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Lottery Burnouts – Losing Your Winnings Soon – Part I

Everyone wants to win the lottery and when they do, they often have no idea what to do with the money. In the excitement of winning, they tend to spend the winnings on anything and everything, without a proper plan. Before they realise, in just a few years or even months, they burnout the cash and end up with nothing! Here is a look at six such lotto burnouts in the past.

 

The not so wise William “Bud”

William “Bud” Post got his hands on $16.2 million in the Pennsylvania state lottery, but tragically ended with a debt of $1 million in just a year. He invested a lot of his money into the family business, which sank. Moreover, he was sued by his ex-girlfriend, while his brother tried to get him killed in hopes of inheriting the money.

 

Single mother wins lottery, decade later goes back to square one

Sharon Tirabassi, a single mom from Canada won a jackpot of 10 million CAD in 2004, through the Ontario Lottery & Gaming Corp. She purchased a fancy home, luxury cars and threw parties. She even handed out loans to friends and family. Now, just 10 years after winning the lottery, she is back to working part-time for income, lives in a rented home and rides the bus daily.

 

Teenager wins millions in lottery, loses all to drugs and men

Callie Rogers was a 16 year teenager working as a shop clerk in the UK. She lived in a foster home and earned£3.60 an hour. With that she bought a lottery ticket and in 2003, she hit the jackpot of £1.9 million. Like most who say that they will spend their lottery winnings carefully, Callie vowed to live frugally. However in no time, she ended up purchasing four large homes, a number of new cars and underwent breast augmentation twice.

She also gave expensive gifts to her boyfriends and spent a bomb on cocaine. Her drug habit led to her financial ruin, and she had to sell her homes, cars and had to go back working as a maid while saving whatever little she had left, for her future.

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