America has had a nasty case of lottery fever this past week.
The symptoms include, but are not limited to, excessive optimism, manic finger crossing and elaborate daydreaming about private islands and fancy cars.
The epidemic can be traced to the US$1.5 billion Powerball jackpot — the biggest ever.
While the odds of winning were pegged somewhere around 1 in 292 million, it seems one lucky ticket-holder in Chino Hills, California has bought the winning ticket.
Or maybe not so lucky. As it turns out winning the lottery is not all it’s cracked up to be.
Around 70% of people who land a big windfall lose it in a matter of years — some actually lose their lives.
Apparently unimaginable riches can do terrible things to ordinary people, so perhaps before the world’s most recent billionaire buys that solid gold house they’ve always dreamed of, they ought to heed a warning from these five former lottery winners whose luck ran out, fast.
Michael Carroll aka the “lotto lout”.
In 2002 British man Michael Carroll won the UK National Lottery at just 19 years of age.
The former garbage man took home £9,736,131 — around $US15.4 million — and became somewhat of an anti-hero in the British press who labelled him the “lotto lout”. He preferred to call himself the “King of Chavs”.
Top Comments
The accountant story is straight-up terrifying. Of all the people in anyone's life, who would think to fear the accountant?
But no, I'm deadset certain a Lotto win would not destroy me. $15 M, I'd keep it quiet, move about two blocks away, and give, donate and study to my heart's content, pretty much. And I guarantee, Greg Inglis and Sam Burgess will be Rabbitohs forever
Can be a mixed blessing winning a lot of money.I think leaving it in the bank for a little while and contacting a good financial adviser is a must