The story of the 26-year-old garbage man who frittered away $15 million in lottery winnings — and other tales of luck gone terribly wrong
Want to know how to fritter away a multi-million lottery fortune?
Ask Michael Carroll: The unemployed 26-year-old Brit has blown a £9.7 million jackpot he won in 2002 (approximately $15 million at the time) and is currently hoping to get his old job back as a garbageman. At first, Carroll lavished gifts on friends and family, but soon started spending on less admirable causes: Cocaine, parties, cars, and, at one point, up to four prostitutes a day. "The party has ended," he recently told the UK Daily Mail, "and it's back to reality. That's the way I like it. I find it easier to live off £42 dole than a million." Though Carroll's laid-back attitude might be unusual, it's not that rare for lotto winners to lose their cash. Here, five more average Joes who won it big, for a while:
Money can buy haplessness: After winning $16.2 million in the Pennsylvania lottery in 1988, William 'Bud' Post should have had it made, but that was hardly the case for the shotgun-toting rough rider of Erie, PA. "His problems," reported The Washington Post, "included a brother who tried to hire a contract murderer to kill him and his sixth wife; a landlady who forced him to give her one-third of the jackpot; and a conviction on an assault charge, after Mr. Post fired a shotgun at a man trying to collect a debt at his deteriorating dream house in northwestern Pennsylvania." In 1996, the cash-strapped former millionaire auctioned off the rights to his remaining lotto payments. After repaying his lenders, he was again in the clear — that is, until he bought two homes, a truck, a luxury camper, computers, and a $260,000 sailboat. "I was much happier when I was broke," he said. He died in 2006, on a $450-per-month disability check.
The guy who couldn't catch a break: Vietnam veteran Wayne Schenk thought the $1 million New York lotto he won would pay for his costly lung cancer treatments, but the 51-year-old was wrong. New York lottery officials rejected his request to receive the amount in a lump sum. He only received one $50,000 payment — well short of the $125,000 initial outlay required for the specialized care — before he passed away in 2007.
Fool me once, shame on you: In a bizarre twist of luck, New Jersey resident Evelyn Adams won the state's lottery twice — and managed to squander her $5.4 million total winnings. Adams, a compulsive gambler, spent the bulk of her payout at Atlantic City casinos. She now lives in a trailer. "Winning the lottery isn't always what it's cracked up to be," she later told reporters.
Curse of the Powerball: It was called the gift of a lifetime: West Virginian Jack Whittaker won a $315 million Powerball jackpot on Christmas Day 2002. But when strangers descended on him demanding a piece of the fortune, he turned to alcohol and strip clubs. He also lavished cars, diamonds and cash on his granddaughter, 17-year-old Brandi Bragg. Bragg's life as a normal teenager spiraled out of control; she spent tens of thousands on shopping sprees, diamond stud earrings for boyfriends, chartered planes to Vegas — and lots of crack cocaine. Meanwhile, Whittaker's marriage disintegrated as he became notorious for his philandering ways, once offering a local woman $10,000 to strip and dance around in her panties (she declined). In 2004, two years after Whittaker won his fortune, his granddaughter was found dead of an apparent overdose. With the bulk of Whittaker's jackpot merely a memory, Whittaker told reporters his dream Powerball win had turned into a life's nightmare. "I wish we had torn the [lottery] ticket up," he said.
Philanthropic pauper: Janite Lee, a wigmaker who immigrated from North Korea to St. Louis, won an $18 million lotto jackpot in 1993. She used the winnings to better her community, sinking millions into the construction of a nondenominational church and a reading room at Washington University. She also donated so much to the Democrat National Committee that she was ranked 31st on a list of "soft money" donors — right beneath Boeing. Several of Lee's investments turned sour; she spent hundreds of thousands on gambling. Lee filed for bankruptcy in 1997.
In regards to the Michael Carroll Story........"don't quit your day job" beaudad
I think the Democratic National Committee should give Janite Lee all her money back.
That would be the "fair" thing to do.
They didn't come through on the hopey changey thingy.
I'm sure they'll do the right thing now though and come to her aid the way she came to their aid. It's nice to know they will be returning her money and she can come out of bankruptcy with her head held high and say: "See, I told you so! The Democrat Big Shots will never let you down or turn their back on you!"
I can't wait to hear the news when they hand her that check! I bet even Michelle will be proud to be an American for the 2nd time in her life!
Yes We Can!
Sounds like these players need to win a lottery real bad too.
https://www.lotterypost.com/thread/215491
rdgrnr,
Amen, Brother
We've done made plans just in case we win the big one.....You leave town,act poor,disappear into the unknown....
