Every week, there is a chance for someone to literally become a millionaire overnight. That can only happen if that person wins the lottery. Many folks are devoted to playing the lottery. Others only play when there is a huge jackpot. There are dozens of stories of lottery winners saying that played “by accident.” Still, even without winning we all can dream of a big pay day. As great as it would be to have the influx of cash, there are problems with winning the lottery.
Apparently, all that money still has folks living outside of their means. Florida researchers found that winners who scored between $50,000 and $150,000 were more likely to file for bankruptcy three years after the win. In other words, they didn’t use that money to pay off their current debts and instead created more debt. Guess who pays for bankruptcy? We all do. When enough people bail on credit card companies, they raise the rates on the rest of us to make up for the loss. Thanks, lottery winners!
There’s an old joke about a husband coming home to tell his wife, “Honey, pack your bags. I won the lottery.” After she rushes to fill up her suitcases, she asks hubby, “Where are we going?” To which he replies, “We aren’t going anywhere…” Sadly, there is a grain of truth in that joke. There have even been instances where spouses will keep the secret of their winning from their mate and then file for divorce. That’s just not nice. However, money can make people do crazy things.
As a newly minted millionaire, you’re going to be very popular. Not only among your family and friends but from a whole host of potential business partners. It makes sense to try and put some of your extra capital to work with a business venture. However, if someone is coming after your funds, it’s a good bet they don’t know what they are doing. Otherwise, they would be looking for help from an investment capital specialist who knows how to move a business to the next level a.k.a. a shark from Shark Tank. It might be that those flurry of business investments will go up in smoke.
It looks like fun to go on television and get that big check and have your picture plastered all over the news. Unfortunately, there are a lot of shady characters who watch the news, too. You could become a target for these robbers. After all, they’ll know just by looking at all the empty boxes in your trash what you’ve bought. Here’s what you should know: Just because you won doesn’t mean you have to go in front of the cameras. You name might be published but you can stay out of the spotlight.
There are also many lottery winners who not only live very happy lives but also do a lot of good for their communities. Here is hoping you get the chance to be one of them.