How a Woman Won the $10 Million Dollar Lottery and Now Rides the Bus to Work

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by Dr. Boyce Watkins

Sharon Tirabassi was living the dream.  She won the $10.5 million dollar lottery in her home country of Canada, earning her a consistent residence on cloud nine.  All the things that she’d always wanted were wide open to her:  Expensive cars, fancy houses, designer clothes and expensive vacations.  Her financial freedom was right in front of her eyes, and it was time to live the lifestyle she’d always deserved.

But years later, Sharon rides the bus to work.  When she doesn’t feel like riding the bus, she rides her bike.  She’s not doing it for exercise.  Instead, it’s because she can’t afford to fix the car that sits in the family’s driveway.  All the relatives who were quick to borrow money from her when she won the lottery are nowhere to be found.  She’s now finding herself getting reaccustomed to the lifestyle to which she’d become accustomed so many years ago.  The fall has not been easy.

I feel bad for Sharon, the same way I feel bad for every NBA or NFL athlete who goes through the same experience.  They say that it’s better to have loved and lost than never to have loved at all.  But this isn’t true when it comes to money:  It’s usually better to have never had the money in the first place than to have it and see it all slip between your fingers.

As a Finance Professor, I think about money a lot.  Also, my grandmother, who was my first finance professor (with no college degree) taught me a few things about money that I hold onto till this day.  In spite of being a single mother who never made more than $25,000 per year, my grandmother always had money, maintained perfect credit, and never had to borrow a dime from anyone.  Here are a few things that my grandmother taught me, that were later confirmed when I got my PhD:

 1) Money is behavioral:  My grandmother used to tell me that if you think like a saver, you’ll always have money.  If you think like a spender, you’ll always be broke. So, the truth is that, no matter how much expertise you have, you must choose to have financial discipline the same way that you choose to eat the right food.  Knowledge means nothing if its not applied, which can effectively turn you into the chubby gym teacher.

2) Always invest and spread your money out:  One big investment is rarely a good one, so that means that putting all of your money into Billy’s Liquor Store or Tiffany’s line of doll houses is usually not a very good  idea.  Most NBA athletes who go broke do so largely because they’ve put a bunch of their money into private equity investments that fail, rather than investing in a diverse portfolio consisting of a variety of asset classes.  If that last sentence didn’t make sense, just talk to your financial adviser and let them handle it for you.  The key here is to not put all your eggs into one basket.

3) Never forget Uncle Sam:  I hope that Sharon, upon winning the lottery, didn’t visualize herself as having $10.5 million to spend.  This is big mistake from the beginning, because we all know that the IRS loves to take your money. Most athletes and entertainers who end up broke usually do so because of some kind of ill-advised tax situation that they knew nothing about.

No one is perfect when it comes to money.  But the fact is that, in the age of information, there is no excuse for being financially illiterate.  As my grandmother taught me, a good dose of common sense and moderation can go a long way when it comes to managing your money.  In fact, I’ll go get some advice from her right now.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and author of the book, “Black American Money”. To have Dr. Boyce commentary delivered to your email, please click here.




  1. Always remember that you are not as rich as you think you are. Always be cautious with money.

  2. She won the money in Canada, her home country. Why should she be concerned with the Internal Revenue Service, which is part of the US government?

    • I’m sure Canada took their fare share! All countries collect taxes, except maybe Greece, which go them into trouble in the first place!

  3. First of all, the money was hers to do as she pleased…

    The problem most people have is no money skills what-so-ever except knowing how to spend…

    In addition, people tend to listen to the perverted catholic when they ask you to finance everything, instead of paying cash or doing without…in her case, she financed a lot of things making these people rich…

    Another problem was her family, trying to be Ms IT with them, and her friends, and new friends…

    Now that the money is gone, so is everyone else, and all of the companies who financed her life has taken back their material things…

    She could dealt with the fake family & friends…but financing everything was the wrong move…

  4. addison prescott

    LOL My co-worker always said that neither one of us will win because we have a plan how to handle the money, first once you realize you won, disconnect your land and cell phone and buy a burner. Do not, repeat do not tell anyone except the one or two people who you trust with your life and are not down low thieving scheming back stabbing greedy.

    Immediately set up a trust and arrange to get a salary from the trust, if you want to give money to family/friends arrange for your attorney to do it for you and remain anonymous and dont forget to pretend that you got money too from this mysterious person.

    Don’t pick up the money yourself but have your attorney/proxy do it for you. Make sure the person who is your proxy is seriously trust worthy.

    For the first couple of months don’t buy anything. Maybe take a Modest Vacation. Once you feel that you can breath, then start making plans for the money. and remember, never touch the principle spend only the interest.

