We’ve all fantasized about it.
Winning the lottery, getting a huge sum of money, and putting all of your troubles behind
you.
But does winning the lottery pay off?
Does it make you happier in the long run?
With the largest lottery jackpots being in the hundreds of millions or even over a billion
dollars, there’s no doubt that winning would change your life.
But what many lottery winners have found is that it didn’t change their life for the
better.
Over 70% of lottery winners end up right back where they were - broke.
Here’s a few ways that things could go bad for you if you won the lottery.
The easiest mistake to make is simply not planning for the future.
Millions of dollars might sound like a lot of money but there isn’t an infinite supply
and it won’t last forever if you don’t have a plan.
Getting an experienced AND trusted financial advisor who knows how to handle large sums
of money will help ensure that it’s there for years to come.
Another common problem is spending too much.
Everyone, even millionaires, have to live within their means.
Fast cars, big houses, fancy vacations, it all sounds great but it can add up fast.
Spend without limits and you won’t be going on those amazing trips for very long.
But maybe the hardest issue to tackle is dealing with your friends and family.
It’s natural to want to share what we have, helping out our friends and sharing the wealth
with our loved ones.
Many lottery winners have talked about how hard it was to say no to all the people who
came to them after they won seeking help and many of those lottery winners couldn’t say
no, even as they gave away everything they had.
While there’s plenty you can do to help your chances of staying rich after winning
the lottery like laying out a smart financial plan from the get-go, being reasonable with
your purchasing decisions, and staying strong with it comes to those looking for a handout,
the odds are still stacked against you and more likely than not, after all is said and
done, you’ll end up right back where you started.
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If you want to make Fuzzy and Nutz happy, click that like button and subscribe to their
channel!