Winning the lottery is often framed as an instant solution to financial stress, erasing debt, unlocking freedom, and guaranteeing lifelong security.
In reality, sudden wealth may expose weaknesses rather than fix them. No matter the millions involved, the pressure, attention, and decisions that follow can overwhelm any financial advantage.
The chances of winning are pretty remote, but someone has to win, right?
1. Alex Toth ($13 million, Florida lottery)
Before winning the lottery, Alex Toth lived a modest life in Florida and worked as a golf course groundskeeper. By all accounts, his life was ordinary and financially constrained.
After winning $13 million in 1990, Toth’s behavior changed quickly. He purchased multiple homes and expensive cars and made impulsive purchases. He also stopped working entirely. Within a few years, his spending escalated while his income shrank.
By the late 1990s, Toth was broke. He faced legal trouble repeatedly and relied on food stamps to survive. He died penniless in 2008.
2. William ‘Bud’ Post ($16.2 million, Pennsylvania lottery)
Bud Post was unemployed and receiving disability benefits when he won the lottery in 1988.
Within months, relatives sued him, claiming entitlement to the winnings. The stress escalated to the point where one brother was convicted of plotting to have him killed.
Meanwhile, Post invested in speculative ventures, including an oil business that failed. Spending increased as legal costs mounted. By the mid-1990s, Post declared bankruptcy.
3. Evelyn Adams ($5.4 million total, New Jersey lottery)
Evelyn Adams lived a modest, stable life and worked a regular job before her wins in 1985 and 1986. She was not wealthy, but she managed her finances without major difficulty.
Winning the New Jersey Lottery twice in consecutive years radically altered her circumstances. According to later reporting, Adams began taking financial risks, including gambling and speculative investments.
She ultimately lost her winnings through a combination of poor investments and gambling losses. Within a few years, the money was gone.
4. Suzanne Mullins ($4.2 million, Virginia lottery)
Suzanne Mullins initially chose an annuity, a decision often viewed as conservative. The structured payments provided steady income over time.
However, Mullins borrowed against future annuity payments to fund business ventures. These loans carried high interest rates, reducing her future cash flow and compounding obligations.
As debts mounted, legal disputes followed. Within a decade of her 1993 jackpot, the remaining value of the annuity was effectively erased.
5. Janite Lee ($18 million, Missouri lottery)
Janite Lee lived comfortably and was politically active prior to her 1993 victory. She was financially stable and engaged in civic life.
After winning, she donated aggressively to political campaigns, including more than $1 million to Democratic causes, with significant contributions to Al Gore and the Democratic National Committee.
Within eight years, tax liabilities and debt overwhelmed her finances. Lee filed for bankruptcy.
6. David Lee Edwards ($27 million, Illinois lottery)
Before winning the Illinois Lottery in 1988, David Lee Edwards worked at a manufacturing plant and lived a modest, working-class life. His lifestyle matched the limits of his income.
After taking the lump sum, Edwards and his wife spent rapidly and without restraint. They bought multiple luxury homes, expensive vehicles, jewelry and a private jet. Ongoing drug addiction further impaired judgment and accelerated spending.
Within five years, the money was gone. By the late 1990s, Edwards was destitute and relying on temporary housing. He died homeless in 2002.
7. Billie Bob Harrell Jr. ($31 million, Texas lottery)
Before winning the Texas lottery in 1997, Billie Bob Harrell Jr. worked as a Home Depot shelf stocker and struggled financially.
After the win, Harrell focused on helping friends, family and charities. He paid off debts and gave generously, but requests multiplied quickly. Managing expectations became overwhelming as pressure from those around him intensified.
Within two years, most of the money was gone. Legal disputes, strained relationships and constant financial stress took a severe emotional toll. Harrell took his own life.
What to do if you win the lottery
Winning the lottery might feel like a finish line. In reality, it is the start of a completely different financial life, one most people have never trained for. Money arrives faster than rules, boundaries or professional support. Without those in place, even substantial sums can be lost quickly.
Here are some ground rules to follow if you win the lottery.
Keep the win private until professional advice is in place.
If you win more than $100,000 in savings, get advice from a fiduciary advisor legally bound to act in your best interests. SmartAsset offers a free service that matches you to vetted advisors.
Hire an estate attorney and a tax attorney before making significant decisions.
Hold the money in a low-risk, liquid account while plans are developed.
Set a minimum six-month cooling-off period for large purchases or gifts.
Create written guidelines for lending or giving money, and adhere to them consistently.
Expect requests for help to increase and plan responses in advance.
Track spending speed, not just balances.
Get second opinions on any advice that involves urgency or exclusivity.
A lottery win does not guarantee long-term security. What matters is how deliberately the funds are managed once the initial excitement subsides. Structure, restraint and clear boundaries are often the difference between a temporary windfall and lasting stability.
Sources
U.S. Sun; Seattle Times; The Mirror (UK); The Mirror (U.S.); Time (Janite Lee); Lexington Herald Leader; Time
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