A person who won 600k$ in lottery

[Hispo]

~snip~

-snip-

It's not possible because many people who can win a lot of money still need clarification about how they use the money. They don't think about the future but only use their money for momentary gratification, which they can only get quickly. While their lives are still going on, if they allocate their money wrong, their lives will not be able to change and will probably return to how it was before when they couldn't win a lot of money. That is why they have to really manage the winning money as well as possible so that it can be used for their future.

I mean, it is natural people do not know what to do with that money. When someone buys a lottery ticket they are supposed to have low expectations on it, because the extremely small chances of actually getting the money. If we argue whether it is better to do plans with money one does not even own or having a lot of money but not being sure of what to do with it.

All those cases when people end up going bankrupt after winning the lottery happen because the least thing which goes through their mind is to talk about a financial advisor or get informed on how the rich manage to keep their bank accounts full through time. So yes, it is about the seeking of self gratification as fast as possible.

[rahmad2nd]

As many others stated here its best to avoid talking about your lottery win. People wouldn't care about your status and they will only try to exploit you. I would personally only hand money to my close family and maybe 1-2 close friends at most. On the other of course 600k usd is not unlimited money. Its not like 600 million dollars. You should be very careful using it. I would try to create stable income investments if I had 600k dollars...

For those of us who are used to having discussions on these gambling boards, maybe the story will be different as the OP tells in this thread. those of us who are active on gambling discussion boards, at least have various responses and input from the community on how to manage money better. but in the case of the OP's story, he only bought a lottery ticket even though he did it in 1 decade "referring to the op's version of the story" and in the end, he was given the opportunity to get a sizable win from the lottery ticket he bought. unfortunately, the man did not have a more forward-looking mindset. $600k, is quite a large amount of money if converted to my country's local currency. I can buy a car, a house, and open a small business.

Referring to what you said, you might be able to do that. but it's different for lottery gamblers who don't have business skills, or a vision and mission mindset for a more ideal future. which in the end, the man in this story just lives life as it should without thinking too far ahead. as a result, the money he had previously won was gone again. something normal, and this phenomenon can be found anywhere. the story is different if the man has a fairly high educational background, at least his mindset is a little more established. thus, maybe he plans to open his business to further develop or he can make an investment. well, if it were us, I would invest half in bitcoins, the rest in essentials and doing small business.

[alastantiger]

Gamblers are very terrible at money management and particularly those who hit the sudden wealth syndrome as have been detailed in the story. They are the worse people to go to for financial advice and planning.
Unless you have been in wealth before, if you hit a million bucks from a bet, it is most assured that 99% of gamblers will blow it off on some ridiculous vanities.

I appreciate his liberality. Feeding the poor is a good course and the community will always remember his kind gesture. He was also fortunate to own a house that he could rent and get some income to meet his daily needs. It seems real estate is a good business in your area. If he had bought more houses, he won't have lost most of his funds. I am sure he has learned his lessons. With his experience, he will not make the mistake he made before.

This is the part of the story that made no sense. How could he even fathom of feeding the poor. Though he had good intentions, I feel it was ill-planned. You need a source of income coming in to be able to do this without going broke. Because if you do, the people whom you helped would call you stupid for not saving. And people always forget the good you do for them.

[Silberman]

I don't think that's how it works, you don't leave your money into the hands of a financial advisor but you get their services and guidelines in managing your finances where you might be having troubles doing it by your own. So when you hire a financial advisor, they will simply just provide you with suggestions and advice about what you should do with your money and where you should invest and how much you should keep yourself, etc.

It is obviously not a good idea to entrust your money worth more than half a million dollars to someone that you don't know personally, no matter how trusted or good they are with their job, you can't even trust someone close to you these days because an amount that high can change anyone's mind.

In almost any country there is a figure called power of attorney which gives another person the ability to act on the behalf of another person or you could simply deposit the money on their accounts and receive a receipt about this transaction, and while a financial advisor may just give you hints about what to do to improve your finances, a money manager, tax attorney or another similar profession will probably ask for one of the two options I describe or they will not waste their time listening to anyone wanting to do business with them.

[pakhitheboss]

I mean, it is natural people do not know what to do with that money. When someone buys a lottery ticket they are supposed to have low expectations on it, because the extremely small chances of actually getting the money. If we argue whether it is better to do plans with money one does not even own or having a lot of money but not being sure of what to do with it.

All those cases when people end up going bankrupt after winning the lottery happen because the least thing which goes through their mind is to talk about a financial advisor or get informed on how the rich manage to keep their bank accounts full through time. So yes, it is about the seeking of self gratification as fast as possible.

