Here Are The Mistakes These 10 Lottery Winners Made That You Should Avoid

The Mistakes These 10 Lottery Winners Made That You Should Avoid

Everyone wishes they could win the lotto. When jackpots reach new highs, you and your family go out and buy many numbers, hoping and dreaming that one of the tickets would transform your life forever. While most of us will never have the financial happiness of winning several million dollars, there are certain people who have had the luxury of such a large sum of free money. So, how are their lives now? What have they evolved into? Have all of their aspirations and desires come true?

As it turns out, several jackpot winners have failed to collect their money, and some have just lost everything. If you are lucky enough to win the lotto, familiarise yourself with these 10 mistakes and disasters that lottery winners have experienced. Some of these winners made stupid blunders, while others discovered their winning tickets were lethal:

$10,000,000 – Giving the ticket to a friend

Jose Antonia Cua-Toc, an unauthorised immigrant, bought a winning lottery ticket in Georgia in 2010. The ticket was worth $750,000, but due to Cua-Toc’s undocumented status, he was anxious about claiming his wins for fear of being deported back to Guatemala if discovered, or even being allowed to claim the money at all. Cua-Toc gave the winning lottery ticket to his boss Erick Cervantes with the arrangement that Cervantes would pick up the money for him to avoid deportation. Unfortunately (and predictably), Cua-Toc’s ploy failed, and Cervantes seized the money for himself, claiming that Cua-Toc had only purchased the ticket for his friend. Fortunately, after analysing surveillance camera footage of the ticket’s purchase, courts found in Cua-Toc’s favour in 2012.

So, if you win the lotto, remember to claim your prize personally and consider hiring a lawyer! After all, you’ll have the money.

9. $1 million – Discarding the lottery ticket

We’ve all thrown away checks or a few money by accident, but one lottery winning couple threw away their winning ticket, which was a nightmare experience. Joanne and Joseph Zagmi bought a scratch-off lottery ticket during a routine trip to the store. The ticket remained in the bag when the couple returned home and unloaded their groceries, and they threw it away. They realised they had thrown away the ticket and pulled it out of the skip the next day by some miracle. One man’s trash is another man’s treasure, and it was this piece of “garbage” that won the Zagami family a million dollars.

So, before you throw out your bags, double-check that they’re entirely empty!

8. $1 million – Purchasing a lottery ticket and then forgetting about it

Keep track of the lottery tickets you purchase, or you may end up like Ron Yurcus of Illinois. Yurcus bought a lotto ticket in August of 2012, only to soon forget about it. Yurcus was cleaning his desk three months later in November when he discovered a pile of tickets and decided to check the numbers. One of the tickets turned out to be worth a million dollars, which he had won three months ago. If Yurcus’ error taught us anything, it’s that it’s worth picking up around the house every now and again!

7. $2 million – Car theft

Some people have problems that cannot be solved by winning the lotto, including financial troubles. This was the case with John Ross Jr. of California, who was charged in 2012 with helping in a car theft. As if the auto theft wasn’t weird enough, Ross had recently won $2 million in the California lotto. Ross stated immediately after winning that he intended to buy his own car because, at the age of 29, he had never had one. Ironically, Ross was arrested for helping in a vehicle theft just three months after winning the lotto. Note to self: try not to spend any future lottery winnings on lawyer bills as a result of your car theft.

6. $5.4 million – Gambling away the winnings

Winning the lottery is a fortuitous break; no one expects a lottery winner to spend away the majority of their money. Evelyn Adams, a New Jersey woman who won the lotto twice in the 1980s, appeared to have all the luck in the world. That is, until the good fortune ran out. Adams squandered the majority of her money in Atlantic City after winning a total of $5.4 million in lottery money. That’s not to suggest Adams was stingy with her gains; she was generous with them, giving money out to anyone who asked for it. Evelyn Adams’ lottery money is now gone, but she made the most of it while she could!

5. $15 million – Establishment of a demolition derby

If they won the lotto, many individuals would invest on homes, vehicles, holidays, and education. When Michael Carroll won a $15 million British lottery jackpot in 2002, he had far grander aspirations for his money. Carroll chose to spend his money on demolition derby celebrations for his new automobiles. For those of us who can’t afford to spend money on such a wasteful activity, a demolition derby is a competition in which drivers crash their cars into one another. By the end of a derby, there is only one car left running, and nothing but crushed up components remain. Carroll, in addition to ruining cars, squandered his money on drugs and women, and got himself in jail a couple of times. Carroll lived lavishly while the money was still available. Unfortunately, if you spend your whole lottery prize on breaking up cars, there will be no long-term cash flow.

Is it just me, or does the devastation of Carroll’s millions strike me as particularly symbolic?

