It's money mismanagement, this includes because those who bet lottery are lower middle class or even lower having no financial literacy. Due to sudden rich and sudden change of lifestyle, most of them got broke lol. Then people around them suggest for investments which having no history or experience of investment many got scam, losses, and so on and so forth.
But can you proof this? Financial literacy is not about going to school. It is not also about being rich. Even poor people that know what suffering is and have experience it before will know how to manage money. I think before something like this should be said, it would be better if it is backed by proves of life events of people that won a lotteries. 
Topic: "Most lottery winners go broke after few years" - page 8. (Read 1665 times)
If they can not manages their win money from the lottery, they will not have a good opportunity to have a better life. They will just use the money for the thing that they don't needs so they can not prepare to have a better future. Perhaps they don't have financial skills and don't know what they should do and just waste the money. They should realizes that with the wins money now they can have the opportunity to have a better life and they must use the money wisely so they can changes their life to be better.
Lifestyle will greatly influence and also all of that will be based on how their attitude in managing or arranging finances, someone when getting large amount of money is also very easy to be influenced by various entertainment and so on until they forget that money is very easy to spend.There are several incidents of people who suddenly become billionaires because they win the lottery but they become homeless or even beggars in just few years, this is an example that learning to manage money and arranging lifestyle is very important.
In addition, when money starts to run out, they definitely think about betting again to get the same win, but in the end they lose everything without leaving anything.
This is an interesting topic and an informative article. Perhaps we have all been captivated by myths. However, in the article I came across the fact that most of the studies were done on surveys of lottery winners with small winnings. For example, one German study claimed that the average winning amount is 60% of their annual income. This is actually a small win. And it cannot significantly affect you. Most likely, 99% of people would not quit their job because of winning an amount equal to 60% of their annual income. Articles about losers-lottery winners are based on cases of large winnings by people who made hasty, ill-considered decisions, quit their jobs without money management skills.
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.
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.
I agree with you that the topic is just opposite to the reality. I have a friend who won a lottery here in our place and his life turn around 180 degress, i mean from being an average person he turned into a millionaire here in our place and until now he continued to live a life where most of us can't live and being miserable is very far. But there may also be some lottery winners who will end up broke if they don't know how to handle their winnings.
This is obviously an exaggeration. There are probably many lottery winners who became poor, but not most. And probably not after a few years only.
There was a time when the lottery jackpot in my country went as high as a billion in our local fiat. That's around $20 million. The lottery has become the talk of the town. Even television programs feature real-life stories of people who won the lottery. Indeed, there are many of them who mismanaged their finances and went broke.
So, there's truth to stories of lottery jackpot winners whose rich life is short-lived. But, again, not most of them.
There was a time when the lottery jackpot in my country went as high as a billion in our local fiat. That's around $20 million. The lottery has become the talk of the town. Even television programs feature real-life stories of people who won the lottery. Indeed, there are many of them who mismanaged their finances and went broke.
So, there's truth to stories of lottery jackpot winners whose rich life is short-lived. But, again, not most of them.
(....)
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.
That's why if I ever win the lottery soon, I will never tell anyone, even my closest friend or family member. It doesn't mean that I don't trust them, but that's the kind of person I am, I am the keeper of secrets.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.
Plus this kind of secret is also risky, it involves money and it's prone to other people that could harm your life. That's why sometimes being lowkey is better.
It's money mismanagement, this includes because those who bet lottery are lower middle class or even lower having no financial literacy. Due to sudden rich and sudden change of lifestyle, most of them got broke lol. Then people around them suggest for investments which having no history or experience of investment many got scam, losses, and so on and so forth.
Some of these beliefs are not just being driven by jealousy or propaganda but are based on what people see with their eyes regarding those who have won big amounts from the lottery; there is no lifetime belief in something without a real fact backing it up to keep the storyline going.
Some lottery winners might end up spending their money wisely, but some don't ever make the right decision on that; they always lavish the money the same way it comes in with the belief that more will come, and if someone is close to such a person and has witnessed that on different occasions, we can't blame them for thinking that lottery winners always end up going back broke.
