who know the statistics of lottery winners who go broke

Reply #17

Coin Toss — Sat, 26 Apr 2008 13:43:48 GMT

GamerMom

It's not that easy. When people take an annuity they sometimes wind up selling it a lump sum to a company that buys annuities. When they do that though, they get pennies on the dollar.

Therre's a thread in in the News forum right now that mentions a couple who did this. (The thread is about a tax fraud case, but mentions it).

https://www.lotterypost.com/news/174058

Reply #16

GamerMom — Sat, 26 Apr 2008 01:49:34 GMT

I bet almost all of them took the payout rather than the annuity. I think an annuity would be safer. That way you wouldn't be as pressured to give to so many friends/relatives/charities. I would be like..oh well I only get so much every year and my financial advisor has it all planned out for me, sorry.

Reply #15

Coin Toss — Sat, 19 Apr 2008 13:53:48 GMT

Good insight, ThatScaryChick.

Reply #14

ThatScaryChick — Fri, 18 Apr 2008 19:25:23 GMT

I think it's because, they see a lottery win as not really being earned. I don't agree with that train of thought, but I think many people feel that way, so they don't see anything wrong in begging for other peoples money if they win the lottery.

Reply #13

MeFirstYouLast — Fri, 18 Apr 2008 17:22:06 GMT

I would imagin, of those who no idea of which direction the sun rises, the losses would be above 90%. If you don't plan to win, then you, in turn, do not plan to spend. Thus you go broke. If you have made no plans on who to contact for advise, odds are tremendous that you will pick some one who will rip you off. Its like walking into an automobile dealship. Go in unprepared, come out loosing more then you imagined. Those who think, will probably be 90% profit makers. People who think they one $1... [ More ]

Reply #12

Coin Toss — Fri, 18 Apr 2008 13:09:09 GMT

Raven62

Excellent article, excellent find.

Should be required reading for all lottery players.

Reply #11

mylollipop — Fri, 18 Apr 2008 03:25:20 GMT

Very good article indeed.

Reply #10

JackpotWanna — Tue, 15 Apr 2008 23:16:13 GMT

My guess is 40% or lower go broke but higher than the general public. The trick is not to tell anyone that you won.

Reply #9

Coin Toss — Tue, 15 Apr 2008 23:09:32 GMT

On one of the Discovery Channel lotto programs it said that half of all jackpot winners declare bankruptcy within five years.

I'm not sure if that's 100% accurate, but we can say that they get a lot more press than the ones who just keep the money, a level head, and enjoy it.

I'm starting to think a jackpot winners actions the first two weeks or so koinf of ses the pace for qhat will happen.

David Edwards- hits a jackpot and takes an entourage of friends and family to Las Vegas - oh yea... [ More ]

Reply #8

hearsetrax — Tue, 15 Apr 2008 22:57:55 GMT

dunno ethier and nethier would I ask for help

if they wanted to help I wouldn't say no ethier

infact I just got into a debate with a friend of mine about that ...hard enough finding decent friends... but geeze H xmas

Reply #7

JWBlue — Tue, 15 Apr 2008 21:40:30 GMT

I don't understand why friends think they are entitled to one penny of someone elses windfall. If a friend of mine won the lottery, I wouldn't think of asking for money from them.

Reply #6

Stack47 — Tue, 15 Apr 2008 20:30:15 GMT

Winning a moderate jackpot raises their credit line and I'll bet while some don't go bankrupt, they have very little to show for their winnings. I've read about people that took annual payments and owed more than they would collect in the next 5 years.

Reply #5

fja — Tue, 15 Apr 2008 17:43:26 GMT

Nearly one-third of lottery winners become bankrupt.

The CFP Board made an offer to the National Association of State and

Provincial Lotteries to provide the organization's members with

information to distribute to winners. The Investment News article

highlighted the lack of financial guidance many winners receive from

state lottery agencies; estimates show that nearly one-third of

lottery winners become bankrupt.

Source: Certified Financial Planner Board of Standards... [ More ]

Reply #4

Raven62 — Tue, 15 Apr 2008 17:41:47 GMT

An Internet Search on: Windfall Bankrupt :Revealed an article that will go along way to answering the question you posed to the LP Members:

http://www.eagletribune.com/punews/local_story_301015837.html

The article may also answer some questions you didn't ask, or it may generate new questions, either way it's a good read for anyone that may become the recipient of a windfall.

Reply #3

JWBlue — Tue, 15 Apr 2008 16:56:39 GMT

money burns fast.

Reply #2

RJOh — Tue, 15 Apr 2008 16:18:36 GMT

People who inherit their wealth go broke all the time, it's just that only those who get their wealth from a lottery win make the news. People who win lotteries aren't any smarter about handling their money than the general public so they probably go broke about the same as those in the general public.

Reply #1

MillionsWanted — Tue, 15 Apr 2008 16:07:42 GMT

I can't help you, but there has been written a few books about the life of lottery winners and how they coped. Check on Amazon.com if there is any books which got the information you need.

who know the statistics of lottery winners who go broke

vanagon1984 — Tue, 15 Apr 2008 15:56:34 GMT

i am tired of my wife pulling unverified stats out of thin air and this one particularly bothers me. she said 70 % of all big lottery winners go broke quickly . i have tried to research this and all there seems to be are strories with anecdotal examples of people who have blown their windfalls.

maybe she is right, but i have seen everyting from 1/3 to 90%. i am getting worn out by the quickness of people to throw facts around that are dubious and who cannot/will not ever verify them on their