Why do lottery winners go broke?

Lottery winners

It is obviously not a rule for lottery winners to lose everything they’ve got, but given the amount of money bestowed to them the cases are still very numerous. Sometimes it is plain stupidity that causes people to throw away their good fortune, with lavish expenses and ruining addiction destroying their wealth and ultimately their lives. In other cases, a combination between poor judgment and unfortunate investments lead to bankruptcy and many ended up poorer than they were before scooping the jackpot.

Luck is not to be trusted

Sometimes everything evens out on the long run and lottery winners who regard themselves as the luckiest people on Earth, are proven wrong in a brutal manner. The case of Roger Griffiths should serve as an example for other lottery winners who let their newfound wealth sweep them off their feet and jump headfirst into ambitious investments. Roger splashed out with a brand-new Porsche, bought a new and rather expensive home and also revived his university band hoping that they will sell many records.

All of these expenses set him back but with more than €2 million in his bank account, he should have had plenty of money left to enjoy a carefree living. The lottery winner decided to make some investments which were regarded as wise at that time, but then the financial crisis hit and everything went downhill. The beauty salon that he bought for his wife to manage failed to meet expectations and in the end turned into a financial black hole that sucked in all his assets. Roger Griffiths saw his house consumed by flames and had to mortgage his second property just to stay financially afloat but in the end nothing helped.

Lottery winners going reckless

No amount of money is high enough to ward off stupidity and this has been proven over and over again by many lottery winners who went broke. While the case of Roger Griffiths is rather a sad story of how chance plays tricks on an otherwise decent person, other lottery winners have no one to blame but themselves. The case of Michael Carroll who won almost £10 million in 2012 and then burned the money at a blazing fast speed is one that stands out from the crowd. The fact that the broader audience was glad that the former garbage man lost everything and returned to work speaks for itself.

Callie Rogers can be given the benefit of being young and naive, because she was only 16 years old when she won the jackpot. Addiction to drugs and rampant spending brought her on the brink of bankruptcy but at least she overcame addiction and got back on track. Other lottery winners such as Edward Putman took stupidity to the next level by choosing to claim benefits despite being a millionaire. He was eventually caught and given nine months to reflect on what he did.

Check out the Lottery winner returns to work after spending $10 million as well.


Hi, my name is Marry and you can find me on Google+. I`m a little bit crazy about the lottery and writing about it is my real vocation. The lottery is a cool thing and I don`t share the opinion that it`s a tax on the poor. Look around, the world is full of chances. Why don`t you get yours right now? All you need to do is to read our recommendations and to start playing lottery online. Good luck!