Topic: A person who won 600k$ in lottery - page 6. (Read 2153 times)

This is the reason why financial management should be learned and practice in the first place. By allocating big funds for those who can provide huge profits in the future, and smaller funds for those wants that are actually not necessary at all. If you can be wise in spending your wealth, it won’t run out in the end but will eventually continue to grow until you see yourself finally living your life’s goals. Winning in a lottery is actually a blessing and might not be happening to you again so you need to utilize those funds cautiously and wisely.

That's definitely the best thing to do. Probably I would do the same, real estate would be my top pick as an investment. Investing in real estate would never be a failed investment and surely become the most efficient passive income, also the value of it will continue to increase unlike in other investments, where there's a possibility to go down.

If I ever win the lottery, I will use that huge amount of money to do whatever is good for my future plans. For better future plans I will buy the property and open a medicine pharmacy there later. I want to share this success with my family members.

OP the person you talk about here is a very patient person indeed. Because he won $600k after join the lottery for 10 years straight. Because if he didn't have patience, he would never have stuck here like this. This person is both patient and charitable but people have cheated a lot with this person. The person who asked him to help then cheated on him by not turning next over the money. Cheating on a good person is never a good thing. But my advice is that whatever you do, never cheat a good person, the creator is displeased.

I would male various investments and live off of their passive income. Stocks, bonds, real eastate and crypto. Especially crypto. However, even though $600k gives you a great head start, it is still not enough to create a decent passive income. 2 million USD is a more realistic target so, I would use that $600k and keep working till I reach $2m and then I would just do whatever I want. There is one thing I wouldn't do with that $600k though, I would never ever gamble with that money because every gambler knows that once you hit the big prize, it is a matter of time before you lose it if you keep playing.

I know that this is impossible for me to happen because I am not a fan of lottery now(but in the past yes I am , but after realizing how much i spend those years? now I gathered those amount and invest in bitcoin for long term)
yet having a chance? maybe I will change my  way of living forever.
will invest in businesses here and there, and will only get close to people that will not take advantage my wealth in which those are business people also.
sorry for the losses of the mentioned but it is how money works specially if coming from easy way like gambling.

Experience teaches us everything we need to know about the system, just exercised patience because there's a whole lotnto learn. We all have targets to hits in the system, resulting in one of the reasons why we start wagering with full hope of hitting a jackpot or winning some day. Gambling made easy with generating high sum from the system. Hitting the jackpot really hard this time, winning high figures of $600k is good news. It's the dream winning for all gamblers in the system, it doesn't come just like that, it do take years or decades before a lucky one can hits the jackpot. 

Someone that has no experience making that amount of money does not really know how difficult it is to actually obtain it, and as such they will spend it thinking it is never going to run out until it happens, this is also something that happens a lot to those that get an inheritance, and the worst part is that those people will then get used to spend a lot of money but they will lack the ability to actually make it, and if they are unable to adjust their behavior back and get used to spending a small amount of money then their lives will become very difficult from that moment on.

By having thoughts like that, at least we already plan to use the money we will win from gambling. Starting a business will provide more money. Perhaps we won't need to gamble because there is already a source of income we can rely on, especially if we think about having an investment, which is a bitcoin investment, that will give us the opportunity to gain profits in the future so that we can have other sources of income from investing in bitcoin.

The thought of using the money from lottery winnings to shop is understandable because they want things they haven't had. But they must realize that what they buy will not provide long-term or future benefits. And it would be better if they could save the money for their family's future so that they could face a future that might be tougher than now. They also don't need to buy things they don't always use because that is pointless waste. Sometimes, they buy these things just because of the lifestyle they want to have that they don't need.

Once you do hit up these numbers or to those money that you havent been able to held up on your entire life, then for sure the primary thing that comes up into your mind is on buying the things that you've been

wanting all your life which this is likely the thing that would happen first before you would be minding other stuffs like investment or having a business. We know that money could really be that easily to spend
and if you are really that having that impulsive approach then you would really be finding yourself becoming poor once again if those funds had completely be depleted. This is why you should really be that wise when it comes to spending if you dont really be liking to finding  yourself that being poor again or in middle class. We know that $600k is already that big in 3rd world countries on which this is something that
could changed up your life completely and since this money isnt something that you could really get so easily or simply once in a lifetime opportunity then it is really jus that right that you should really be that
wise on how to make use of it well so that it wont really be coming to waste. Its not bad to buy up those things you do wish for but always be mindful on longer runs, always be having that good financial
management if you dont like on being poor again.

