Topic: A person who won 600k$ in lottery - page 16. (Read 2153 times)

Did you mean he should become a financial stable after he get such huge amount of money?

To become wealthy is start from small thing, it's about how he manage his money when he only have $100. If someone is still not understand how to make money and manage his money, regardless how much money he get will not make him rich. Maybe he's a temporary rich person, but after next 1-2 years he will be in the same path or worse than it was.

exactly, usually people who get free money or get large amounts of instant money and are in a country that really appreciates the amount of $600k will surely act recklessly like helping the closest person. but for me it was also one of the big mistakes that he should have won the $600k used to open a well-established business to get a steady income and then just help other people. to think only of others for the sake of good reputation is very bad because with that kind of money it is better to be selfish than to think about or help others.
on the one hand, if you suddenly help other people, its like showing you have a lot of money and other people will definitely find out where the money comes from and how much. to make it worse, people are showing up asking for help and its also vulnerable that bad people are coming to take his money.
the most important thing here is that even if you get any amount of winnings at gambling, its better to use it yourself or anonymously without having to show it to other people for your own safety and comfort.

A person who won 600k$ in the lottery is very good news but they need to know how to control them properly. There are many people who even after winning such a large amount lose everything because greed works in them and bets on more money. They generally lack sufficient knowledge therefore, looking at financial management, emergency budgeting will keep financial management very efficient. Budgets can vary depending on the type of business again the same business may have different budgets for different tasks. Everything can be accounted for then you don't have to calculate every time. It can be understood at a glance whether the business is going towards income or expenses.

600,000 where I live is not enough, far from it. I could spend it just buying a house. It's not enough for a mansion, and expensive cars and jewellery like the one you're talking about.

In fact, I know people who have received half of that amount and in another case like a fifth and people simply assume that they will do a little better, they get rid of debts such as the mortgage, buy a few things, take a trip and keep part of it as a buffer for unforeseen events.

In my case, I would donate a part, invest another part and a small part would be for splurging but as I say, the amount is not enough to go crazy. If it were $6,000,000 it would be a different matter.

Dreaming is fun and hoping it comes true.
and if i get my $600k in winnings from gambling or whatever i will leave it for a few days to give me a chance to think carefully, about what to do with that much money i previously kept so safe.
because I have to think about how the more money I have, the easier it is to make more money. And perhaps the easiest and fastest way to make more money is to have multiple income channels.
maybe I want to buy some houses in potentially fast growing and crowded housing for me to rent, as this will increase in the long run in terms of house prices and rents.
and I also want to buy a house for my parents which is very comfortable and safe for them, and a house for my family and its facilities and the two houses are not too big and not too small but quite satisfied.
and I also have to think about insurance and investment, especially bitcoin for my family, and these two things I have to do for the future and also to live comfortably without worry.
and the rest I will use for some business, and also for my gambling activities in small amounts and I will play when there is free time and also if there is a desire. Because I also have to keep working where I work, and I also have to manage money and other things so that everything goes well and smoothly.

Not really a lottery discussion, more like money management stuff? But anyway, the idea would be rather enjoyable I guess, I mean it's free money, definitely would make a lot of bad decisions but one of them would definitely not be helping random people. Like I get it, you got money but the idea of helping people when your life itself hasn't been properly built (whether you've won money or not) seems dumb. People are able to help others because they are stable, and that's a lot more effective than destroying yourself while helping. A noble sacrifice may be noble, but a sacrifice nonetheless.

And to be fair, $600k is pretty small in a first-world country imo.

There is no choice but to move forward. It's not that everything is gone and still, there's room for rebuilding.

Just consider the story as a reference to those others who will experience the same. Besides, most of us here don't know the "actual feeling" of being a big lottery winner that's why it's easy for us to give advice. But surely, when we are in the actual situation, there might be things on the way that we won't like to happen intentionally but instead, we will just go with the flow.

If fortunate things happened to us soon, no other option but to keep responsible for our own actions.

Well, if I happen to win such a lottery and the money is in my account ($600k), then I will have to buy a new hardware wallet first, buy like ten bitcoins, and stack them in the hardware wallet. With the remaining $300k, I can buy a small house for about $150k in some area here. I could also use $50k to buy a plot of land; the other $50k can go for one investment I am desiring to join, while the remaining $50k can be used to enjoy life while it lasts, meaning while I am still doing my job and running my business and getting paid for it as well. There are a lot of good things to do with money if one has it plentifully at once. It's just that some people don't think hard about what valuable things they can do with the money they get.

He shouldn't buy luxury goods and give debt to bad people. $600k is a lot of money, actually, he can spend basic necessities like a small house and simple car, and the rest of the money he uses for growing his business or investing in Bitcoin for the future. that's why many people broke before getting up because they are lulled and late to manage their won. if he can't, he can use a money management service to manage his money. If I win the lottery, I will immediately invest 80% my win to bitcoin, and the rest I used for other needs.

No matter how humble a person is, its very likely that he wants to tell everyone about the money he has earned, I think it's very understandable in human nature that we want to celebrate a fact like that a lot... but this is certainly the worst thing someone should do after winning the lottery.
I believe that the first challenge for those who win the lottery is to be able to deal with their own emotions, to know how to remain calm in order to be able to think in detail about everything that needs to be done, such as... paying late bills, helping a close relative in who you trust a lot, buy something that is essential or that you are missing at that moment and finally know how to invest that money so that it doesn't end "so soon".

