A person who won 600k$ in lottery

[KTChampions]

Well, that's why a person needs to have financial literacy so that when they get their hands on some money, they should know how to spend it so that it doesn't finish and keeps adding up to the total that they have won or got from somewhere. Buying mansions, cars, and other luxury items might give you pleasure initially, but they won't give you money when you have exhausted the total amount, that is when you will need to start selling your properties one by one.

So the first step when one wins an amount that high should be to think of doing something that will earn them money in return. Start a business that you know you can run efficiently and it can be pretty profitable for you so that your money keeps increasing instead of decreasing when you start spending it.

The problem is that these lucky ones have never had such an experience. All their lives they lived from paycheck to paycheck and they simply do not understand what it means to "save money" and even more so "make money work". Therefore, when they receive huge money (in case of winning), they continue to act according to the only model that they know - they only spend money. Naturally, sooner or later any money ends.

[el kaka22]

If I ever won 600k lottery, I would take out half of it and put it in the bank and put the half of it in bitcoin and that's just it. If you have 300k in the bank giving you interest, and if you have 300k in bitcoin growing, that 300k one in bitcoin could be double or triple in no time, and the other 300k would give you interest enough to live with it, and you may not be rich in USA with that kind of money, but with the interest income and the money itself, I could live all my life with that money without a doubt, it would be possible without worry.

I can live just off the interest but even if not and something happens, 300k will not be over until I die, and remember I also have 300k in bitcoin that will grow until the 300k in the bank is over.

[darewaller]

Every person have it way of achieving success, if I should be opportune to win such I know that it will go a long way for me, the thing is that my first investment will go to real estate management, I will buy a large land and start development by building houses that have different apartments for rent and secondly after I have achieved the real estate management investment I will invest some part of the money into cryptocurrency and mostly the coin that have potential not ordinary altcoins that will lose value everyday

You can say that if you are already doing great now on handling your money but a change might still happen because we are talking about huge amounts here. Even if you are not a big winner like the guy in the story, it is still possible for you to invest in a real estate. I think there are also flexible terms when it comes to it if you are only a small earner. Another great investment is cryptos.

The good thing about them is that a small money will do well here. You can always prioritize cryptos and once you earn huge on them, that should be the time for you to add a real estate investment. We should only treat gambling as a way to entertain ourselves because winning on them is not guaranteed.

[Sandra_hakeem]

Uhhmm, I'm gonna ask; is this fictional?? Cus if it's not, then that's actually a great win of all times... honestly. That must have also taken a very huge initial deposit to have risen his wins that high... Luck was also by his side.
Such winnings are actually gonna come with a different feeling and lifestyle; some friends would actually stay outta the picture and a good life would immediately be desired without hesitations.. I wouldn't do more than what any regular, sensible person would do... The goal is never to go broke after hitting up such fortune.

Sandra 🧑‍🦰

[Odusko]

He was not wise at all with his bounty after winning such an amount, the best logical thing to do is to move away from that environment by relocating to a new environment where they dint know him and he should try to leave below his standard this is so, so that he can hide himself from the public and being able to focus on investing and planning a financially stable life.
There is a saying that is always a watcwatchword me which is.
Trying to show people that you have money, by buying expensive things and showing off your wealth is the fastest way to lose such money.

Just like in the story look at how the gambler went from 100 to 0 just because, instead of hiding himself he decided to do a public show off.

[Silberman]

Uhhmm, I'm gonna ask; is this fictional?? Cus if it's not, then that's actually a great win of all times... honestly. That must have also taken a very huge initial deposit to have risen his wins that high... Luck was also by his side.
Such winnings are actually gonna come with a different feeling and lifestyle; some friends would actually stay outta the picture and a good life would immediately be desired without hesitations.. I wouldn't do more than what any regular, sensible person would do... The goal is never to go broke after hitting up such fortune.

Sandra 🧑‍🦰

It does not seem to me that this is story is fictional at all, people have lucky numbers which they bet time and time again, and while some are content with just betting those numbers a few times a year, there are others that are incredibly constant and they keep betting those same numbers for decades, and while the majority of those people never win the lottery, when one of them does it becomes a newsworthy event as the media loves stories like that.

[Strongkored]

What would you do if one day you won the lottery? What are you planning to buy and who do you want to include in your success?

With absolute certainty I would buy something that has a high value if I keep it for the long term, I mean investing is the first step to be made and luxury goods are not the focus because the value is very likely to go down quickly, but often people will do things differently because the money we get from winning gambling often actually makes us lose control so we forget to save and invest.
However, the amount won by that person for some countries is not a life-changing value. Indeed, you can buy luxury goods, but what you get will be very different if it is obtained by a person from a poor or developing country because that person can be categorized as a rich person, and if he can use it wisely so he will be able to live in peace and be free from financial problems, but unfortunately often the results of gambling surprise people and do things that can actually make it more difficult, because the feeling of being able to win big makes it difficult to stop while the money he has can run out without leaving anything.