I agree. I think there are some gamblers who were lucky enough to win a huge amount of money but they end up spending it on materialistic stuffs as you mentioned and wasting it. People with a good mindset would choose to invest that money in Bitcoin or real estate to generate long-term profits instead of squandering it on things that won't yield any returns.

Being wise and patient in this situation is really important. You must make really good decisions about how to use that money before you risk losing it for nothing.

But not all the time I guess. Yes, as much as how fast you achieved it, that is also how fast you're going to lose it. But what if they have a perfect plan for which they are going to use their money? Like putting into a business or into a venture capital.

Winning the lottery is luck. Putting your win into business is now what you call "creating your own luck." They will but assets or any. Sometimes satisfy their needs. Because why not? They are still normal people anyway.

If they win the big money with no sweat it doesn’t mean they loss the money with no sweat.The winner should understand it was the luck played the major role in the game.Not all the people get such luck in the gambling,So the lucky winner must do the holding the winning for certain period.The winner can convert the winning to the busines,actually it’s very hard one.But some people loss the entire money like you meantioned.Some winners will spend the money for the useless things like drinks and party to their friend.The winner should thing about their future at this stage of winning.

As they say, those who earned money without breaking some sweat will also find themselves in the same situation where they will lose all of it without breaking some sweat.

My point is, people don't know the trouble if they found those money without any effort, just for example winning the lottery, most people will spend those winnings as if they already have unlimited money until they come to a point where they realize that it's already over for them as they spent it on useless things without providing something for their future so that they won't have the same problem again where they will hope for another winnings again.

Luck can last forever, but the probability of that is very low, so, we shouldn't count on it. I think it's a good idea to put some part of your winnings in some business, but if the amount isn't that big, just buying things you want isn't a bad idea either. Depends on you want, actually. If it's drugs or alcohol, things that can harm you, then better invest everything in business. Even if it fails you'll be in profit. Because your health is a fortune too.

And this is once again an example of short term thinking, if we are lucky enough to obtain important profits out of gambling then it would be a mistake to spend them all on things that we want, a part of that money should also go towards a business which can generate even more profits or it should become an investment that can eventually bring you even more money down the line, but after such a big win people are not thinking clearly and they seem to think their good luck will last forever.

It would be better if a gambler could win a big win and use it to build a business that can provide even more profits. He doesn't need to try hard from gambling to win big wins anymore because he already has his own business that can make money. This gambler is indeed very lucky because he can use his winnings well to have a source of income from elsewhere. But if he uses his winning money just for fun, he can't get any benefit but will only lose his winning money quickly. He will not be able to get or have a source of income other than gambling, let alone have savings that can be useful for his future.

Only if he would learn from his mistake with the second chance he has to rise. Giving aid is good but to be a fool about it is what is bad. He is lucky to have invested in a house and that house is now a succour to him to keep start his life. He is lucky with a second chance unlike other people who would not have that other chance.

The lesson hear is that gambling winnings can be invested and utilized to become a source of another income. Don't lavish the winning you have with the hope that another winning will come but only be prudent and pragmatic with the way you give out, don't allow it to become foolishness because people will take advantage of you when they realise you are not emotionally balanced.

It is a decision each gambler makes, especially if they win a lot of money from gambling games. But if they care about their life, they will not live luxuriously on their winnings but will save most of it for their future or use it to create a business that can bring them more money. A wise gambler will do this because having a business can generate money that will be useful for his life. They will probably leave gambling because they can earn a lot of money from gambling, and now is the time to start changing their lives to be better than before and reduce their gambling activities.

There are many gamblers who spend their winnings in betting to live a luxurious life even though he thinks that since the money is earned without any effort, he does not care about the money and lives a luxurious life and spends the betting money. If there are smart gamblers who win large amounts of money in betting, then they will at one time use the bad money to strengthen their career and life so that they do not have to participate in gambling again.