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An old TV commercial once promised, “Only Publishers Clearing House can make you so rich, so fast!”

But as some unlucky winners discovered this year, that fortune may not actually last forever.

That’s what happened to John Wyllie, a 61-year-old Oregon man who won $5,000 a week for life from the PCH Prize Patrol in 2012.

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According to NBC affiliate KGW8 (1), he received an annual check for $260,000. This helped him retire and buy a house on six acres in scenic Bellingham, Washington.

But those checks suddenly stopped after PCH filed for bankruptcy in 2025, without warning him or other winners.

Wyllie told KGW8 the turn of events “feels like a nightmare,” especially as he hasn’t worked in over a decade and lives with his four dogs and two goats on his Bellingham property. Now, he’s struggling to find a job.

For Wyllie and other winners, the promise of income “for life” has turned into a legal and financial fight.

KGW8 reported that Wyllie is one of at least 10 winners still owed prize money they’ll likely never receive.

ARB Interactive, which paid $7.1 million to acquire PCH, announced it would only honor prizes won after it took over in July. Past winners still waiting on payments will “have to seek payment from the bankruptcy estate,” according to The Wall Street Journal (2).

Andrea Coles-Bjerre, a University of Oregon law professor, told KGW8 it’s unlikely winners will be able to collect their winnings. The law treats them as unsecured creditors, meaning they must compete with other creditors for whatever money remains.

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Winning a life-changing jackpot might sound like a guarantee of lifelong financial security. That said, history suggests sudden wealth doesn’t usually translate into long-term stability.

A commonly repeated claim states that 70% of lottery winners go bankrupt within a few years, though that statistic isn’t supported by research, as per the National Endowment for Financial Education (3).

That doesn’t mean financial trouble among winners is rare.

Generally, lottery winnings are offered in two ways: As a lump-sum payout or as long-term annuity payments.

The annuity option spreads payments over decades, which, in theory, can help winners avoid spending too quickly. One could argue that a lump-sum payout is safer, because the winner controls the full sum immediately and can invest it themselves.

However, that comes with its own dangers. Many lottery winners who take the lump sum struggle to manage sudden wealth.

A famous example is William “Bud” Post III, who won $16.2 million in 1988, or around $44.4 million today (4). Post ended up filing for bankruptcy within a few years after poor investments and spending spiraled out of control. By the end of his life, Post was reportedly $1 million in debt.

The Certified Financial Planner Board of Standards estimates that nearly one-third of lottery winners eventually declare bankruptcy, often within three to five years of receiving their windfall (5).

Meanwhile, research examining tens of thousands of Florida lottery winners found that nearly 2,000 winners filed for bankruptcy within five years, suggesting that a large payout alone doesn’t guarantee long-term financial stability (6).

Winners also often face intense pressure from friends and family, unfamiliar tax obligations and the temptation to increase spending dramatically. Without careful planning, those factors can quickly erode even a large prize.

Managing a sudden windfall requires a completely different financial strategy than managing a paycheck.

A financial advisor can help crunch the numbers and build a long-term plan to protect and grow a large sum of money. Hiring an advisor can be a lifelong commitment, which might make or break your retirement. That’s why finding reliable advisors is crucial.

That’s where Advisor.com can come in. The platform connects you with an expert near you for free.

Advisor.com does the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background. Plus, their network comprises fiduciaries, who are legally required to act in your best interests.

Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert suited to your unique financial goals and preferences.

When it comes to advisors, there’s no one-size-fits-all solution. That’s why Advisor.com lets you set up a free initial consultation with no obligation to hire to see if they’re the right fit for you.

Relying on a single source of income, even with guarantees, can be risky. That’s why many financial planners recommend diversifying your assets so your financial security doesn’t depend on any one company, payment stream, or investment.

Most people will never be lucky enough to win the lottery.

That’s why it’s important to start investing early and build wealth gradually, especially if you’re an impulse spender.

By resisting indulgences, you could limit your chances of overspending and overborrowing, putting you on a clearer path to financial freedom.

But it's easier said than done. According to a survey conducted by Clever Real Estate, 74% of respondents reported having a spending problem, with 55% admitting they often spend recklessly.

If you find it difficult to stop overindulging, you can start by building savings habits into everyday spending. With Acorns, you can automatically invest spare change from your everyday purchases into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

For instance, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. That’s an automatic, 75-cent investment in your future.

Even better, if you sign up today, you can get a $20 bonus investment when you set up a recurring contribution.

Once you get set up in the markets, you can start thinking about diversifying your investment portfolio for maximum safety.

Some investors also diversify into assets that historically hold value during periods of inflation.

Precious metals like gold have long acted as a cushion against inflation and instability.

One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax advantages of an IRA with the protective benefits of gold, making it an attractive option for those looking to hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

Financial planner Rachael Burns told Forbes that working with a certified public accountant can help design a tax strategy for large windfalls (7). In addition, the current advice from Trust & Will for savings is to set aside at least six months of living expenses in an emergency fund (8).

That said, setting aside money in a low-interest bank account will erode its value over time. In time, inflation will turn a six-month emergency fund into a three-month emergency fund.

A high-yield account like a Wealthfront Cash Account can be a great place to grow your emergency funds, offering both competitive interest rates and easy access to your cash when you need it.

A Wealthfront Cash Account currently offers a base variable APY of 3.30%, and new clients can get a 0.75% boost during their first three months on up to $150,000 for a total APY of 4.05%. That’s more than 10 times the national deposit savings rate, according to the FDIC’s February report.

With no minimum balance or account fees, 24/7 withdrawals, and free domestic wire transfers, your funds are always accessible. Plus, Wealthfront Cash Account balances of up to $8 million are insured by the FDIC through program banks.

Even if you never receive a sudden windfall, your loved ones’ financial security remains an important part of any long-term plan.

Term life insurance can provide financial support and peace of mind for your family if the unexpected happens.

If you want to ensure your family isn’t hit with unexpected costs during a crisis, consider signing up for term life insurance from Ethos.

As a licensed third-party insurance administrator, Ethos has joined forces with some of the industry’s top carriers, including Banner Life, TruStage Financial and Ameritas Life Insurance.

Ethos gives you the flexibility to select coverage amounts ranging from $2,000 to $100,000. Premiums start at just $9.80 a month and are guaranteed throughout the term.

You can get coverage in just 10 minutes online or by phone, with no medical exams or blood tests required.

Term life insurance coverage can help ensure your family remains financially secure even if your income disappears unexpectedly.

Wyllie’s story highlights a difficult truth about sudden wealth: Even money that looks permanent can disappear if the system behind it fails.

Whether the windfall comes from a lottery ticket, from a sweepstakes, or an inheritance, it's best to treat it like any other financial asset — with a long-term plan.

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We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

KGW8 (1); WSJ (2); NEFE (3); Wikipedia (4); Fortune (5); Vanderbilt University (6); Forbes (7); Trust & Will (8)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.