[antiRepublicrat]

I have often wondered why so many lottery winners go broke even after winning tens of millions of dollars at times.

Because they blow it all instead of investing it, and because they choose the larger payout amount over years instead of taking the smaller amount up front and investing it.

Germany had a famous case of a guy who won lump-sum millions in their lottery -- twice! He went completely broke shortly after each win.

But the lottery isn't totally stupid as long as you play it as recreation: blow a buck on a ticket, $10 for the movies, whatever's worth it for you.

[JamesP81]

Because they blow it all instead of investing it, and because they choose the larger payout amount over years instead of taking the smaller amount up front and investing it.

Yep. If you were to win only 20 million after taking cash up front, do you realize if you put that in a 2%, tax free municipal bond that you would make $400,000 per year, tax free? But most won't do this.