Interestingly enough, I was discussing lotteries and other windfalls with some colleagues recently, and then this Pit Rant about the recent Powerball winner reminded me.
How many lottery winners actually make a valid go of the winnings? As in, say, a year, or two years down the road, they still have significant percentages of the winnings, healthy investments, etc?
Over the years, I’ve read articles about various winners several months or a year down the road, who, after winning, say, $10 Million, are now working at a Dennys and living in a small apartment. The reasons are, it seems, legion- bad investments, drug/alcohol addictions, divorces, friends, family and even con-men leeching off vast amounts, ad nauseum.
Naturally one hears the “after” stories that are worth reporting- those who now have settled down into a comfortable life of semi-luxury aren’t newsworthy.
Does anyone keep stats, however formal or informal? Lists of winners and how they held up financially over six months, twelve months? Is there a site out there somewhere that details some of the ‘after the fact’ stories? Or what do do and what not to do?