Topic: "Most lottery winners go broke after few years" (Read 1747 times)

One of the most important things is on how you would be able to plan your future and there are indeed those people who doesnt really mind off about into their future on which they are really that wanting nor really that having that kind of mindset that if they were able to win up  the jackpot then they can easily hit it up again on which this is really that very wrong. Proper management of your money is something that you will be needing because those winnings will be that totally blown off if you dont have that kind of management like building up some investment or business that will possibly be that adding up that more potential income into you. Even if you have spend it all on something like this then it will be worthy because there's a chance that you can earn passive income or simply you arent that just basing up your living into luck but rather you have done something which is wise. Never thinking about lavish or luxury kind of living because it will be that temporal at the moment that you cant be able to sustain those long term. Dont buy liabilities and everyone agrees into this one because we having these things will really be continually eating up money into you.

And it's really those who have won but not be financially literate as they haven't seen this kind of money before. So they become their own accountant but then uses all their money without thinking of the future.

That's why winning lottery is also a big responsible to those people as we have seen that in just matter of years, if they don't know how to handle their money, in at instant, they are going to lose everything.

Good for those who learn to take care and invest and build generational wealth.

Not to make out some discrimination into those people who arent that educated into things like financial management and other possible knowledge on which you could be able to apply at the moment that you have win up something. Somehow not all uneducated person will be having this kind of approach on which there would be still those individuals who are really that wise enough on how to handle up their winnings and will be finding up other ways which is out of gambling to make use of those money to make some investment or business rather than on playing it gambling or lottery again and again because you do want on something more. They would really be thinking that they had been able to make those winnings again on the moment that they will be buying more tickets or will be playing gambling even more which is really that very wrong. It is already that normal or typical that people are really that ending up on getting broke because of such mismanagement of their winnings.

People will really be just that having those regrets at the moment or time that they dont have anymore money into their pockets or in the time that they had already starting on selling out into those things that they have bought earlier on which it doesnt even generate some extra income. There are tons of families like this on which they do spend up like a mad man on a single day even on buying those useless stuffs excesssively rather than on saving it on bank. Situation will always lied down basing up into the conditions that you havent met out.

I think playing the lottery increases the chances of being financially illiterate because the people who play are probably not educated enough to know the downsides. If you think from the person's point of view, there is not much profit in gambling. Karan Here the major awards are very rare and only a few achieve these major awards. However, there are no limits on gambling participation or earnings, no time constraints and virtually no effort required. That is one can earn a lot of money without following any strict rules just by testing luck. But in a competitive market there may be games with a more competitive edge but most lotteries are legal monopolies.

Even a learned man can make those mistakes, it would be wrong to consider their pre-existing financial status as the determinant of the post-win finances.

An exit plan lacking is what makes these problems come in the first place. If the person is focused to win and then use the money in places that they are already decided with, then things are clear and they would not experiment with trying to make more money or try to win another jackpot.

Planning financially, it is lacking along with planning for the possible future.

And having terrible management from a gambler isn't something new to be surprised with. That's why if it's not that true at all, you won't believe until you see someone that has that terrible financial management after winning huge money.

These people that have been at the top and became broke afterwards don't know how it works and that's why they have misused their money or if they don't, they've spent it extravagantly and thought that there is no more tomorrow to live on.

Majority now is really that looking at on their mobile phones most of the time on which they are really that indeed wasting up their preicious time on which they should have make it use into other things on which it iis really that something more worthy rather than on spending it purely on just simply watching up some useless things on which even other videos are really that giving some misinformation on which it might be resulting into making up some actions on which it will really be that making themselves that committing out some mistakes. They will really be only making up some realizations on the time that they do find out that they've been already getting old and there's something that they didnt able to achieve. People would really be only realizing at the moment that they've seeing that there's no such progress towards them.

Talking about those lottery winners that become broke after few years then it all because of mismanagement of funds or to those winnings. Usually they wouldnt really be thinking off with when it comes into the money that they are really that spending on. The main priority that they will really be having in mind is that they will really be spending up those winning amounts into the things that they've been wishing for. They wont really be caring about on establishing some business or investment since the thing on their mind will really be totally something else.

Money management is important, as is the preplan and spending limits. When we've got a good sum of money, we just keep on spending without making calculations on what we've got back as profit. Whenever we throw our money into business, we need to have the limits on spending, how long it takes to get the capital investment back, and all. If we keep on spending without looking upon the return, it is like keeping on risking as if we do with gambling. Whenever there is a big win, they think they've got big money and start spending without limits and calculation. Money dissolves in seconds, and they don't realise it. When they start realising everything could've gone out of hand.

