Topic: A person who won 600k$ in lottery - page 3. (Read 2430 times)

Starting a business from money from lottery winnings would be worth doing because at least, he wouldn't have to look for a loan to start his business or raise money before he could start his business.
He just needs to start his business according to the plan he has prepared and run his business while trying to develop his business so that it can be even bigger.
At least this has made it easier for him to have his own business.
Later, if his business can develop, he won't need to gamble to make money.
But if the lottery winner instead uses his money to gamble again or buy another lottery ticket, he may not get the chance to win the jackpot again because that is for the next lucky people.

He must realize that his opportunity to own his business is open.
He can start it whenever he wants without waiting for the money because he already has a lot of money to open his business.
So he can stop his gambling activities to focus more on managing his business and making his business develop even better.

I am sure  that many people will waste such money on things that they don't really need and as time goes on they will end up broke again, if such money gets my way I will make sure that I will never go broke again, I already have some plans for the future that will keep bringing me more money, so with $600000 I will start working on the plan and this plan of mine has everything to do with Bitcoin mining I will buy a new set of ASIC miners and I will set up a bigger farm.

$600000 is not really that much that will make someone to start behaving like they will never go broke again many people have gone broke after having more than $600000 if you are not trained right from scratch to be able to manage money if it is not in your blood right from your young age, there is no amount of money you will be able to manage you will always fail to deliver.

There is a saying that practice makes perfect, whatever we are going to get addicted to let's always make sure that it is good for the long run because if we are the type that gets used to spending lavishly we will have a difficult time monitoring good amount of money in the future and if you're the type that knows what it takes to be financially successful you won't find it very hard to manage certain amount of money, it is all in the blood, what you grow up with will be addicted to you.

This story shows that if we've won the lottery jackpot or any gambling game and it seems to be a huge amount, money is quickly going to be gone if we don't spend it wisely. Maybe you owe a lot of people because they've helped you but it's better if you just leave it as is because that's forever in your heart and you'll remember that forever. But if you want to give back to them, make sure that you're not giving all to them. That's the mistake of many people they've been giving all that they have and thinking that they are not going to run out of money because of the huge amount that they've won either with the lottery or any game that they played. $600k is such a life-changing prize honestly and the first thing that I'll do if I am the one to get it is that I'll keep myself silent. Yes, silence is much better on this time because you'll never know aside from asking some giveaways from those neighbors and relatives that you have, there could be people around you that are jealous of what happened to you. The wise folks will surely divide that money some for leisure and comfort but the most of it will be reinvested somewhere else that will generate them passive income for life and that's the best decision that someone can do. People will surround you because you have money but when you've left with nothing, they will flee from you.

Since it would be won money, not the money you have hard worked for, I think it would be a decent investment. In my opinion it is most likely that in 2024 BTC will go to $150k at some point, like you said. Winning $600k in lottery is good enough already, but making it even bigger is our goal. When I win $60 I just spend it without thinking too much, but winning $600k is when you have to think.

Well, the truth is that houses in the USA are too expensive, if so, I wouldn't think about buying a house, maybe a car, but I know that in the USA you can get cars for 500usd, where you have to put some money in to get them. It works well, but I only need 3000usd so I buy a decent car, where I can move it, now the cost of the house is something very difficult, I wouldn't do it, I would go to another country where the house is affordable cheap, but in California it is one of the most expensive parts of the USA, for that reason I would not choose to buy a house either, rather it is mandatory that $600k worth can be invested, I would seriously think about putting at least half of it in Bitcoin , and hope until the end of 2024 that I know that there will be a good turnaround in Bitocin and I will have a lot more money, with that money I could think about buying a house, once the btc rises to more than $100k, I am sure that It will be like this, my average calculation will be $150k, that is what I calculate, so it could be said that things could go in that direction, and then waiting is something normal, while the other $300k could be in another type of investment and that to see in what direction the other businesses that can be done go, but you have to invest, because otherwise you start spending everything and goodbye to money, many people are like that, they spend everything and they no longer have anything left.

That is why a person who does not know anything about what to do with the money, buying bitcoin and waiting is the best, the other thing is to look for a good financial advisor so that he can multiply the money in another type of business, something that is profitable , the idea is that you can move the money around a lot, because if you leave it, it will go away little by little and that is not the idea, for that reason we have to see that when there is money, we have to look for the best deal or the best way to put it into investment, and multiply it, in the USA it is very easy to spend that money and it goes very quickly, so you have to find a way to find more with that money.

