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How One Lottery Winner Blew Through $10 Million in Less Than 10 Years

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 How One Lottery Winner Blew Through $10 Million in Less Than 10 Years
Unread 2 years agoclass of '08 - away - #1
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thetfd 1089 heat pts1089 space
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With a $338 million Powerball ticket having been sold in New Jersey -- the fourth-largest jackpot in Powerball history -- it's a good time to remember that the sudden gains of a lottery windfall can be fleeting.

Imagine, for instance, winning $10 million and having almost none of it left less than a decade later.

It happened to Sharon Tirabassi, a 35 year-old resident of Hamilton, Ontario. Nine years ago, The Hamilton Spectator reports, Tirabassi cashed a check from the Ontario Lottery and Gaming Corp. for $10,569,00.10 (Canadian). Today, after spending almost all her winnings -- "big house, fancy cars, designer clothes, lavish parties exotic trips, handouts to family, loans to friends" -- she's back in the working class: riding the bus, working part-time, living in a rented house.

What remains of her windfall is in trust for her six children; the money will become available when they turn 26.

"The moment I got it, I divided it among my family," Tirabassi told The Spec: $1 million to her parents, and $1.75 million among her four siblings. She was generous with others, too, buying houses and renting them out at low rates, paying people's rent, offering loans for bail and business ventures.

"All of that other stuff was fun in the beginning, now it's like ... back to life."

That other stuff included vacations in Cancun, Florida, Las Vegas, California, and the Caribbean, as well as four cars: a Hummer, a Mustang, a Dodge Charger and a custom Cadillac Escalade.

Tirabassi was a single mother, recently off welfare and newly employed as a personal care provider, when she struck it rich on Easter Weekend in 2004. As a teenager, she had lived in shelters, and all that money didn't come with instructions. Tirabassi didn't hire a financial adviser; she didn't even keep close track of her account balance. Suddenly, with just $750,000 left, Tirabassi woke up: "that was just time for fun to stop and to just go back to life."

Tirabassi's husband, Vinny, who brought three kids of his own to the marriage, shares her stoicism about the couple's lost fortune. He says he lived simply his whole life and is used to not being rich. Recalling the post-winning entreaties of suddenly interested friends, some of whom came asking for favors and then disappeared, Vinny says, "Money doesn't buy you happiness. It caused her a lot of headaches." His wife had a hard time saying no to those she thought of as in need: "That's the way I was brought up," she says. "Help those who can't help themselves."

For the complete story of the couple's financial descent, head over to The Spec.com, and check out the paper's 2007 interview with Tirabassi, when she had already spent half of her winnings.

Tirabassi's experience stands in contrast to that of Sandra Hayes, who pocketed around $6 million when she and a dozen coworkers split a $224 million Powerball jackpot in 2006. (Watch Hayes tell her story in the video below.)

Like Tirabassi, Hayes went on a spending spree -- including a boat, an Escalade and a Mercedes -- but she also paid off her mortgage and student loans, and was leery about handouts to friends and relatives. Today, Hayes lives comfortably but not extravagantly.

"I love a good deal, I'm on a budget, I save my money," she says. "I try not to live above my means." Her warning to the newly rich: "If you're not disciplined, you'll go broke. I don't care how much money you have."

Hayes sounds as though she might have taken lessons from Six Tips on How to Avoid Squandering a Financial Windfall. For more advice, check out these Powerball winners' lessons on how to hang on to your cash, whether you're a millionaire or just trying to make ends meet.

How One Lottery Winner Blew Through $10 Million in Less Than 10 Years - DailyFinance
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3 peeps gave props to thetfd Agentzer0oo0 (06-23-2013) , hot topic  (06-23-2013) , stogz (06-23-2013)

90 comments for "How One Lottery Winner Blew Through $10 Million in Less Than 10 Years"

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Unread 2 years agoclass of '10 - away - #2
Kylluminati  space
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Unread 2 years agoclass of '11 - away - #3
One Gud Cide 23 heat pts23 space
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they shoulda never gave you n*ggas money
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Unread 2 years agoclass of '12 - away - #4
cubes 2 heat pts space
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So really she only blew about 3 million...
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Unread 2 years agoclass of '08 - away - #5
Andre3stacks 13 heat pts13 space
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im sorry but to be honest if i got rich id only tell my spouse and pay for them to keep my name anonymous. Best thing she did was save money for her kids but how much was that? and when they turn 26? Wont even get to spend it on college fees? But I guess at that age it would help.

