Big Winners Shares Risks, Lessons Of Powerball

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Updated: 11/28/2012 4:26 am
COLUMBIA, Mo. (AP) - Visions of lifelong riches are surely dancing in the heads of those rushing to buy lottery tickets for Wednesday night's $500 million Powerball jackpot.

Past winners of mega-lottery drawings and financial planners have some more sound advice: stick to a budget, invest wisely, learn to say no and be prepared to lose friends while riding an emotional roller-coaster.

Tales of big lottery winners who wind up in financial ruin or other desperate straits are increasingly common.

A two-time New Jersey lottery winner squandered her $5.4 million fortune. And a West Virginia man who won $315 million a decade ago on Christmas later said the windfall was to blame for his granddaughter's fatal drug overdose and his divorce.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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The views expressed here do not necessarily represent those of WKRC-TV :: Cincinnati Weather and Forecasts, Cincinnati News, Breaking News, and Sports for the Cincinnati area, Ohio, northern Kentucky, Indiana, and the tristate area

gcwpapillon - 11/28/2012 2:52 PM
0 Votes
This "article" made me laugh. If you don't use the money wisely your "tips" on the "risks" are a joke. I don't play (I don't have the money to waste on what-ifs), but if I ever did win a bunch of money I already know what I would do with it, and not a cent of it would be squandered (seriously, that women squandered her $5.4 MILLION fortune!), I wish I just had an extra hundred, or even twenty to spend.

drewstall - 11/28/2012 10:29 AM
4 Votes
I agree with John Smith. Putting the money in investments so that it's hard to get to is good. However, anonymity is the smartest thing. Never tell anyone.

Old Lady - 11/28/2012 9:32 AM
2 Votes
Why not make the jackpot less and the odds better? I am willing to bet 100 grand to 1000 winners would do much better for many more. I dont need half a billion.

Cara654 - 11/28/2012 8:10 AM
1 Vote
I like to think I wouldn't mess up such a tremendous opportunity, and that my husband and I could handle things wisely. I know he would want to travel, and I agree, but I also would start my dream business of producing the best fiber for spinning, open a store in Salem, Massachusetts, buy a beautiful historical building there, go sailing (on a rented boat, who needs to store one of those?) make sure my mother had everything she needs, put some in trust funds for my daughters and tell them to choose whatever college they'd love to go to, hire a maid (sorry, I'm sick of housework!)and invest lots of money in promising cures for cancer and other worthy causes. Basically, no matter how rich you are, you're still going to die one day. I'd want to do things with the money that made life comfortable for myself and my family, but also that gave us meaningful work and made a difference to the world. Oooo! I'd invest in new businesses in my hometown of Milan,IN so they could forget that 1954 basketball championship and move into the future! Yeah, I'd need a financial advisor!

nerak40 - 11/28/2012 7:52 AM
5 Votes
Well if you win multi millions and lose all of it then you were not deserving of the money to begin with. I don't need multi millions, but you better believe if I would win it no one in my family would go without. I live a simple life and couldn't see me spending it all. I would not let people in my life that were not there to begin with. If I win I would donate to charity, take care of my family and probably bury most of the rest instead of putting it in a bank for them to invest in it or to possibly get hacked into to.

bcatz - 11/28/2012 7:33 AM
2 Votes
And then I always think of Matthew 19:24- Jesus, "Again I say to you, It is easier for a camel to go through the eye of a needle than a rich man to enter the kingdom of God". I guess it means, You can't take it with you, so you don't want to go!

bcatz - 11/28/2012 6:16 AM
2 Votes
If I win, I'm going to give it all away except for one million dollars. That will be enough for me to worry about! And enough for me. I saw a bumper sticker the other day that read - WANT LESS

Cincinnatus - 11/28/2012 6:07 AM
3 Votes
The secret is to tie the money up in some way that you cannot access it at will, but you do receive a decent salary from it. That way when Aunt Gertie needs another operation, and her son needs drug treatment for the 4th time, you simply don't have access to the money.

John Smith - 11/28/2012 5:35 AM
5 Votes
Money can't buy brains, maybe a set of good teeth but....ya get my drift! The ole adage "A fool and his money are soon to part."
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