Topic: A person who won 600k$ in lottery - page 12. (Read 2430 times)

It's natural that people who win the lottery don't know what to do with their winnings, but they shouldn't be in a rush to buy things they don't need. They may need to calm down for a few days while planning what to do with their winnings. It would be better than having to rush into making decisions to buy those things because it does nothing to affect them other than spending their money on less necessary things.

Having good planning for their future will help them to use their money well and be able to prepare for a better life. In addition, they also avoid bankruptcy by using the winning money for things they don't need.

In my country have model like lotteries with number predicting and almost people spent $1 to $10 for one number and every day they have buy until ten of number. Its difficult chance for winning and never have correct all four number predicting but they don't give up for getting lucky with this model of lotteries. Seems almost the same working and has the only one the winner based on thousand people are buying with that number.
I don't know why they still want to but with lotteries than participate in another gambling platform games. Possibility with once chance for winning lotteries in a year although consistent every day buy lotteries number.

I agree, lotteries are designed in a way that it is extremely difficult to win. A lottery ticket buyer won't be expecting a won straight after buying a ticket. Still we have seen big jackpot winners in the past and those who had won have literally lost thier winning. The reason is simple with sudden flow of huge amount the mind will focus on area that this winning amount will give pleasure. That is the reason most winners spend their winning amount on things without even thinking about the depleting amount. That is what I feel as it happens to me when I get paid a bonus from my day job once a year 

In almost any country there is a figure called power of attorney which gives another person the ability to act on the behalf of another person or you could simply deposit the money on their accounts and receive a receipt about this transaction, and while a financial advisor may just give you hints about what to do to improve your finances, a money manager, tax attorney or another similar profession will probably ask for one of the two options I describe or they will not waste their time listening to anyone wanting to do business with them.

Gamblers are very terrible at money management and particularly those who hit the sudden wealth syndrome as have been detailed in the story. They are the worse people to go to for financial advice and planning.
Unless you have been in wealth before, if you hit a million bucks from a bet, it is most assured that 99% of gamblers will blow it off on some ridiculous vanities.

This is the part of the story that made no sense. How could he even fathom of feeding the poor. Though he had good intentions, I feel it was ill-planned. You need a source of income coming in to be able to do this without going broke. Because if you do, the people whom you helped would call you stupid for not saving. And people always forget the good you do for them.

For those of us who are used to having discussions on these gambling boards, maybe the story will be different as the OP tells in this thread. those of us who are active on gambling discussion boards, at least have various responses and input from the community on how to manage money better. but in the case of the OP's story, he only bought a lottery ticket even though he did it in 1 decade "referring to the op's version of the story" and in the end, he was given the opportunity to get a sizable win from the lottery ticket he bought. unfortunately, the man did not have a more forward-looking mindset. $600k, is quite a large amount of money if converted to my country's local currency. I can buy a car, a house, and open a small business.

Referring to what you said, you might be able to do that. but it's different for lottery gamblers who don't have business skills, or a vision and mission mindset for a more ideal future. which in the end, the man in this story just lives life as it should without thinking too far ahead. as a result, the money he had previously won was gone again. something normal, and this phenomenon can be found anywhere. the story is different if the man has a fairly high educational background, at least his mindset is a little more established. thus, maybe he plans to open his business to further develop or he can make an investment. well, if it were us, I would invest half in bitcoins, the rest in essentials and doing small business.

I mean, it is natural people do not know what to do with that money. When someone buys a lottery ticket they are supposed to have low expectations on it, because the extremely small chances of actually getting the money. If we argue whether it is better to do plans with money one does not even own or having a lot of money but not being sure of what to do with it.

All those cases when people end up going bankrupt after winning the lottery happen because the least thing which goes through their mind is to talk about a financial advisor or get informed on how the rich manage to keep their bank accounts full through time. So yes, it is about the seeking of self gratification as fast as possible.

I don't think that's how it works, you don't leave your money into the hands of a financial advisor but you get their services and guidelines in managing your finances where you might be having troubles doing it by your own. So when you hire a financial advisor, they will simply just provide you with suggestions and advice about what you should do with your money and where you should invest and how much you should keep yourself, etc.

It is obviously not a good idea to entrust your money worth more than half a million dollars to someone that you don't know personally, no matter how trusted or good they are with their job, you can't even trust someone close to you these days because an amount that high can change anyone's mind.

Just a comparison between those two and the discipline they handle for theirselves to avoid getting broke. Since commonly we can read some stories about lottery winners win a life changing amount who go broke because he didn't handle well his finances since he overspend to much and didn't plan his future for the money he won.

 Just like that it could also happen to the guy who win that $600k so its good that he should hire a financial advisor for short period of time so that he can get a proper advice on everything he do with his money.

