Stay Out of Trouble After Winning the Lottery

lottery winner

Despite the fact that most lottery winners are satisfied with their new wealth, there are some who find themselves facing some very serious challenges. These winners have faced financial ruin and even murder.

Among them is Jack Whittaker, a West Virginia construction worker who donated much of his money to strangers. He was known for his outsized cowboy hat and generous spending. He gave money to his church, a strip club, and diner waitresses. He reveled in his ability to give handouts.

Another lottery winner, Evelyn Adams, spent much of her winnings recklessly. She moved into a trailer, gambled her winnings, and gave away a lot of her money.

Americo Lopes was a New Jersey lottery winner who quit his job. He lied about his winnings, and his former coworkers ganged up on him. He eventually was charged with tax fraud. His winnings were divided in annual installments of $666,666. He died in 2008 at age 60.

Another lottery winner, Denise Rossi, won $1.3 million in the California lottery eleven days before her divorce. She filed for divorce in 1997. Her ex-husband, Thomas Rossi, found out about her win when he got a court injunction. He took Denise to court because she intentionally broke asset-disclosure laws.

There are many things you can do to make sure you stay out of trouble after you win the lottery. It helps to have a trusted investment professional as a partner. They will help you put together a comprehensive quantitative financial plan that looks out for your best interests. They will also be able to guide you away from frivolous spending.