I agree, lotteries are designed in a way that it is extremely difficult to win. A lottery ticket buyer won't be expecting a won straight after buying a ticket. Still we have seen big jackpot winners in the past and those who had won have literally lost thier winning. The reason is simple with sudden flow of huge amount the mind will focus on area that this winning amount will give pleasure. That is the reason most winners spend their winning amount on things without even thinking about the depleting amount. That is what I feel as it happens to me when I get paid a bonus from my day job once a year 

[8rch7]

I agree, lotteries are designed in a way that it is extremely difficult to win. A lottery ticket buyer won't be expecting a won straight after buying a ticket. Still we have seen big jackpot winners in the past and those who had won have literally lost thier winning. The reason is simple with sudden flow of huge amount the mind will focus on area that this winning amount will give pleasure. That is the reason most winners spend their winning amount on things without even thinking about the depleting amount. That is what I feel as it happens to me when I get paid a bonus from my day job once a year 

In my country have model like lotteries with number predicting and almost people spent $1 to $10 for one number and every day they have buy until ten of number. Its difficult chance for winning and never have correct all four number predicting but they don't give up for getting lucky with this model of lotteries. Seems almost the same working and has the only one the winner based on thousand people are buying with that number.
I don't know why they still want to but with lotteries than participate in another gambling platform games. Possibility with once chance for winning lotteries in a year although consistent every day buy lotteries number.

[maydna]

~snip~

I mean, it is natural people do not know what to do with that money. When someone buys a lottery ticket they are supposed to have low expectations on it, because the extremely small chances of actually getting the money. If we argue whether it is better to do plans with money one does not even own or having a lot of money but not being sure of what to do with it.

All those cases when people end up going bankrupt after winning the lottery happen because the least thing which goes through their mind is to talk about a financial advisor or get informed on how the rich manage to keep their bank accounts full through time. So yes, it is about the seeking of self gratification as fast as possible.

It's natural that people who win the lottery don't know what to do with their winnings, but they shouldn't be in a rush to buy things they don't need. They may need to calm down for a few days while planning what to do with their winnings. It would be better than having to rush into making decisions to buy those things because it does nothing to affect them other than spending their money on less necessary things.

Having good planning for their future will help them to use their money well and be able to prepare for a better life. In addition, they also avoid bankruptcy by using the winning money for things they don't need.

[Fivestar4everMVP]

I think its rather a norm already that anyone who wins a lottery will end up spending the money unwisely, i mean this has been happening for decades now and the story never seems to end, I was reading a book one day, and in one of the pages, the author said that over 95 percent of those who win the lottery always end up in poverty, why?, he went further to explain that it is because they never plan for such money, that they might have a plan quite alright, but the chances of them not having a plan for such big money is one of the reasons why most of them end up going back to being poor, but then, this just one,..

Some people also believe that lottery monies are caused money, that the reason why most of the lottery winners end up being poor is more of a spiritual something than the physical, that it can only take someone who can see in the spiritual to know the real reason behind why lottery money never tend to stay in the hands of their winners, anyways, this is entirely a different discussion altogether, and i hope that one day, we will get to discuss this here.

[YOSHIE]

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?

I don't know what i would do if i won the lottery up to $600k, maybe i will consider and will hide house for a week, before getting any idea what the money is used for.

What is certain is that the first time I did the lottery money, called all my friends who were involved in gambling, of course I would give them $50k to share, it's up to them what they use it for, what is clear is that my friend who has gambled with me will feel the lottery winning money that I get.

Of course I also need to do other things, maybe I'll just take $ 300k, the remaining $ 300k I will donate to those who deserve it, that's what I do, if that happens to me.

[Hispo]

~snip~

I mean, it is natural people do not know what to do with that money. When someone buys a lottery ticket they are supposed to have low expectations on it, because the extremely small chances of actually getting the money. If we argue whether it is better to do plans with money one does not even own or having a lot of money but not being sure of what to do with it.

All those cases when people end up going bankrupt after winning the lottery happen because the least thing which goes through their mind is to talk about a financial advisor or get informed on how the rich manage to keep their bank accounts full through time. So yes, it is about the seeking of self gratification as fast as possible.

It's natural that people who win the lottery don't know what to do with their winnings, but they shouldn't be in a rush to buy things they don't need. They may need to calm down for a few days while planning what to do with their winnings. It would be better than having to rush into making decisions to buy those things because it does nothing to affect them other than spending their money on less necessary things.

Having good planning for their future will help them to use their money well and be able to prepare for a better life. In addition, they also avoid bankruptcy by using the winning money for things they don't need.

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.

[inthelongrun]

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?

I don't know what i would do if i won the lottery up to $600k, maybe i will consider and will hide house for a week, before getting any idea what the money is used for.