Yes, because with buying a nice house and a good car you've spent some money on yourself already, right? And that's not a small amount of money, to say the truth, that can easily take almost all of your won money. I'm not a big fan of cars, so, can't say about that, but I know that a nice house can cost you half a million USD, and I'm not talking about the most expensive ones. An average price in California is $780,000, for example, so, $600k wouldn't be enough.

And I totally agree with you about investing the rest of the money in Bitcoin. Especially today, when the price is low.

It is like this, things should always be destined so that we have the ability to respond to what we know, for example you can win $60k, which is enough a little more than half a million USD, not bad, you can buy a nice house, a good car, and the rest of the money you cannot throw on yourself, not even by buying unnecessary things, you should invest the rest of the money, why? Why is it the only way to multiply, but you don't know what to do? easy, buying Bitcoi is the best option, there is no other option, with buying at least 4-5 bitcoins and leaving them well stored safely and the best investment in the world, because in the meantime you reach a good ATH this money will be a lot and things will continue to be very good, so in this order of ideas things can go down a very good path, first, invest in bitocon and if you have more vision you can diversify the money into gold, and other real estate actions, the New generations don't believe much in real estate, they believe more in Bitcoin, so why not do it?

Many of us know that Bitcoin's ability to reach an ATH is Impressive , more than $100k, that's obvious, but when will it happen? We don't know, but I'm sure it will happen, then a person who doesn't have a high financial culture or a high financial Education Will Simply spend the entire $600k and will not be able to recover it, he will have to sell what he acquired to Being able to survive is the only way you can do it, however these are the decisions that When we make it we can determine what our best path is, what can be done with so much money and how to Multiply it , Because From $600k they can easily reach $1 M, which is not there, what I will do is that, buy 1 BTC, save it in a Ledger and that's it, I'm Calm and I save that for any Emergency,  although to be honest , it Would be better to buy more than 1 BTC.

I agree with you. What I meant was living a luxurious life for couple of weeks, just in case your money invested in business will disappear, and so that you won't be left with nothing from your big winnings. At least you'll have your memories. Also, living a luxurious life for some time is a very useful experience. Thus you know that living a simple life you are actually not missing much. Luxury living is only so attractive when you never tried it.

If you win $600k in lottery and spend it all on luxurious life, you are just wasting the money basically.

If the person get the money from the lottery,it will be the unexpected money from the source.So mostly the gambler will start the business using the money,business will be the most liked one.Everyone like to have some business apart from all the real jobs,because only the business make us rich person.The labour based system only made you like a money dependent on every month.Their was huge difference between the person who do business by saving the money and the person who do business using the lottery winning money.So the person who do business with lottery winning should be cautious not to lose it.

Without a doubt a business can fail and you could lose that money as well, however someone that is looking to create a business out of their lottery profits has more chances of generating more money and remain with such high standards of living for the rest of their lives, while someone that just spends their money away will eventually run out of money and they will have no choice to downgrade and try to live in a more modest way, something that is very difficult to do for anyone that thought they have finally become wealthy.

I agree with you because the opportunity to become rich through gambling is a once in a lifetime opportunity and not many people can get it. It becomes a life changer for us in a short time and we can use all the money for the benefit of us and our family. But many people are complacent and tempted to fulfill needs that they don't need, so they forget to prepare better for their future.

The dream of becoming rich has been achieved. Now, it's just how we can use money to live well. If those who win a lot of money can organize their lives with that money, including preparing some money for the future, their lives will slowly change. There is no need to change your life suddenly, especially if you have a lot of money, but manage your money allocation well so that you can still have savings for your future.

Indeed. Well, it's understandable to buy and do the things that you only dream of before. A life of becoming rich instantly. However if you let yourself be drown to luxurious way of living and forget where you came from. Your sudden fortune might go to waste if you didn't think wisely to invest in things that can give you passive income. Certainly building business doesn't have an assurance of guaranteed profits. But that's much better rather than not trying.

Anyway only few people are given a chance to become rich through gambling so if you're among of those, make the most out of it but don't forget to keep something for the welfare of your family.

There are times really that when that huge pile of money is already in our hands we tend to get mental blocks and we tend to get carried away by our emotions like giving tips to everyone or doing partying because we thought our huge money wouldn't be gone easily but if we think in a straight path investing and saving should be our first priority. In this case even others who before won a lottery think of investing in business but it turns out they just lost it by spending too much on useless things.

