Millionaires.

What Happens To Lottery Millionaires? 5 Lottery Millionaires that lost their millions.

  1. Instant millions brings unhappiness to Lara and Roger Griffiths who won $2.76 million in 2005. Six years later after buying a What Happens To Lottery Millionairesmillion dollar house, a porche and countless arguments they are now penniless. It didn’t help when they lost their house in a freak fire and their marriage ended because Lara believed Roger was cheating on her.
  2. Man blows $17.2 million after winning $16.2 million in the Pennsylvania lottery in 1988. Here is one man who had no idea what to do with his instant fortune. Sure it didn’t help when a former girlfriend sued him, and won, for a portion of his winnings. Certainly didn’t help when his own brother hired a hit man to kill him!
  3. Then there was Sharon Tirabassi, a single mother on welfare, who won $10,569,00.10 from the Ontario Lottery and Gaming Corp. “She subsequently spent her winnings on a ‘big house, fancy cars, designer clothes, lavish parties, exotic trips, handouts to family, loans to friends’ and in less than a decade she’s back ‘riding the bus, working part-time, and living in a rented house.'”
  4. Evelyn Adams wins the lottery twice over two years amounting to a cool $5.4 million. Unfortunately no-one explained the concept of responsible gambling to her. She consequently blows the whole lot in Atlantic City and now lives in a caravan park.
  5. Then there’s the sad story of one woman, Ibi  Roncailoli, who was murdered by her husband after winning $5 million in a 1991 Lotto 649 drawing. “When Joseph Roncailoli, a gynecologist, found out Ibi gave $2 million of her fortune to a secret child she’d had with another man, he poisoned her with painkillers, the Toronto Star reports.

The list goes on and some of the stories are quite sad and most seemed that lady luck had something against them. The reality is that these guys just didn’t know what to do with their instant wealth.

Millions can come and go in the blink of an eye if your not careful. People who earned their millions know how to no only keep it but to grow their fortunes. Something a lot of them had in common was they went out on a shopping spree. With the price of stuff today it doesn’t take long to spend that sort of cash.

Others made bad investments. Honestly, you just shouldn’t go and invest vast amounts of money without knowing what you’re doing.

Some gambled it away. Shit, you’d think they would be happy with millions in their pocket and that they’d know better than to try and grow it by gambling it away!

The moral of this story is if you’re lucky to win millions stick it in a bank until you come up with a smart plan of spending a portion of it wisely and then investing the rest following a trusted financial advisors investment plans.


About LottoMan

Aussie businessman who has discovered the advantages of buying his lottery tickets online and wants to share the knowledge with his readers
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4 Responses to What Happens To Lottery Millionaires

  1. Nice write-up. Most instant millionaires never had any experience in properly managing their finances

  2. Gia Halliday says:

    Wow, It’s funny how in some cases the luckiest thing in the world eventually turned out to be the unluckiest? As you say coming up with a smart plan is the way to go before spending it. I recently read of a UK lottery winner suing Camelot because she blew all her money, deposit the fact that UK winners are offered financial support/advice!

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