Some lottery winners might end up spending their money wisely, but some don't ever make the right decision on that; they always lavish the money the same way it comes in with the belief that more will come, and if someone is close to such a person and has witnessed that on different occasions, we can't blame them for thinking that lottery winners always end up going back broke.
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
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
Those who believe in this are the people who are not confident that they can manage with the huge amount of money that they've won on a lottery; this is a fear of responsibility of handling something huge, so they resort to making reasons that lottery winners end up being miserable, which is not really true based on facts that are supported by data.
If we are betting in a lottery, you have to change your mindset that you will be good if you win the jackpot.
If they can not manages their win money from the lottery, they will not have a good opportunity to have a better life. They will just use the money for the thing that they don't needs so they can not prepare to have a better future. Perhaps they don't have financial skills and don't know what they should do and just waste the money. They should realizes that with the wins money now they can have the opportunity to have a better life and they must use the money wisely so they can changes their life to be better.
Most of the time, soon after the lottery win, they tend to have a change of lifestyle, which is the biggest reason that easily makes them go bankrupt. In particular, there are incidents in which they spend on luxury things that aren't necessary for their life. When they got big money, they weren't able to manage it properly. If they do it in the right way, it helps them throughout their life. First of all, they need to spread the money on different investments and keep the remaining as backup. One needs to increase the number of income streams, which is the right way to multiply what we have. Some people do it wrong and spend it on gambling with the plan to multiply it. Few get lucky, and the majority end up losing. 
If they can not manages their win money from the lottery, they will not have a good opportunity to have a better life. They will just use the money for the thing that they don't needs so they can not prepare to have a better future. Perhaps they don't have financial skills and don't know what they should do and just waste the money. They should realizes that with the wins money now they can have the opportunity to have a better life and they must use the money wisely so they can changes their life to be better.
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.
To be fair, there are indeed people who win the lottery and eventually go broke. There are people that tried to work hard. Maybe they got a business but it failed. Which is why they go broke. Meanwhile, there are people who never even tries. They just went straight back to casino again after winning such huge amount of money. 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.
However, I do know people who win the lottery and end up doing really well for themselves.
Quote
1: Jealousy:
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.
That makes sense. Admit it or not, we would all rather win the lottery than to work ourselves off to the bone. Alas, it doesn’t happen to all of us so how do we cope? We just think that we’ll be better off without winning the lottery. That we can get there even without it. 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.
But in reality, life would be a lot easier if we just win the lottery.
Most lottery winners go broke after few years Or "Most lottery winners end up being miserable"
Can't really tell, because in here, they don't disclose any piece of information about the winners. They could either be a real person or just someone from the inside.
If they are a real person, I think they have greater chances of becoming financially stable rather than being broke. I mean they won millions. No person in sane mind would spend all of that carelessly and expect to go broke in a couple of so years. Of course they'll put up their own business and quit their jobs so they can become their own boss. Also, one this I noticed that most people who are a fan of buying lottery tickets doesn't usually engage in any other form of gambling. Maybe because they don't have enough time for it.
Or "Most lottery winners end up being miserable"
This are both false beliefs...
They are false beliefs because they are based on assumptions. No real survey has been carried out to justify the statement. This are both false beliefs...
It will be truer if the statement is that "some lottery winners end up being miserable/broke.". People who promote this belief have come across more negatives than positives, and it can be as a result of those who have been able to achieve financial stability from lottery wins being private and reserved about it for reasons best known to them.
I think the reason why people think this way (at least me) is that someone who buys a lottery ticket is usually someone who doesn't know how to manage money anyway, or who doesn't understand math. it should seem illogical for someone who knows how to calculate statistics and earnings to buy a lottery ticket. because no matter how much money he invests, he will never win in the long run. the x dollars he invests will definitely return to him less than x. (I am ignoring the luck factor here, because that person should also ignore it).
I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
I don't agree with the thesis that the one who buys a lottery ticket doesn't know how to manage money. Since a lottery ticket costs about the same as a cup of coffee in a cafe, it doesn't even matter to a person in a big city who works. Buying a lottery ticket is more about getting a quick thrill and believing in a miracle for a couple of bucks, why not?I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
It's another matter to buy them systematically, not sleep at night and believe that the next ticket will definitely hit the jackpot. There should be a measure in everything.