Do you know how many people would suddenly be calling that you swore couldnt possibly have
gotten your phone number ????
I would settle for being a "poor" Lottery reciepient for just a measley million $$$...
I guarantee there would be a certain Catholic church in Lawrenceville GA benefit from 1/2 my payoff.....
and 1/2 of what i have left to buy the 4 acres that adjoins my cabin in the N. GA mtns....
the rest I would put into more gold.
It's amazing how when some people win the lottery and then lose it all, they sit and complain like it's the lotteries fault. Really? Are you serious? Some of these people need told, "um, it's your fault you played all your money at the casinos, or on drugs, or whatever and lost it. The money was supposed to be a tool to help you live a better life. Instead you wasted it all, so that's YOUR fault." People will just be ghetto no matter if they have $1 or $1,000,000 dollars. If you look at very wealthy people, who have had their money for a long period of time, you really don't see them buying a whole bunch of crap, or spending millions at the casino. And the ones that do, they either overdose on drugs and die, or go bankrupt, look at MC Hammer. People still need to know how to manage their finances, and live on a reasonable budget. The problem with our society- we always live beyond our means.
It would be great to win a HUGE jackpot, I would be happy with enough to pay off bills & get a fresh start!!!!!!--If, God willing I ever do win something HUGE, I pray that I'll do the right things, and not waste it all within a few years.
You don't have to end up like these people !
A big dose of moderation in life will keep you from going broke, and find a nice place where you can live without publicity ! No pictures or interviews when you claim the money !
There are people who win and you never hear much of anything about them again ..... don't look for trouble !
Here's looking for the first Mega Millions Jackpot winning ticket in PA !
No pics or interviews for me !
Woo Hoooooooooooooooooooooooo !
sounds like these people were out of control ,probably had other issues in life to begin with.
They were lucky enough to had a sweet taste and said it was sour.
??? we need to keep our political views to ourself
Just plain stupid. I know two people who have won lottery jackpots and yes they quit their jobs. They have bought their dream houses, have nice cars, invested the bulk of their winnings, and now they both just travel and do what ever they want to do because they were smart about it. One won a 27 million lottery and the other won 23 million. I still keep in contact with both of them. They and their families are doing just fine.
WOW MAN!!!.....ridge just got told off and what to do with his political niews..Like WOW MAN!!..Grovey man..far out man..let it all hang out man..crazy man crazy..
LMFAO....you 2 are funny
I see it like this, if you can't manage a couple hundred dollars then there is no way in hell your gonna have any clue as to how to manage Millions......
they will buy another QP and win couple of mills, then dump $ again on Las V and Strips and Gold watches and other refined things:), then back to Las V, the way karma operates don't be surprised, on the other hand, having so many families with financial problems, it's is an absolute heart break, than again I believe in an absolute anarchy when it comes to individual finances, long live United States!
tiggs agrees with this but would love the challenge..
'' break ya self fool'' lol
It is important to remember that these 6 "unintelligent" jackpot winners' stories are RARE!!! That is, oddly, why they are considered news! That is what LotteryPost.com has taught us several times, anyhow.
Consequentially, when we each win our multi-million dollar multi-state lottery jackpot, we will instead continue researching (free researching) and modeling our spending after the much higher percentage of winners who still have the bulk of their after taxes PRINCIPAL remaining (the winners who didn't donate more than 20% of their after taxes monies away to charities, family, or friends). It is important that if the net, after tax monies received were under $4 million (after the tax forms for the year of the win are completed and additional tax monies that weren't taken out originally by the lottery office) , that you probably not donate to anyone or any place, this of course would be for people that are probably younger than 65 years old (our whole life expectancy issue, apx. age 91, of course)!
After we take our two week luxury cruise with a couple people who's company we enjoy, purchase a bit higher than average vehicle and dwelling through the protection of a REALTOR, and buy a year's worth of weekly helpful massages and/or chiropractic sessions, we'll likely quickly enroll ourselves and a close friend (who we give a few thousand dollars of seed money to) investing software courses. We'll focus on learning how to only invest in "insurable" investments, have several "pretend" and within 2 months "actual" investing accounts -- EACH in different sectors (that way, when one's floor drops out, the others remain unaffected for a couple days or so, giving us a chance to vacate the investment into a cash account for the temporary time being, or shift into another account. I presume that our new job as financial investor of several accounts will become our new DAILY employment source and will require 1.5-2 hours of daily evening monitoring. The LotteryPost.com has shown me that "I" must become the daily monies investor/caretaker; not a position that I can hire someone to do (as it often becomes too difficult for a hireling not to resist embezzling). Heck, working 2 hours a day to maintain and increase several accounts will also provide the added bonus of keeping us away from the too high costing investment in deadly and painful virus riddled prostitutes too!
