UNBELIEVABLE BUT TRUE - FIVE LOTTERY WINNERS REDUCED TO POVERTY
Lottery winners share their rags-to-riches-to-rags story for the first time
March 23, 2009 No, this is not due to recession. It is also not due to mortgage repayment problems. Its piles of money, yes, piles of cash magnify problem for some. Following are few unhappy stories of hit men, foolishness, greedy near and dear ones and a dream literally dashed.
Says Evelyn Adams, winner of not one but two New Jersey lottery jackpot to the tune of $ 5.4 million, “Winning lottery isn’t always what it is considered to be. Twenty-three years later, the money is all gone and Adams currently stays in a trailer. Adams further says, “Though I won the American dream, I have lost it too. It was an extremely hard fall called rock bottom for me. I made mistakes. Some I regret, some not. Since I am a human, I don’t go back on it. Hence, I just go forward, one step at one time.
Another lottery winner William Post won close to $ 16.2 million at Pennsylvania lottery in 1988. Two decades later, he lives on his social security number. Says Post, “It was a nightmare and I wished it never happened. Thanks to a successful legal proceeding initiated by his girlfriend and a couple of failed ventures at the persistence of his siblings, it didn’t take time for Post to become a broke. Post now quietly lives on food stamps and $ 450 monthly pension. Said William, “I underwent surgery for heart aneurysm very recently, and, now that I have reached 65 years, lotteries don’t matter to me.”
Meet our third riches-to-rags story. In 1993, Suzanne Mullins won $ 4.2 million at Virginia lottery. Currently, she is under huge debts with a company which lent her the money with the winning amount as collateral. Through 2006, she borrowed $ 197746.15 which she decided to return with yearly checks from the Virginia lottery. The moment the rules changed permitting Suzanne to collect the winning in a huge sum, the remaining amount was cashed in. however, the payments on the loan were stopped. When asked about her debt, Mullins blames the debt on the prolonged illness of the son-in-law who set her finances back by $ 1 million by way of medical bills.
Janite Lee, a Missourian won a sum of $ 18 million in 1993. A generous Lee donated to several causes, giving to community, education and politics. Eight years later, Lee filed for bankruptcy with only $ 700 left in her bank accounts and no cash in hand.
Charles Riddle from Michigan’s Belleville won $ 1 million in the year 1975. Thereafter, he divorced himself, got indicted for selling cocaine and faced numerous lawsuits.
Going by these terrible stories, it is always better to seek help from a reputed financial services company. Most companies have expert financial advisors who always make it a point to deliver proper guidance when it comes to your finances. The one thing common in the five stories was excessive and uncurtailed expenditures. Financial services firm not only ease your worries, but also offer you a peace of mind.
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