Mega Millions lottery tickets.Photo: Drew Angerer/Getty
The odds of scoring Mega Millions' second-largest jackpot in history are low. The odds that tonight’s winner might mishandle their winnings? Pretty high, based on the experiences of lottery winners past.
But if you are thatone in 303 million, consider these cautionary fails and unlikely successes before embarking on a shopping spree.
Whoever said you can’t buy happiness must have had some inexpensive hobbies. For down-on-his-luck cowboy Neal Wanless, a $232.1 million Powerball win in 2009 allowed him to live comfortably while pursuing his passions. At 23 years old, Wanless bought a nearly 50,000-acre ranch in South Dakota. In 2020,he told theWall Street Journalthat he’s stayed grounded thanks to the rewarding challenges of life on the range.
Jonathan Vargas won big in 2008.Erik Campos/The State/Tribune News Service via Getty
Don’t: Dream Recklessly
Do: Hire Guidance
You can’t win money management skills in the lottery.Forbessuggests thatfinding a team of advisors is a key move in holding on to that jackpot.
Speaking to ABC News, White’s team explained that they intended to distance her from the money, avoid complications with it, and protect White’s privacy.
Don’t: Be Too Generous
Expect everyone you’ve ever met to reach out if your lotto ticket lucks out … with a price tag attached to each “congratulations.” Billionaire Mark Cuban’s advice? Generally, just say no. “Anyone who asks is not your friend,” the Shark Tank investortold Business Insiderin 2016.
Irish winner Peter Lavery (£10 million in 1996, around $USD12.8)proves that, indeed, the road to wealth is not paved with good intentions, according to theIrish Times. Over 20 years after his big win, still-rich Lavery said that he received thousands of letters asking for financial support. “Burn them, ignore them, don’t open anything if you don’t know who it’s from,” he saidto theBelfast Telegraphin 2019.
Do: Give Wisely
The best way to give is to give back. Pledging money to charities puts you in control of the amount, your anonymity and – for the most part – where that donation will end up. However, lottery horror history simply cannot forget the ill-fated philanthropy efforts of Janite Lee ($18 million in 1993), who gave significant sums to major political causes,according toTIME.TIMEalso reported thatLee spent time with the likes of Bill Clinton and South Korean President Kim Daw-Jung and got used to a lifestyle that ended up with her out-of-control spending and in debt.
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Do: Stay Anonymous…If Possible
Such a large sum of money is bound to grab public attention, and in some states, you are legally obligated to disclose your name.According to Vox, only eight states allow winners to conceal their identities.
Don’t: Be Conspicuous
If you can’t stay anonymous, then it’s best to keep your lifestyle low-key. Lavish spending on cars, mansions and vacations will do more than just drain your bank account –– it also grabs attention.
Billie Bob Harrell Jr. won $20 million in 1997, two decades before his home state of Texas passed a bill permitting lottery anonymity. The 47-year-old was incessantly hounded for money; he changed his phone number several times during the 20 months that it took to lose his fortune,according toTIME.
source: people.com