No need to just give your mother a million like that and divide money among siblings just help here and there.
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Unread 2 years agoclass of '07 - away - #6
S0ap 19 heat pts19 space
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Sharon, you fu*kin dummy.
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Unread 2 years agoclass of '12 - away - #7
DreamChasers 72 heat pts72 space
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LOL! she was buying people houses and sh*t.. of course

...

Shut up and... Take my money??

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Unread 2 years agoclass of '11 - away - #8
Kooper 99 heat pts99 space
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Vacations in the country and Mexico

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Unread 2 years agoclass of '11 - away - #9
ricengravy 1 heat pts space
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nobody caught the part she was paying ppl's bail lol .......

fk that nobody would know id won but my IMMEDIATE family not 1st cousins i see once a year i mean peeps i regulary speak 2
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Unread 2 years agoclass of '10 - on now - #10
Solid2 snake  space
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Stupid b!tch... She bought 4 regular cars too...
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Unread 2 years agoclass of '11 - away - #11
One Gud Cide 23 heat pts23 space
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ricengravy said:
nobody caught the part she was paying ppl's bail lol .......

fk that nobody would know id won but my IMMEDIATE family not 1st cousins i see once a year i mean peeps i regulary speak 2
I'd tell every single person I met I don't give a fu*k they're still not getting sh*t
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Unread 2 years agoclass of '09 - away - #12
Polygod 44 heat pts44 space
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One Gud Cide said:
I'd tell every single person I met I don't give a fu*k they're still not getting sh*t
this

my moms my pops and my sister get 100k thats it then im gone
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Unread 2 years agoclass of '06 - on now - #13
aussie08  space
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shes fine tho...her 4 kids each get 1.75 million when theyre 26. She really didnt even spend that much if she still has 3/4 of a million.
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Unread 2 years agoclass of '10 - away - #14
Agentzer0oo0 174 heat pts174 space
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NefDizzle said:
this

my moms my pops and my sister get 100k thats it then im gone
100k?

I'm giving my moms a dollar & calling it a day

Dat savage life

Nah forreal tho I'd find some bullsh*t job where she literally has to do nothing but get paid. Same thing for my pops.

I'ma have a trust fund set up for my niece and that's it.

I'll probably read into Real Estate & how to properly invest in stock then just live a quiet life. I'ma be living like those rich white folks whose entire outfit will cost a fitted cap
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Unread 2 years agoclass of '10 - away - #15
lboog1423 223 heat pts223 space
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She was generous with others, too, buying houses and renting them out at low rates, paying people's rent, offering loans for bail and business ventures.

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Unread 2 years agoclass of '12 - on now - #16
videoshirt  space
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my thing is how does she not still own the house she bought?

like seriously you are living in a rented house now so what happened to the house u bought when u got the money?

i mean that's really bad because most people, even if they went broke would at least still have a house PAID FOR
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Unread 2 years agoclass of '04 - on now - #17
bwlove02  space
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videoshirt said:
my thing is how does she not still own the house she bought?

like seriously you are living in a rented house now so what happened to the house u bought when u got the money?

i mean that's really bad because most people, even if they went broke would at least still have a house PAID FOR
She might not be able to pay the property tax.
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Unread 2 years agoclass of '11 - away - #18
KRCROOKSNY 28 heat pts28 space
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cubes said:
So really she only blew about 3 million...
This.
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Unread 2 years agoclass of '04 - away - #19
Kalon 4 heat pts space
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it says 4 SIBLINGS. n*gga, she gave that money to brothers and sisters not kids lmao
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Unread 2 years agoclass of '10 - on now - #20
kawgre12 4 heat pts space
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aussie08 said:
shes fine tho...her 4 kids each get 1.75 million when theyre 26. She really didnt even spend that much if she still has 3/4 of a million.
That 1.75 went to her brothers and sisters...it doesn't say how much her kids get
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