Topic: "Most lottery winners go broke after few years" - page 3. (Read 1665 times)

Never rely on lotteries, donation or something like that because it doesn't make you rich.

Getting rich is a life long process, you're either successful in career, business or investor. If you get a lot of money in one time and you're not successful to grow your money, you will lose your money.

In the end depending on how to use money, it has nothing to do with anything when the money is in hand and is fully ours, a large lottery victory might trigger the winner to double it with more betting and a greater number of bets in order to win the number of victories which is much bigger.
But if we speak wrong and right in this perspective in my opinion it is subjective because maybe some people believe because they do it and see them themselves in their environment.

Those who win lotteries "jackpot" do not just win a small amount of money and no matter how frivolous most of them are, they will still have enough to invest or do business that may continue to sustain them. That's the kind of story I mostly hear of them though.

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The probability of gambler winning the house money is low compared to house winning the gambler money. Even if house losses his money there is no need for them to worry since they know they will recover it in the long run. It's the gambler who has to figure out when it's the time to quite the game else it will keep on losing money and end up broken.

It would be better to concentrate on our own business and try to increase our own income.

I want to deeply thank you OP for refuting this general belief. The media has contributed to this misconception because bad news usually has more publicity. News of a lottery winner getting broke is a good clickbait. I also wonder how some of the researchers who come up with such claims get their data and come up with conclusions. It is true that some lottery winners go broke, but the population is usually overblown. The source of the money doesn't really determine how it will be used. Well-managed or invested lottery wins will even bring more money         

One thing I know is that people must always talk about those who win lottery or those who even win huge amount on gambling because they usually feel or think that those money are being useless back into the gambling site while for those with lottery, when they win people seems to talk what they don't know about the person.

You know, lot of people have this belief that gamblers does not utilize their money being won from gambling because they will definitely send them back to the gambling site but for lottery they feels that they use the money for for non-important issues or maybe, using the money to flex just as you have mentioned above because they felt is a free money and of course, lottery winners always have this mindset that the money is free.

But sincerely most people has won huge amount through lottery and they have also established themselves through that amount they won from lottery while there are some people who aren't able to make judicious use of their money because they felt it is a free money.

Stories we hear and headlines we see also fuel this belief, because those are the kind of stories being shared and getting clicks. Not the ones where winners are doing just fine, and living a comfortable quiet life.

However, I have seen many people who have earned money from casino games and left the world of casinos at once. They are using the money they earn from the casino to do something else and are living a good life, although this is seen in very few cases. Only those who can use the money properly can do something like this; no one else can do it.

Again, I have seen many people who have earned a good amount of money from here, but at the end of the day, they are empty again because they cannot use it properly. Those who cannot use it later regret what they did with so much money. It is also heard that they even lose their homes and become destitute, misbehave with their families, and even ruin themselves. If you can use money properly, it is said that the money earned from casinos is sound.

If they win huge money from gambling, they must prepare their future carefully so they can have a better life in the future. They can not just buy anything they want to fills their greediness because that means they are only waste the money any good reasons. They need to manage the money properly so they can benefit from that money without thinking about buying so many things that they actually don't need. Regret will comes in the last especially if they use all of the money for something that will not gives benefit to them. Usually, if they use all of the money to buy that things and all is gone, they will think to return to gambling to win another huge money. But that will not happen as they want because gambling is related to the luck so when you don't have luck, you will not win anything.

Usually on which people would really be only mindful on trying out to find ways on the moment or time that they've seen their money isnt really that much anymore or shall we say that it is already that depleting.
They will really be that trying out to find ways on how to make it grow at least but its already too late specially when things are already that too much on the moment that they've been spending into those useless things. Regrets do always come at the end and this is something which is really that very usual. If you arent that good when it comes to money management, doesnt matter on where those funds or money came from
then you will really be just that eventually losing it all back and you wont really be able to do something but to sell out again into the things that you have bought, thats if you have bought something?
What if you have lost it all back to gambling? Definitely there's nothing left with you and you will be going back on becoming poor. We have tons of similar situations about lottery winners becoming broke after hitting up some life changing amount. It is really just that too sad that they do end up on such situation just because of mismanagement of those funds. Well, it cant really be denied that there are things on which we do really want or like to purchase or buy specially on the moment that you do have tons of money then those will really be your main considerations on the moment that you do have the money. Buying things before
making investments until the time that you had notice that your money is really that getting lesser and lesser until it goes zero.

