Why you don’t want to win the Powerball Lottery

The Powerball jackpot is now up to 1.4 BILLION dollars and growing.  Whoever wins will have their life ruined.  That’s right – RUINED.

The National Endowment for Financial Education approximates that 70 percent of big lottery winners lose the money within the first few years. The 2008 paper The Own and Social Effects of an Unexpected Income Shock: Evidence from the Dutch Postcode Lottery, written by a global team of economists studying the Netherlands’ second largest lottery program, found that winning “has no detectable effects on a household’s reported happiness.”  Harvard psychologist Daniel Gilbert explained that “When researchers looked at lottery winners, they weren’t happier than a control group, but they did take less pleasure in everyday events. The big happiness rush you get when you receive the big check is gone pretty soon, and then when good things happen you find yourself saying, ‘That was nice but it wasn’t like the day I won the lottery.’”

And if you don’t believe statistics ask $27 million winner, David Lee Edwards, of Ashland, Kentucky who died at age 58, broke and penniless. The convicted felon spent $12 million in his first year after his lucky break, and even went so far as to buy a private jet in addition to a mansion and dozens of expensive cars. Within five years, he and his wife had contracted hepatitis from habitual drug use, and lived in a storage unit covered in human feces. After that, Edwards’ wife left him and remarried.

Or how about Evelyn Adams who won the lottery multiple times — once in 1985 and again the following year. However, she gambled away her winnings in Atlantic City, and now reportedly lives in a trailer park. “Everybody wanted my money. Everybody had their hand out. I never learned one simple word in the English language — ‘No.’ I wish I had the chance to do it all over again. I’d be much smarter about it now,” Adams said.

Andrew Jackson Whitaker, of West Virginia, won over $170 million in a Powerball draw. On two separate occasions, Whitaker was victimized by burglars who stole nearly a million dollars he stashed in his car. All of his money was gone within 4 years.

There’s also the story of Marie Holmes, the 26-year-old single mom who won a $270 million powerball jackpot and had $88 million after taxes, and ended up spending $9 million of her winnings to bail her boyfriend out of jail twice, who was caught with 8,000 bags of heroin.

And with the constant stream of murders, suicides, addictions, family turmoil, and povertybesetting the big winners as well, the lottery can seem less like a victory, and more like a plague.

So, if you don’t happen to win the Powerball Lottery – feel good about that and be happy! You’re luckier than you think!

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