For many people, winning the lottery is a dream come true. There are often millions of dollars that are awarded and life seems like it would be easier. For many lottery winners, however, life becomes anything but simple. It could be said, in fact, that winning the lottery won’t make you happy at all. In multiple studies, people who win the lottery are twice as likely to file for bankruptcy every year than the general population. Why is it that lottery winners can go bankrupt so quickly? Part of it is because of the rapid influx of money. When possessions are the gears that generate personal happiness, it is easy to go on a spending spree to buy nice things. It can even seem like that money will never run out! That’s the problem with money, however, because even hundreds of millions of dollars will eventually disappear under poor budgeting habits. Three Fast Facts About Lottery Winner Bankruptcies 1.
Takeaway: If you look at this sample data, it is clear to see that money doesn’t actually buy happiness. It can purchase a peace of mind because there is an improved level of financial security so that there are fewer worries. What Does Winning The Lottery Actually Do To Life? 9 out of every 10 lottery winners believe that their new family wealth will be gone by the third generation. 4 million saw twice as many cash requests. Takeaway: Although it is easy to see how money could change someone or a family, it’s refreshing to see that for most families it doesn’t make too many changes. Relationships are intact for the most part and families are able to prepare for a more secure financial future. What Do Lottery Winners Spend Money On? 5 years of winning the lottery.
4 out of every 10 lottery winners have made a focused effort to increase the amount of contributions to a charity. 1 out of 5 lottery winners decide to take their first vacation outside of their home country for the first time with their winnings. 1 out of 4 lottery winners have purchased land or a home in a foreign country with their new money. Takeaway: The most interesting statistic of all is that 1 in 3 lottery winners have gained weight since they won the lottery. The effect of stuff on happiness must also transfer over to dietary aspects as people purchase food items that they may not always purchase or choose to eat out more often because of their increase in available money. It Doesn’t Take A Lot To Increase Bankruptcy Risk 1. 50,000 are more likely to file for bankruptcy within 5 years of winning their prize. Overall happiness levels of lottery winners spikes when they win, but returns to pre-winning levels within months. 2006 UK study showed that lottery winners tend to have better psychological health than the general population. For lottery prizes that are less than 1 year of a person’s income, personal happiness is not affected whatsoever and neither are the bankruptcy risks.
One of the greatest misconceptions that people have in winning the lottery is that it will change your outlook on life, but it does not change you as a person. 9 billion a year to try their luck in the lotto. Takeaway: If you ever win the lottery, create a budget and a new life plan. Don’t do anything crazy with your cash. Be smart about your investments and you’ll be able to pursue your dreams. If you don’t, you might just end up filing for bankruptcy too. Last month, more than 2 million people visited Brandon’s blog. He shares exactly how he took his blog from zero to 1 million monthly visitors here.
His path to success was not easy. Brandon had to comeback from being disabled, by a rare health disorder, for most of his thirties. God delivered him from hardship and has blessed his family in so many wonderful ways. Meredith collects data to deliver the best content, services, and personalized digital ads. We partner with third party advertisers, who may use tracking technologies to collect information about your activity on sites and applications across devices, both on our sites and across the Internet. Play lotteries all over the world with big jackpots! What is the largest lottery price ever?
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