Well, some lucky person has won the 70 million dollar Powerball. So that person’s life is going to be golden from now on, right?
Not so fast. Haven’t we all heard about the whole “bankrupt lottery winners” rumor? Sort of a sour grapes version of “he’ll just blow it anyway.”
So is that true? Are people really better off getting wicked rich overnight (Mainerism intentional)?
The people selling financial advice to lottery winners definitely think so. You win the lottery, you need these guys. Otherwise you’ll go ape and start buying every beanie baby ever made or something. Here’s their scary quote: The reality is that 70 percent of all lottery winners will squander away their winnings in a few years,” the Connecticut financial advisers said in a news release. “In the process, they will see family and friendships destroyed and the financial security they hoped for disappear.”
Read more: http://journalstar.com/special-section/news/article_ecba141b-3e59-5914-a321-38b4adb20733.html#ixzz1nnCAKJ7s
Ouch! But wait a minute. You can’t lump all lottery winners in together. Yeah, the five dollar winners definitely “squandered their winnings.” It probably didn’t even take them to the end of the week, much less a few years. And even the ones who made twenty grand probably plopped it down against some debt. So no fair. What we really want to know about are the REAL winners, the million plus crowd.
Turns out, that’s more of a mixed bag. Some of them definitely hit the skids. They forget to pay their taxes (oops!) and can’t deal with people asking them for money. But a good many of them are happier, primarily due to increased financial security. Amazingly, only one percent got cosmetic surgery. Some gained weight, some lost weight. My favorite statistic is that 52% of those with 2 million plus in winnings still consider themselves working class. Hello, one percenter? Time to face facts.
All of these fun facts have been supplied by a google answerer who made an extra twenty bucks as a tip.
But what should we all really do? Take a deep breath and realize that much money isn’t going to change who we are. It just makes us more intensely who we already are, without poverty as a moderating buffer. If you were a spendthrift before, now you’re out of control. If you were a little paranoid before, guess what? Now they really are all watching you. If you were having fights about money with your spouse, dump on a million plus in kindling. And if you have that secret little habit of collecting weird bottle caps from around the world, now you can live the dream.
Here’s a great story about how one guy handled his winnings. He set up a foundation, and bought a used car. How did it change him? He’s the same guy. “I still teach a spinning class there twice a week. I took some time off after the whole thing because everybody had investment opportunities that were the greatest thing since sliced bread, and there were 100 of them every day. So I had to get out of there for a while, but when I went back, the people I’d been teaching for the last 8 years were still the same people, and I was still the same instructor.”
He also gives you tips on the numbering system he used to beat the odds and win. Yep, the article appears in Fortune magazine, not Vegan Monthly, or Bellybutton Gazers United. Those people pride themselves on not being interested in money until they have that sweaty, guilty moment at the lotto machine.
- Playing lottery is a very bad investment (noulakaz.net)
- Million Dollar Lottery Winner Won $100,000 Less Than Year Ago (wycd.radio.com)
- Lottery Winner To Retire From Manicure Business (chicago.cbslocal.com)
- N.C. lottery panel could take a gamble on a new game (charlotte.news14.com)
- Don’t scratch your life away (cnn.com)
- CNN producer third person this year to win Georgia lottery for second time (kendoris.wordpress.com)
- Summertime – Gambling – the IRS? (turbotax.intuit.com)
- Celebrating The Perfect Leap (asecondcup.wordpress.com)
- Near-record lottery proceeds benefit California schools (abclocal.go.com)
- POD: Playing the Lottery (geekwithkids.com)
- People Line Up for Powerball Jackpot (fox4kc.com)
- Powerball: Rhode Island Player Wins $336M (abcnews.go.com)
- CNN producer wins $1M in Ga. Lottery; won 100K in November (ajc.com)
- Farewell Middle Class, The Lottery is About To Make Me Rich (badlandsbadley.wordpress.com)
- $1M Powerball Ticket Sold On South Side (chicago.cbslocal.com)
- Powerball jackpot climbs to $70 million, Mega Millions to $83 million (ajc.com)
- Powerball jackpot hits $325 million: What you should know – Los Angeles Times (latimesblogs.latimes.com)
- Lottery paid $400M to Oklahoma schools (newsok.com)
- The Lottery Question (twelve16.wordpress.com)