Topic: A person who won 600k$ in lottery - page 13. (Read 2430 times)

The millionaire gambler class needs financial advisors for better financial management to avoid using high funds for gambling, financial advisors will diversify your finances to limit the allocation of gambling funds and they will plan to use investment funds for passive profit. The function of having a personal financial advisor can help manage finances wiser to use funds for investments that are beneficial for the future, but you need to know that their work is not focused on dealing with gambling problems because they cannot control gambler behavior, if gamblers are already experiencing an addiction to impulsive gambling then having a personal financial advisor will not be beneficial for financial management.

From the name itself, you already know that it will literally help you that much to win more in life by heeding their advice towards the money that you've won in the lottery. It's totally not a mistake and a waste of money to hire an advisor because it is the other way around unlike what most people think, hence, you are just giving yourself more chance to make more money from their experience. Some may say that it's not really needed, and I cannot blame them for that but sooner or later, they will come to think that they should've hired but it's already too late because it is already lost.

But majority think about they are just wasting money for hiring those financial advisor since they also need to pay them. They didn't know that they can be save by those professionals and can help them manage their finances especially if they are the type of guy who act as one day millionaire when they receive a lot of money. For now to many people doesn't know about importance of those particular professional and maybe the lack of financial literacy leads for that outlook.

There is too much information on the internet today to leave your money in the hands of a financial advisor. You wouldn't be the first to be scammed by one. In Spain there was a very well known case of a famous radio broadcaster who was swindled by his financial advisor.

And it's not worth it if we're talking about amounts like the $600,000 we're talking about in this thread. If you win 100 million euros in the Euromillions you might consider leaving part of it in the hands of an advisor, always keeping an eye on and comparing it with your own investments.

I would buy a confortable car and invest the rest of the money in properties for rent. 600,000$ is a decent sum of money to acquire about 5 houses or apartments in an universitary city where it's pretty easy to rent, since there is a constant flux of students.

Each rent stays usually around 100$-150$ monthly per student, and it's possible to allocate mors than one on each house, so I guess I could make from 1000$-2250$ monthly with this investment, which is an above average income here where I live.

Sadly, the seller from the story shared on this thread didn't use his merchant and managing skills to make his lottery prize bear fruits like his vegetables garden had been doing for decades...

I agree, financial advisors give good advice also if the person is uncomfortable and unable to make the right decisions for themselves then financial advice will probably be valuable to you. A good financial advisor can enable you to achieve your financial goals. A financial planner usually focuses on financial planning and analysis and direct investment advice and or asset management. Finding a professional skilled in your financial specialty with whom you need help will probably make the most sense.

We also don't want to see that money being used for things we don't need, even though we can use that money to prepare the future for our family and children's lives to be better than now. It's everyone's wish to be able to provide the best for their family and ensure that their family can get a better life. So asking for the advice of a financial advisor can be a tool for us to manage or manage the money we get so that the money can be useful for our future and our families.

I will also choose a financial advisor to be able to manage the money so that I can prepare for my family's future. And if that advice from a financial advisor means I have to live, that's fine for me too, because I've been doing it for years, so it's no problem for me. I want to ensure my family gets a better future than me.

We have many choices to be able to manage the money we get. For example, we can manage ourselves by making short, medium and long term plans. But if we don't want to be bothered or confused, we can hire a financial advisor to make a plan and we need to follow the steps. Or we can also take the amount of money that we think will be enough for short-term life and save the remaining money for the medium and long term. And we also have to have plans we want to achieve by using that money.

Often those that are rich are thought to be greedy by those that have not reached the same level of wealth but there is a reason they behave the way they do, if they do not refuse the pleas of those around them then at some point they will lose all their wealth, as the problems on their community are simply too big for them to fix even with their level of wealth, so someone that achieves that wealth by luck alone will lose it very easily as they do not know how to say no to those requests.

Truly? So after ten years of lottery play, he hit it lucky, and then he watched helplessly as his jackpot disappeared because of bad choices and a lack of financial knowledge? Its a well-known story of someone who is unprepared for wealth. Its hardly surprising that his unexpected financial windfall vanished; this is typically the case for those who acquire wealth without appreciating its worth or knowing how to handle it. See, winning the lotto is a gamble, not an investment. Furthermore, although having a large heart, our vegetable vendor lacked the forethought to safeguard his newly acquired money. His undying eagerness to lend money proved to be his undoing. This story is a sobering reminder rather than a happy one.

It's not bad to get financial advisor because it will help you a lot. It will never be a waste of money hiring a financial advisor if you have that huge amount of money. They will help you to manage it and diversify it. It will also be a stopper for you once you are getting decisive in your spending and decisions. So all in all, I don't think that it is a bad idea to have that.

if i'm not mistaken, there is also a topic that discusses the "sudden wealth syndrome" in which sufferers get big money suddenly, causing a tendency to spend extravagantly, this cannot be denied that people who have been poor for years will be surprised when they get a lot of money and i have noticed this in many people who got rich suddenly ^{(even i myself have experienced it when i got an inheritance)}

then you need special tricks to avoid this tendency, such as not needing to spit on other people about getting big money or staying away from your hometown when you get big money, financial management is not easy but it's not difficult to learn.

