Lottery Winners Who Went Broke

From Rags to Riches to Rags Again Source: Money Crashers

From Rags to Riches to Rags Again

A lottery win is everyone dream. It creates the possibility for a better future with one less problem to worry about…MONEY! But money isn’t always the answer to all life's problems. In fact, money may create even more problems, which is often the case for lottery winners. Unfortunately, it is uncommon for lottery winners to end up with even less than they had before their windfall and sometimes they even end up with nothing at all. A lottery windfall seems to make some winners feel invincible, despite the fact that the cash is far from limitless. Many lottery winners lose blow their winnings on exorbitant luxuries like priced homes, expensive cars, lavish vacations, priceless antiques and collectables, and costly jewellery. A dream that became a reality, and a dream once again Source: Lottoland That’s why, we've compelled a list of lottery winners who ended up broke, or worse:

The young millionaire

At 16, Callie Rogers was the youngest person ever to win the lottery in the United Kingdom, and her inexperience was sadly evident in the way she managed her money. Today she has nowhere near the 1.9 million pounds she was awarded in 2003 when she was just 16 years old. She blew the money on plastic surgery, drugs and parties. Now 26, Rogers says she is much happier and is studying nursing. Her wealth drove her to despair, she has since reported, and at her lowest point, she even attempted suicide. As of last year, her net worth totalled no more than £2,000.  

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From Millionaire to Factory Worker

Michael Carroll was a garbage man in England when, at age 19, he won £9.7 million (about $14.4 million at the time) in the lottery in 2002. A mansion, drugs and gold jewellery ate up the money quickly. By 2012, Carroll was broke and living off unemployment checks. Now he works on an assembly line in a cookie factory, making £204 (about $300) per week.

$31 Million Gone in Two Years

Billie Bob Harrell Jr. won $31 million in the Lotto Texas game in 1997, and he no longer had to stock shelves at Home Depot. He bought a ranch and a few homes, gave money to his church and made loans to friends. Everyone wanted a piece of his money, and soon his marriage was in trouble as he lent and spent all of his winnings. In 1999, less than two years after his big win, Harrell took his own life.

When generosity lead to bankruptcy

Janite Lee won $18 million in 1993. Although her gambling habit reportedly cost her more than $300,000 per year, she may have spent more on charitable and political donations. Her generosity included $1 million for Washington University to build a new library. In 2001, she filed for bankruptcy. Have a look at our 10 lucky winners who have struck the jackpot at Royal Vegas!

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