[pakhitheboss]

I do not think this is an actual story, it indeed has some elements of an actual scenario but it was interesting to read. I felt it the protagonist in this story was an average individual who had the confidence that he would win one day and was committed to his belief. He never stop buying lottery tickets and when he suddenly won he had zero idea on how to use the winning money. Without proper money management, he lost what he had won. The end is a sad reality of every actual lottery winner in the past. Although some of them did proper money management they were only a few.

[doomloop]

Even with $600000, the fear of going broke again will still never leave my side because yes $600000 is a big amount of money at the same time you are still not far from going broke because people like living the extravagant life just to make other people be aware that they are now successful.

Instead of doing that why not invest almost 70 to 80% of that money back into bitcoin or something else because with $600000 it is easier to become a millionaire in dollar after few years later you can turn that $600000 into two million dollars if you know what you are doing just my own piece of advice.

$600,000 is an extravagant amount of money, but depending on where you live, it may not be enough to ensure your survival without any other sort of income, especially if you don't manage your money properly. Personally, I wouldn't change much in my lifestyle; I'd move into a slightly better house and possibly purchase a newer car, but that's about it. The rest would be invested in Bitcoin, as gaining $600,000 would be a once-in-a-lifetime opportunity, and such an amount of money isn't easy to come by naturally. With proper management, this amount of money could lead to great investments and multiply it for the next generation. Thus, It's easy to say that making money is far easier when you're wealthy.

No matter where you live, $600k is still a lot of money for your survival but one shouldn't just spend that money for their survival and the very first thing they should think about is how they can increase that money. I know investing in Bitcoin sounds like a very good idea, but that is for the longer term, what about the present? You need to earn money to spend on your personal expenditures, and that money shouldn't be taken from this amount as it will end very soon.

Starting a proper business should be the very first priority for the person who has won an amount that big. Once you do that, you won't need to worry about your daily and monthly expenses as you will start earning through your business and you won't just be spending from the money you've won. Buying a house and a car should come later.

[Casdinyard]

All of the sudden when big money reaches them, they stand mute and they don't know what to do. Similar stories were common around the world. Till yesterday his plans would've been somehow build a house, secure his family and so on with the available income. When a big money comes in, he fulfills what he had been planning for, but in a larger scale(mansion). He had never thought of investment during his days as a vegetable vendor. He does what he knows. This is why someone easily fails in life after winning big money through lottery or through some other sources.

Sudden wealth syndrome as some people call it. The fact that people are all of a sudden unable to manage themselves and their expectations in eventualities that lead them to massive riches. Some even go so far as to seclude themselves from society since they feel like everyone's out to get their asses. Add to this the fact that most lottery winners aren't financially literate and after a few years, they lose all their money on booze, extravagant stuff, women, and other hedonistic stuff. It always pays to be knowledgeable about stuff, or at least hiring people who are smarter than you in stuff like these, that way you can guarantee that whatever happens, your money is safe from you, or from people who are out to get something from you.

[Ultegra134]

No matter where you live, $600k is still a lot of money for your survival but one shouldn't just spend that money for their survival and the very first thing they should think about is how they can increase that money. I know investing in Bitcoin sounds like a very good idea, but that is for the longer term, what about the present? You need to earn money to spend on your personal expenditures, and that money shouldn't be taken from this amount as it will end very soon.

Starting a proper business should be the very first priority for the person who has won an amount that big. Once you do that, you won't need to worry about your daily and monthly expenses as you will start earning through your business and you won't just be spending from the money you've won. Buying a house and a car should come later.

Okay, it's certainly a great amount of money, but your country of residence actually makes a huge difference. $600,000 in the USA is a few years worth of salaries, provided that you've got a semi-decent job and you're not working minimum wage. In a third-world country, though, you'd be pretty much rich. Where I live, the approximate salary for the whole year is about €10,000 (or $11,000); thus, $600,000 could be enough to survive your whole life if you're a modest spender.

Apart from that, the worst mistake most lottery winners make is to spend their money recklessly, buying stuff that they wouldn't be able to afford normally and that is in high maintenance, which only increases their expenses in the long term. That's why a large number of them end up completely broke a few years later. Huge shame, though. Be lucky enough to win the lottery, but at the same time, be a complete idiot and waste all of them when you could have invested and passed on for generations to come.

