When You Didnt Win the Lottery Again

11 Reasons It's Good You Didn't Win the Powerball Jackpot

The prize might be more of a curse than a approving.

On Jan. 29, the Powerball jackpot was over $396 million, and someone won it. That's the blazon of money that could certainly alter your life — simply not necessarily for the better. Several jackpot winners have fallen victim to the "lottery curse," with some ending upwardly broke, divorced — or even dead.

"It'south only upheaval that they're not fix for," Don McNay, a financial consultant to lottery winners and the writer of "Life Lessons from the Lottery," told Fourth dimension. "It's the curse of the lottery because information technology made their lives worse instead of improving them."

If you oasis't won a Powerball jackpot yet, it could actually be a blessing in disguise.

Last updated: Feb. 6, 2020

Money Doesn't Make Yous Happy — Really

If you have 99 issues, winning the lottery will only solve one. Although information technology would be squeamish to never worry if you accept enough money on your debit card earlier you brand that big buy, there might be other things in your life that money can't improve — including your mood.

A 2018 study published by the National Bureau of Economical Research on the long-term effects of winning the lottery establish that winning does non have a substantial effect on people'due south solar day-to-day happiness.

"We institute there'due south no strong prove that lottery winners are happier in the long run," New York University economic science professor Dr. Daniel Cesarini, a co-author of the study, told Time.

You Won't Be Deluged With Requests for Aid

Many lottery winners are overwhelmed with the number of people who enquire them for handouts, and some winners end upwards giving too much away.

Sharon Tirabassi won a $10.5 million jackpot in Canada and had spent almost all of her winnings only ix years afterward, The Hamilton Spectator reported. Tirabassi said she gave too much of her earnings to family and friends in need. She gave her parents $ane million and some other $1.75 meg to her siblings. She also paid people'south rents and gave loans to friends in fiscal need or who wanted to first a business. Some people who asked her for help disappeared from her life before long after.

"Coin is the root of all evil," Tirabassi told the paper.

You Might've Spent It All and Ended Up Broke

Although the number of lottery winners who end upwardly broke might be inflated, it's still a possibility.

That'due south what happened to David Edwards, who was one of 2 Powerball winners in 2001 who won a $295 meg jackpot. He spent his coin frivolously, buying things like a new firm in a gated community, private flights, more than a million dollars worth of cars, a $78,000 scout, a $59,000 ring and a $xxx,000 plasma TV. A series of bad business decisions and serious overspending led Edwards to eventually get broke, and he ended upwards living in a storage unit, the Broward Palm Beach New Times reported.

Managing That Much Money Tin can Exist a Full-Time Job

You'll need aid to manage your winnings, and you'll accept to detect someone y'all can trust. Unfortunately, not all financial advisors are equipped to manage such large sums of money. Such was the case for $590 million Powerball winner Gloria Mackenzie, who is suing her son for hiring a financial advisor who she alleges has mismanaged her funds. Her lawsuit, which was awaiting as of April 2019, claims that she has suffered damages in excess of $10 one thousand thousand.

"The money was earning between .02% and .08%," Greg Anderson, Mackenzie'due south chaser, told CNBC. "So Gloria was charged $2 million in fees."

Anderson warns against trusting just everyone to manage a large windfall like a Powerball win.

"Your stockbroker friend down the street may accept some good communication, simply how fiscally responsible are they if they're wrong?" Anderson said.

Find Out: This Is the First Thing Americans Would Do if They Won the Lottery

Your Kids and Family unit Members Tin can Suffer

Stories of children who were raised in wealth and struggled because of it are not unusual.

When Jack Whittaker won a $315 million Powerball jackpot in 2002 he shared his winnings with his granddaughter Brandi Bragg, which ended up fueling her drug addiction.

"She doesn't want to exist in charge of the money; she doesn't want to inherit the money; she but looks for her next drugs," Whittaker told ABC News. "She said, 'Pawpaw, all I intendance virtually is drugs.' It broke my eye."

Bragg was institute expressionless, wrapped in a plastic sheet, in 2004.

"My granddaughter is dead because of the money," Whittaker said.

Now You Don't Have To Worry About Problems With Friends

Although true friends will be happy about your expert fortune, there could be some who are envious or downright angry about your luck. And you never know who volition try to have reward of yous.

Lottery winner Sandra Hayes, who split a $224 1000000 Powerball win with a dozen of her co-workers in 2006, said her windfall turned some friends into enemies.

"I had to endure the greed and the need that people take, trying to get you to release your money to them. That acquired a lot of emotional pain," Hayes told the Associated Press. "These are people who you lot've loved deep down, and they're turning into vampires trying to suck the life out of me."

The Tax Pecker for Winning Is Enormous

The greenbacks value of the Jan. 29 jackpot was $274.6 million, which would generate a federal income tax bill of around $102 million, assuming the winner were taxed at the 37% taxation rate, according to the Powerball.net tax figurer.

"The big touch on on winnings is taxes," Dan Routh, CFP and wealth counselor at Exencial Wealth Advisors in Oklahoma City, told CNBC. "If you win, just realize how large the tax bill can be and brand sure you're ready to handle it."

Winners Can't Always Remain Bearding

Only 6 states — Delaware, Kansas, Maryland, North Dakota, Ohio and Due south Carolina — let lottery winners to remain anonymous. In the residue, winners' names are fabricated public, leaving them vulnerable to existence sought out by greedy strangers.

Ane extreme example of this is the example of Abraham Shakespeare, who won $31 1000000 in the Florida Lottery in November 2006. After he won, he was approached by a woman named Doris "Dee Dee" Moore, who claimed that she wanted to write a book almost him, the Associated Press reported. Moore eventually got him to trust her to manage his money and allegedly swindled him out of his remaining winnings. She was afterward constitute guilty of murdering Shakespeare.

See: 17 Things More Likely To Happen To You Than Winning the Lottery

Winners Can Become Targets of Crimes

Shakespeare isn't the only lottery winner who became a victim of crime. Several other lottery winners accept been robbed, kidnapped and even killed for their winnings.

In 2005, Illinois lottery winner Jeffrey Dampier Jr. — who forth with his former wife had won an estimated $20 meg jackpot — was kidnapped and killed by his sister-in-constabulary and her boyfriend, ABC News reported. Dampier's body was constitute in the boyfriend's van with $1,500 cash in his pocket.

Now You Don't Have To Move

Some lottery winners are harassed to the indicate where they need to leave town to go some peace.

Mavis Wanczyk, a hospital worker from Chicopee, Massachusetts, had to have constabulary stationed by her firm afterward she won a $758.seven million Powerball jackpot. In addition to media swarming her neighborhood, police force reported that people had been knocking on doors in her surface area trying to find out where she lives, CNBC reported.

Winning Can Lead To Divorce

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