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What not to do with your gambling winnings

 What not to do with your gambling winnings The Mega Moolah jackpot has long passed the $10 million stepping stone and a huge number of gamblers are going for the win. Sure, you might be thinking “wow! $10 million, what I wouldn’t do with all that money!” but things are not always as simple as that. Experience takes a toll and some people are just not able to handle such a big win.

Following is a short list of players that won the lottery and soon wasted it all away. Why did this happen and how could those people have handled the fame of winning a jackpot a little better? The simplest answer is that money comes with a perceived amount of power and this feeling of overnight empowerment can really go to your head.

Our first story involves Tonda Lynn Dickerson who tried cheating her co-workers out of the big lottery payout and instead ended up paying over $1 million in taxes to the government. Tonda tried to circumvent the responsibility of splitting her winnings with her colleagues by investing the money in a corporation and handing over 51% of the shares to her family. This was considered a gift by the government which in turn required that she pay tax on the money. Sorry Tonda, but perhaps it would have just been easier to share the money instead of hogging it all to yourself.

Second in line is a lottery winner that lost everything after winning the 649 lottery in 1991. Her husband was the one to do her in when he found out that Ibi Roncaioli gave away $2 million to an illegitimate son. The husband, a doctor, gave Ibi a painkiller overdose which lead to her death. This was a crime of passion, but Ibi would have definitely been better off not winning the prize. It goes the same for her jailed husband.

One of Britain’s biggest winners was Michael Caroll, a garbage services man. He won $15 million and reportedly wasted it away in 5 short years. Michael got involved with extreme partying, hookers, cocaine, and expensive cars and could not see the money leaking away steadily. He is not unemployed and penniless and looking to gain his old job back.

Lying about winning the jackpot to your soon to be ex-husband is never a good idea. So, don’t do it. Denise Rossi would have thought better if she had read this article at the time of her $1.3 million lottery win. She chose not to share the information or the winnings with her soon to be ex and ended up delivering every single penny on a silver platter. Her ex sued her after finding out about the scam and the judge awarded him the whole sum.

There are plenty more stories where these came from and they should serve as a word of caution. Plenty of people play and win but not everyone is ready to handle the pressure of winning such big fortunes overnight. So, please, when you do hit that jackpot remember the garbage man turned fast-lane start, turned garbage man once more. It’s not a Cinderella story, this really happened and you really don’t want it to happen to you.

So, yes, gamble safely, watch your bankroll, and when you win make sure you hire a financial advisor that can tell you how to best make use of the big jackpot.

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