[Fatunad]

No matter where you live, $600k is still a lot of money for your survival but one shouldn't just spend that money for their survival and the very first thing they should think about is how they can increase that money. I know investing in Bitcoin sounds like a very good idea, but that is for the longer term, what about the present? You need to earn money to spend on your personal expenditures, and that money shouldn't be taken from this amount as it will end very soon.

Starting a proper business should be the very first priority for the person who has won an amount that big. Once you do that, you won't need to worry about your daily and monthly expenses as you will start earning through your business and you won't just be spending from the money you've won. Buying a house and a car should come later.

Okay, it's certainly a great amount of money, but your country of residence actually makes a huge difference. $600,000 in the USA is a few years worth of salaries, provided that you've got a semi-decent job and you're not working minimum wage. In a third-world country, though, you'd be pretty much rich. Where I live, the approximate salary for the whole year is about €10,000 (or $11,000); thus, $600,000 could be enough to survive your whole life if you're a modest spender.

Apart from that, the worst mistake most lottery winners make is to spend their money recklessly, buying stuff that they wouldn't be able to afford normally and that is in high maintenance, which only increases their expenses in the long term. That's why a large number of them end up completely broke a few years later. Huge shame, though. Be lucky enough to win the lottery, but at the same time, be a complete idiot and waste all of them when you could have invested and passed on for generations to come.

Basing with those calculations if living on a 3rd world country then you would really be definitely be living for 60 years with that amount but of course it would really be that something that pertains on sticking with your current spending or lifestyle which we know that it is really that unlikely to happen specially if you have able to held an amount which you havent been able to hold before then it would be normal that you would really be having that common impression or reaction of such situation on which lifestyle would be upgraded and spending would be upgraded too but its true that its a true to life situation that there are lottery winners which
do able to changed up their lives immediately but due to unwise spending and reckless decisions then they would really be going back into their previous lives before they do hit up the jackpot
and this is where regrets would happen which it is usual. If you dont like on going back into those old self or financial situation then you should be wise on where you would be investing those amounts
while you do still have it and always mind about continous flow of income or revenue on making investment and other possible correlated things into it.

[dothebeats]

Well, that's why a person needs to have financial literacy so that when they get their hands on some money, they should know how to spend it so that it doesn't finish and keeps adding up to the total that they have won or got from somewhere. Buying mansions, cars, and other luxury items might give you pleasure initially, but they won't give you money when you have exhausted the total amount, that is when you will need to start selling your properties one by one.

So the first step when one wins an amount that high should be to think of doing something that will earn them money in return. Start a business that you know you can run efficiently and it can be pretty profitable for you so that your money keeps increasing instead of decreasing when you start spending it.

The problem is that these lucky ones have never had such an experience. All their lives they lived from paycheck to paycheck and they simply do not understand what it means to "save money" and even more so "make money work". Therefore, when they receive huge money (in case of winning), they continue to act according to the only model that they know - they only spend money. Naturally, sooner or later any money ends.

And this is where financial advisors come in. A lot of people who managed to win huge sums of money who came from poverty, always think that financial advisors are a waste of money and will always be doing things against them when the reality is the opposite. I'd rather pay some people who are knowledgeable in handling finances rather than figure things myself while losing a lot of money in the process. $600k might sound a lot, but it’s not. What’s paying $1000+ for consultation when it’ll save you hundreds of thousands in the long run?

[ethereumhunter]

And this is where financial advisors come in. A lot of people who managed to win huge sums of money who came from poverty, always think that financial advisors are a waste of money and will always be doing things against them when the reality is the opposite. I'd rather pay some people who are knowledgeable in handling finances rather than figure things myself while losing a lot of money in the process. $600k might sound a lot, but it’s not. What’s paying $1000+ for consultation when it’ll save you hundreds of thousands in the long run?

They would not need a financial advisor if they had the knowledge to manage their money. But most of them need help managing their finances after getting the money and only buying things they want to have for a long time. They are not interested in preparing for the future so that their lives in the future can change. They are more interested in using the money for now and spending it until there is nothing left because they think they can gamble again to win more money. But if they listen to a financial advisor's advice, they will have creative ideas about how to use their money so that they will not be dependent on gambling and certainly have the income to change their lives for the better.

[Josefjix]

If I ever won 600k lottery, I would take out half of it and put it in the bank and put the half of it in bitcoin and that's just it. If you have 300k in the bank giving you interest, and if you have 300k in bitcoin growing, that 300k one in bitcoin could be double or triple in no time, and the other 300k would give you interest enough to live with it, and you may not be rich in USA with that kind of money, but with the interest income and the money itself, I could live all my life with that money without a doubt, it would be possible without worry.

I can live just off the interest but even if not and something happens, 300k will not be over until I die, and remember I also have 300k in bitcoin that will grow until the 300k in the bank is over.