Gosh just let me win the jackpot and I will handle the money wisely. These folks who won the lotto are simply people who can't control money because of their mindset. If they get help the right time, things would not end up this way. Same thing with celebrity who are in rehab.
Wow Doc, you're scarin me with all that authoritarian yelling.
I see you're one of those "we" people like we have in office now. "We" all need to do this, "we" all need to do that.
So I'll tell ya what "we" all need to do now Doc.
I see you were posting on another thread that you won $160,000 on Quad 2222 and another $20,000 on Trip 777. You've been very fortunate here Doc.
So here's what "we" all need to do:
"We" need to support this site.
C'mon Doc, you've been taking a free ride for years while others pay for your privileges.
Loosen up Doc, stop being such a tightwad, skinflint, cheapskate, pennypinching miser.
What's it gonna be Doc? Gold or Platinum?
So, what's up Doc? What's it gonna be?
"We" all want to know.
And don't tell us you ain't got the money Doc.
"We" already know you do.
Don't blame Doc, tiggs.
The poor soul is just a little too high strung.
Let it all hang out?
I'd like to dedicate it to Doc.
Thhhhhhpppttttppp!
No parking by the sewer sign
Hot dog my razor broke
Water dripping up the spout
But I don't care
Let it all hang out
Hanging from a pine tree by my knees
Sun shining through the shade
Nobody knows what it's all about
It's too much man
Let it all hang out
Saw a man walkin upside down
My TV's on the blink
Makes Galileo look like a Boy Scout
Sorry about that
Let it all hang out
Sleep all day drive all night
Brain my numb
Can't stop now
Sho ain't no doubt
Keep a open mind
Let it all hang out
It's raining inside a big brown moon
How does that mess your baby up the leg
Eating a Reuben sandwich and sauerkraut
Don't stop now Baby
Let it all hang out
The truth is that anybody can squander a big jackpot. It's also true that the ones you hear about are from the shallowest end of the gene pool.
Jack Whittaker will probably be remembered as the granddaddy of all lottery losers, but my favorite will always be David Lee Edwards who got 27 mill after taxes from the KY lottery. That story would make Shakespeare blush.
Jack is my favorite loser
One should assume that since he was already rich he knew how to manage big money...
Poor people are ..not all but many of them...bad at personal finance and at prioritizing...thats why they are poor in the first place
Life is simple if you are thinking and decide in an analytic manner and if things dont go wrong............
I love reading all these lottery failure stories...good fun
https://www.lotterypost.com/news/161361
That David Edwards is quite a story. We should be able to look at his life, and the lives of other jackpot losers, and come up with a set of general rules to live by should we win.
1. Invest for income and live within a budget. Let's say Edwards had 27 million after taxes and everything. If he had invested it, drawn off 3% for income, he'd have an income of over $800,000 a year, plus his investments would have grown to match inflation and increase in value. Are you telling me that 800k a year is not enough to live on?
2. You are not financially responsible for friends and family. There's a difference between one time gifts and regular gifts. If you give someone money and they squander it on beer, hookers, and donuts, then come back with their hand out, you're doing them no favor by giving them more. I know people with huge massive credit card debts. There's no way I'd bail them out. They need credit counseling, not cash. If you must gift, give once and learn to say no.
3. If you hire a financial advisor, listen to their advice. It seems Edwards had only one person in his life who was looking out for his best interests, and he mocked that person and ignored their advice. Get your financial advice from a large, renown company. He used Morgan Stanly. But Vanguard, Blackrock, these types of companies deal in trillions of dollars. If you're worried about them embezzling your money, you're just paranoid. Your few millions will be piddling compared to their total assets. It's the little guys you have to watch out for. This Chandler guy that Edwards hired, who did he work for? Himself? He was better at lining his pocket than managing money. Abraham Shakespeare trusted some woman who just showed up and offered to help him. No. The real professionals don't come to you, and they certainly don't need your money.
4. Appreciate the value of money. A $78,000 watch? A $34,000 watch? A $159,000 ring? If a watch costs 78k, the thing better shoot laser beams and be able to stop time. He bought cars, but had no place to store them. If his neighbors were complaining that his home looked like a car lot, it was because the cars were setting in the driveway, not the garage. Buying a one hundred thousand dollar car is a splurge, having a million dollars worth of auto in the driveway is a waste. Let's don't even mention the jet. That's just craziness.