Actually they are too greedy, and then they win big but not accompanied by mental readiness to manage the money as best as possible.

Many people who get lottery winnings are used for other gambling because they are already addicted and keep playing.
But when you see someone who gets a big win and then builds their own business, it will be a good turning point and be able to maintain their wealth.

The opportunity to earn a lot of money easily will not be a second time, so it takes good planning to manage it and be able to grow.

Maybe some real business and invincibility that will give a good return as well as not put it into gambling again.

Interesting... I never thought about it like that. And indeed, many people may play the lottery only because they want to pay off their huge gambling debts. And such a picture may indeed be relevant, because in the country where I live, every second person has an open loan that needs to be repaid.
And a large percentage of these people pay off the loan with a new loan. I have never understood such people and never will.

Or "Most lottery winners end up being miserable"

This are both false beliefs, but somehow majority of people believe them to be true. While in reality, most lottery winners end up doing better then ever. And that they are bettering the lives of themselves and their family.

There are at least 2 psychological reasons, that i believe to be a reason, why we tend to believe the opposite:

1: Jealousy:

Winning can happen to anyone, even people who least "deserve" it. So our subconscious mind reasons it for us in a way that makes as satisfied. If we believe they should pay a price for winning, it's easier to accept our own loss. It can be partying too much, getting robbed or being betrayed by closest friends, or being miserable and lonely. If we think that there's some terrible price to pay for winning, that makes losing seem like a better option in a long run.

2. Propaganda:

We tend to believe that people who play lottery go broke because of he same reason they were broke to begin with. And that's being irresponsible with money, so they lack skills to keep the money.

This is propaganda created by rich people. We tend to believe it's all hard work and mad skillz in finances, while biggest reason for anyone getting rich is actually correct circumstances. May rich people had right people around them, and often started with financial extra boost. Or that they just were insanely lucky, buying something that ended up mooning. But rich people rarely admit this, because if being rich is part of someone's personality, they need to be proud of it. Otherwise they would have to rethink their own accomplishments.

Sure, financial skills and hard work play a part, but that doesn't mean anyone with those would get rich. There are numerous reasons for that but i will sum it up to "correct circumstances".

Stories we hear and headlines we see also fuel this belief, because those are the kind of stories being shared and getting clicks. Not the ones where winners are doing just fine, and living a comfortable quiet life.

I share just one article about this belief, even though there are probably many:
https://www.forbes.com/sites/johnjennings/2023/08/29/debunking-the-myth-the-surprising-truth-about-lottery-winners-and-life-satisfaction/

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Tons of situations or moments that these winners ending up on being broke again because of mismanagement of the funds or winnings that they have been able to obtain.
We should bare in mind that life chances doesnt come always.

A years ago I used to be regular lottery buyer for almost three years and during that period has managed to win two times, very miserable sum in fact which didn't cover my expenses on this endeavor after all I have to conclusion that lottery is a bad egg which fails more than often.   That's why I have turned  my  attention to gambling/betting  all the way through. My wife still continue to buy lottery tickets but all in vain.

This is just a false believe for anyone that will agree to it. Every lottery winner is never the same. For some of the lottery winners that I have seen in my area, their life became even better after they won the lottery.

It's possible to say that some persons would not know how to manage the money when they win it but most of them are still doing better after all.

In the end depending on how to use money, it has nothing to do with anything when the money is in hand and is fully ours, a large lottery victory might trigger the winner to double it with more betting and a greater number of bets in order to win the number of victories which is much bigger.
But if we speak wrong and right in this perspective in my opinion it is subjective because maybe some people believe because they do it and see them themselves in their environment.