4. $15,000,000 – Having your ticket stolen

When it comes to winning the lottery, some people go all in, buying tickets every week for years. Etta May Urquhart, for example, invested her money into the California lotto for 18 years. In the same way that Cua-Toc made the error of handing the ticket away, Urquhart was so pleased about finally winning $15 million that she gave the ticket to her son Ronny Orender to sign and claim the jackpot on her behalf. Urquhart’s son claimed the ticket and the money for himself. Urquhart successfully sued her son for fraud and abuse in connection with the theft of her earnings.

Again, there is no one you should put your lotto wins in the hands of, not even family.

3. 31 million dollars – You can’t purchase happiness.

In 1997, Billie Bob Harrell Jr. of Texas won the $31 million jackpot. Harrell made a number of investments to better the lives of his family members. In reality, he bought a lot of things that anyone who won the lottery would buy: houses, automobiles, charitable gifts, and so on. Yet, in only a few months, Harrell’s spending habits had expanded beyond a larger home and a couple of automobiles, and his friends and family believe he went too far with his wallet and ended up bankrupt in less than two years. The financial hardship that winning the lotto brought Harrell finally contributed to his suicide.

The lottery can buy you a lot of nice things, but winners have never been able to buy themselves happiness, regardless of the number of zeroes in their bank account.

2. $315 million – Robbery of a strip club

2002 was a particularly bad year for lottery winners to make catastrophic blunders with their winnings. Jack Whittaker of West Virginia won $315 in the Powerball jackpot, and in a similar destructive fashion to Carroll’s demolition derbies in the United Kingdom, Whittaker spent much of his money at strip clubs. Whittaker was already a wealthy guy before winning the lottery, and while it’s not uncommon for the wealthy to spend large sums of money at strip clubs, Whittaker was having an exceptionally carefree time with the strippers—which proved to be a risky miscalculation on his behalf. Whittaker was at a West Virginia strip club carrying a suitcase containing $545,000 “because he could” about a year after winning the Powerball. Whittaker made the mistake of leaving the suitcase of cash in his car, and robbers broke in to steal it. In a similar case, the managers of a strip club were charged with attempting to drug Whittaker and steal his money from his suitcase.

1. $16.2 million – The amount paid when your brother employs a hitman.

One of the errors in this article was that you can’t trust those closest to you, which was also true for William “Bud” Post III, who won $16.2 in 1998. His brother attempted to hire a hitman to assassinate both Post and his wife in order to steal the money for himself. Although the assassination attempt failed, Post’s life remained difficult until his death in 2006. Prior to his death, he declared bankruptcy, was compelled to pay $5 million to his landlord, and invested in a failed enterprise.

While his brother was imprisoned and did not succeed in killing Post for money, the rest of Post’s life was not without incident. After all, as we’ve seen with these unlucky lottery winners, winning the lotto does not ensure a comfortable life.

FAQs : Here Are The Mistakes These 10 Lottery Winners Made That You Should Avoid

1. What are the common mistakes made by lottery winners? Many lottery winners make errors such as overspending, not seeking financial advice, disclosing their identity too soon, and giving in to sudden lifestyle changes.
2. How can I avoid overspending if I win the lottery? To avoid overspending, create a detailed budget and stick to it. Consider investing a significant portion of your winnings wisely and avoid splurging on extravagant purchases.
3. Why is seeking financial advice crucial for lottery winners? Seeking financial advice is vital because lottery winnings come with complex financial implications. Professionals can help you understand taxes, investment options, and long-term financial planning.
4. When should I disclose my identity if I win the lottery? It’s best to delay disclosing your identity until you have a solid plan in place. Prematurely revealing your identity may attract unwanted attention and unsolicited requests for money.
5. How can I deal with sudden lifestyle changes after winning the lottery? Adjusting to sudden wealth can be overwhelming. Take your time to adapt and avoid making impulsive decisions. Surround yourself with trusted friends and advisors who can provide guidance during this transition.
6. What are some examples of lottery winners’ bad investments to avoid? Some lottery winners have made poor investments in risky ventures or get-rich-quick schemes. Avoid making decisions based on emotions and thoroughly research any investment opportunities.
7. What should I do if I receive requests for money from friends and family after winning the lottery? Politely decline any immediate requests for money and explain that you are seeking financial advice to ensure your winnings are managed responsibly.
8. Can winning the lottery lead to long-term financial stability? While winning the lottery can provide a substantial financial boost, long-term stability depends on how you manage your winnings. Responsible financial planning and investing are essential for lasting security.
9. Are there any legal or financial precautions I should take upon winning the lottery? Yes, consult with an attorney to understand your legal obligations and consider setting up a trust to protect your identity and assets.
10. What can I do to ensure my lottery winnings don’t lead to financial ruin? Stay grounded and make informed decisions. Educate yourself about wealth management, avoid extravagant spending, and surround yourself with a trustworthy support network to safeguard your financial future.