Thursday | January 23, 2020

Can Winning the Lottery Destroy Your Life?

Winning the lottery would be a dream come true for a huge number of people. Recent research shows that more than 30% of the population plays the lottery annually, which isn’t that surprising when there are sites such as lotto online that make it so easy for everyone to buy lottery tickets online and try their luck. And who can blame people for wanting this? Just imagine suddenly having large sums of money at your disposal without having to do any actual work. It sounds like a perfect scenario, right? Well, not always. 

How winning the lottery can destroy your life?

You would usually think that winning the lottery would make your life so much easier and allow you to make all your dreams come true. It sounds almost impossible that such a lucky cash prize can ruin your life completely. However, that often happens with a lot of lottery winners. Even though money can help you out in many areas of your life, it turns out that possessing such a huge amount of it can get you into even bigger problems than you had before. Problems that might arise range from getting robbed, bankruptcy, having run-ins with the law, family problems, all the way to death. One example of this was William “Bud” Post who won about $16 million. He was later killed by a hitman who was hired by his close relative. 

Why does this happen?

The biggest reason is that people suddenly have millions in their bank accounts without knowing how to manage them. They usually fall into a bad habit of spending uncontrollably and making bad investments. They get accustomed to this new lifestyle, quit their jobs, and don’t think about the future. When you don’t work and don’t feel like there is anything you need to accomplish, it is easy to fall into a very depressive and destructive mindset, which brings about many psychological problems as well. People close to them can also manipulate and use the person for their own, selfish gain, or become jealous and try to take that money away from them in one way or another.  

What can you do to prevent this?

Money is not necessarily something that gets people into trouble. What actually ruins their lives is the mindset they have and what they do with that money. If you don’t know how to manage your finances, the smartest thing to do would be to hire an advisor to do that for you so you don’t make any potentially destructible mistakes and avoid bankruptcy. Also, avoid the mistake of acting without thinking and spending money on things you don’t actually need or want. Continuing with your normal life is also important, so the advice would be to not quit your job immediately, and to think about what you want from your future and how you can use your money to get to that goal. Winning the lottery is something only a handful of people experience each year, so be aware of the possibilities you now have and don’t let it go to waste.

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