About six months ago they came out with a study saying that 70% of state lottery winners within 5 years are bankrupt and in debt more than they won. They said that 90% of Powerball winners become bankrupt and in debt in excess of 20 million dollars within 2 years. I wasn't shocked. A lot of people who win the lottery often are the kind of people who don't know what to do with a large amount of money.
The states ought to require winners above a certain amount to submit proof that they have consulted with a financial planner, CPA and attorney, and that they have been thoroughly advised and have financial and legal plans in place, before the money is disbursed.
I also think it is shameful that we resort to state sponsored gambling to fund education. That being said, I do pay the stupid tax regularly, and I win every time. That's because I play entirely for the fun of thinking about winning, usually on my long, boring commutes, and hold zero expectation of actually doing so.
I really don't think my life would change all that much. I'd still work as a firefighter/paramedic, for sure. I would also use my legal skills to do entirely pro bono work for worthy persons and causes. Or I might go do some kind of humanitarian relief work on my own resources. But I don't think I'd move from my current home unless I had to. But more vacations and fancier cars, sure!
Jeff
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