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

With a $338 million Powerball ticket having been sold in New Jersey -- the fourth-largest jackpo...ll 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."

http://www.dailyfinance.com/2013/03/25/lottery-winner-powerball-sharon-tirabassi/?ncid=txtlnkusdail00000004

I think that's pretty easy to do in 10 years. Granted I have no siblings or cousins just to throw piles of cash to but I have kids. I'd like to think I wouldn't but I know I would, everything I think they'd need to be happy, there goes a pile of cash. Who knows? Myself I wouldn't want a massive place to maintain nor am I big on cars, but whims of fancy can be a problem. Finding a trusted financial advisor can be tricky in and of itself.

But she did do a trust for her kids. There was some thought.

I know the first thought is to buy what you want, but seriously, that's too much...

[Edited 4/10/13 15:51pm]

morningsong said:

I think that's pretty easy to do in 10 years.

4 the everyday individual u are right.

I read about that. Makes me sad.

Like morningsong said, it's difficult to find advisors you can trust.

I would like to say I would NEVER do that, but I've not ever been in her situations so I will not judge.

I'm glad she made a trust for her kids.

Too bad.

I'm such a cheapskate, outside of philanthrophic endeavors for my alma mater, they would probably have to pry that cash from my cold, dead, shriveled up hands. I can't even imagine what requests for cash would be like with me:

Say your heating costs have gone up and you can't handle the bills this winter? Well I got $200 for the chimney sweep to clean out the fireplace you've left idle for the 20 years you've lived in your house, and will even throw in a starter pack o'wood! Old newspapers also work well and I've discovered while living here in the EU the concentrated oils in leftover citrus skins will make the the place smell lovely! Say you need a new home, great, I'll give you the fee to help you apply to live in a model solar home! Say the kids want to travel some winters overseas for their birthday? Fantastic, I'll get their little asses a ticket to Africa with me to help build water wells and distribute water purification pills, after they layover here first so we can cook and feed the homeless around town--- and oh yes, yes, I'll even provide the hiking boots for them so their feet won't wear out---but they won't be from Chanel; they'll be from Target or Payless with a nice new comfy pair of sole inserts!

I have a friend that blew threw 3 times that much in half the time. I never expected that to happen. He was smart, and he put his money with Merrill Lynch. He was such a good guy. I always told people his story, and concluded it with "He's the kind of guy that if you didn't win it, you were glad that he did".

But then he got taken advantage of by "friends" and invested in several ill-advised restaurants and bars. He also bought things he shouldn't have, like a $5 million home, a $1 million luxury skybox at an NFL stadium, etc. It eventually cost him everything, including his marriage.

Now, my feeling on lotteries is that I wouldn't wish them on anyone. If my friend couldn't handle it, I don't know who could.

.

[Edited 4/9/13 12:27pm]

For me, $10 millions dollars would be barely enough for ME to live comfortably for the rest of my life. It's really not a lot of bread after you budget it out over so many years.

The trick is not letting everyone in your family, your "friends", neighbors and every dog and cat on the street know you won 10 million dollars. Probably the only person I would give a HUGE lump sum to is my mum. Everyone else who I deemed worthy (perhaps maybe a half-dozen people), would maybe get a few thousand each and it would be up to them what they wanted to do with it (sorry, folks. You still have to work. No mooching off KB). Otherwise, life would continue on for everyone as usual. And it would be next to impossible for anyone to get a hold of me for "favors" or loans after I moved to some really secluded town in Europe as soon as I cashed the check.

[Edited 4/9/13 10:08am]

kibbles said:

i stumbled on this story the other day, and i also read the previous story they did on her when she still had about half of the money, i think. in addition, they had this story about another woman who also won about $5 mil here in the states. she is living a comfortable but not overly extravagant lifestyle. she bought ONE not FOUR mercedes, a plain one, not a "tricked out" custom made car like sharon. she bought a small boat since she and her husband love to fish - which means they'll use it. and of course, a house. a nice smallish "mc mansion", not some out of control 6K sq. ft. monstrosity. this woman made an observation that i think is true. if you're the type of person who wasn't good with money in the first place, having lots of money is not going to chance that, it's going to make it worse. this woman was probably always good with money. unlike sharon, she probably sought out a financial advisor from a reputable bank, who advised her to do some conservative investing. she also mentioned that she got all sorts of people coming out of the woodwork to get money from her, and she was very careful in who she decided to help out. you never hear about lottery winners like her, only the short-sighted, naive ones like sharon.

Pretty much.

Why would this make someone sad? She's not worse off, she's just back where she started.

-

And when you win Lotto 6/49 or Lotto Max you do not have the option of collecting anonymously - that's the worst thing about it. You basically have to restart somewhere new to escape the beggers. Winning money can be a total nightmare.

-

10 million is a decent amount of money you just need to know how to manage it and whether you make 20,000 or 20 million you simply can not live beyond your means.

So if you put $10 mill in the bank and lived off the interest for the rest of your life..say 5% PA return, that would be $500,000/year.

Why would anyone NOT do that?

Pop $500,000 down for a mortgage on a beautiful house the first year and live very comfortably and luxuriously for the rest of your life.

Is my theory flawed?

I DON'T GET IT.

It makes me sad because it's a wasted opportunity to live free of money worries for the rest of your life.

