For most people, winning the lottery would be a dream come true. Having millions to live the life of your dreams, give your family a better life or to start your business. Who wouldn’t be happy to get such an opportunity?
For a number of fortunate people, winning the lottery has made this a reality for them. The bad news is that for every good news lotto story you hear, you’re just as likely to hear of lotto winners who are now broke.
There are quite a few stories of South African lotto winners who are now broke.
Jason Canterbury, who is from the Cape Flats, won R6.7 million in 2003 at the age of 18. In 2013, Canterbury was sentenced to 28 years in prison for murder. This is after he turned to a life of crime and drugs to support his lifestyle after he lost all his winnings.
Dayalin Maslamoney’s story is even more perplexing. The former police officer, from Pietermaritzburg in KwaZulu-Natal won R10.4 million.
Ge soon left the police force to start a new life.
After divorcing his wife however, he was left with R5 million in their joint bank account. He invested these funds into a chicken franchise that looked promising. He eventually lost all his money after failing to adhere to the franchise’s rules.
Hearing stories of South African lotto winners who are now broke can leave many people wondering what went wrong. For instance, studies have shown that people who are afforded an opportunity to change their lives from abject poverty to a life of riches often have a hard time making the transition. Without the right support in terms of expert financial help and legal guidance, things often go wrong.
How to avoid going broke after winning the lottery:
- Take things slowly and plan your life ahead.
- Be extremely cautious with your investments.
- Make use of experts.
- Buy assets that have a long history of appreciating in value.
- Try not to donate lump sums to family and friends.