How to Lose $10 Million in Ten Years
Admit it: You occasionally dream about what you would do if you won the World Series of Poker or the Million Dollar Listing or even Publishers Clearing House, right? Of course, we all have them. But we hear story after story of people who actually won a lot of money but had no idea how to keep it; Sharon Tirabassi, 35, is one such person. Let’s take a look at their cautionary tales.
Powerball Winner
Tirabassi bought a Canadian lottery ticket in Hamilton, Ont., in 2004 when she was a single mother, fresh off welfare and proudly working as a personal care assistant. She came home with a check for $10,569,000.10 (Canadian) and somehow, almost a decade later, she was riding the bus with little people again, working part-time and renting an apartment. What?
release
It turns out that spending ten million is surprisingly easy, at least if you don't have a financial advisor and don't know that even a lot of money has a bottom line. Tirabasi never kept track of her spending, but by her own admission, she spent her money on "big houses, luxury cars, designer clothes, lavish parties, exotic trips, handouts to family and loans to friends." “Okay, we get it, but what about ten million?
Tirabasi said she divided the money among family members, with $1 million going directly to her parents and $1.75 million split between her four siblings. She was liberal and generous to everyone she knew, buying houses and renting them to friends on favorable terms, or simply paying other people's rent, and even providing business loans and deposits. Wait, bail? Houston, maybe we see the problem.
She doesn't deny it either; Tirabasi indulges in every foreseeable fantasy, including vacations to Cancun, Florida, Vegas, California, and the Caribbean, not to mention including a Hummer and a custom Cadillac Escalade of luxury cars.
morning Call
To their credit, Tirabasi and her new husband actually put the brakes on after their win and didn't waste every penny. When they realized they had "only" $750,000 left, they put it into a trust for their six children, who would inherit their estate when each of them turned 26. Now stoic about her rags-to-riches life, she tells the story again, saying: "Everything else was fun at first and now it's like... a new lease of life."
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Source: www.casino.org
