Post # 1
This article got me thinking. That and the $640 million lottery of course. It’s pretty common knowledge that a lot of big lottery winners face higher rates of divorce, personal, financial, relational anguish. But why?
Do they suffer because the people around them show their true colors in the light of large sums of money? Are the strangers targeting lottery winners that numerous and that dangerous? Or were these people perhaps not the most stable before they won? Are the regular players that hit it big then fall even harder falling that hard because they never developed appropriate life skills? And by that I mean, if your idea of securing your financial future is by playing the lotto regularly are you really in the position intellectually or emotionally to appropriately handle hitting it big? And is this perhaps why we hear about these people suffering from their winnings?
Or is money inherently evil? I know this is purely speculation but I’d love to hear what your theories are.
Post # 3
People who aren’t good with budgeting 50k are not going to be good budgeting 640 million either.
I would never, ever tell if I won.
Post # 4
Its because they don’t seek financial advice soon enough, you can burn through any amount of cash if you have no idea what you’re doing.
Post # 5
I think those people are just not good with money.
A guy I used to work with won $100K a few years ago. He blew it in 4 months and now is on public assistance.
Post # 6
@LGenz: yes. I think that is about 99% of the problem
Post # 7
Post # 8
@PinkMagnolia: I agree, I would try to keep very quiet about it!!
I think people go crazy when they win that kind of money! They think it will never run out so they get ridiculous and then pay for it! I know I would be saving a HUGE chunk of that money if I won! I would never go out and but 10 houses, 3 sportscars, an island, etc lol
Post # 9
@PinkMagnolia: I’d absolutely lawyer up and not live in my house for at least 4 months – then I’d find a new place to live. Scary stuff seems to happen to winners…
But yeah, I totally agree with that. If you can’t manage the little bit you have in your checking, there is no way you’re gonna be able to handle something approaching close to a billion.
Post # 10
I think more money really does bring more problems. Especially when the money comes all at once. I think everyone close to you expects you to help them out with their financial troubles and people think you must be happy all the time and cant have any problems just because you have lots of money. And ofcourse you also become a target. People murder their spouses for as little as $250,000 life insurance payout, so imagine what people might do to get to your millions.
Post # 11
@bells: I’ve been saying that all week. (Knock on wood) I pray no one gets killed over this win. But sadly, part of me expects to hear someone was murdered within the next month or so. That kind of money in this economy? Yeah. It’s scary. Granted, it could work out fine. But…
Post # 12
@claireos: This might be more philosophical than anything, but I think people who earn a large sum money over their whole lives by working hard have a much different attitude and appreciation for life than someone who has literally earned a large sum of money overnight.
How can you truly appreciate it? I think it’s those people that typically don’t know how to handle that sort of responsibility.
Post # 13
One thing about the lottery that makes it harder for winners is that they publish the names. It makes it really easy for the scammers, relatives, friends to find you and con you for money. Nearly every state prohibits you from being anonymous.
Post # 14
I’ve read of people forgetting to pay the tax on it and ending up in severe debt after spending it all.
Post # 15
I agree with PPs–I think it’s the way people handle (or don’t handle)their newfound fortune. If I won the lottery, I wouldn’t go on TV or on magazine covers–I would get a lawyer, have them accept on my behalf and help me to get my legal stuff in order, and go to a financial advisor and get my money properly invested for the future. I’m not even sure what to what extent I would tell friends and family about it.
It makes it sound very boring! Truthfully, though, I think that if more people could handle winning money in a more calm and rational way instead of just going crazy spending, they might not end up so unhappy.
I heard that most lottery winners who take the bulk payout have nothing left in 5 years, and it doesn’t surprise me.
Post # 16
@MaraBeth Normally you have to go on a publicity stint for the state lottery in order to be eligible to accept the money. They release your name, picture, and city on their website.