It is fantastic to win a lottery, enjoy the newfound riches, and be financially set for life. However, in the majority of the cases, this is rarely ever true. While you expect lottery winners to become millionaires, very few people manage to stay rich and instead are overwhelmed with their newly found fortune and quickly squander it.
They say that money doesn’t buy happiness, but it can make many people happy if used correctly. Some people manage to win hundreds of millions by purchasing a single lottery ticket, whereas for most, winning just a couple of million is enough to change their life. We have collected some stories about lottery winners who have maintained or improved their wealth.
Brad Duke – Idaho State jackpot in 2005
In 2005, when avid lottery player Brad Duke was 33 years old, he devised his plan of “winning” the lottery. He gathered the past six months’ worth of Powerball results and figured out the 15 most often drawn numbers, and after using a wheeling system, he combined them; luckily, his efforts paid off, and he won the main $220.3 million jackpot.
After taxes and everything, he got $86 million in cash. After the mandatory vacations, trips, and updating his hobbies, Brad decided to increase the prize money to $1 billion and gave himself 15 years to do this. However, he has not yet reached his goal, but he is on a good way there, as he has doubled his net worth. He lives a comfortable life and makes smart investments in real estate, gas, oil, and low-risk bonds.
Paul and Sue Rosenau – Waseca jackpot in 2008
Paul and Sue Rosenau won the $181.2 million Powerball jackpot in 2008. Fortunately, they knew exactly what they wanted to do with the winning prize money! Five years earlier, their granddaughter Makayla died of a rare and incurable disease. Krabbe disease is a degenerative illness that affects 1 in 100,000 newborns. It attacks the nerves lining, and most babies die within two years.
The generous grandparents established The Legacy of Angels Foundation. This organization focuses on increasing disease awareness and helps families pay for treatment and medical expenses. It also funds further research and development initiatives. Since 2009, the foundation has awarded Krabbe disease researchers over $10 million in financial grants.
The couple also donated more than $10 million to their rural community of Waseca, the local church, families in need, and the local fire station. The Rosenau’s are a great example of how to make a winning jackpot work for all.
Lerynne West – Powerball jackpot in 2018
Lerynne West is a single mom of three from the United States that used to work with an insurance company before the big win. In 2018, she was one of the two winners of the $687.8 million Powerball Jackpot, and she took home $343.9 million before taxes. She donated $500,000 to the Travis Mills Foundation and established a charitable organization called Callum Foundation. Her charity continues to offer financial support to animal welfare, veteran affairs, health, and education.