No logical thinking person will ever buy a lottery ticket because there is no colaration between statistics and lottery results and tickets since the numbers are just picked as lucky numbers and considered winning numbers without any formula being followed to make the process logical and statistically current.
Planning is indeed a big factor on how you can optimize the benefits of your big winnings. Because if you will just spend it wastefully, the chance of losing it all at a short period of time is very high. Hence, you can't expect that you can still be rich after few years of spending that money.
Sometimes the whole concept can get a little foggy though if you think about it deep enough and what I actually mean is we often say gambling is usually likely 50/50 based on the bet and a couple of things like your winning chances and the particular game or gambling activity. Now we generally don't advice that you anticipate winnings most of the time and relating to this , there's virtually no way for you to plan without first anticipating the winnings or positive outcome of the bet. Based on this I think It's safest to call it a matter of personal responsibility and discipline mainly.
Here in our country, I've watched those tv programs that have interviewed those people that won the lottery. Only a few of them survived for long and maintained their winnings. Invested in real estate properties and are now still living in a well off life. But the majority of them, have no idea on how to manage money. So, I think the casinos should also help these winners in giving some proper guidance and educate them at first that they need to take care of their wins.
Defending the Victory is not easy and when they have already won they also do not know when to go out to enjoy the victory. Sometimes people who are too greedy put back in another lottery that in the end the win is taken again by the casino.
People who are too greedy and can't do their own financial management, it's not the responsibility of the online casino.
Online casinos already have ToS and privacy and policies that explain all the risks and what are the prohibitions that should not be done in the casino.
Victory and defeat are the responsibility of each of them.
People who are really responsible and can manage money well, will quit the casino when they get a big win from the lottery,
and they will start a new business and life and not return the money to gambling.
Generally, lottery winners will definitely feel very happy that they can't hold back their joy and show it off, especially those in the lower middle class, and that will invite many parasites who want to get their share, with various reasons such as borrowing money and various reasons that make many people get their share and even those who were previously arrogant and haughty turn into good just to get money and that makes them change into philanthropists without being able to control their finances which are exploited by everyone. And in my opinion this often happens which makes the lottery winnings that are obtained run out quickly in a short time, because the money is obtained in an easy or short way and vice versa.
And it's good when you get a lottery win, the main thing is to realize all the dreams that have been dreamed of for a long time, pay off debts if there are any and make investments and also open a business.
And it's good when you get a lottery win, the main thing is to realize all the dreams that have been dreamed of for a long time, pay off debts if there are any and make investments and also open a business.
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:
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:
Is there any data or proof we can use to back this up, because i have seen so many gamblers winning big and still getting broke along the line, the problem is on what exactly are they using the money for, some may believe that that is the same way they are going to be making the earnings by winning and therefore spend lavishly with the expectation of getting more huge winning opportunities.
But if they invest well with their money, that may be the only reason to bring them out of poverty in life, because they didn't spend it on what will turned a liability in future, but instead invest on it and preserve the future from falling on them, any gambler who is able to manage the money well will make it except if otherwise, this is more about how each everyone of us wining huge amount could utilize the opportunities in it to make the good things in life.
I think the reason why people think this way (at least me) is that someone who buys a lottery ticket is usually someone who doesn't know how to manage money anyway, or who doesn't understand math. it should seem illogical for someone who knows how to calculate statistics and earnings to buy a lottery ticket. because no matter how much money he invests, he will never win in the long run. the x dollars he invests will definitely return to him less than x. (I am ignoring the luck factor here, because that person should also ignore it).
I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
I don't agree with the thesis that the one who buys a lottery ticket doesn't know how to manage money. Since a lottery ticket costs about the same as a cup of coffee in a cafe, it doesn't even matter to a person in a big city who works. Buying a lottery ticket is more about getting a quick thrill and believing in a miracle for a couple of bucks, why not?I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
It's another matter to buy them systematically, not sleep at night and believe that the next ticket will definitely hit the jackpot. There should be a measure in everything.
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