Reckless spending, giving, partying and gambling leave many lottery winners penniless. Winning the lottery seems like a dream come true until the money brings greedy and resentful friends and relatives, con artists and charity cases out of the woodwork. It’s not uncommon for lottery winners to wind up with nothing but wrecked friendships, destroyed marriages, poverty and worse. Those who win the lottery still want the same things as everybody else they just get the "up-sized" version of it.Most people dream about winning the Mega Millions or Powerball - but they should be careful what they wish for. Most people already take regular vacations. Most people already want a house and a car. The only difference is that they can now achieve their grander aspirations and fulfill their wilder ambitions. They still have all the same hopes and dreams as they did before. In the end, lotto winners are still the people they were before they struck it big. His focus was on growing his investment, managing the company he created and spending time with his family and friends. Pointedly, he was not interested in getting a big, new house or a bunch of fancy cars, at least not yet. His goal was to reach and maintain billionaire status over a period of 10 years. After establishing a family foundation, he gathered a team of financial planners and invested almost all of what he had won.
What sets him apart from many other winners was his desire to grow his winnings. He did the usual things people do: trip to Tahiti, a quick student loan re-payment and gave money to his family. However, others take a look at their good fortune and ask: "How can I put this to work?" A man named Brad Duke did just that when he won a $220 million Power Ball draw in 2005 and took home $85 million. Some very rich individuals continue to live frugally, keep their jobs and do well for themselves.
However, this is not the case for all lotto winners however. One man went from living in a mansion to squatting in a storage shed. In fact, most lottery winners go broke after only a few years. Over time these expenses can add up and eat away at your winnings. Oil changes on the cheapest Ferrari, for example, run around $500. All those exotic sports cars have insurance and maintenance as well.
Homes have regular maintenance, insurance and property taxes. Unfortunately, what many forget is the true costs of owning a car and many of these other purchases. Their winnings have basically allowed the purchase of all the "free time" they could have ever wanted. In addition, one of the first things a lot of people do with their newfound financial freedom is quit their job. National Lottery winners are: a fancy new house, a new car and a luxury holiday. What do actual lotto winners spend their money on? It is easy to play the "what if?" game, but what happens when it becomes your reality? For many the question is not of what they should buy, but how can they stop from spending it all?
Among the respondents of a recent survey, some examples of spending included: starting a business, getting a divorce, paying off student debt or establishing a charitable foundation. Trips, cars and homes - the list for many is endless. For most people, part of the fun of buying tickets is fantasizing about what could be done with a few million in the bank. Despite the miserable odds, there is a certain unquantifiable exuberance that comes from playing the lottery. The idea of winning the lottery and instantly becoming financially independent sounds very appealing.