It makes me sad because when someone wins the lottery, the myth is the person is happy for the rest of their life and she is not.

It's a dream and her's is gone. (As far as this goes. I'm hoping she perseveres and goes on to better things.)

There use to be a show that came on that showed what people did after they won the lottery, a lot of people make out pretty well it seems. Of course you always have those that try to be over-giving and try to save everybody they know then end up with nothing.

The Lottery Changed my Life was what it was called. Watching this most folks don't want the big oversized mansion, but they do want the 40 vehicles of some kind.

[Edited 4/9/13 11:36am]

JustErin said:

Why would this make someone sad? She's not worse off, she's just back where she started.

-

And when you win Lotto 6/49 or Lotto Max you do not have the option of collecting anonymously - that's the worst thing about it. You basically have to restart somewhere new to escape the beggers. Winning money can be a total nightmare.

-

10 million is a decent amount of money you just need to know how to manage it and whether you make 20,000 or 20 million you simply can not live beyond your means.

And therin lies the REAL key ...and that is hard for many in a society that that's always telling you that you need bigger, better, faster, more and you need it today. A lot of people cave into instant gratification where money and trinkets are concerned, or the pressures Keeping Up with the Joneses. I enjoy a high quality of life as much as anyone does, and enjoy doing generous things for others when I can. If it's within my monthly budget, I have never been above gifting a girlfriend with a handbag or treating close friends to a sumptuous feast, but by the same token, I am miserly as I am not willing to live above my means. I'm the kind of friend that you can be sure to come to my place and dine on lobster with sparkling beverages, but sorry, those lobsters are frozen and you won't drink French champagne, you'll be drinking a regional German Sekt or Italian Prosecco, because that is what fits my budget for entertaining. You might get a handbag or pair of shoes from me, but while I will ensure the gift is of fantastic quality, I look primarily at items that will last you more than one fashion season where trends are concerned, and I likely will have bought that gift on sale or through a designer showroom hook-up from work.

Nothinbutjoy said:

I read about that. Makes me sad.

Like morningsong said, it's difficult to find advisors you can trust.

I would like to say I would NEVER do that, but I've not ever been in her situations so I will not judge.

I'm glad she made a trust for her kids.

It was smart to make those trusts. Hopefully, the kids will manage the money better and will also be able to help take care of their mom.

I have no idea if the woman in the story is a good person or whatever, but it is definitely sad when people are taken advantage of by those they thought were friends.

If I won $10 Mil. I would seek out a good accountant, invest some money, have a good pension plan nest egg, pay off any debts, give to a few of my fave charities. I would not give any to family or anyone else. Disconnect my phone to prevent those that 'claim' to be some dumbass long lost relative. And I might either continue to work full-time or part-time ..... $10 Mil. ain't going to last forever. Be frugal and spend wisely.

i think immense wealth is a novelty at first which wears off and becomes a burden, or a consuming 'thing' which overshadows other, more important things in life. not that i would know firsthand.

i do like the fact that the subject of this story was so generous with the money. she gave lots of it away. i'd like to think i'd do the same, except, reserve a small stipend for myself. purchase an annuity or two...

I'll say it again. That is because poverty is in the mind. You cant just drop money into peoples laps and expect them to magically know how to handle it (and make it grow into more money).

Winners who are already rich keep it, winners who are broke always blow it. Most winners aren't the rich however, they are smart enough not to pay for play and throw their money away.

after i did my swimming, then i'd move forward with my who's and what's as far as MY new money. (don't hold your breath distant friends)

That sounds like fun!

Why is she renting now if she bought property?

I am trying to learn from this. If I won, I know that there would be major pressure to share it with close family, regardless of the sum.

kitbradley said:

The trick is not letting everyone in your family, your "friends", neighbors and every dog and cat on the street know you won 10 million dollars.

Like no one's thought of that Word travels, man

JustErin said:

And when you win Lotto 6/49 or Lotto Max you do not have the option of collecting anonymously - that's the worst thing about it.

Yep. It's part of the agreement for collecting.

Cinny said:

That sounds like fun!

Why is she renting now if she bought property?

I am trying to learn from this. If I won, I know that there would be major pressure to share it with close family, regardless of the sum.

Shit. My family ain't that close but PLEASE believe, bruh, if I won the lottery tomorrow, those same folks who haven't talked to me for 20 years will call me asking me to lend them $100,000. Fuck that. Just tell them fuckers I donated it to charity.

violectrica said:

Most winners aren't the rich however, they are smart enough not to pay for play and throw their money away.

I always hear that: "a tax on the dumb", but it's fun too. Suppose it is not fun to someone already rich.

Graycap23 said:

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

You know what though? She took care of her people, even when they couldn't return the favor, which shows she is truly generous. I don't think this is the worst story ever.

But surely there should be one property she owns!

Cinny said:

violectrica said:

That is because poverty is in the mind.

Poverty is in the wallet! How condescending.

JustErin said:

Cinny said:

Yep. It's part of the agreement for collecting.

Lotto 6/49 is 42 million tonight!

I don't think the winning ticket will be in Calgary soon. The last winner from February is chilling the win: He was in the paper a month after winning saying he was "bored" and wanted his old job back, and hadn't taken his wife anywhere.