"Most lottery winners go broke after few years" - page 9.

Mia Chloe

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Quote from: AmoreJaz on November 25, 2024, 12:56:12 PM

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.

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Quote from: blockman on November 25, 2024, 03:31:18 PM

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.

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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.

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Quote from: o48o on November 25, 2024, 10:11:56 AM

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:

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.

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Quote from: blomen on November 25, 2024, 10:25:36 AM

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?
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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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.

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That is because they are not yet to become wealthy and for that reason, they are spending that money they've won from the lottery as easy as they can be.

They thought that it would last a life time and it will never dry their pockets. But little knowledge of finance is what makes these lottery winners get back to their former lives after being wealthy for a limited period of time.

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It's hard for gamblers to properly utilize money both the ones they won and the ones they worked for. There are cases of a lot of gamblers that lost almost everything they won back to the game. This is one thing about gambling, do you think you are disciplined enough to stop playing even after winning millions from the lottery? Most lottery winners actually go broke after a while because they continued gambling. You can't stay in the game and hope to be in profit, as long as you are trapped in that loop you'll constantly lose whatever you win.

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The desire to win a jackpot that will change our lives overnight is exactly what makes us buy a lottery ticket. And this desire and opportunity to get a big profit does not disappear after you get the jackpot. Accordingly, this desire to repeat success eventually leads to a loss of money.

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Quote from: o48o on November 25, 2024, 10:11:56 AM

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.

People have this belief because there are few lottery winners whose lives become miserable because they are uneducated on how they spent their fortune, and they see that and hold on to this belief. To disperse this belief, we have to create a plan on what to do if ever we win the jackpot or have a financial education while we are betting so we will not be surprised in case we win the jackpot; our mind is already prepared.

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Quote from: o48o on November 25, 2024, 10:11:56 AM

Or "Most lottery winners end up being miserable"

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.

I will agree with you that jealousy is one factor that Leeds most lottery winners going broke after many years. Most at time %80 fault of what happens to the winer going broke is cause by him/her. Because most Gambler always flunt money around after a huge win and this Leed to attraction of haters thereby Leeding to envy and hatred. If most Gamblers who where lucky enough to win huge tris to keep their mouth shut and work towards their goal maybe they wouldn't have been miserable after some years of winning.

Quote from: o48o on November 25, 2024, 10:11:56 AM

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.

I somehow sees this propaganda as true, because most poor people spend extravagantly due to lack of planning. but this case is not only for the poor but for both poor and the rich. Anyone can be irresponsiblebut irrespective of the class.

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It is because they suddenly own lots of money which they didn't really deserve. They didn't work to make that money. They don't know how to manage that much money. Somehow they happen to own lots of it now doesn't mean they will be successful at keeping that money. Making and managing money are different concepts and skills. In this case, the lottery winner, didn't have both of these skills and that's why he lost the money. "Easy come, easy go." is a great quote which describes situations like that perfectly.

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I have also ready several stories of this being true and I struggle to understand the reason why that happens. One thing that I feel may be the reason is that the winners of these lotteries are hardly ready for such amount of money so they have no plans for the money so they end up spending it lavishly. Just like the popular saying that "free money are not spent prudently" that is what happens to most lottery winners. Although there will always be exception because I have also heard some that used the money very well.

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When we talk about money lottery I don't understand why we don't talk about how the money goes to the winners. Yes money lottery has been the prayer of many even families comes to gather to play a lottery game in hopes to be lucky, this is has become the situation of many especially with the very high amount up for grabs in the money lottery game.

But after a while of believing that the winners of those lottery actually earns that ridiculous amount of money, I came to realise that it wasn't the case. The biggest problem of lottery earners are the government and the tax ascribe to winning a lottery is terrible. For every lottery won the government takes almost everything leaving the winners peanut compared to what they won. The biggest winners in a mega lottery is definitely the government.

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Quote from: cabron on November 25, 2024, 10:46:10 AM

I think that was what they call sudden rich syndrome.

Exactly. That's one of the main reasons why "usual/ ordinary" people lose their fortune. They were never used to a lot of money, nor did they acquire it gradually, and you can't blame them for their wrong choices. Because it's easy and safe to judge without having experienced it. A sudden increase in any part of life usually (and logically) creates problems.

