Topic: A person who won 600k$ in lottery - page 11. (Read 2430 times)

The problem is that those winners don't have any idea and are often exploited by other people.  The naivety of these winners and the lack of knowledge about financial management makes them lost them all.


This is just an excuse for those winners who failed to take care of their huge winnings.  It should not be a curse if they know how to handle their winnings and know how to manage their finances.  These people who failed to make use of their winning intelligently are not ready to have such a huge amount.  They got emotionally shocked and at the same time boastful about the event making them forget that money is not unlimited while spending it on different luxurious things.  In the end, due to their incapability, they lost all their winnings.

the problem is that the people who buy lottery tickets are not investors, they are people who gamble, that is, they are gamblers. when these people earn a lot of money they don't have any business plan because it is difficult to do some business, and even if they did some business the chances of that same business would have to consume a lot of money and then go bankrupt and cause a lot of damage to the point of taking the person who made a lot of money in bankruptcy and a very high chance. So by that I mean it's so simple for someone to make a lot of money and go bankrupt. this is because, in addition to what I explained, and that when a person earns a lot of money, that person adopts a different lifestyle

for example, when this person was poor, this person used public transport, now that he has earned a lot of money, this person will buy his own luxury car and a luxury car has a high maintenance cost, it uses a lot of fuel. when he was poor this person had a small house, now that this person has earned a lot of money he buys a very large house in which the maintenance cost, the cost of electricity and the tax are very high so what will you see next is that the money he earned will be reduced every day, month and year and he will be poor sooner or later

but also as I said before, he could become poor if he invested money somewhere and lost, he could become poor if he did some business and went bankrupt. the point here is that it's not that easy to do business in real life, the market is very saturated, it's not easy.

Good point at the end, no matter how helpful and kind you are to others, when you will get in trouble, no one will even ask you or be ready to assist you in your bad time, even the people that you were helping when you were doing great will start making excuses and avoid giving a helping hand even when you can clearly see that they are capable of doing it, that is how the world has become, full of selfish people, that is why it is important to prioritize yourself first.

Even if you have a good heart and you can't stop yourself from helping others no matter how good or bad they are with you, you should at least keep some of the resources aside for yourself that you can use when you are in need because you might not have anyone to help you when that happens.

Yes, I agree with the saying, and it is indeed money that should work for us and not us who work to earn money. But this understanding can only be understood by some, and only a few can understand and apply it. But if the people who can get those big wins can apply them, they can make money that will work for them. At the same time, the owner of the money will enjoy his life happily while watching the amount of money grow. With that money, we can get a better life than before. But we have to keep trying to make it happen because we can achieve it by having a good plan and starting every one of those plans.

How pathetic for a good hearted individual who found himself in the midst of suckers.
From the story we can now understand why banks always ask for a collateral from individuals asking for loans from them irrespective of how popular and nice they may look, appearance doesn't pay debt but people with collateral does.

Being patriotic is a different matter from doing business. With business there's no emotions, and impersonality is a core value to staying official with your clients else you may become poor with business as same people you render loan to based on friendship are same people that will drag you around about how you were a bad manager of your money.

There's nothing wrong with being kind and philanthropic with your financial success but in doing that you have to act wisely so you don't turn out shooting yourself in the leg. No one will come to your rescue.

Indeed, if you treat that as a blessing and use it the right way, you can invest the money in a good business or investment that will
allow that amount to grow more.

remember that saying to let your money work for you and not you to work for the money,
if you have that chance/opportunities to win big or to earn big, better not to waste that
opportunity and use it wisely to make more money to continue having a better life for you
and for your love ones.

As for a person earning so much money and then spending it recklessly and not having anything afterward, it is that person's fault, because it may be that a person who has never had a level of study earns it, but believes that a person who has never been educated thinks big, and also has more ideas to make money increase or multiply, and not necessarily thinking about putting it in an aisno, or trading, because both are very dangerous, one Such a person must think that they must increase that money and it is investment, there are many investment options cautiously, there is bitcoin, real estate, which are somewhat more tangible, there is the option of buying safe shares in the stock market, I I am referring to safe actions, such as Disney, Amazon, among other actions that we consider safe, but of course I am one of those who think that these actions are not completely safe, because at any moment the market can fall, it is like that, but at least have those ideas, another that if you don't want to make a lot of effort, you can invest in gold, be it physical or digital gold.

In this order of ideas, no person who has a large capital can invest it badly, as long as that person takes good care of his money and every day he studies more and is of a great culture and financial education, I am sure that if he do so, because you will have no problems is that your money is spent and that's it.

This type of thing is what Robert Kiyossaki always talks about, to manage you need to have a lot of intelligence, and if you have a high financial education, it is a great plus for the person because it is more clear that they can put their money and have it safer way without spending it just like that, this means that when a person earns a lot and goes crazy spending and buying whatever, the money will be consumed, and where will he get more from? If he did not make any investment, from anywhere, then this type of person spends and is worse off than before.

No not anyone but maybe majority yes. It's normal to spend unwisely at first because the money that you win is huge and all of has their own dream stuffs to buy. After that, we can also pause and think to use the money wisely so that it will last long.

It's kinda creepy if they say that lottery money are cursed but at least, people already have fun even for a short period of time and they will never experience that if they haven't won the lottery. Many Chinese people are rich and they are also spiritual so I kind a agree on that part but I think many of them are not a gambler because they know the value of money and they know that they have a small chance to win on them.

That may be another of the problems we all have when comes to money management and sudden wealth. Since we are kids we are taught by our parents that money is supposed to be saved and carefully spent because it takes time and effort to get it. The whole point of economical education in many years of our life is centered around the idea of money scarcity and we build the rest of our perceptions from there.  We do not get talked about investing, risk management, trading or small business management by our parents ever.

