Winners History Is Not Always Rosey
Winners history as it pertains to lottery winners is riddled with sad stories. One would think that winning millions of dollars would set you up for life and make all of your problems go away. The sad reality is that it does not always end up that way.
Take the case of Jack Whittaker, the lone winner of $314 million. He picked the cash option and took home $114 million after taxes. He gave 10% of his $114 million to the church and another $14 million to create the Jack Whittaker Foundation to provide food and clothing to low income families in W. Virginia. Whittaker purchased a home for the woman who sold him the winning ticket, gave her a new Jeep and $44,000 in cash. So far the winners history is a good one but the story soon turned sour.
Whittaker had several run in s with the law and ended up with a drunk driving charge. Several months later his car was broken in to while parked at a local strip club and got away with more than half a million in cash. Several months later his car was broken in to again and this time $200,000 was stolen. Later he was arrested for assault. In 2005 Whittaker's wife filed for divorce. As part of the divorce proceeding Whittaker's holdings were frozen. His problems continued through the next several years with bounced checks totaling over $1.5 million, law suites and counter law suites. Whittaker was sued in a wrongful death case involving the death of his granddaughter who died of a drug over dose. He settled out of court.
Many lottery officials recommend the aid of a financial manager who is paid strictly on the money that is earned under his or her supervision to prevent any potential for problems. If you find yourself in a situation of winning millions take the advice and let a professional manage your money. Getting just a couple of years of sound money investments under your belt can ensure that the money from the lottery never runs out. I can not imagine a situation more sad than having all of that money and potential in front of you at one time and to turn around a few years later to have no money and no potential.
Stories like Jack Whittaker's are all too common in the winners history of lotteries. Not all stories go this way, many people act responsibly and use the money wisely, investing it and ensuring they have money for their future. For some, the responsibility of having millions is too much for them and they make poor financial decisions, surround themselves with people who will take advantage of them and end up with little or no money left.