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How lottery winners spend their money?
I've always envied lottery winners. How do they spend their money?
Answers( 1 )
There are different ways people react to their amazing stroke of luck. Here is an article illustrating some good and inspiring stories from lottery winners:
Allen and Violet Large donated the majority of their winnings to charitable organisations and hospitals. $380 million MegaMillions prize winners Jim and Carolyn McCullar did not spend their money on luxurious trips around the world. Instead, they invested in making the lives of the future generations of their family comfortable. Les Robins used part of his $111 Powerball winnings to build a day camp for children. Over two decades later, his camp still successfully runs.
However, not all lottery stories have happy endings. Some believe they have been infected with the so-called "lottery curse."
The truth is, the "lotto curse" does not exist. People who end up broke mostly became overwhelmed with their new-found wealth and did not manage their finances efficiently. Some of these winners-turned-sore-losers spent their money on vices or made bad investments. Happy endings do exist for lotto winners and there are many people to attest to that.
If you happen to win a massive jackpot, make sure that you follow the tips mentioned in this article:
• Keep your ticket in a secure place and sign the back so that no one else can claim it.
• Do not tell anyone that you've won. If it can't be helped, only let a few individuals know.
• Organise a financial/legal team that comprises a personal lawyer, financial planner and an accountant who specialise in investments and estates.
• Do not slack off and leave all the responsibility to your financial/legal team. Enrol in financial management classes and purchase books about investments.
• Secure part of your winnings for what's important like your retirement fund, repayment of debt, future educational costs and any other important expenses.
• Make sure you become absolutely financially free by paying off your credit card bills, mortgage and other things you owe.
• Of course, you are allowed to change your lifestyle. However, make sure that you do it gradually and not drastically. Give yourself a couple of months and carefully study all your options before you make any serious decisions.
• Always make sure that the final say will come from you. It is your money so it is only natural that you would be the one to decide how to use it.