It has been said that money is the root of all evil. I don't know if that's true and I certainly wasn't thinking about that when I purchased what turned out to be losing 'Mega Millions' tickets today.

It was a $4 investment in mild entertainment I guess. But, what would I do, what would you do, if we had won that $306 Million Prize? Would we feed the hungry, buy an extravagant home, hire people to help us think of ways to spend it? It turns out, many people who all of a sudden wind up with a lot of cash, are really good - at losing it all.

People Who Win Large Lottery Jackpots or Other Windfalls Often Blow It

According to the National Endowment for Financial Education, about 70 percent of people who have won large lottery jackpots or fall into the possession of large sums of money all at once, wind up going broke and as much as one-third of them file for bankruptcy.

Why Do The Big Money Winners So Often Lose It All?

My answer, they're complete and utter idiots! Come on folks, how hard can it be to pay off some bills, set yourself and your family up financially, and then slide into a comfortable, conservative financial groove? Apparently, it doesn't normally go that way.

Spending like the proverbial drunken sailors, making extraordinarily bad investment decisions, receiving and following terrible financial advice, and having little or no knowledge of how to handle finances are among the most common and obvious reasons. Some of these temporary millionaires get bombarded with requests for money from all directions -- long-lost cousins, friends, family members, and complete strangers. It's hard to say no, apparently, and so they don't.

Big Mega Millions and Powerball Jackpots - Well Over $300M

No big winner in the Mega Millions Jackpot on Tuesday, so the jackpot goes to an estimated $323 Million for Friday's drawing. The Powerball jackpot for Wednesday's drawing is estimated at $345 Million.

KEEP READING: See the richest person in every state

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

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