Winning the Lottery, what was it like?


$25 million dollars certainly looks more than adequate to make you quit work and live off on the money for the rest of your life – but is it really?

According to statistics, 30 % of lottery winners end up bankrupt and 43% claim that more money had no effect on their happines .

Some say that you should immediately spend 10% of your winnings lavishly – go away and spend money like crazy, light $10 cigars with $100 bills but once done with the binge, get a reality check and change your phone number, move to a different location and handle the 90% like you’d go bankrupt the following month. Work on personal growth rather than financial growth. This is how you must deal with the beast.

Winning the lottery, what was it like?

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20 Responses

  1. yup, statistics says that most of the lottery winners end bankrupt. maybe because they don’t handle their money well thinking that it will never run out 🙂

  2. Boy, wouldn’t I like to find out. LOL! 😀

  3. If only lottery winners would share part of their winnings to the poor, the world would be a better place to live in.

    Being a Christian, I don’t buy Lotto tickets here in CH or in RP. I don’t believe in luck. However, I do respect the belief systems of others. So, to each his own.

    Incidentally, I won a Philippine Duty Free car raffle in 2000 after my 3-month trip to Israel and Western Europe in 1999. Sold my BMW and did the right thing (I think). i thank God for that.

    Cheers from Switzerland, BW!

  4. Tin.. its really ironic that such asset would turn into a liability that makes people worse than they were before. We hear horror stories of relatives trying to have them killed so they can inherit the winnings.

  5. Sngl – wouldn’t that be an experience eh? But if you win the jackpot in Canada, better be prepared to have your name and photo published in the papers – rules of the game bro. On one hand lottery winnings aren’t taxed here so that’s a definite advantage.

    There’s this one guy who waited for almost a year to collect, with the ticket nearly expiring, until he finalized his divorce with his wife. Guess what, his wife hired a top notch lawyer to collect 50% of the winnings because at the time he won, they were married and had conjugal rights to the winnings. It’s another of those you can run but can’t hide episodes!

  6. i dont believe in luck, too.. and the bettors, even if they admit it or not, have more losses than winnings.

  7. Jayred – true and stats also show that most winners share their money with relatives.

    Here in Canada – raffle or lottery, odds at winning is officially published otherwise the organizer is liable to answer to the law. Lotto odds are so low that it is almost tantamount to giving your money away.

    There are lotteries sponsored by the Cancer Society and Heart and Stroke Foundation for the purpose of fund raising for research – very pricey tickets – $100 a piece but odds to win is 1 in 20. Ticket issuance is limited as you can imagine. Prices range from furnished homes, condos, large amounts of cash, cars, boats, trips, appliances – all donated by companies. Some people feel that they are contributing to a cause and understandably, some don’t.

    On a theological level, there’s really no such thing as luck because a person’s fate is believed to be pre-determined by the creator and that’s understandable. Many churches in fact discourage raffles because “blood money” given to the church as the result of someone’s loss isn’t exactly inspiring. Cheerful or sacrificial giving is the only way some churches accept donations.

    Good idea to sell the BMW – you can buy one in CH and probably much cheaper anyway.

  8. Bing – very true. With the odds akin to finding a needle in a haystack, losses are definitely higher than winnings.

  9. Lottery winnings here are tax free too. But the PCSO, who hands out the winning check, will never give out the names and pictures of the winners for obvious reasons. People have been killed because of it.

    It’s funny to think how your relatives and friends multiply once you hit the bigtime.

  10. The reason why photos of people are published is to apprise the public that someone has won the lottery fair and square so the public won’t have any qualms about the operation. I guess in RP advertising your win would end you up in trouble.

    Going back to that guy who waited for his divorce to finalize before collecting his 30M winnings – news is that this guy has left the country, took all his money and fled to Russia and could not be located. Will Canadian authorities EVER hunt him down?

  11. Haha, with that amount and the exchange rate against the rubles. He’ll live like a king and have a bevy of young Russian women at his beck and call.

  12. Well, you want to know what it’s like to win the lottery?! I think I know a site which just might give you the 100% joy you’ve been wishing for and make your dream come true: http://www.dreamsclick.com

    I actually stumbled upon it by accident – I chose my dream, played the game and now waiting for that email to arrive!

    I’m pretty sure it’s the real thing since I had to risk absolutely nothing! Just choose, play and answer their short survey. Chances of winning seem to be very high and I really hope this is the place where I’m going to win my dream!!!

    Sam

  13. BW: Sold the BMW, and gave the money — well, most of it — away. We simply have a Hyundai Atos in CH, but that’s ok. 🙂 (I don’t think BMWs are cheaper here in expensive Switzerland.)

    P.S. Got the Duty Free raffle ticket by simply buying USD300 worth of products at DFP Fiesta Mall.

  14. Jayred – I’m sure you got a good price for the Beemer sale in Pinas.
    With rising cost of gas, car sales of SUVs and trucks here in North America have plummetted in favor of smaller, gas thrifty cars. Funny thing is because this continent is so large, you feel like you need a powerful vehicle if you drive for 8 hours to get from point A to point B.

  15. Going bankrupt is no problem with me. I’d still want to win in the lottery. Hehe.

  16. You mean it is better to have won and gone bankrupt than not to have won at all. LOL.

  17. That 30% that went bankcrupt are really an unlucky bunch. But I guess, at least they have tasted how to be so filthy rich, living that good life. It must have been so wrecking to feel so suddenly rich and then so pitifully poor. I wonder if there’s statistics bout how many of them went crazy and and spent the rest of their lives in a mental asylum.

  18. Winning and getting bankrupt is perhaps much harder to take than being lovelorn. Problem with bankruptcy of this nature is you may lose not only your winnings buy perhaps even the assets you had before you won!

  19. 25 million dollars? Wow! I’d definitely would like to find out how owning that much money would affect me.

  20. $25M would be a bit too much for me Senor Enrique. The worst thing that would happen is when you sit around without any challenges to work for. For me I think I will never run out of challenging things to do. I would probably die without breaking 70 in golf so I’ve got plenty to do !

    When you think of Bill Gates trying to detach himself from the day to day chores at Microsoft to concentrate on his laudable charity work along with his wife, you can sense that owning lots of money isn’t everything that makes people happy.

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