Why Winning Powerball May Be Curse Rather Than Blessing
DENVER (CBS4)- If you're dreaming of becoming a Powerball millionaire-- beware. CBS4 found some who say money can cause misery.
At the 7-Eleven store on 6th Avenue and Josephine, customers are buying tickets by the fistful, perhaps filled with the belief a win will buy them happiness.
"My mom always says it's a cheap way to have a dream." said one Powerball customer.
But statistics show that 44 percent of winners spend all their money within five years. And there are apparently other drawbacks to being suddenly wealthy.
Attorney Andrew Stoltmann has worked with six different winners who have seen their money disappear.
"Once this person wins the lottery they become a global target. There are literally people across the world who put these people on a list to harass and try to sell bad investments and also try to take their money," said Stoltmann.
And money can cause major family feuds.
One customer says he can see that happening, "I think it could ruin your life because people would come of the woodwork and have these expectations for you."
We found some who said money doesn't interest them.
"Why not try for all this money?" asked CBS4's Suzanne McCarroll to a customer buying coffee. "I just wouldn't know what to do with it."
He's not the only one naïve about investing.
Michael Norton, the author of "Happy Money: The Science of Happier Spending" shared this thought, "People who struggle after winning the lottery are people who quit their job, buy an island and move to it."
Still, these voices of reason and caution aren't resonating with many looking for quick riches.
"I would not let the lottery ruin my life" said a woman buying seven Powerball tickets.
Suzanne McCarroll is a general assignment reporter at CBS4. Her stories can regularly be seen on CBS4 News at 5 p.m., 6 p.m. and 10 p.m. Connect with her on Facebook and follow her on Twitter @SuzanneCBS4.
