$300+ Million Jackpots. Why Do So Many Big Cash Winners go Broke?
It has been said that money is the root of all evil. I don't know if that's true and I certainly wasn't thinking about that when I purchased what turned out to be losing 'Mega Millions' tickets today.
It was a $4 investment in mild entertainment I guess. But, what would I do, what would you do, if we had won that $306 Million Prize? Would we feed the hungry, buy an extravagant home, hire people to help us think of ways to spend it? It turns out, many people who all of a sudden wind up with a lot of cash, are really good - at losing it all.
People Who Win Large Lottery Jackpots or Other Windfalls Often Blow It
According to the National Endowment for Financial Education, about 70 percent of people who have won large lottery jackpots or fall into the possession of large sums of money all at once, wind up going broke and as much as one-third of them file for bankruptcy.
Why Do The Big Money Winners So Often Lose It All?
My answer, they're complete and utter idiots! Come on folks, how hard can it be to pay off some bills, set yourself and your family up financially, and then slide into a comfortable, conservative financial groove? Apparently, it doesn't normally go that way.
Spending like the proverbial drunken sailors, making extraordinarily bad investment decisions, receiving and following terrible financial advice, and having little or no knowledge of how to handle finances are among the most common and obvious reasons. Some of these temporary millionaires get bombarded with requests for money from all directions -- long-lost cousins, friends, family members, and complete strangers. It's hard to say no, apparently, and so they don't.
Big Mega Millions and Powerball Jackpots - Well Over $300M
No big winner in the Mega Millions Jackpot on Tuesday, so the jackpot goes to an estimated $323 Million for Friday's drawing. The Powerball jackpot for Wednesday's drawing is estimated at $345 Million.