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Lost Mega Millions? Could be a good thing

October 19, 2018 11:20 PM

If you're upset you didn't win Friday's $1 billion jackpot, don't be. It could be a blessing in disguise. 

According to the National Endowment for Financial Education, 70 percent of people that win big waste it within just a few years. 

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Many squander it on a lavish lifestyle that eventually runs dry, while others get gracious and give too many handouts to family and friends. 

"I would pick top 20 people that are friends of mine and send them all on the vacation of their life," said Webster resident Frank Montenelo. 

Former jackpot winner Sandra Hayes wrote a book, "How Winning the Lottery Changed My Life." In the book, she goes into the ups and downs of becoming a millionaire overnight, including having loved ones drain the life out of her for money. 

In a Time magazine article, "Revisiting Jackpot Winners," one wishes he tore up the ticket after spending $315 million. 

Another told family he was better off broke before he died. The winner was murdered by a man who was after his $30 million jackpot. 

Financial experts say if you do win money, stay quiet and hire a financial advisor to help you navigate both spending and investing.

Credits

Beth Cefalu

Copyright 2018 - WHEC-TV, LLC A Hubbard Broadcasting Company

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