What is certain is that the first time I did the lottery money, called all my friends who were involved in gambling, of course I would give them $50k to share, it's up to them what they use it for, what is clear is that my friend who has gambled with me will feel the lottery winning money that I get.

Of course I also need to do other things, maybe I'll just take $ 300k, the remaining $ 300k I will donate to those who deserve it, that's what I do, if that happens to me.

Cool! You're very generous mate. Donating half of it and then giving $50k to your friends leaves you only $250k.

As for me who's striving to reach the dream of financial freedom, I might need most of the amount to purchase a piece of land in a metro city and then build an apartment on it. This way I will earn a decent amount of passive income monthly which I can share with some people in need including some of my friends and relatives. And I might keep my lottery win and real estate ownership a secret as much as possible.

[mirakal]

$600,000 is a great win but it’s not forever money, if you live in a First World country. If I won $600,000 I’d buy a couple of small houses to rent out, take a holiday and buy bitcoin with the rest.

Sounds like the guy involved in the OP’s post sadly wasn’t prepared or made for money.

If given the chance to win such huge amount, my plan is also to build some house apartments that would give me a sufficient source of income. There is no loss with that as long as you properly manage your property investment.

However, I am saddened to hear the ending of the story. Perhaps the fate of losing your money is high especially if you gain it in an abrupt way. Gambling is not bad at all, but if you won and have no concrete plans on where to use your money, it’s like you are still gambling with your funds and still end up losing everything you have.

[Fatunad]

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?

I don't know what i would do if i won the lottery up to $600k, maybe i will consider and will hide house for a week, before getting any idea what the money is used for.

What is certain is that the first time I did the lottery money, called all my friends who were involved in gambling, of course I would give them $50k to share, it's up to them what they use it for, what is clear is that my friend who has gambled with me will feel the lottery winning money that I get.

Of course I also need to do other things, maybe I'll just take $ 300k, the remaining $ 300k I will donate to those who deserve it, that's what I do, if that happens to me.

Cool! You're very generous mate. Donating half of it and then giving $50k to your friends leaves you only $250k.

As for me who's striving to reach the dream of financial freedom, I might need most of the amount to purchase a piece of land in a metro city and then build an apartment on it. This way I will earn a decent amount of passive income monthly which I can share with some people in need including some of my friends and relatives. And I might keep my lottery win and real estate ownership a secret as much as possible.

I would definitely do the same on which i would really be ensuring on buying some property and make or getting rents from it on monthly which we know that this would really be a wise decision knowing that passive income is always been that best because spending up something or with those winning amounts on something which arent really that generating income is really just that a waste. You would be finding sooner later on what are the things which could give out that additional passive income which its always been that possible when you do purchase some property or building one. Getting or winning that 600k in lottery would really be that already big
if we do speak about to those people who do win up on 3rd world countries which this amount would really be that significant. You should really be that wise on spending and its not bad to share up with some friends but
always consider on having that limitation. Always think up on how you would gonna make yourself that financially independent because this is where people do usually find their end game.
Enjoying or rewarding yourself wont really be that bad but of course there's always con's when you are exceeded on that particular limit.

[Wexnident]

~

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.
[/quote]
I agree. I've had some instances of this happen to me, it was when I first managed to make a successful investment, I spent like $300 and got back to like idk, $1000 - $1500? in the span of like 3-4 months. It was a big amount, especially if you consider how the initial $300 was already a big amount for me. Making up to 5x of that in a few months was insane for me, and I honestly had no idea what to do with it. I spent a few hundreds with my hobbies but I still had plenty left over back then, so I just went ahead and invested again. Never really made the same amount since then.

It's also why I don't blame lottery winners for ruining themselves, regardless it be the way of helping others (donating it willy-nilly) or spending it on anything and everything. We all have greed in us, but a greed that doesn't yet know of what it's upper limits are is scary, since you don't really know when to reign it in.

[Casdinyard]

I think its rather a norm already that anyone who wins a lottery will end up spending the money unwisely, i mean this has been happening for decades now and the story never seems to end, I was reading a book one day, and in one of the pages, the author said that over 95 percent of those who win the lottery always end up in poverty, why?, he went further to explain that it is because they never plan for such money, that they might have a plan quite alright, but the chances of them not having a plan for such big money is one of the reasons why most of them end up going back to being poor, but then, this just one,..

Some people also believe that lottery monies are caused money, that the reason why most of the lottery winners end up being poor is more of a spiritual something than the physical, that it can only take someone who can see in the spiritual to know the real reason behind why lottery money never tend to stay in the hands of their winners, anyways, this is entirely a different discussion altogether, and i hope that one day, we will get to discuss this here.

