30 Day Blog Challenge- Day 18: If you won the lottery...

If I won the lottery…

I wouldn’t tell anyone… I remember randomly coming across TV show that was named like “Lottery Misfortunes” It was tales about the curse of the lottery. The lottery winners typically ended up dead or broke.

According to the National Endowment for Financial Education (NEFE) stating that 70 percent of lottery winners end up bankrupt in just a few years after receiving a large sum of money.

Winner become broke because they succumb to lifestyle inflation. They don’t know what to do with all this sudden money and they go out and buy more and more, thinking it’s unlimited and then end up having less than they started with. I also have to remind myself not to succumb to lifestyle inflation even in real life. One must remember to live below your means.

Depending on the amount, to be honest, after taxes, even a million dollar would not last you a long time if your lifestyle is exuberant.

Additionally, lottery winners either are murdered by someone they know or commit suicide or do a murder their family/suicide combo. When the people you know find out that you received a large some of money, there will be a lot of external pressure for you to give them money, lend them money, or donate to their cause. People you haven’t talk to in years will reach out to you. This external pressure can be so intense that it can cause animosity to kill each other. There’s some real nasty stories out there.

Some people turn to drugs, get addicted and then spend more money on drugs. When they get addicted, they are susceptible to overdose and die.

What I would do

  1. Don’t tell anyone you know

  2. Hire a financial advisor

  3. Invest in the market, get that money to work for you to build wealth and keep building wealth.

  4. Start a business

  5. Keep living below your means

Anyways, I don’t like playing the lottery. I’ve probably only played twice in my life, once in a office pool, once cause it had record breaking highs/peer pressure. But it’s all luck and you have a higher chance of dying driving within 3 miles of your home than winning the lottery. Yeah so I’m not about that lottery life. Even if I did win, you would never know.