Winning the PowerBall lottery would be a dream come true for most people. Having access to as much money as you need to meet all your needs would be ideal for numerous people.
The Powerball lottery has made this a reality for a number of people.
The story of South Africa’s biggest PowerBall lottery winner is not so unusual from the numerous stories heard of riches to rags.
Unfortunately, the story of South Africa’s biggest PowerBall lottery winner is like what many would describe as a Hollywood story.
A R102 million fortune was won on the 31st of May 2011 by a young man in his twenties from the Free-State. This was after the jackpot reached a new record after 24 rollovers. His win made him the 28th instant millionaire created by PowerBall.
At the time he nearly threw his ticket away. Returning to the petrol station where he bought his R10.50 quickpick ticket, he asked the cashier to scan his ticket. The cashier tried to scan the ticket twice with no luck. At this point, he asked the cashier to throw his ticket away.
The cashier tried a third time. The machine then displayed a message that said that the man had to get to the Lotto Office.
In his shocked state, he went to the Lotto office with his winning ticket.
“This money will add substantially to the money that I have been saving towards a better life for myself and would also assist in paying off my debts,” he said at the time.
Three years later, the man appeared in YOU magazine, lamenting how he had lost his fortune. He spoke to the magazine and spoke of how he squandered his money on gambling, alcohol and fast cars.
How to avoid squandering your lottery winnings:
- Take at least 6 months to decide on a plan going forward.
- Get professional advice from a certified financial advisor.
- Keep your life as normal as possible and keep working while you decide on how you want to invest.
- Pay your debts off.