Blessing or Curse? The Common Fate of Lottery Winners

"What would you do if you won the lottery?"

It's a question people ask each other around the world, before eagerly mapping out the plan for their fantasy wealth. However, considering the fate of many past winners, reality is indeed stranger (and more depressing) than fiction.

Statistics show that 70% of lottery winners go broke and a third go on to declare bankruptcy. Rash investments, unbridled spending, and poor accounting can burn through a lucrative windfall quicker than you think. Here are a few examples of those who won big, then lost bigger:

In 1992 Michael Carroll ( a binman who dubbed himself "The King of Chavs") won £9.6million. After 5 years of excessive amounts of cocaine, thousands of prostitutes, and reckless spending, he'd drained his entire winnings, and was rendered homeless, bankrupt, and divorced.

Already a millionaire when he won a staggering $315 million, Jack Whitaker's life rapidly took a turn for the worst. Not only did the construction company president go broke roughly four years later, but lost a daughter and a granddaughter to drug overdoses.

Abraham Shakespeare's fate was no better. He was murdered in 2009 after landing a $30 million lotto jackpot. The perpetrator was DeeDee Moor, a woman who befriended him shortly after his win. His brother reported that Shakespeare often said, "I’d have been better off broke."

Donna Mikkin won $34.5 million in 2007, sayinh that it ruined her life and led to “emotional bankruptcy.” The Long Island woman considered herself a “happy person” before the win, and, rather than vastly improving her circumstances, said, "my life was hijacked by the lottery".

"I wish it never happened." These are the words of William "Bud" Post, who won $16.2 million in 1988. He went broke within a year: a former girlfriend successfully sued him for a third of his winnings, and his own brother was arrested for allegedly putting a hit out on him.

Miraculously, Evelyn Adams won twice in 1985 and 1986. She won a sizable $5.4 million but ended up gambling it all away. What's more, Adams reported that the publicity she received led to constant pleas for financial assistance: "I couldn't go anywhere without being recognized."

Of course, there are examples of those who went on to lead happy, fulfilled lives after their wins, but they are rarer than you might assume. There are multiple reasons why hitting the jackpot appears to be more of a curse than a blessing.

Without an understanding of the value, power, and danger of money, most are ill-prepared to deal with such a huge cash injection. Ultimately, success and wealth must be earned for it to be sustainable. That being said, if you do happen to win big, always remain anonymous!