But not all financial advisors are good people, sometimes there are financial advisors who give bad recommendations to their customers. In some cases, financial advisors even provide investment recommendations at higher prices with the promise of higher profits in the future, even though the investment is not worth it at all. That's why recruiting financial advisors should not be arbitrary, one must also understand the background and how the financial advisor performs.

It's not possible because many people who can win a lot of money still need clarification about how they use the money. They don't think about the future but only use their money for momentary gratification, which they can only get quickly. While their lives are still going on, if they allocate their money wrong, their lives will not be able to change and will probably return to how it was before when they couldn't win a lot of money. That is why they have to really manage the winning money as well as possible so that it can be used for their future.

you can't expect all winners to traverse such path. some are overwhelmed by the money on their hands, hence, spending it to whatever they see they feel is good for them. they will only regret once they see the vault is going empty. this is the usual mistake of a lot of people who won the first time in their lives. but if they will smart about, no matter how much winnings they have, small or big, it can possibly change their life for the better.

Not all but majority of them would really be spending up those money without having proper planning on which it would really be leading for them to be broke again in few years time or a specific period of time if they arent

that wise in comes with their finances.As i said, on which there would be those people that would really be mindful about their spending on which despite on having those financial advisors, with just using up with their own
common sense on which they do really be able to apply or make use of those funds on the right way on which it is really that something that is wise to do so if you dont have plans on going back into your previous life.
There are really just that people who do keep prioritization on things which is mostly that the havent been able to experience on their entire life.This is why they do make out such action.

We might not be talking about millions on here but $600k is still a significant amount which someone could really be able to start up some with investment and businesses on which it is really just that ideal on making these amounts to be put up on a good and more worth way as possible.

That doesn't need to happen if the people who become instant millionaires can allocate the winning money to the right places, such as saving it in a bank or buying investments in gold, land, houses, or other investments. And some have done it with their winnings to prepare well for their children's future. They also use part of the winning money for their daily lives and open new businesses such as restaurants or mini markets to earn even more income. Such people are good at managing their finances; it is only a matter of time before they see their businesses grow and make more money. And that's what people who earn their winnings from the lottery should do.

For millionaires for sure they have people working on that since they need professional to manage their finances. But for people who became instant millionaire doesn't have that and this is the reason why some or majority of them got broke since they end up wasting all their money for nonsense thing. If they just acquired such people who's working on that field for sure they will never spend so fast and always aware if they use there money on right thing or not.

Mostly the local lottery had deposit to the bank directly,the bank will pay the taxes to the government.Then the bank will approach with you some interest based Fixed deposit into their bank.Mostly you get accepted the loan interest,because the money was in the safest platform and you get the monthly interest for the money is impressive one.The better option is hold fifty percentage of winning money to the cryptocurrency investment.Because the fifty percentage of 300k will help you to double the money again in the crypto investment.So you may increase the totally money to 900k which is not at all possible in any other investments.Money is the needed one to the world richest person for their generation.The world richest person will not stop their business after his first position.

What would i do? Let's assume that i would win that €600k, which would be tax free where i live and used local lottery. But 600k isn't going to last for too long here, as everything costs a lot anyway if i just spend it, so i would invest it. Some to crypto, some to stocks.

I most likely wouldn't buy house, because good ones would end up costing more then renting them. But i might rent a place from better location, nothing too fancy. And i would tell only to few closest friends that are not asking money from me. That's it. free €600k would change some things in my life, but i wouldn't consider myself rich. Maybe wealthy enough that i wouldn't need to worry about money.

There are many gamblers who change their behavior the moment they win big. A kind of arrogance works among those gamblers. They do not think about taking any decisions. They revert back to their previous state of affairs to guide those gamblers into gambling. Those who fail to retain money after winning a large sum of money like the lottery do not have good future. If they cannot correct their mistakes then they cannot progress much in the long gambling life. A gambler must plan. Of course it is important for a gambler to have a proper plan.

As many others stated here its best to avoid talking about your lottery win. People wouldn't care about your status and they will only try to exploit you. I would personally only hand money to my close family and maybe 1-2 close friends at most. On the other of course 600k usd is not unlimited money. Its not like 600 million dollars. You should be very careful using it. I would try to create stable income investments if I had 600k dollars...

You wont really be needing one if you are really just that sensible on what you are doing or the things that you should really be prioritizing. Its impossible that it wont really be coming into your mind on

having investment with those money specially if you do know and wary that its not something permanent.Therefore, you should really be that wise on spending it or else, you would really be looking yourself on going back into the previous life that you do have before. This amount might really be that looking so just small or just not that life changing on first world countries but if you do live on countries which are developing or simply called 3rd world then this amount would already be that life changing and could totally be changed forever if you are really that sensible towards on making
it on good use or good application via investment.

Well, each person does have their own approach on things on which they would really be that not minding on the time that they do get a hold of these amounts. The main priority into their mind
is to buy the things that they havent bought before which this would be the primary thing which it isnt really that shocking.