5. Drugs are bad, mmmkay. If I had millions of dollars and a drug addiction, I'll be in nicest rehab facility in the world. If I had an income of 800k a year, I'd hire a big Samoan* to travel with me everywhere, slap the drugs out of my hand, and sit on my head every time I even think about doing drugs. I'll learn. *I'm partial to Samoans, really nice, honest people, but I guess any large muscular person would do.
6. If you weren't a business expert before you won the lottery, you will not magically be one after. Edwards bought a limo company, a fiber optics company, and three racehorses. What made him think he had the business sense to know if any of these things were good investments? His financial advisor would have put the kibosh on all three.
7. Get a hobby that doesn't require spending tons of money. You need something to fill your time. Off and on over the years, I've dabbled in drawing, painting, playing music, and writing. If I didn't have the nine-to-five, I know exactly how I'd be spending my time. You need some hobbies, especially if you're a recovering addict (boredom and druggie friends would probably be the greatest threat to your sobriety).
That's just off the top of my head. If I won a jackpot of any size, I would do more research and create a detailed plan before I even approached a lawyer, accountant, and financial advisor. These advisors would help me modify the plan, then I'd stick to it. There's no way I'd end up another lottery tragedy story through my own doing.
Very wise stuff here and most of it is commonsense which seems to elude people after they win a jackpot.
Yep, Sarah Palin's terms in various positions (city council, Mayor, Governor) in HUGE Alaska resulted in efficiently: lessening stresses, reasonably and rationally assisting nature, keeping big businesses in tow, balancing the books/eliminating debt, and creating a sustaining reserve account.
Sarah Palin has been a great thinker, appreciator, and achiever within political offices and her family life for the past 21 years.
She quit the job!!! for crying out loud!!
Don't get your pants in a wedgie
Yea BUT she *is* Sara Palin, she can do WHATEVER she wants. Anyway, she is all about the money now. guess I can't blame her!
long as u dont support her your alright, now when you start supporting her you fall right in the dumbazz group she resides over
Regarding Janite Lee who gave the Democratic National Committee lots of lottery money.I don't believe she will get any money back from the DNC.When I win the lottery,Im not giving the DNC anything.First thing I will do is leave Dodge City.Lots of people will come out of the woodwork (LONG-LOST FRIENDS) looking for me,for a hand-out,but I'll be on vacation, traveling around the world and find a place where I can live with peace of mind and have a good time with my family and friends.
A proud Palin supporter.
KOB-E for President?
All true HaveABall, plus she started giving every man woman and child in the state a rebate check at the end of the year from the surplus. But we have people like the dim-witted, numb-nuts, wanna-be-thug Kobra, getting educated on MTV and hating her because the libs at MTV hate her. What a genius.
Then we have nutjob Louise who is obviously senile coming aboard to spread a little hate too.
It would be a total waste of time trying to educate those two. If they had a brain between them they'd sit up all night and play with it.
One can't think straight, the other can't even use the English language properly --------->"...the group she 'resides' over..." LMAO!
But of course they're both experts and well versed in politics.
Sometimes I have to wonder if an IQ test to vote wouldn't be a bad idea.
Gotta give you some props ridge..You love to live on the edge..Don't leave home to soon pal..
I am not a Republican or a Democrat...I believe in truth, justice and altruism(selfless concern for the welfare of others) which neither party represents...however, I think Sarah Palin is a wonderful lady and the attacks on her are pretty disgusting.
Um this is not a political forum, right admin?
Acting rich cost money, if it didn't everybody could do it. We all could contribute millions to all kinds of causes, build nice homes, buy a few luxury cars and later when the money ran out just say sorry folks I want my money back cause I can't afford all that stuff. There are too many people doing the same thing with credit.
No, I don't be twittin, Weezy. Do u be twittin Weezy? Dat muz be e-z when u be a twit like u.
Sarah Palin is a lady that can sit on her back porch and see Russia. A great lady she is
Why, will you want your money back?
And what do you see from your back porch, junk cars and scrawny dogs? I'll bet your wife is a real gem too. Yeah, a great lady your wife is.
Easy ridge..Not nice..Even tiggs is smart enough not to say stuff like this..We will pray for you ridge..
There is a place and time for everything, that's all I'm saying
from my back porch I can look down on your trailer trash
Easy guys ridge is senile so try to ignore him..He's a drunk and don't know what he's saying half the time..