Quote from: cabron on November 25, 2024, 10:46:10 AM

Now I have no reason to get jealous of those guys, I am like a lottery winner after 2017 since I won a bit good amount of money to stand on my own. But I tend to learn that these friends I have knew me to have no money, I don't have to buy them to be with me.

There's no reason to be jealous whether you've ever been a winner or not. Besides, those who have been following BTC since then (2017) are already winners of the biggest "lottery". Wink

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Quote from: o48o on November 25, 2024, 10:11:56 AM

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.

I am one of those who have this belief. And now that I am reading this it makes me look a little silly for having this belief. And no it is borne out of jealousy but my lack of research on this. And also the few stories I have read are those that talk about "sudden money syndrome". And in these stories, it is always the lottery winners who became suddenly rich and ended up spending their winnings on wine, women without any tangible plans. What the OP should do for us is to furnish us with examples of lottery winners who turned their winnings of thousands into million by being prudent and financially accountable.

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Yeah, I think it's mostly from jealousy. A lot of people doesn't like another person to be happy in their life and so they presume they will end up in a bad way whenever they win a big jackpot.

I think differently. I always believe there's always a financial advisor ready after a winner takes the jackpot prize. It's a job that is highly paid and if a millionaire is in front of them, it will be easy for them to make money by just fixing their financial status. So, this jackpot winner doesn't really end up going broke again. Most of them might've invested the money or just kept it in a stash that wouldn't move until their kids or grandkids needed it. Plans will also be set, educational plans, burial, and everything so that they won't give any problem to the family that they will be leaving.
I don't really bet on lotto but that's all that I will do if ever I win a jackpot, although that's impossible. Cheesy

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Quote from: crwth on November 25, 2024, 12:22:20 PM

What’s the point of your topic OP? Are you just trying to point It out? A lot of people are probably doing lottery and it’s just the hail Mary that they have to win. The jealousy doesn’t have anything to do with winners losing everything after a few years. It just shows that They are more satisfied, With what they received.

I wish you could cited the academic literature that you have posted OP on the first post.

No, iwasn't. Maybe there's some miscommunication here, because i was talking about the reason that belief exist. Not the reason they are "losing money", because most of them aren't'; which i already pointed out. One reason for that belief could be jealousy. Do you understand my point?

I can also cite that academic literary (studies) here:

https://link.springer.com/chapter/10.1007/978-3-030-15835-4_3
https://academic.oup.com/restud/article/87/6/2703/5734654

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Quote from: Mia Chloe on November 25, 2024, 12:40:52 PM

There are a lot of things to consider in a situation like this. The fact is many may have fallen or been a victim of it in the long run however I'm certain it's not a general thing. Sometimes the way people spend money is anchored by how they pre determined their spending before they actually got the funds in hand to spend. The fact is many jackpot winnings come from a very thin margin of luck and as a result they actually didn't see it coming.

This means that some of them literally spent those funds wastefully because they had no plans for it before hand. However many people will still settle for the opinion that it all still goes down to personal discipline.

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.

However, if you will spend it wisely and invest it into profitable businesses, you can derive a good outcome out of it.

Quote from: uneng on November 25, 2024, 12:11:18 PM

News stating lottery winners went broke sound more absurd than news saying lottery winners are doing well, because nobody expects someone possessing millions of dollars ever having financial difficulties once again in their lives. And as we can see, absurd news tend to awake more curiosity from the public, generating superior traffic and views. It's similar to the technique used by newspapers of being sensationalist on their front page. That is how they sold their product.

Now with internet, there isn't much difference, as the model is still pretty similar. Moreover people like shocking news, with disastrous tendencies. The fact someone is doing badly awakes more interest from the public than someone who is living a marvelous life. Unfortunatelly, human beings feed themselves from other people's misfortunes.

You have a point on this. It will be like something to read on if there is some misfortune happening or like a scandalous event out of that winning moment. This is how they will sell their stories. Something to learn from the negative outcome.

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Quote from: o48o on November 25, 2024, 10:11:56 AM

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

It actually depends on how their mindset is, before they won the lottery. Most times, some people have this mindset of once they make it in life, they would live a luxurious life style. Though I don't see anything bad, but such mindset even before you become rich would lead you to being broke. Some gamblers over extend their gambling habit's, once they hit a jackpot and become rich. They increase their spending limit and risk without proper management of their bank roll. Little by little, the money is going abd to them it might mean nothing at all. Unknownly that if you don't manage your self while being broke, you still won't when you become rich.

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