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The problem is that there are many pitfalls that snag lottery winners who become vastly wealthy overnight or those who find themselves incredibly wealthy in a very short period. Some points about what to do, or not do, may overlap or seem redundant. Some people now could even manage to spend that much just in a single day or two. It might have been very hard to spend $30 million in 30 days in "Brewster's Millions" during the mid-1980s, but spending $10 million, $50 million or even $100 million can now be done faster than you can imagine. Did you know that you might become a marked target if you are a lotto winner? Some people find instant enemies, and some people become their own worst enemy. While many lists explain what you should do if you win, it is surprising how few actual warnings are out there that can be used a scare-tactic guide that makes lottery winners do the right thing. The reality is that some people just cannot help themselves in avoiding the pitfalls of instant wealth. Doesn't it seem cruel to imagine that many lottery winners become losers? There is a saying that newly wealthy people need to commit to memory: you should only have to get rich once. We have looked around at many research papers and other articles on the matter about those who land in instant riches against all odds. has decided to offer 12 important things not to do if you are a lottery winner. The Best and Worst Run States in America: A Survey of All 50Ģ4/7 Wall St. wants its readers, particularly those few who are lucky enough to win the lottery, to avoid some of the simple and complex mistakes that have taken other lottery winners into bankruptcy. That just doesn't seem right at all.Ģ4/7 Wall St. Supposedly most lottery winners end up broke again. Now imagine the unthinkable, where Sir Joe becomes Joe the Village Idiot in a very short time. Imagine being Joe Somebody and turning into Sir Joe the Magnificent overnight.
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The chances of winning the Maxmillions prize, like West did, are the same.Future Powerball and state lottery ticket winners will become incredibly wealthy in an instant. The odds of winning the top prize in a Lotto Max draw are in an estimated one in 33,294,800. A man who lives in Kamloops scored half of the $70-million jackpot. resident claimed an even larger prize in the June 22 draw.
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"My mom has always helped me out so the first thing I want to do is buy her a new car," he said.Īs for what he'll do with the rest of the cash, West didn't say.Īnother B.C. "I was so surprised that it was actually $1 million," he told BCLC, which published his comments in a news release last week. He'd been visiting her at the time, so she was the first to know. Lottery Corporation he thought his ticket was worth about $1,000, but it was his mother who told him to go scan it at a store. A man who won a million dollars in a draw last summer but didn't find out until six months later says his first purchase will be a car for his mother.Įric West, a resident of Mackenzie, B.C., won a $1-million prize in the June 22 Lotto Max draw, but he didn't actually know he'd won until Christmas Eve.Īnd even then, he didn't realize how much he won at first.