    • Addison Prescott, your plan is great! My husband and I pretty much said the same thing, especially about taking a modest vacation to get away and think about it all.

  5. Why are you feeling sorry for this Woman Dr. Boyce she is just like a whole lot of black folk and others who come into a large sum they spend first and never invest don’t put monies away for a rainy day,especially professional atheletes who never save just spend and when their career is over they have nothing and some end up in prison, drug use etc.Like the man that won the power ball a couple of weeks ago what is he doing besides paying back child support??Well he is busy paying everyone on his block rent, while it’s nothing wrong with helping others or giving back take care of business first for you by getting wise council and sound advice from the best Investors putting your money where it’s going too yeild the most for you and bring you peace of mind for the rest of your life and after you have done that than you can see where you may be able to assist others but make sure that you, your spouse, and children if you have any will be taken care and set for life no matter what.

  6. Sometimes you give anonymously to folks, that way they have no expectations from you. People drain you when they know you got some cash.

  7. The handling or mishandling of money has more to do with psychology than know-how. A sudden windfall of money creates a sense of chaos in the life of a person who has no history of having money. This sudden influx creates a chemical imbalance that leads to a high degree of anxiety that most people can’t handle. There are many cliché’s to explain the process; such as “a fish out of water”, “you can take the person out of the country but you can’t take the country of the person”. These people subconsciously feel that they aren’t worthy of this sudden wealth and consequently they develop a mindset that it won’t last and then it becomes a “self-fulfilling prophecy”. They just want their lives to be “normal” again so they spend lavishly and foolishly to rush the process.

    • James, well said. You hit the nail on the head…there’s a mindset behind the money. You all enjoy your day :-)! Peace and blessings.

  8. Give to the ones that were there before the win. All others tell then to kiss you azz

  9. Sharon’s story is similar to many lotto winners and professional ayhletes. They end up as losers because they simply don’t know what to do with large sums of money. As a result some one usually takes it all from them and disappears.

  10. No sympathy for her WHATSOEVER!!

  11. Peter D. Slaughter

    Let’s go back in history.
    There is the classic scene in the movie ” The Spook That Sat Besides the Door ” where the spooks were doing this old civil war slave skit.

    As they went along with the skit one of the spooks say ” I’s would not know what to do wit no money “..

    Well guess that applies today to a whole lot of these so-called rich black people who get access to this paper money with dead slave owners on it.
    ?? Ever wonder why the white controlled media loves to promote how much money a black person?

    While they are reporting the amount,the white handlers are making major plans to get every dime and penny back. It’s the year 2013,the 21st century and ole slavemassa is still tricking and hoodwinking many black people and afrikans world wide.
    Wake up !!!

  12. Lawrence Campbell

    All these “touching” stories really get me…we cannot seem to grasp the notion that no matter how much money any one of us has or wins, it won’t be enough. There are roughly seven billion people on the planet, all competing for the same allusive goal – to have an UN GODLY amount of money. No matter how many wives/granddaughter tales we hear, we cannot wait to “buy in” to systems designed to keep you from seeing who you are, where and what you are, since when, and why. Every effort we make to put more “stock” into the fiduciary system, further removes us from our intended purpose(s) as humans. Here’s an example of proof…

    Your GOD (for the believers) didn’t send you through the birth canal with any of your daily baggage, nor will you knowingly leave with any.

    You (we) will never know what our intended purpose is, as long as we are preoccupied with chasing dollars, or being haunted by mr and mrs bill(collector)…(dollar illiteracy?)

    Every dollar investment you make into the system as we think we know it, purchases weapons of some sort of destruction, to be used somewhere, on someone that’s not bought into “our” system. We can deny it to the “high heavens”, but we really don’t know, nor do we want to know where money really comes from, let alone it’s true purpose.

    Woe to the disbeliever, who willfully has forgotten what scripture says about who is custodian of the planet, and for how long? Are we all just “sales representatives” for a destructive industry?

  13. money in and of itself is NOT the key to prosperity. HAVING THE RIGHT MINDSET ABOUT MONEY IS. people are not broke due to lack of cash, but rather the LACK OF THE RIGHT MENTALITY. If you give the average broke person 10 million, and NO DISCIPLINE, OR MANAGEMENT SKILLS, you are not empowering that person. You are only pouring water into a bucket that has a hole in it. For every dollar that black folk desire to spend FLOSSING, we need to spend THREE DOLLARS on safe long term investments that will allow that money to work for you. And truthfully, with modern day access to books, libraries, Internet, and low cost adult education classes reveal that there is NO EXCUSE TO BE IGNORANT about such matters, unless you choose to be. It is the CULTURAL state of reinforced ignorance that DESTROYS US now matter how much money we make.

