Every week, millions of dollars are spent, and won, on lottery tickets. With jackpots hitting hundreds of millions of dollars, many lottery winners suddenly find themselves with much more money than they’re used to. Many will have enough to purchase a new car, buy a luxury house, take a holiday, and quit working—all within a short space of time. These “lucky” few, however, may end up with more problems than they had before they struck it rich.
According to financial planner Steven Goldbart, two out of three winners spend all their winnings within five years.