The individual in question will automatically become a celebrity; perhaps he will be more popular in gambling; most gamblers will make references to him whenever they are giving advice or making him a source of inspiration. He has incredible luck, winning a large sum of money, $600,000 from the lottery; of course, he would only utilize 10 minutes to offer honor to GOD, because such opportunities are rare these days. There's a lot to be said about such statistics; investment would be the next thought, rather than partying, living in a multi-dollar house, driving exotic cards and touring the world.

[piebeyb]

And this is where financial advisors come in. A lot of people who managed to win huge sums of money who came from poverty, always think that financial advisors are a waste of money and will always be doing things against them when the reality is the opposite. I'd rather pay some people who are knowledgeable in handling finances rather than figure things myself while losing a lot of money in the process. $600k might sound a lot, but it’s not. What’s paying $1000+ for consultation when it’ll save you hundreds of thousands in the long run?

They would not need a financial advisor if they had the knowledge to manage their money. But most of them need help managing their finances after getting the money and only buying things they want to have for a long time. They are not interested in preparing for the future so that their lives in the future can change. They are more interested in using the money for now and spending it until there is nothing left because they think they can gamble again to win more money. But if they listen to a financial advisor's advice, they will have creative ideas about how to use their money so that they will not be dependent on gambling and certainly have the income to change their lives for the better.

Whatever it is, actually a financial advisor is really needed to manage money properly, especially sudden wins like that make people feel confused about how to use money properly so that it makes someone wasteful and wants to spend it fast, that's why financial advisors are very necessary in this case, considering many once I saw someone winning the lottery wasting his money then he fell into poverty again.

I also personally prefer to spend a little money on a financial advisor so I can know how to manage my money properly and not wastefully, especially since there are so many desires that I want to fulfill in my life, of course, it will be a waste of money if I go the wrong way. I think it's right to pay a small amount of money a financial advisor is no problem as long as the future is secured.

[macson]

snip

if i'm not mistaken, there is also a topic that discusses the "sudden wealth syndrome" in which sufferers get big money suddenly, causing a tendency to spend extravagantly, this cannot be denied that people who have been poor for years will be surprised when they get a lot of money and i have noticed this in many people who got rich suddenly ^{(even i myself have experienced it when i got an inheritance)}

then you need special tricks to avoid this tendency, such as not needing to spit on other people about getting big money or staying away from your hometown when you get big money, financial management is not easy but it's not difficult to learn.

[molsewid]

They would not need a financial advisor if they had the knowledge to manage their money. But most of them need help managing their finances after getting the money and only buying things they want to have for a long time. They are not interested in preparing for the future so that their lives in the future can change. They are more interested in using the money for now and spending it until there is nothing left because they think they can gamble again to win more money. But if they listen to a financial advisor's advice, they will have creative ideas about how to use their money so that they will not be dependent on gambling and certainly have the income to change their lives for the better.

It's not bad to get financial advisor because it will help you a lot. It will never be a waste of money hiring a financial advisor if you have that huge amount of money. They will help you to manage it and diversify it. It will also be a stopper for you once you are getting decisive in your spending and decisions. So all in all, I don't think that it is a bad idea to have that.

[Blitzboy]

Truly? So after ten years of lottery play, he hit it lucky, and then he watched helplessly as his jackpot disappeared because of bad choices and a lack of financial knowledge? Its a well-known story of someone who is unprepared for wealth. Its hardly surprising that his unexpected financial windfall vanished; this is typically the case for those who acquire wealth without appreciating its worth or knowing how to handle it. See, winning the lotto is a gamble, not an investment. Furthermore, although having a large heart, our vegetable vendor lacked the forethought to safeguard his newly acquired money. His undying eagerness to lend money proved to be his undoing. This story is a sobering reminder rather than a happy one.

[Silberman]

Truly? So after ten years of lottery play, he hit it lucky, and then he watched helplessly as his jackpot disappeared because of bad choices and a lack of financial knowledge? Its a well-known story of someone who is unprepared for wealth. Its hardly surprising that his unexpected financial windfall vanished; this is typically the case for those who acquire wealth without appreciating its worth or knowing how to handle it. See, winning the lotto is a gamble, not an investment. Furthermore, although having a large heart, our vegetable vendor lacked the forethought to safeguard his newly acquired money. His undying eagerness to lend money proved to be his undoing. This story is a sobering reminder rather than a happy one.

Often those that are rich are thought to be greedy by those that have not reached the same level of wealth but there is a reason they behave the way they do, if they do not refuse the pleas of those around them then at some point they will lose all their wealth, as the problems on their community are simply too big for them to fix even with their level of wealth, so someone that achieves that wealth by luck alone will lose it very easily as they do not know how to say no to those requests.