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When Winning the Lottery Goes Wrong

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I came accross this story on MSN news site Money Central Many people think that winning the lottery is a thing of dreams, where woes are cleared and financial fears removed. The article at MSN lists 8 lottery winner stories that begun dreams and ended as nightmares.

I’m putting together an article for lottery winners to show you what you must do if you win to avoid things going wrong. I’ll post it later in the week, for the time being, read the following nightmare and remember, winning the lottery is great, but its not the saviour of your problems.

Living on food stamps
William “Bud” Post won $16.2 million in the Pennsylvania lottery in 1988 but now lives on his Social Security. I wish it never happened. It was totally a nightmare,” says Post.

A former girlfriend successfully sued him for a share of his winnings. It wasn’t his only lawsuit. A brother was arrested for hiring a hit man to kill him, hoping to inherit a share of the winnings. Other siblings pestered him until he agreed to invest in a car business and a restaurant in Sarasota which failed.

Post even spent time in jail for firing a gun over the head of a bill collector. Within a year, he was $1 million in debt. He eventually declared bankruptcy.

Now he lives quietly on $450 a month and food stamps.

“I’m tired, I’m over 65 years old, and I just had a serious operation for a heart aneurysm. Lotteries don’t mean (anything) to me,” says Post.