High-profile jackpot winners fritter away winnings. An estimated 8 in 10 NFL players are bankrupt, jobless, or divorced two years into retirement. Could you manage a windfall better than they do? Here are six steps.
He'd already spotted the winning Powerball jackpot number and "some numbers looked familiar," he recalls. "I thought I had won $1,000, maybe $5,000. The girl behind the counter ran the numbers, and usually when you win there's this little 'We're in the Money' jingle that plays. There was no jingle, and after a few seconds the girl started screaming and jumping around."
He panicked, grabbed the ticket, and bolted, forgetting to pay for his gas. As he pulled out, news trucks were pulling in. He had won $220.3 million.
Panic isn't the first thing that most people might feel after coming into sudden money, whether through winnings, an inheritance, or a big sports contract. But maybe it should be. While there are strategies to turn sudden riches into lasting wealth, the landscape is littered with people who lost their way among the trappings of affluence and requests from friends and family.
Page 1 of 4