Why Winning a Lottery Could Be A Nightmare

Topics: Lottery

One of the most icebreaker topics that seem to be used is “What would you do if you won the lottery?”. Maybe you thought about buying your dream home with all the features and elements that only existed in your dreams. It’s easy to say that these things could very well be a possibility, but the luggage that comes along with the prize is more than what you would imagine.

If you have ever purchased a lottery ticket before, you already know that the chances of you to strike lucky is a very slim chance.

To some, this small percentage for you to win is enticing enough for people to buy a ticket. The most common reason for a lot of people to be lured into buying a lottery ticket is to be able to pay off debt, or simply being able to be mortgage free of your house. Of course there are those people who also consider the things that could be used for pleasure such as taking a vacation every month, to never having to work another day in their life.

This dream almost sounds like the solution to all of the problems you face, but when looking at the whole picture, it isn’t all so glamorous.

Pros and Cons of Lottery Winning

In many cases, winning the lottery is a game where the winner has to calculate the taxes and take precaution when spending. It is not advised that the money should be taken all at once.

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It is a safer bet to take a lump-sum which does have an immediate payment of lesser value, but will help you in the long run. If you were to take the whole worth all at once, it could possibly be a problem since most people can’t manage a large quantity the right way. Many of the times, people who win don’t know how to play their cards wisley.

All of a sudden from you thinking that this is a piece of cake might very well be turn into a nightmare. The impulsive behavior that can develop from winning could lead to thinking irrationally and ending up with more debt than you had before. A great example of this statement is from a South Korean woman who won 18 million dollars in 1990. When she won, she helped out her family and mostly used her money for greater causes than luxury. Jenna spent some money of investments, but soon after, she was at bankruptcy and ended up with only $700 in her account. The debt that came along with this problem was over 2.5 million.

The lives of lottery winners can change dramatically in multiple ways according to Economist JL zagorski. People who have won feel like their life isn’t the same on behalf on being able to find people who won’t only use them for money. Like the case of Sandra Hays who won 224 million, she decided to split it with her family and co-workers. The amount of rudeness and greed that she received left her with a lot of emotional pain. She found out that people will manipulate and try their hardest to use you for their own benefit. Winning the lottery can cause more than just friendship disasters. It even go as far as breaking up marriages.

An example of this is from Thomas and Denise Rossi. They were married for 25 years when all of a sudden she decided to file for a divorce. The reason why she filed was because she won 1.3 million and wasn’t about to share the money. She was later guilty of violating disclosure laws and the end result was that the husband received the full amount that was won.

Winning the lottery mostly likely promotes people to have financial trouble such as bankruptcy sooner of later. You can’t easily trust people since being perceived by public is a major problem. When you win, it will be posted publicly. The anonymity that should go along with it plainly doesn’t exist.Without it being a private deal, this opens up many doors for danger that causes a major problem for the winners. Lottery winners can become the targets of many scammers who claim to want to help them invest their money when they actually want to take as much as possible. Andrew Jack Whittaker for example won 315 million in 2012 in West Virginia. He later became the victim of theft and thousands of dollars that were depleted out of his bank account. The majority of people can agree that they were not prepared for the cost that comes along with the dream.

Another example that shows how extreme people will go to get what they want was the case for 39 year old Dampier who won 20 million dollars in 1996. He was very generous about giving money to help out his family and others. The last way people would describe him was being greedy. However, that did not stop his sister-in-law and boyfriend from taking what they thought was theirs. What they decided to do was take him away and shoot him to have the benefits for the long run. When his wife later found out that he had been killed, reporters asked her what she thought about him winning the lottery and said “I think it’s a curse.”

Winning the lottery is very different from a person who earns their money through a long period of time that consists of a lot of hard work. If you look at some current billionaires like Bill Gates (founder of microsoft) and Jeff Bezos (founder of amazon), they are into their millions that took place overtime and not overnight. With it being a gradual effect, they were more capable of keeping a steady increase of their wealth. With having a steady increase, it gives them the time to learn how to manage larger quantities of money instead of a huge amount all at once. The easiest way to put it is that entrepreneurs begin to earn a good amount of money with their business as the business gradually grows.With the steady growth, the entrepreneur will be able to keep up with the influx of money and have time to make it.

How Not to Lose Money After Winning the Lottery

If you ever win the lottery, there are several things that are recommended to help you enjoy your new lifestyle and avoid the darkside. The best advice that can be given is knowing how to manage your money. This has been said to pop-stars and other big companies before because the amount of pressure that is suddenly laid upon you means a lot of responsibility. Finding a reputable company to help budget and protect your funds is vital to preserving your possession. For finding a reputable company, that means you can’t buy into what you think looks fine unless you do the digging and research yourself. Many people will try and are very cunning, so the option is up to you have common sense with your choices. With having this said, not everyone who wins hits rock bottom in the end. Whatever happens to the money is up to you and nobody can tell you what to spend it on.

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Why Winning a Lottery Could Be A Nightmare. (2021, Nov 12). Retrieved from https://paperap.com/why-winning-the-lottery-could-be-a-nightmare/

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