Case study: Lottery winner

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Richard Lustig
“I’ve been rich and I’ve been poor, and I like rich a whole lot better.”
Richard Lustig is one of the rare exceptions. The 65-year-old Florida man is a seven-time lottery game grand-prize winner who is still basking in riches after hitting it big about two decades ago. “Obviously it’s changed my life big time,” he told TIME on Tuesday. “I’ve been rich and I’ve been poor, and I like rich a whole lot better. We’ve lived in big, fancy houses. I drive a Jaguar. We’ve gone on cruises. I can’t complain.”

The former professional drummer, who banked his largest payout of $842,000 playing Mega Money, has kept most of his earnings and wrote the book, Learn How to Increase Your Chances of Winning the Lottery, in 2010 after his latest lotto win of $90,000.

The book has been flying off shelves in the last two weeks. “It’s been insanity. We’ve sold thousands of dollars because of all the publicity,” he said. “We wait for these kinds of moments, when jackpots get really high. When it happens, boom!”

Lustig, who has two children with his wife of 30 years, said the key to staying happy is to hire a good financial planner and a good accountant after paying off all debts. “I’m smarter than that,” he said. “People, they just don’t think. You have to secure your future.” “The reason why you hear those horror stories about people who win huge amounts like that and all of a sudden they’re filing bankruptcy is because it’s usually from people who have never had that kind of money before in their lives,” he added. “They just go through it like crazy. They think there’s no tomorrow. Well, there is a tomorrow and eventually it will run out.”