When someone who has grown up in that context wins the lottery, the whole founding idea of their personal ecomical knowledge (money scarcity) disappears and so begins the thread of mistakes which can lead to losing it all eventually.

We have heard such stories in past where a person with very low income wins a huge amount of money and then he decides to enjoy his life and later runs out of all the money he had.
The moral of the story is to learn money management, stay low key when you win big and plan and invest wisely.
Not everyone has the patience to follow these simple rules and hence end up in poverty where they belong.

Very true what you say. We will be surprised to see a lot of money in front of us and ready to be used to buy whatever we want. We become more heated in shopping and want to buy all the goods in the shop. But if they realize that it's a blessing for them to make their life better and not waste it buying things they don't need so, they can use the money will be used to improve their life. They have to realize this so that one day, when they can win the lottery, they can use their money well, change their life for the better, and prepare their family's future better too.

And that's also what we must apply if we can be the winner one day. We must have a good plan to use the money and not spend it shopping as we like.

When money comes so swiftly and abruptly to the winner, it can become a problem for some of them to make good use of the funds. You are right about building or even buying some house apartments for rent, but some people don't just have those ideas; instead, they will prefer to spend it in the name of living life to the fullest because they think they have suffered a lot, so now let them enjoy, lol. Perhaps, if it were me too, I would also buy some Bitcoin and possibly start a standard business as well.

Point taken, never saw the "spiritual" heuristic as something significant until you pointed that out so props to you. I feel like people are well aware of how unlikely they are to win lotteries and all that, but they attribute stuff to luck and as you said, to the "spiritual" too much that they continue to gamble despite the fact that there's no real incentive for them. As for the high amount of gamblers that lose money, you're right. They couldn't even bother to hire a financial advisor that will help them manage their money for them. People will stick to what they know when faced with the unfamiliar. That's why people cling to light sources when walking upon a dark alley. The dark alley in this case is winning more money than you know what to work with, and the lights being the last glimpse of money knowledge you have. For most people it is how they would spend that much money.

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.
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I agree. I've had some instances of this happen to me, it was when I first managed to make a successful investment, I spent like $300 and got back to like idk, $1000 - $1500? in the span of like 3-4 months. It was a big amount, especially if you consider how the initial $300 was already a big amount for me. Making up to 5x of that in a few months was insane for me, and I honestly had no idea what to do with it. I spent a few hundreds with my hobbies but I still had plenty left over back then, so I just went ahead and invested again. Never really made the same amount since then.

It's also why I don't blame lottery winners for ruining themselves, regardless it be the way of helping others (donating it willy-nilly) or spending it on anything and everything. We all have greed in us, but a greed that doesn't yet know of what it's upper limits are is scary, since you don't really know when to reign it in.

I would definitely do the same on which i would really be ensuring on buying some property and make or getting rents from it on monthly which we know that this would really be a wise decision knowing that passive income is always been that best because spending up something or with those winning amounts on something which arent really that generating income is really just that a waste. You would be finding sooner later on what are the things which could give out that additional passive income which its always been that possible when you do purchase some property or building one. Getting or winning that 600k in lottery would really be that already big
if we do speak about to those people who do win up on 3rd world countries which this amount would really be that significant. You should really be that wise on spending and its not bad to share up with some friends but
always consider on having that limitation. Always think up on how you would gonna make yourself that financially independent because this is where people do usually find their end game.
Enjoying or rewarding yourself wont really be that bad but of course there's always con's when you are exceeded on that particular limit.

If given the chance to win such huge amount, my plan is also to build some house apartments that would give me a sufficient source of income. There is no loss with that as long as you properly manage your property investment.

However, I am saddened to hear the ending of the story. Perhaps the fate of losing your money is high especially if you gain it in an abrupt way. Gambling is not bad at all, but if you won and have no concrete plans on where to use your money, it’s like you are still gambling with your funds and still end up losing everything you have.

Cool! You're very generous mate. Donating half of it and then giving $50k to your friends leaves you only $250k.

As for me who's striving to reach the dream of financial freedom, I might need most of the amount to purchase a piece of land in a metro city and then build an apartment on it. This way I will earn a decent amount of passive income monthly which I can share with some people in need including some of my friends and relatives. And I might keep my lottery win and real estate ownership a secret as much as possible.

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.

I don't know what i would do if i won the lottery up to $600k, maybe i will consider and will hide house for a week, before getting any idea what the money is used for.

What is certain is that the first time I did the lottery money, called all my friends who were involved in gambling, of course I would give them $50k to share, it's up to them what they use it for, what is clear is that my friend who has gambled with me will feel the lottery winning money that I get.

Of course I also need to do other things, maybe I'll just take $ 300k, the remaining $ 300k I will donate to those who deserve it, that's what I do, if that happens to me.

I think its rather a norm already that anyone who wins a lottery will end up spending the money unwisely, i mean this has been happening for decades now and the story never seems to end, I was reading a book one day, and in one of the pages, the author said that over 95 percent of those who win the lottery always end up in poverty, why?, he went further to explain that it is because they never plan for such money, that they might have a plan quite alright, but the chances of them not having a plan for such big money is one of the reasons why most of them end up going back to being poor, but then, this just one,..

Some people also believe that lottery monies are caused money, that the reason why most of the lottery winners end up being poor is more of a spiritual something than the physical, that it can only take someone who can see in the spiritual to know the real reason behind why lottery money never tend to stay in the hands of their winners, anyways, this is entirely a different discussion altogether, and i hope that one day, we will get to discuss this here.