Philippine Lotto 6/49 Estimated Jackpot Prize is P130M
Philippine Super Lotto 6/49 is estimated to be worth P130M by Sunday. So, bettors can still take a shot in winning the jackpot prize. But before rushing to the nearest lotto outlets, lets take a look at some lotto highlights around the world which can serve as our guide in our search for becoming an instant millionaire.
A: False. Consider already-affluent Jack Whitaker of West Virginia, who won a $314.9 million Powerball jackpot — still the largest single U.S. lottery payoff — on Christmas Day 2002. In fact, lottery officials in several states say big jackpots tend to bring out a more affluent crowd.
But studies show that the heaviest lottery players — the 20% of players who contribute 82% of lottery revenue — disproportionately are low-income. It’s not news when someone earning $7 an hour scrubbing toilets parts with a buck for a ticket — but it’s news if he/she wins.
You’ve got to play a lot to win
A: False. While it’s true that Mega Millions winner Geraldine Williams regularly played games of chance – she won $1,000 at the Foxwoods Casino two weeks before her big win — spending lots of money doesn’t always do much for your chances. For instance, the odds of winning the Mega Millions are 1 in 135,145,920. Buying two tickets bumps your odds only to 2 in 135,145,920.
A lottery ticket is your best shot at riches
A: False. Sadly, this isn’t the no-brainer that it should be.
In a 1999 survey with incomes between $25,000 and $35,000 — and nearly one-half of respondents with an income of $15,000 to $25,000 — thought winning the lottery would give them their retirement nest egg. Overall, 27% of respondents said that their best chance to gain $500,000 in their lifetime is via a sweepstakes or lottery win, the survey said.
Consider this: If you take that $150 a year and put it into a 401(k) or IRA at age 30, you’ll have $28,000 by age 65, assuming a reasonable 8% rate of return. That figure doesn’t even consider the added boost of contributing to a plan in which a company matches contributions.
To save that $500,000 nest egg, you’d have to tuck away a little less than $100 a month starting at age 21. What’s more likely: that you can find an extra $100 a month — or that the 1-in-several-million odds of even the smallest seven-figure jackpot suddenly tilt in your favor?
Here are sad tales of foolishness, hit men, greedy relatives and dreams dashed.
For a lot of people, winning the lottery is a big dream. But for many lottery winners, the reality is more like a nightmare.
Evelyn Adams, who won the New Jersey lottery not just once, but twice (1985, 1986), to the tune of $5.4 million. Today the money is all gone and Adams lives in a trailer. “I won the American dream but I lost it, too. It was a very hard fall. It’s called rock bottom,” says Adams.
“Everybody wanted my money. Everybody had their hand out. I never learned one simple word in the English language — ‘No.’ I wish I had the chance to do it all over again. I’d be much smarter about it now,” says Adams, who also lost money at the slot machines in Atlantic City.
“I was a big-time gambler,” admits Adams. “I didn’t drop a million dollars, but it was a lot of money. I made mistakes, some I regret, some I don’t. I’m human. I can’t go back now so I just go forward, one step at a time.”
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, Fla., — two ventures that brought no money back and further strained his relationship with his siblings. 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. Post admitted he was both careless and foolish, trying to please his family. 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.
Deeper in debt
Suzanne Mullins won $4.2 million in the Virginia lottery in 1993. Now she’s deeply in debt to a company that lent her money using the winnings as collateral. She borrowed $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006. When the rules changed allowing her to collect her winnings in a lump sum, she cashed in the remaining amount. But she stopped making payments on the loan.
She blamed the debt on the lengthy illness of her uninsured son-in-law, who needed $1 million for medical bills. Mark Kidd, the Roanoke, Va., lawyer who represented the Singer Asset Finance Company who sued Mullins, confirms her plight. He won a judgment for the company against Mullins for $154,147 last May, but they have yet to collect a nickel. “My understanding is she has no assets,” says Kidd.
Back to the basics
Ken Proxmire was a machinist when he won $1 million in the Michigan lottery. He moved to California and went into the car business with his brothers. Within five years, he had filed for bankruptcy. “He was just a poor boy who got lucky and wanted to take care of everybody,” explains Ken’s son Rick.
“It was a hell of a good ride for three or four years, but now he lives more simply. There’s no more talk of owning a helicopter or riding in limos. We’re just everyday folk. Dad’s now back to work as a machinist,” says his son.
Willie Hurt of Lansing, Mich., won $3.1 million in 1989. Two years later he was broke and charged with murder. His lawyer says Hurt spent his fortune on a divorce and crack cocaine.
Charles Riddle of Belleville, Mich., won $1 million in 1975. Afterward, he got divorced, faced several lawsuits and was indicted for selling cocaine.
Missourian Janite Lee won $18 million in 1993. Lee was generous to a variety of causes, giving to politics, education and the community. But according to published reports, eight years after winning, Lee had filed for bankruptcy with only $700 left in two bank accounts and no cash on hand.
One Southeastern family won $4.2 million in the early ’90s. They bought a huge house and succumbed to repeated family requests for help in paying off debts.
The house, cars and relatives ate the whole pot. Eleven years later, the couple is divorcing, the house is sold and they have to split what is left of the lottery proceeds. The wife got a very small house. The husband has moved in with the kids. Even the life insurance they bought ended up getting cashed in.
“It was not the pot of gold at the end of the rainbow.”
Luck is fleeting
These sad-but-true tales are not uncommon, say the experts.
“For many people, sudden money can cause disaster,” “It is widely held believed that money solves problems. People think if they had more money, their troubles would be over. When a family receives sudden money, they frequently learn that money can cause as many problems as it solves.”
“Going broke is a common malady, particularly with the smaller winners. Say you’ve won $1 million. What you’ve really won is a promise to be paid $50,000 a year. People win and they think they’re millionaires. They go out and buy houses and cars and before they know it, they’re in way over their heads.”