Posted on 02 April 2009.
It is difficult the way it is to win the lottery that those people did, nonetheless they have managed to lose it all and end up worse then before winning that lottery. If you win the lottery, make sure to get a financial advisor and be smart about your winnings. Winning the lottery can be exciting and fun and can change your life for the better, as long as you handle it well!
1. Evelyn Marie Adams
Evelyn Marie Adams hit the jackpot not once, but twice, buying both winning tickets at the 7-11 store her husband owned in New Jersey, a total winning of $5.4 million in 1985 and 1986. At the time Adams won, she was required to take winnings as an annuity paid out over 20 years. While the winnings were taxed at 50 percent, the government initially took only 20 percent, surprising her later with a tax bill for the remaining 30%. Like many lottery winners, Adams had to sell off her annuity to pay her taxes and her debts. She spent some money on travel, visiting South America, Hawaii and Disney World, and ignored the seven marriage proposals she got. But she did follow some bad advice; she was told to become a professional gambler so she could use her gambling losses to offset her winnings at tax time. Adams says she spent so much money gambling that she actually lost more than she won. Today, Adams lives in a trailer park and works in an upscale food services company. She does still play the lottery, but only in affordable amounts now and then.
2. William “Bud” Post III
In 1988, William “Bud” Post III, won $16.2 million in lottery winnings but it only brought him debt, despair and heartache, causing his death of respiratory failure Jan. 15 at a Pittsburgh area hospital. His problems 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. He went bankrupt, came out of it with $1 million free and clear and spent most of that windfall, too.
3. Suzanne Mullins
In 1993, Suzanne Mullins won $4.2 million in the Virginia lottery. Now she’s deeply in debt to a company that lent her money using the winnings as collateral. She borrowed $197,746.15 from this company, but eventually stopped making payments on the loan. She blamed the debt on the lengthy illness of her uninsured son-in-law, who needed $1 million for medical bills. Needless to say, her lottery win did not end in happiness.
4. Ken Proxmire
Ken Proxmire was a machinist when he won $1 million in the Michigan lottery. He moved to California and went into the car business with his brothers. Within five years, he had filed for bankruptcy. “He was just a poor boy who got lucky and wanted to take care of everybody,” explains Ken’s son Rick. “It was a hell of a good ride for three or four years, but now he lives more simply. There’s no more talk of owning a helicopter or riding in limos. We’re just everyday folk. Dad’s now back to work as a machinist,” says his son.
5. Willie Hurt
In 1989, Willie Hurt of Lansing, Mich., won $3.1 million. Only two years later he was broke and charged with murder after spending his fortune on a divorce and crack cocaine.