We should have discipline in spending that huge amount of money and where to spend it because no matter how big it is if we can't control our urge to spend it on useless things that money will be gone easily.

But we shouldn't forget that if you open a business it will not necessarily be profitable. It's not like if we buy luxuries - we are broke, if we invest in a business - we prosper. All money invested in a business can be lost. I would suggest to spend half of your winnings on "luxuries", I mean, on the things you've been dreaming of your whole life.

Your advice is right but the people that do that are the minority among the lottery winners, and we know this is true as many of them lose their fortune just a few years after they won it, so to those people the idea of creating a business with that money or to invest it never crosses their mind and that is because those thoughts never crossed their minds before either, so the first thing they do is to spend that money in all kind of luxuries they do not need and that they cannot maintain.

I think buying materialistic things shouldn't be the priority in case one manages to win such a large amount, and it should be used to create businesses and income streams so that they can earn a lot of money through those income streams and then they can use that money to build whatever they want in their lives including houses, buying cars, or whatever they like to do, they can even start investing in cryptocurrencies or real estate once they have their income streams set.

The reason why I say that is because when you have multiple income streams, you will have a good cash inflow which will make your money keep increasing so that when you spend money on something, your wealth doesn't go down over time and it stays balanced or keep going up in the long run.

This is were must people got it wrongly because as someone whom had faced life and had lots of experience should be well prepared in terms of finance and personal wellbeing. Most times the people who came to borrow money from him might be directly sent by God to make him realized that he is actually going wrong ways, okay let's say if not for those people who came to borrow money his reasoning was like life is very sweet maybe God had changed his story meaning he can live any life he wanted, but wrongly God never like a waster someone who waste resources.

Let take a view of what happened, now he can be able to manage with the remaining property he acquired and also renewed the house for rentals or rentage meaning if this didn't happened there were no way he could have gotten this sense to be more economical with his spending. Most times things happens for people to immediately picked correction and make a u-turn of their lives before they could go worster.

As a gambler whenever you are lucky enough to strike a huge winning we should invest wisely and uses our money careful because the life changing opportunities can never be restored again in life, as opportunities they said comes in one.

       -   Well, after you said that, I can't disagree with the last thing you said, mate, which is that Bitcoin is the best investment that is good to hold long-term. If I were a rich person, I would actually buy a lot of it. So the rich people who are open to Bitcoin are very lucky, to be honest, because they will surely get richer in the future.

So I only see other altcoins if it's a bit okay for me in my situation to provide potential savings when there's a bull run again next year. Although, even with Bitcoin, I can only accumulate a little for sure, at least I have holdings.

Well, I think that each person has their own way of thinking and doing certain things. If I had a fairly large amount of money, in this case I would like to be able to have many aspects because we are living in a situation where things can be very changing, I can't leave everything in bitcoin because obviously if a global catastrophe occurs things are going to fall and the internet, electricity service can fail, how to get money there? I would have to buy some houses, because cad 34 house 1 house, just like in monopoly, I would also like to buy gold, both physical and digital, also have some cash and have tangible businesses, whatever, something that would interest me. I would use money at all times, part of it I would allocate to trading and part of it I would allocate to a good investment, I think that would be my way of having my money diversified.

Every time we mention money, or something, we Quickly see a way to do something with money, of course most of it is about spending money , buying a house, a car, having luxuries, but I think that's not enough, Yes, it can be bought, but we are not thinking about multiplying the money, because money is finite, it can be spent and we can run out of money, just as Robert Kiyosaki says, if we do not have a high financial allowance, the money is gone. and we can't do anything, so this type of thing is what a decent person would do, but poor in mind, a person who doesn't want to multiply his money. Zero is something very empty, because you can earn a large amount, but if not We seek to multiply money, we are not doing anything and if we only think about spending, and even spend unnecessary things, it is something that does not make sense, it will never make Sense, so in this order of ideas we could be present in a situation that It's good to read every opinion here from the forum Members , everyone contributes Something that can Help us.

For me  once I have my luckies day and win that big amount then all I can say is first I want to budget to build a business that will surpass in  the long run which is I'll choose to build a business that many people can avail which their needs is the best thing si business. And also I'll buy A house so that I'll have my own house and then some of my money I'll put in the bank . Then my main plan is investing a good coin .