  14. Most Black people are not financial savy. Had she managed her money before she won the lottery, she would have known how to manage after the fact. This is truly a sad story but I cannot feel sorry for her. Your family can be the worse when it comes to money, she should have given them a flat amount and let them know “that’t it” spend it fast or spend it slow but there will be no more. Had she been smart, she could have lived off of that lottery money the rest of her life. Taxes is a must! Don’t purchase the fancy expensive cars or houses the upkeep on both are expensive, those alone will eat you alive. Maybe this will be a lesson to others, pay yourself first, and that does mean blow it, it means save it!

  15. Codrington C. Dapp

    “White people invest their money–black people buy rims”–Chris Rock

  16. Money and a fool cannot stay together or said another way a fool and money will always part.

  17. Why are you feeling sorry for this women?, she spent her money as she pleased–right ,wrong or indifferent–It has nothing to do with any kind of sorrow– she has a bike and feet– one god given and the other she purchased she might be happier—- to each his/her own–she and she alone will deal with the consequences—it not like she’s never been broke before—if she was to hit the lottery again for much more money,would you still feel sorry for her? probably not!—-MOVE ON DR. BOYCE!!!! IT’S ONLY LIFE DOING IT’S THING. There is no Right or wrong to this story—POINT BLANK PERIOD—PEACE!!!!

  18. Gina is right; Sharon Tirabassi the lottery winner does not have to be concerned with the Internal Revenue Service (IRS). If at all there is concern with her, it has to be with Revenue Canada which is Canada’s Tax department, the IRS has nothing to do with Canada. Fortunately for this lady again (Sharon Tirabassi) the winning lottery price in Canada is not tax at all. So if you win $10.5 Million Canadian dollars, the winner get the full price money with no tax taken at all by Revenue Canada (Canada’s Tax department).
    Not so fast, not this time,I am not going to let her get away with it this time. I am coming up there in Toronto Canada and ask for my own part of the money, you better keep my bus fare lady, because I can’t afford the bus ticket myself. Oh can I borrow your bicycle (bike)? Lol..!
    Peace out..

  19. I don’t get it…sorry…my bus days would be over if I won the lottery.

  20. when you put money in the wrong hands it become a weapon and people use it to buy others some times they hurt themselves as well as others believe me some people are better off with out it.

  21. What are the chances of a person who has never had any extra money being financially savvy?
    About as much as sitting someone with no musical knowledge down at a piano and expecting them to play.
    Schools seldom (if ever) teach our children basic life skills such as personal finance, how to obtain needed services, how to survive in a violent, warmongering, racist, sexist society, how to prepare low-cost, healthy meals (while raising children and working 2 jobs), etc. Personally, the skills that I learned in high school were related to being able to survive in the “working”, corporate world- basically, how to “fit in” by making a lot of money for those who already have a lot of money and somehow manage to keep a few crumbs for myself and my daughters. Oh yeah, and lots of history about this great nation of ours which was almost all lies and political propaganda.

  22. A hard lesson for sure..but I’m not going to be too hard on her. Having money of course is better than having none, but it certainly brings to mind that you can’t buy people’s affections or trust, at least not for long. You have to fully grounded in who you are and what you’re about so you don’t have to look to externals like money to try to validate yourself.

  23. Rather nice post. I simply discovered your own web site and also needed to state that I’ve truly genuinely loved surfing around your website discussions. Whatever the case We will be signing up the rss and I am intending you’re again immediately!

  24. Wow! All that money and now she is on the bus. “A fool and his money shall part”.

  25. Wow! All that money and now she is on the bus. “A fool and his money shall part”.

  26. ..its just money and the luck of the draw.. she’s apparently un-educated and did the foolish thing and spend it all and has NOTHING to show for it other than TALK.. she needed an advisor whom would have educated and instructed her how to FLIP the money and make more loot as an investment turned into WEALTH for her future generations to come..

  27. Money is one of the most important elements of our lives. We need it and it is only an exchange for what we want. I had a friend who won 12 million dollars and ended up borrowing money from a mutual friend of ours in no time. I think I ate up half of it. A lot of us don’t learn about finances and especially when we grow up poor as I did. I remember going to the bank to cash my paroll check and it dawned on me that the company I worked with only paid me for “being” at work. I remember asking myself who was going to pay me “for going” to work and getting home. I had to! I opened up a savings account right then and started saving part of my pay check. I opened a travel account since I loved to travel and have been to 53 countries in the world. It was all my money so if I needed it, I could go into the savings and get it. Having or not having money is a way of being and thinking. We need to be taught about money from an early age so that it has more value as we get older.

