Topic: A person who won 600k$ in lottery - page 15. (Read 2153 times)

Even with $600000, the fear of going broke again will still never leave my side because yes $600000 is a big amount of money at the same time you are still not far from going broke because people like living the extravagant life just to make other people be aware that they are now successful.

Instead of doing that why not invest almost 70 to 80% of that money back into bitcoin or something else because with $600000 it is easier to become a millionaire in dollar after few years later you can turn that $600000 into two million dollars if you know what you are doing just my own piece of advice.

With that in mind, people will still buy the lottery even though the chances of winning are very small, let alone having to compete with the many people who also buy the lottery with the same desire, namely to win.

Those who bought the lottery a long time ago didn't think about stopping for a while because they didn't want to be late to participate and besides, who knows, in the next round, they might win. Such a mindset will not change for people who often buy the lottery and cause them to become addicted to buying the lottery.

Even though they only use small amounts of money to buy each ticket, many people buy lottery in large quantities weekly. So it's the same as using big money they are unaware of.

That is how it should be, however the stats are real and most people that win the lottery end up being broke in just a few years, and this is because those people never learned what it took to earn that money at all, and since they won it simply because they were lucky they believe that no matter how much they spend it is never going to run out, and when it eventually does they are incredibly surprised this was the case, now this would not be so bad if they actually bought assets they could sell to at least recover some of that money, but most of their money is spent in stuff which cannot be sold back, and they have no other option but to go back to their previous lives after wasting their money.

Of course you will not give everything to the other people and do not keep the money with you. This is not how the people behave in the world.

If you have won anything significant big, You should first spend the money on yourself and on your family.  It is always good to give some portion of it to the poor's and the needy ones.

If you relatives and friends comes to you asking for help, first judge them are hey really in need for money ? Also you can lend them some money so that they know that they will have to return. In short, you need to be judgmental and spend the money on yourself and some money on others wisely.

Every person has various thoughts after buying the lottery, although he knows that the lottery is not in his luck, but many people go too far in their imagination. Retaining that money after winning the lottery is a tough challenge. Which is not possible for everyone. There are some people who after winning the lottery lose the money by betting again and there are many who increase their wealth by investing the money in some business. A lottery winner will depend on what he wants to do. If he is far-sighted then he must keep the winnings in the right place.

So by doing management, it will overcome how to use the money so that it doesn't disappear in an instant. But withdrawing that amount of money on the gambling platform will require KYC as well as some conditions that may have to be met. Self-control also needs to be exercised so that you don't get involved in gambling as long as you don't enjoy the money. If the money has been withdrawn to a personal wallet or is in a savings account, then it is quite safe. You only need to set aside or allocate a certain amount of funds for gambling. It would be a wiser and better thing to do.

Money never lies, when we get a win from a lottery that is so big it will show who we really are. Are we people who are greedy and stingy to spend the money for self-pleasure or use it for something more useful.

Often when we have a large amount of money, it makes us confused about what the money is for, which in the end, it is not uncommon for someone to spend it on things that are not useful or for their pleasure. Saving the money is a solution so that we can plan for using the money and be able to use it for;
1. Complete the needs, before using it for other things it's a good idea to complete the needs first such as; a decent house, personal equipment or needs that can support your work can be easier.
2. Add property assets as savings or buy a house in the countryside because sometimes to spend our old days we often choose to stay away from crowds and seek solitude.
3. Starting a new business, so that the money can be used and can make money back, starting a new business is the right choice.
4. Invest. Apart from the method of saving, investment is the right choice where besides your money is stored neatly, your money can also increase.

Every person have it way of achieving success, if I should be opportune to win such I know that it will go a long way for me, the thing is that my first investment will go to real estate management, I will buy a large land and start development by building houses that have different apartments for rent and secondly after I have achieved the real estate management investment I will invest some part of the money into cryptocurrency and mostly the coin that have potential not ordinary altcoins that will lose value everyday

Definitely going to invest in the right things that would make me live a comfortable life. It's going to be a stressful time because it would probably be hard to withdraw it and you are going to be so paranoid having so much but I would prefer it to be lumpsum so I could invest it already in what I need.

It's all going to be pretty good to think about but definitely not going to happen lol.

The right choice to buy bitcoin is very good for long-term investment, especially if it is in the form of money, it will run out quickly if you can't turn the money properly, so you choose the right path when investing in bitcoin, I will also choose the same path as you if I win the lottery that big .

Many have won the lottery in my city but unfortunately they never used the money properly and in the end they returned to poverty and gambled again in the end and some even became addicts, obviously not everyone has a healthy mind when they win big money because they are shocked get that money so they will buy whatever comes to their mind. that's the reason other people often go the wrong way in controlling their own desires.

This is one of the problems of lottery winners when people know that they've won a lottery those close to the winner feel that they've owned him and that the winner is obligated to share his blessing, if you are the kind that is kind-hearted you will give in to their request and demand.

Lottery winners should understand that even if he wins a huge amount of money they still have to keep or save for rainy days and minimize their expenses because there is a big temptation to overspend because of the urge coming from your relatives and friends, saving is challenging but educating yourself to be a good spender will save you in times of troubles in the future.

