Why do people who win the lottery become poor?

One of the main reasons why lotto winners lose money and run into debt is due to their tax obligations. This could mean paying income taxes as high as 40-45\%. Things get worse in the United States, where many states have their own income tax, meaning that winners will have to pay twice for the cash they won.

Is lottery cursed?

According to the New York Daily News, 70 percent of lottery winners end up broke within seven years. Even worse, several winners have died horribly or witnessed those close to them suffer. Shakespeare won $30 million in the Florida lottery in 2009. But he didn’t have a lot of time to spend it.

Do lottery winners really go broke?

In fact some lottery winners have experienced bankruptcy, divorce, prison time and have even been murdered. Experts say if you win and don’t contact a reputable tax professional and a reputable investment adviser, you could land yourself in big financial trouble.

Did Donna mikkin’s lottery win ruin her life?

Donna Mikkin won $34.5 million in the New York State Lottery in 2007. She said the big win ruined her life and led to “emotional bankruptcy.” “Most of us think that winning the lottery is the…

What is the ‘curse of the lottery’?

Many winners befall the so-called curse of the lottery, with some squandering their fortunes and others meeting tragic ends. “So many of them wind up unhappy or wind up broke. People have had terrible things happen,” said Don McNay, 56, a financial consultant to lottery winners and the author…

Did Shakespeare regret winning the lottery?

DeeDee Moore, who authorities say befriended him after his lotto win, was found guilty of first degree murder in 2012. His brother, Robert Brown, told the BBC that Shakespeare always said he regretted winning the lottery. “‘I’d have been better off broke.’

Who won the $224 million Powerball lottery in Missouri?

He said that to me all the time,” Brown said. Sandra Hayes won the Missouri lottery in 2006 and split a $224 million Powerball with a dozen coworkers. The St. Louis woman is now a retired social worker and wrote the book, How Winning the Lottery Changed My Life.