Winning the lottery can suddenly give you a huge fortune and a dazzling future.
But for an unlucky bunch, lotto winnings turn into a curse. The list of those who have squandered their prize money while suffering tremendous heartache is long; some regret ever winning.
Why does it happen? “They head into it without a plan and probably react too emotionally,” says Joe Correnti, a senior vice president with investment firm Scottrade in St. Louis. “The winner needs to figure out day-to-day cash needs, insurance needs and emergency needs before anything else.”
Here are eight people who found that winning the lottery was ultimately a losing proposition.
But whether you find yourself unexpectedly flush with millions or just your normal biweekly paycheck, taking advantage of a high interest rate savings account is a good first step in planning for the future.