How Lottery Winners Spend Their Winnings

For years many people have bought lottery tickets, hoping to one day be a big winner. They anticipate winning, and even plan what they will do with their money. Some plans for the winning ticket are wild and extreme, while others have sensible ways of spending their money. Winners sometimes get so overwhelmed that they can not think rationally. They are bombarded with tons of unsolicited advice. They thought that they were prepared mentally for such a big win, when in actuality, they were not prepared at all. One such winner who was the recipient of millions of dollars for two consecutive years, felt lucky still. She took her winnings to the casinos in Atlantic City, New Jersey, and her luck ran out. Today she lives in a trailer park, barely making ends meet.

Another big winner of millions decided to build a Water Park in honor of their parents. This was a good investment, as many can enjoy their dream. Then there was the couple who took a cruise to celebrate their winnings, paid off their mortgage, invested in more property, and funded their son’s college career at Oxford. Their winnings were wisely spent. There was another couple who were so undecided about what to do with all of that money, that they spent all of their winnings financial advisers and attorneys that they hoped would advise them as to what to do with their money. This was a very sad situation, and a good example of how easy it is to be exploited by someone that you trust.

In 1993, a winner of $18 million dollars wanted to donate to her favorite political party. Well she donated a little too much. That, along with credit card debt, and gambling, left her filing for bankruptcy. In 2005, a construction worker won $25 million dollars, and decided to continue working. He donated his earnings to food banks, and gave $1 million dollars to help legalize marijuana. There are other amazing stories of lottery winners who spent their money in selfish and unselfish ways. An 81 year old woman bought a lottery ticket at her favorite ice cream store. After she won, she set up a trust for her family and named it after the flavor of ice cream that she had on that day. This was a very unselfish way to spend a lottery win.

Winning in 2006, a couple bought their dream home, and two rental properties. They bought a Porsche, and the husband made a recording with his band. Their fortune lasted for six years before they became broke. A 2014 lottery winner took thirteen members of his family on a vacation to Florida. After which, he treated himself to a trip around the world, with an upcoming trip to Las Vegas to celebrate his birthday. Back in 2012, a couple bought lotto tickets and won. They distributed their winners among their family, giving equal amounts to their four sons, smaller amounts to grandchildren, and some to their siblings. They still have money left over and continue to buy lottery tickets in hopes of winning again.

Lottery winnings are spent differently by everyday people. Mistakes are sometimes made, and all is lost, but there are some wise investors among the winners also. The money can last a while, or it can go as fast as it was won. Winning the lottery is a very exciting experience which often leads a person to think bigger than their winnings. Without careful planning, and some legal advice, sound spending may not occur. It is a devastating blow to have it, then suddenly to have not.