Whatever it is, actually a financial advisor is really needed to manage money properly, especially sudden wins like that make people feel confused about how to use money properly so that it makes someone wasteful and wants to spend it fast, that's why financial advisors are very necessary in this case, considering many once I saw someone winning the lottery wasting his money then he fell into poverty again.

I also personally prefer to spend a little money on a financial advisor so I can know how to manage my money properly and not wastefully, especially since there are so many desires that I want to fulfill in my life, of course, it will be a waste of money if I go the wrong way. I think it's right to pay a small amount of money a financial advisor is no problem as long as the future is secured.

The individual in question will automatically become a celebrity; perhaps he will be more popular in gambling; most gamblers will make references to him whenever they are giving advice or making him a source of inspiration. He has incredible luck, winning a large sum of money, $600,000 from the lottery; of course, he would only utilize 10 minutes to offer honor to GOD, because such opportunities are rare these days. There's a lot to be said about such statistics; investment would be the next thought, rather than partying, living in a multi-dollar house, driving exotic cards and touring the world.

They would not need a financial advisor if they had the knowledge to manage their money. But most of them need help managing their finances after getting the money and only buying things they want to have for a long time. They are not interested in preparing for the future so that their lives in the future can change. They are more interested in using the money for now and spending it until there is nothing left because they think they can gamble again to win more money. But if they listen to a financial advisor's advice, they will have creative ideas about how to use their money so that they will not be dependent on gambling and certainly have the income to change their lives for the better.

And this is where financial advisors come in. A lot of people who managed to win huge sums of money who came from poverty, always think that financial advisors are a waste of money and will always be doing things against them when the reality is the opposite. I'd rather pay some people who are knowledgeable in handling finances rather than figure things myself while losing a lot of money in the process. $600k might sound a lot, but it’s not. What’s paying $1000+ for consultation when it’ll save you hundreds of thousands in the long run?

Basing with those calculations if living on a 3rd world country then you would really be definitely be living for 60 years with that amount but of course it would really be that something that pertains on sticking with your current spending or lifestyle which we know that it is really that unlikely to happen specially if you have able to held an amount which you havent been able to hold before then it would be normal that you would really be having that common impression or reaction of such situation on which lifestyle would be upgraded and spending would be upgraded too but its true that its a true to life situation that there are lottery winners which
do able to changed up their lives immediately but due to unwise spending and reckless decisions then they would really be going back into their previous lives before they do hit up the jackpot
and this is where regrets would happen which it is usual. If you dont like on going back into those old self or financial situation then you should be wise on where you would be investing those amounts
while you do still have it and always mind about continous flow of income or revenue on making investment and other possible correlated things into it.

Okay, it's certainly a great amount of money, but your country of residence actually makes a huge difference. $600,000 in the USA is a few years worth of salaries, provided that you've got a semi-decent job and you're not working minimum wage. In a third-world country, though, you'd be pretty much rich. Where I live, the approximate salary for the whole year is about €10,000 (or $11,000); thus, $600,000 could be enough to survive your whole life if you're a modest spender.

Apart from that, the worst mistake most lottery winners make is to spend their money recklessly, buying stuff that they wouldn't be able to afford normally and that is in high maintenance, which only increases their expenses in the long term. That's why a large number of them end up completely broke a few years later. Huge shame, though. Be lucky enough to win the lottery, but at the same time, be a complete idiot and waste all of them when you could have invested and passed on for generations to come.

Sudden wealth syndrome as some people call it. The fact that people are all of a sudden unable to manage themselves and their expectations in eventualities that lead them to massive riches. Some even go so far as to seclude themselves from society since they feel like everyone's out to get their asses. Add to this the fact that most lottery winners aren't financially literate and after a few years, they lose all their money on booze, extravagant stuff, women, and other hedonistic stuff. It always pays to be knowledgeable about stuff, or at least hiring people who are smarter than you in stuff like these, that way you can guarantee that whatever happens, your money is safe from you, or from people who are out to get something from you.

No matter where you live, $600k is still a lot of money for your survival but one shouldn't just spend that money for their survival and the very first thing they should think about is how they can increase that money. I know investing in Bitcoin sounds like a very good idea, but that is for the longer term, what about the present? You need to earn money to spend on your personal expenditures, and that money shouldn't be taken from this amount as it will end very soon.

Starting a proper business should be the very first priority for the person who has won an amount that big. Once you do that, you won't need to worry about your daily and monthly expenses as you will start earning through your business and you won't just be spending from the money you've won. Buying a house and a car should come later.

I do not think this is an actual story, it indeed has some elements of an actual scenario but it was interesting to read. I felt it the protagonist in this story was an average individual who had the confidence that he would win one day and was committed to his belief. He never stop buying lottery tickets and when he suddenly won he had zero idea on how to use the winning money. Without proper money management, he lost what he had won. The end is a sad reality of every actual lottery winner in the past. Although some of them did proper money management they were only a few.