Maintaining the anonymity and secrecy of the prize won is essential so that the person has time to plan their life and guarantee protection against scammers, curious people and other people who can disrupt these plans and in the worst case even take the lucky person's life.

Unfortunately, most winners make this mistake right at the beginning when they quit their jobs... wouldn't it be very strange for someone who clearly depends on their salary to survive, regrets without justifiable reason to ask to leave the job?
It is necessary to work together, trying to lead a normal life as if nothing had happened until it is possible to "change the environment" without arousing suspicion.

Everyone used to dream big, but when the same takes place in reality they won't be able to execute things in a better way. This is what happened with the person mentioned in the OP. He could've been hopeful and dreaming for better days. Things happened, but he wasn't able to manage things in an orderly manner and the worst thing happened for him in my understanding is the people going to him in request of money. So, in several way he had undergone pressure and missed the best life and had stabilized in some way. This could be an example for everyone who has been dreaming of big.

I'd include people that have been with me through thick and thin if ever I hit the jackpot on the lottery or any gambling game.

It's true that we need to value money and we're all believing that it's easier to spend the money that we didn't worked hard on. But if you're a typical wise person, even it's from gambling then you have to give importance that it should be spent wisely.

Opportunity like that comes once in a while and you're the luckiest if that ever happens to you.

They would only be having that kind of management on the time that they are seeing that their cash is slowly disappearing due to lavish spending and unnecessary or unwise spending on which this is likely the case on where

most these winners would be ending up.You wont mind about spending like hell or having that sky is the limit.Yes, its quite understandable specially you havent able to held out this huge money on your entire life then
there are really moments on which we are really that impulsive on buying things that we do like and want on which it would be simply your priority and since you do able to hit jackpot with some cheap lottery ticket
then spending wont really be that hurtful and this is what you do have in mind.

For those persons who are really that minding about their future then of course they would be finding ways on how they would be able to have some business or really putting or applying it on good use for them
to be able to live on more years without needing to be poor once again.There are different types of people on which it would be just that normal that decisions would really vary on such situation or condition.

That's certainly a hue amount of money over here in Africa and I doubt anyone with proper management skill will stupidly squander such cash, I mean this Cash could fetch you a profound business that will keep you running some years in your lifetime.


Not everyone knows how to control cash as cash is what totally control most of the people today in world because of low knowledge about what to do with the cash.

If you do live on 1st world countries then for sure this 600k isnt something that you cant boast out but on the time that you are living or be spending on developing countries then this amount would really be something significant and this is really that already big for you to buy up things that you dont able to buy up before, like buying a car with some house and lot and would be able to buy some properties but everything would be
depending on where you do live because there are places which are expensive and there are places which is really just that too cheap. It is really just that amazing to see someone who do bet up on lotteries for a decade
and didnt really waver out on what he is really that trying to achieve on and the time comes that luck kicks in and able to hit up those combinations.It is really just that not that much in speaking of lottery jackpot but
still a win is a win and something that could changed up your life forever. It is really just depending on how you would really be making yourself that able to handle it out so that you would be able to sustain and make
investment so that you wont really be coming back into the situation on where you are before.

$600k might sound a lot but in today's terms, it really isn't worth that much. I'd look for places to put that money to work and I'd still work my ass off and ignore the fact that I have hundreds of thousands of dollars at my disposal. In this way, I will be avoiding the thought of splurging on something that I obviously do not need in order to live comfortably. Of course, I will be getting a good mortgage on a good home, but I would not outright buy it because obviously, all of my money would be gone.

People who haven't held that much money their whole life would obviously be having a hard time managing it, and it's okay. That's why financial advisers are the first people you should seek if you unexpectedly win the lottery.

All of the sudden when big money reaches them, they stand mute and they don't know what to do. Similar stories were common around the world. Till yesterday his plans would've been somehow build a house, secure his family and so on with the available income. When a big money comes in, he fulfills what he had been planning for, but in a larger scale(mansion). He had never thought of investment during his days as a vegetable vendor. He does what he knows. This is why someone easily fails in life after winning big money through lottery or through some other sources.

Well you have the benefit of being financially literate given the fact that you've been aware of the investment caveats and opportunities in your time here in the forum, so it comes to no surprise that you'll be able to handle winning that much money. The problem though is if you are going to win lol. I wouldn't really count on it too much since winning in the lottery involves you wasting your whole life buying scratch off tickets by the daily which when compounded yields so much money you'd second guess if buying these tickets is even worth it, but you do you my friend.

At the end of the day it all boils down to whether you're willing to make the choice of going all-in on lotteries.

^ If I were to win the lottery one day and for that amount of $600k, it would certainly be an exhilarating experience!
While I would want to be responsible with the money and invest wisely, there are definitely a few things I would love to do and share with others.
First and foremost, I would set aside a portion of the winnings for long-term financial security, such as investments and savings. Then, I would use some of the money to fulfill some of my dreams and passions. Probably I would travel to different countries, explore new cultures, and make unforgettable memories. Next, I would want to give back to my community and support charitable causes that are close to my heart. Helping others and making a positive impact is something that brings me joy, and having the means to do so would be incredibly rewarding.

It’s actually a good idea to force the winners to have their investments lack for the next 5 years and to have financial literacy session with them. Though now that they have the money, they can easily hire a reputable accountant that can handle their finances and get some advices too. They all have the means to do so but then again, they choose to spend more than to invest for their future as well. This is indeed a usual scenario of every lottery winner, financial advisor is what they need so they can control their expenses and look for a way to stay millionaire.