I'm reacting base on the content of this topic, what you said maybe true or not, and I believe that you have to understand that someone going broke depends on the management of the person, because the way you manage whatever you have it will be the end product of the thing, I want us to understand such things, so that you will know that mismanagement is the thing that leads us into poverty, but we don't  know that. Let stop spreading information that will make people to dislike gambling, because not everyone who plays gambling that benefits from gambling, it's just a something of luck and risk

This is not true always, but a little bit of reality at some point. But most likely, those who won lottery ticket have made significant positive changes in their lives, but since some have no clear knowledge on how to spend their winnings wisely, they end up losing their funds in the end. However, majority are still doing good and in progress, because they use their winnings in a more productive and profitable way.

The reason for their bankruptcy is because they are not ready to manage their finances properly and of course they splurge or continue to buy lottery tickets, their mentality is not strong enough to manage their finances, usually poor people will go bankrupt again

It is everyone's dream that one day they will win a big lottery and through this lottery their fortunes will change. If the money is spent badly after winning the lottery then it will not take a year for the money to be spent. But if a person tries to do a business with that money after winning the lottery, then he creates the opportunity to earn more money through that money, but not everyone thinks like this. When he temporarily has money, he feels that what he is doing is right.

He/she will, because they won’t know what to do next unless they seek guidance from people with knowledge about money and investments. A lot of people have become millionaires through the lottery, but unfortunately, the money doesn’t last long. Why? Because the first thing that comes to our mind is to spend and live the millionaire lifestyle.

Now, I’m not saying it’s wrong to treat ourselves as we deserve it! But we also need to remember that winning the lottery is just likely a once-in-a-lifetime event. That is why it is important to spend wisely and invest in things that can generate returns. Otherwise, we can’t expect us to stay millionaires, especially if we keep relying on gambling to maintain our fortune.

That’s the disadvantage of making easy money, as if it will also easily disappear like thin air, especially if you don’t have long term plans for your winnings. Your money will run out in time just like your luck. So if you keep on spending your money on nonsense things, you will gain nothing and before you knew it, everything you have just vanished but leave you poor and struggling on your finances again.

Perhaps it will never happen to any of us who are discussing this, and now it seems that each of us could do something wise with money, invest it profitably, start a profitable business and so on, but in fact, competent money management is not such an easy task as it may seem. Sometimes even those who have a lot of money start a business that can fail, so it is difficult to say who and how will be able to manage money until he receives it and starts doing something.

Today's comfort and laziness reach their maximum level among many, but many want to get rich very quickly and preferably at a young age. All these reels and shorts in social networks drag many people in and they don't leave them for days, while doing nothing useful, this is burning out their potential. I don't sit in this for a very long time on principle. In fact, I think it is possible to earn enough, the main thing is not to be lazy and turn on your head at the right moments. Thinking about tomorrow is a very good indicator of a person planning, and not just living for today, as the vast majority does. By the way, those who plan far ahead make excellent investors in the stock market and probably bad players in gambling because they try to avoid it, because they know that the casino will beat you in any case, if not today, then tomorrow.

Actually people think about tomorrow, but are lazy to move from dreaming or thinking into real action. Many are smart enough to understand that large amount of money must be spend smart. Investment, money distribution between several assets, buying property. People smart to think about that. But are lazy to actually monitor property offers, do research what stocks or crypto are profitable. They always postpone that, because they are not rich yet, and would start acting only if they become rich.

People arent stupid (I really hope so). They already have a plan how to wisely spend money. But when it comes to fulfilling that plan, for example to buy property, they got lazy to find out where are better flats, whether to buy old or new house, number of rooms, sell or to rent, taxes, where to find notary, extra costs and so on. Instead they would better buy a luxury car and have fun, be happy right now. Without thinking about future maintenance, value drop or how often they would ride it.

Yes, and that is the thing, they are going to spend most of their money and not thinking about tomorrow, and also giving gifts to other people as well. So it could really back fire on most of us won the lottery and then spend it all and in matter of years, broke again.

Everything should be done in moderation, and maybe some of us haven't experience a life changing winning, but if we do, we can only hope as well that we will not fall for this category and we will handle our money in a good way and not spend it all.

Slots, lotteries and casino games that rely only on luck will only make anyone hot and will never come out with a profit if they are not aware of the winnings they have ever gotten, no matter how much the winnings will only come back to gambling.

Too much, maybe the winning percentage is only 1% or even less than that, because more numbers will come out randomly and the funny thing about the lottery, in each country may be influenced by the culture of each country, because the lottery in my country will be related to the mystical thing that some people who buy the lottery believe and this is also about their dreams which are then associated with the numbers that will appear.

The society of leeches are formed from the very childhood. We cant fully blame those who use got-rich-quick people, and then leave them when they are poor. What parents teach kids from childhood? Dont be greedy, share. What happens when someone opens bag of chips or candies, jar with cookies ? You share and other run to taste or ask for free even if you dont want to share Bag of chips that you wanted to eat alone, becomes empty quickly because others come and take 1 or 2 chips. With adults and lottery winners happens all the same, their resources are just different