This is the lesson that everyone should remember- even if you are experiencing financial stability, one accident or situation may change the whole situation.

There was a similar story in the Philippines were journalists interviewed several previous lottery winners and asked about their current status. As far as I know, majority of these previous lottery winners went back to their previous lives- some were broke and others were just barely making it every month.

The problem lies with the initial excitement. I mean, of course it is normal to celebrate this kind of achievement as the money you receive can either make or break you. But without any proper financial management, eventually, all of those lottery money would go to waste.

It is true that how quickly a person can earn money from gambling that is not possible from any other platform. There is also a higher risk of losing. If the person who wins the lottery and invests some money from winning money in any business and gambles with the rest, he can gain a certain amount of money from his investment even if he loses . I think that a gambler needs a reliable income platform to gamble regularly. Though there is no guarantee in investing, but there is a possibility to recover somewhat more than gambling.

There are several cases of people that get bankrupt or hard economic issues after an huge lottery win.
I know some cases also here in Italy, and more or less each region here as the same story.
Its kind of impossible I Will be able to win such a large jackpot (Just because I dont play lottery).
For sure, in the remote event) I Will study a strategy for Money storage and avoid to waste such win

most people who won a lot of money in the lottery were very poor people and they never dreamed or had any hope that they could win the lottery, they keep playing but they play without much hope and they don't make many plans, things like: when or if If I win the lottery I would buy thing X or thing Y or invest in business Z or business A, they are not part of those people's thoughts, that's because their day to day is suffering, and from suffering so much, hope no longer exists in their hearts theirs, so they won't be making plans with money that is not in their hands. This is where the big problem comes in, because when a person is very poor, that person is no longer afraid of becoming poor again, because every day is another day of survival.

he's not living thinking about the future, he's living thinking about the present, he thinks what he's going to eat today and that's it, when the morning comes he'll think about what he's going to eat, and his life goes like that and when he wins a lot of money in the lottery that thought doesn't change, he will take a lot of money and spend it today and tomorrow he will do the same thing until the money will run out and when it runs out he will not feel the pain of being poor again, because he spent many years living that way, for him life is not made of future but the present

I saw stories of people who won a lot of money in the lottery and moved to a hotel, and see that they didn't go to any hotel and any hotel room, they went to the luxury hotel and presidential room, they bought the most cars and 5 years later spending a lot of money came back and becoming poor and when he was interviewed, he said he was not sorry because he was poor before winning the lottery, so he was already used to poverty

The money is the money and it's mean the source you are getting it.After getting the winning of 600k you can split the money to two different half.Then keep one half for saving for your health expenses at the old age.Use the second half to inverse in some good cryptocurrency.If you not follow this two things,after some days all your money will be zero.Because it's very essential one to keep the plan after getting money from the lottery.Even it's unexpected winning,you make keep some future plan after getting huge money.It will be better time to execute that plan after winning money.

Getting a lot of money from the lottery does not guarantee that we will be able to prepare the right financial plan because if it was from gambling, we might think about buying things we have wanted for a long time and not preparing for our future. It has happened to many people, including the person in the @OP story. They get carried away with the winning money and keep using it for things they don't really need, and when they look at the balance, they still see that they still have a lot of money. That makes them continue to use it for things that are not important, and finally, when they go to the balance, they are surprised to find that the remaining money is not as much as before.

If I am given the chance to win the jackpot from the lottery, I first take maybe a quarter of the total money to buy bitcoins. Meanwhile, I will save the other amount to meet my daily needs and prepare for my future.

Not really because it still matter on how he handle hia finances since there are lottery winner who win millions of dollars in prize but got broke because they didn't handle well their finances and just became a one day millionaire. Past mistakes by lottery winners should needed to learn so that other winners like him could handle their money very well and they will not regret when all their money earned has totally gone. Sometimes people got overwhelmed easily with the money instantly accumulated that's why some of them doesn't have any guilt feeling when spending it since they think they still have a lot of money and realization comes after when they see that its draining fast then they start to get broke.

Well, he should become financially stable when he got that money but he's not that knowledgeable to handle such wealth. That phrase that becoming instantly wealthy will also be a like bubble to pop up is true but with proper money management I guess that curse will not be within you.

I think that the amount of money being won wasn't from first world country, maybe it's from a third world. That amount of money is for sure huge as long as you properly handles it well.

After playing the lottery for such a long period of time winning 600k USD doesn't seem so much. When winning the jackpot, I think people should at least become a millionaire, because in today’s world you can't even get a big house for such kind of money. Just yesterday someone won the Euro jackpot for more than 100 million. That is a life changing amount where you never have to work a single day in your life, but with 600k you can't quit your job and retire early. Don't get me wrong, 600k would be awesome to have and with such kind of money you could build a good investment portfolio to generate returns that help out a lot. I would not put all the money in real estate because the risk is too big of just owning one single asset. A steady rent income is nice to have, however we can achieve the same thing with puying financial assets that offer period returns. Diversification is they key when it comes to long term wealth protection and focusing on a steady return. There could be of course a riskier approach where you say that you want to gamble more and try to reach a million at least before you invest your money more conservatively.