Have you ever thought about what would happen if you won the lottery? Of course you have! We all like to think about this astounding and yet very real possibility.
To become a millionaire overnight is a truly incredible occurrence. Many people often believe that they will be completely different if they won the lottery. They would act differently, wouldn’t follow in the footsteps of anyone else and would live a completely unique life.
The thing is though, history tells us this isn’t true at all. Instead, it’s highly likely that you will fit into one of five categories. Even in these categories though, there are lots of different possibilities. So, let’s take a look at the options.
Next up on the list we have the flasher. People who fall under this category will enjoy telling others about how much money they now have after playing the lottery online and winning. If they are not explicitly flashing their cash around, they will be purchasing expensive things such as big houses, expensive cars, items of jewellery and so on. The basic gist is that if you are going to be in the flasher category, you want people to know how much money you have.
It’s worth noting that if you speak to a lawyer about winning, they will always advise you to avoid this scenario. While it’s not always financial experts that tell lottery winners to keep things quiet. You do find out who your true friends are pretty fast after you announce you have won the lottery and you’re now a millionaire. While it can be fun to show off, pretty soon you’ll have people begging and pleading with you to share in your fortune. This is something that celebs often deal with but for the typical person it can quickly become incredibly stressful.
The first category that we are going to look at is the helper. Those who are in this section like to use their money to help other people. For example, donating to charity, funding worthwhile projects, helping out family members and all kinds of things like this would be included under this bracket. A lot of people might think that they are in this category until they actually win the money. However, a lot of the time, people who are going to help others with their winnings have some kind of project in mind before they have any money.
So, what makes someone decide to use their winnings to help people? Well, it could be that they already have a certain level of wealth. If that’s the case, then why not give some of the money to charity? Celebs do this and some will donate it all and will play purely for the reason to give any winnings to a charitable cause. Others believe that giving to charity is good karma and more still are simply overwhelmed with the amount of money they have won. For instance, if you win $750 million, there’s no way you’re going to be able to spend it all. So, charity donations can be a smart decision.
Or, you might be someone who wants to save any money that you win. This is not an uncommon category to be a part of as a lot of people who have some sort of big online lottery win want to save this money for when they need it in the future. For example, they would want to put this money towards a house or an expensive holiday and in this case they would save all the money they have won for when the time comes around.
It could also be the case that you don’t feel like you have anything to spend the money on right now and so it goes into an account until there is something you need it for.
Savers will often immediately hire a financial team or advisor when they win the lottery. They will put the money in trust funds, investments and begin long term planning. They are also more likely to claim the money over a period of years rather than opt for the single, large payout. It’s certainly something to consider if you win a massive amount of money that you don’t know what to do with. A thought to keep in mind is that no matter how much they win a lot of winners go broke in their first year. You’d be surprised how fast you can burn through a few million dollars.
Some people are perfectly content with the life that they are living, and in this case they could either refuse to collect the winnings at all, or they could just keep living the same kind of life even though they now have all this extra money. It is not unheard of for people to refuse their winnings and it probably happens quite a bit more than you would imagine.
Others however will collect the money but not let it change the way they live their life. For example, they are not going to go out and buy a big expensive car like the flasher would. Instead, they would just live the same life that they had been living previously with a little more money in the bank.
Finally, the unpredictables are the ones who spend their lottery winnings in ways that you can’t possibly imagine. For instance, some people do use lottery winnings to get revenge. They humiliate exes, spend a fortune ensuring that no one else sees a dime or take absurd steps to get even with a horrible boss. Others will live out fantasies. We’re sure at least one person has tried to build the Scrooge McDuck money pit, only to discover that you can’t physically swim in gold.
Now that you know more about the various categories, which one do you think you’ll fall into?