Debt By Lotto: Lottery’s Lies Destroy Lives

Millions of dollars are spent every year for a chance to win a lottery jackpot. But what would happen if you did win? Many winners lose more than they ever thought they could after being deceived by lottery's lies.

debt by lottery

50 percent of American’s play the lottery.

20 percent of all players buy the majority of lottery tickets.

1/175 million: The chance that a ticket is the winner.

But do state lotteries help or hurt people? Just ask the winners!

NJ Powerball Winners: Lottery A Curse!
Lottery winner Willie Seeley of Manahawkin, New Jersey and his wife are living with the regret of being a winner, with Mrs. Seeley calling the winnings “a curse,” according to the Lottery Post. How much did he win? After taxes, Mr. Seeley took home about $4 million. Hopefully the Seeley’s won’t end up like some other lottery winners.

Victims of the Lottery’s Lies

Meet Andrew Jackson Whittaker Jr.
 In 2002, he won nearly $315 million in a Powerball game. Yet four years later, his fortune was gone! The Whittaker’s net gain? A lot of misery. Sure, it started good enough, as the Whittaker’s gave 10 percent to various Christian charities, used $14 million to create the Jack Whittaker Foundation and gave his granddaughter an allowance of $2,100. Yet he lost: $545,000 in cash that was stolen from his car – that was parked outside of a strip club. Then another $250,000 was stolen from his car, again. Eventually, he was sued by Caesars Atlantic City ($1.5 million) and by a woman he allegedly groped at a dog track. His marriage ended and within four years, his fortune was gone.

Meet Janite Lee, Suzzanne Mullins and Everlyn Adams.
A few years after winning the lottery (Everlyn won twice!),all of these victims had nothing left to show for it. Janite filed for bankruptcy protection in 2001, Suzanne owes a loan company $154,000 but can’t pay them, and Everlyn? Twenty years later, she lives in a trailer.

Paper Versus Reality

Why are so many people spending their money on a 1/157th million chance to hold the winning ticket? For one, people like the thrill of winning! And there is a hope that winning will “fix” them and their situation. Another reasons? States like lotteries too. New York profited by $2.9 billion, some of which was used to fund education. Rhode Island earned $378 million in profit and Massachusetts? $834 million. However, some states didn’t fare as well. North Carolina’s earnings were allocated to education, only to be reallocated in 2005. Of Florida’s $21 billion in lottery revenues, $660 million (3.1 percent of school funding)  flows to education, even though lottery official’s promised they would fund more. Oregon, however, uses $10 million of its lottery earnings to warn against gambling.

If You Won The Lottery, How Would You Spend It?

Tell us by visiting our Facebook pageHowever, if you want to keep your winnings, it’s important to do the following:

Step 1: Win more than $75 million

Step 2: Keep $36 million after paying  taxes

Step 3: Set aside $15 million in high quality bonds or municipal bonds

Step 4: Invest another $21 million in a great stock portfolio.

Now you should have enough for the next 40 years.