We hear people say this all the time. "If only I could win the lottery I'd be happy for the rest of my life." It sounds legitimate; you get lots of money you are set for life. But is this how reality plays out when we do see people win the lottery? In most cases it certainly is not. This article points out some of the things that happen to people who win the lottery, and it will humble you to be happy with your living situation no matter where you are at.
Money signs in their eyes
People have played the lottery since the idea of gambling came into existence.
People will play the lottery anyway, so when someone does hit it big we all get excited for them and are curious how they are going to use the money. Many people are so thrilled that they just get lost in emotion. They say all the great things they'll do, how they will retire early, and help a lot of other people in need. The reality is that we see time and time again how lottery winners live tragic lives after collecting their winnings. The lottery has really played a big part in a lot of family and personal life tragedies.
The title of this article is about going from winning the lottery to diving head first into poverty. It's happened way too many times how the money seems to disappear on silly things quickly and before they know it all the lottery money is gone and they go bankrupt. The statistics that show this are startling because bankruptcies happen more frequently than we think. Most of the lottery winners are people with low income and usually little education according to economists at various
Not always the case
This is certainly not always the case as many people who win the lottery have enough common sense to know what they've got and try to plan accordingly. But again people who have good financial education generally aren't using their hard earned money to throw it away, but instead use it to pay bills and secure their financial future. This is why we see this happen more frequently than it should because people who are desperate and usually not in great financial shape win the lottery and ruin their lives. There are people who have won it big and turned into big philanthropists which is absolutely wonderful to hear. To think of how much of a difference a person with millions of dollars could make in this world if they would think of others and not just themselves is a mind boggling thought.
It has been suggested by some financial advisors and advocates that there be a course that lottery winners should be forced to take before they can collect on their winnings. They must take this class that gives a crash course in financial literacy, planning, and strategy and then they must take a test and pass it. Then and only then can they collect on their winnings. The reasons for this would be two fold. The first reason being that people who pass the test and show they understand the basic concepts of financial planning can use the money effectively and not blow it all away. The second reason would be that people who can't pass the test and show they don't care about being responsible would have their winnings slashed greatly and the money would be used for donations to charities. Of course this would never happen because there would be a great uproar among the public, but something should be done so people don't just get a heap of money and then have their minds melt because they go money blind. While this is just one of many approaches and leans towards the extreme I do agree that some kind of education is needed to help people avoid these struggles.
Humans will be humans. Some people won't change and the lottery won't bring th