Point taken, never saw the "spiritual" heuristic as something significant until you pointed that out so props to you. I feel like people are well aware of how unlikely they are to win lotteries and all that, but they attribute stuff to luck and as you said, to the "spiritual" too much that they continue to gamble despite the fact that there's no real incentive for them. As for the high amount of gamblers that lose money, you're right. They couldn't even bother to hire a financial advisor that will help them manage their money for them. People will stick to what they know when faced with the unfamiliar. That's why people cling to light sources when walking upon a dark alley. The dark alley in this case is winning more money than you know what to work with, and the lights being the last glimpse of money knowledge you have. For most people it is how they would spend that much money.

[Dr.Bitcoin_Strange]

If given the chance to win such huge amount, my plan is also to build some house apartments that would give me a sufficient source of income. There is no loss with that as long as you properly manage your property investment.

When money comes so swiftly and abruptly to the winner, it can become a problem for some of them to make good use of the funds. You are right about building or even buying some house apartments for rent, but some people don't just have those ideas; instead, they will prefer to spend it in the name of living life to the fullest because they think they have suffered a lot, so now let them enjoy, lol. Perhaps, if it were me too, I would also buy some Bitcoin and possibly start a standard business as well.

[maydna]

~snip~

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.

Very true what you say. We will be surprised to see a lot of money in front of us and ready to be used to buy whatever we want. We become more heated in shopping and want to buy all the goods in the shop. But if they realize that it's a blessing for them to make their life better and not waste it buying things they don't need so, they can use the money will be used to improve their life. They have to realize this so that one day, when they can win the lottery, they can use their money well, change their life for the better, and prepare their family's future better too.

And that's also what we must apply if we can be the winner one day. We must have a good plan to use the money and not spend it shopping as we like.

[pawanjain]

We have heard such stories in past where a person with very low income wins a huge amount of money and then he decides to enjoy his life and later runs out of all the money he had.
The moral of the story is to learn money management, stay low key when you win big and plan and invest wisely.
Not everyone has the patience to follow these simple rules and hence end up in poverty where they belong.

[Hispo]

~snip~

It may also have something to do with the lack of perception some people have when comes to money and the meaningful of it. Let me elaborate:

In our daily life we manage certain amounts of money and we are well aware of what those amounts are supposed to mean. A hamburger can cost 5$, a bottle of water about 0,5$-2$, etc. But then we turn on the TV and we hear about governments doing investments and plans for 1 billion $ or we see on the news on your phones that Apple may sue another company for 20 billion $. We only hear those sums of money and we don't truly know what they represent.

With that mind set, someone who wins the lottery and becomes a millionaire is someone who does not know what their new money is capable of, they may think that they can buy anything they want and go into a spending spree, not realizing that a big house in a developed country may be worth a couple of millions by its own. So they spend and spend without realizing the true magnitude of their wealth, and before they even realize, they have to fill for bankruptcy.

...They have to realize this so that one day, when they can win the lottery, they can use their money well, change their life for the better, and prepare their family's future better too.
...

That may be another of the problems we all have when comes to money management and sudden wealth. Since we are kids we are taught by our parents that money is supposed to be saved and carefully spent because it takes time and effort to get it. The whole point of economical education in many years of our life is centered around the idea of money scarcity and we build the rest of our perceptions from there.  We do not get talked about investing, risk management, trading or small business management by our parents ever.

When someone who has grown up in that context wins the lottery, the whole founding idea of their personal ecomical knowledge (money scarcity) disappears and so begins the thread of mistakes which can lead to losing it all eventually.

[darewaller]

I think its rather a norm already that anyone who wins a lottery will end up spending the money unwisely, i mean this has been happening for decades now and the story never seems to end, I was reading a book one day, and in one of the pages, the author said that over 95 percent of those who win the lottery always end up in poverty, why?, he went further to explain that it is because they never plan for such money, that they might have a plan quite alright, but the chances of them not having a plan for such big money is one of the reasons why most of them end up going back to being poor, but then, this just one,..

Some people also believe that lottery monies are caused money, that the reason why most of the lottery winners end up being poor is more of a spiritual something than the physical, that it can only take someone who can see in the spiritual to know the real reason behind why lottery money never tend to stay in the hands of their winners, anyways, this is entirely a different discussion altogether, and i hope that one day, we will get to discuss this here.

No not anyone but maybe majority yes. It's normal to spend unwisely at first because the money that you win is huge and all of has their own dream stuffs to buy. After that, we can also pause and think to use the money wisely so that it will last long.

It's kinda creepy if they say that lottery money are cursed but at least, people already have fun even for a short period of time and they will never experience that if they haven't won the lottery. Many Chinese people are rich and they are also spiritual so I kind a agree on that part but I think many of them are not a gambler because they know the value of money and they know that they have a small chance to win on them.