  28. Another comment: This woman and many like her have what is called “proverty consciousness”. Her consciousness and thoughts are about being poor and therefore she gets more of it eventhough she won the lottery. She obviously thought more about not having money than having it. The Law of Attraction is real and active moment to moment. I keep a $100.00 in my wallet and don’t spend it regardless of what is going on. I can always say “I have money”, this is true, although it is only $100.00. I put money in every room in the house and I can say metaphysically and for real that I have money all over and everywhere. Affirmations about money do work. I have several banks and put the change there. So money is all over my house. Am I rich, no!! Do I have to be? No! I want what I want and want to be able to supply my needs and travel in the world. I love giving and sharing money!
    I would be lying if I said “I don’t have money”. It is all over my house. My subconscious mind hears me and gives me more money. No, I am not rich nor do I have a lot of money. However, I have food, housing, a car, etc. I work and I earn money to take care of myself. If I won the lottery, I would first put give myself an amount every month and save the rest in some kind of account where I was earning money from saving money. Get a financial advisor who knows about money. Save some money out of any money you get or earn!!!

  29. I’ve seen a show called “How the Lottery Changed My Life”. I was amazed at how much money these people spent when you look at what they won. $100,000 cars and million dollar homes, stupid investments and monetary gifts. Not to mention clothing and jewelry. Ridiculous! Nobody thinks about taxes. They also don’t consider the maintenance on those expensive cars, insurance and the annual taxes on a million dollar house will run you. Additionally, let’s not forget to mention the utilities. I think people should take the money as an annuity, you just might learn something about finances if you get the check every year rather than in a lump sum. But then again, a fool and their money are soon departed.

  30. Invest people!! Build your own business!!!

    • Did the lottery do anything to help this woman after winning this? I think if the lottery didn’t help her with financial advice,they have failed her and are equally culpable in her financial demise. In my country,South Africa, winners are provided with free financial counselling and free holiday to rest and internalise the fact tthat their lives have changed. I don’t want to be too harsh on her by saying she dot what she deserved,but she became too careless especially with giving out to relatives and friends.

  31. Relatives??? Thank goodness my family is extremely small. If I ever did hit the lottery for a substantial amount of money, NO ONE gets anything except my daughter, and she only gets 3.5%. No more, no less. I have no sympathy for this woman riding the bus. She’s broke and it is her fault. She knows how greedy family members are.

  32. why is EVERYBODY expounding on their own ideas? where’s the followup to find out what actually happened to this lady, instead of speculating?!

  33. I would never ever feel sorry for this fool…it is a blessing to win the lottery for the odds are so high..the lady tricked off all her money instead of saving some of it and investing…sad to say this but she deserves a bike as her transportation. .

  34. When you are fortunate enough to get that kind of money. Tithing is important if you believe in it. Giving to family and friends is fine after you fix yourself financially first. I you choose to lend, do it on paper so everyone knows what was lent and what needs to be repaid, you really don’t owe anybody anything if you win. People act like you do, but no is not a bad word, even without money. If more people are comfortable using it life will be good.

  35. It is painfull that this happens most oftenly to black people and we never lear from others before us that expensive cars and house are not investments. I do not have money and have never had a lot more than the meagre slave salary I ear,but should that kind of fortune hit me,I swear to God I will never again live in poverty. Why do I say so? I read about these stories everyday of athletes and musicians who become broke after living high lives of millionaires. I know I owe no friend or relative anything so I won’t bother about telling them in the first place. Buying property for letting is the way to go and pay myself a good salary off my profits while the rest is invested in diversified investment portfolios. The woman should have moved to another town where she is not known and would be away from relatives. History has made a black man to desire good life lived by white people and until we change this mentality and the living conditions of black people, we will struggle to convince our people that material life is detrimental to the improvement and empowerment of black people. I don’t want to blame history for this woman’s situation but this historical reality cannot be ignored.

  36. I dnt feel sorry 4 this idiot ppl know how 2 spend but dnt know how 2 make $$$ .. Buy land property, get with an trustworthy acct not know basement acct.. A LEGITIMATE ACCOUNTANT, she was jus high on da hog jus spending ..this is hilarious a bike to wrk hahaha!!!!! This is the diff between a BOSS & a worker back 2 bn a EMPLOYEE !!!! Lol !!!!!

  37. Mmmmmmmm yo opino que ya deben de avanzar.. la serie no puede durar eternamente en Smallville creo que ya estan rascando de donde pueden para seguir mas tiempo… mmmmm no me convence del todo.. la septima temporada con Kara estuvo medio buena a mi parecer… pero como dijo Lana una vez… cuantos kriptonianos mas hay ?? parece que no eres el unico sobreviviente …. y la verdad con eso me dejo de interesar un poquito la serie..

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