Lottery Winners Who Lose Their Fortunes
Some people have a theory that the best way to make money is to work hard, save money and invest. Advocates of this theory state that you are likely to mismanage money unless you sweat to earn the cash. According to this theory, this is the precise reason people who win the lottery end up losing everything. This theory may or may not be true but one fact cannot be disputed here. There are lottery winners who lose their fortunes in different parts of the world. This article will focus on just three of these winners who later became losers.
Callie Rogers was just 16 years old when she hit the jackpot. She was living with her foster parents at the time and was earning just £3.60 per hour. She bought a lottery ticket and won an incredible £1.9 million. She soon discovered that money cannot buy happiness. In fairness to this lady, she tried to live frugally at first but the cash soon overcame her resolve and she went on a spending spree.
Callie Rogers decided she needed more houses so she bought four large homes. She also bought a number of brand new cars and gave away a substantial part of her windfall. Ms Rogers also felt she needed a better pair of breasts so she spent good money on two breast augmentations. It was her decision to experiment with cocaine that cost her most of the cash she won. The lady admits that she spent close to a quarter of a million pounds sterling on this drug.
When she was down to her last £40,000, she decided to come down to earth. She got a job as a maid, found a new boyfriend and got pregnant. It was at this point that she found true happiness. She lost her money but she found love and joy at the end of the day.
The next example of a lottery winner who lost the lot comes from the United States of America. Suzanne Mullins won the Virginia lottery back in 1993. At that time, she received a cool $4.2 million which is equivalent to £2.8 million. Her problem was that she started spending the cash before she cashed the cheque. Mullins borrowed a respectable $197,746.15 which is approximately £116,529. The deal was that she would repay the cash from her annual lottery money. She then collected the winnings in one lump sum and stopped repaying the loan. The company that lent her the cash sued Ms Mullins and got judgement for $154,147 (£90,837). Unfortunately, getting judgement is one thing and recovering the cash is another thing entirely. In spite of the court judgement, the creditor has not been able to recover any money from Ms Mullins because she has blown all the cash.
The final example comes from the UK and the man in question won a lot of cash. In 2002, Michael Carroll won the national lottery and received £9.7million. Within the next six years he blew most of the money he received. He also appeared in court many times and was jailed for drug offenses. In 2008, he admitted that there was only half a million pounds left of the jackpot. He also admitted that the lottery was not the magic wand that many people thought it was.
There is nothing wrong with winning the lottery. The cash can be useful if it is spent or invested the right way. The problem is that some people win the lottery and lose their self discipline. They go on a spending spree and they eventually lose all the money. The people mentioned above are just a few examples of lottery winners in this category.