Many dream of winning a large sum of money thinking it would take all their worries away. The thought of getting rich without having to work hard is an extremely tempting one, why it is no wonder lotteries and online jackpot games are as popular as ever.
When someone then fulfills that dream and wins a jackpot, the event gets a lot of publicity and the happy winners appear on papers and tv shows sharing their stories.
Unfortunately, the follow-up reports of the winners are often less inspiring, and many end up in more debt than they were before winning.
The most common mistakes winners make
Although it is natural to wonder what one would do if they won a lot of money, no one is truly prepared when that one-in-a-million chance pays out. That is why new winners often spend a large lump of their winnings right away.
The first things newly rich people buy are cars, real estate and electronics. None of these keep their value in the long term, unless carefully managed. The lack of financial planning from the get-go sends many winners down the wrong path, and once they have started spending, it’s hard to stop.
“Money can’t buy happiness” is an old saying, and truer with the newly rich than anyone. In fact, many lottery winners have admitted their life got worse after winning, not better. However, with the right knowledge and actions this can be avoided.
Why it’s better to stay anonymous
Some winners have shared their disappointment in the way their friends and family started treating them after their win went public. Trying to decide who to help and how much caused many a great deal of stress and resulted into fights and falling-outs.
Whether winning in the lottery or online casino, the winners who conceal their identities are the ones best at holding onto their fortune. Staying anonymous makes it easier for the winners to continue their lives as before.
Drastic lifestyle changes can be too much for any person to handle, and your own reaction to a big win might surprise you completely. And once the dust has settled the everyday life continues.
Start keeping a budget today
The best thing you can do in order to be equipped to handle a big win, is to start paying attention to your spending habits. Draw up a budget including the money you are putting towards lottery tickets or online jackpot games and make a habit of sticking to it.
To help you with this, many online sites offer tools for limiting your spending. Finding a new casino to try your luck at is not the challenge – staying disciplined is. That is why it’s better to start right away, because you never know when it’s your lucky day.
When it comes to big winners, some experience only a short-lived moment of happiness, and others manage to seize the opportunity and change their lives for good. What do you think, which group do you belong to?
