Lottery winners who lost it all...

[AGXStarseed]

(Not written by me)

If you do the math, buying a lottery ticket probably won't be worth it.

Even if it does pan out, winning the lottery will not solve all of life's problems.
In fact, many people's lives became notably worse after they got super rich, and they managed to lose it all quite quickly.


Read Here: http://uk.businessinsider.com/lottery-winners-who-lost-everything-2016-1?r=US&IR=T

 

[Flinty]

The secrets to doing the right things with your winnings:

1. Plan.
2. Wait as long as you can to claim the prize, so you have time to plan.
3. Plan.
4. Don't drive or own any property, especially in North America.
5. Don't stop moving for very long.
6. Plan.
7. Move away if you decide to stop moving. Remember #4 if you do so.
8. Every proposal goes straight to the round file. Every. Single. One.
9. Get a good attorney and financial planner. Choose your own.
10. For crying out loud, plan.

 

[David Larson]

It strikes me as a little bit silly that these winners didn't buy the one service that would've allowed them to keep their money: wealth management services. Why not hire someone who knows more about money than you to handle your money?

 

[Flinty]

It strikes me as a little bit silly that these winners didn't buy the one service that would've allowed them to keep their money: wealth management services. Why not hire someone who knows more about money than you to handle your money?

Because people think they're better with money than they actually are. Remember that two thirds of people who actually invest their money rate as "fair" in terms of actually knowing what's going on when they invest. Dunning-Kruger Effect.