Saturday, January 14, 2023
The Mega Millions winning ticket for the $1.35 billion jackpot was sold in Maine. Here are disappointing stories that reveal what it's really like to win the lottery.
One lucky winner in Maine won the $1.35 billion Mega Millions jackpot on Friday. While many people dream of winning the lottery, there is a dark side to coming into a windfall of sudden wealth if you are not careful.
Financial advisors warn that before turning in the ticket there are some precautions you should take. This includes taking a deep breath and then hiring an attorney, tax specialist, and financial advisor to guide you through this life-changing event.
Previous winners have warned about friends who will suddenly try to take advantage of the newfound wealth. Sandra Hayes of Missouri, who won the lottery in 2006, found that many acquaintances came out of the woodwork and were more interested in her wealth than her friendship. Another 2002 winner from West Virginia reported being in greater danger of being robbed due to the community knowing he won the money, and William Post, a 1988 winner in Pennsylvania, was pursued by a hitman hired by his brother hoping to gain his winnings upon his death.
Another risk is the likelihood of bankruptcy. Lotto winners face an increased risk of bankruptcy due to the vast amounts of credit suddenly available. This leads to overspending and subsequent financial downfall. Hiring the right financial team can help prevent this.
For more information see Katie Canales and Katie Balevic, “The Mega Millions winning ticket for the $1.35 billion jackpot was sold in Maine. Here are disappointing stories that reveal what it’s really like to win the lottery.”, Yahoo! News, January 14, 2023.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing these articles to my attention.