lottery winner

Does Winning the Lottery Do More Harm than Good?

Winning the lottery sounds like a dream come true, right? For some, it leads to nothing but problems. If you’ve ever wondered about the bad things that happen to people who win the lottery, here are a few of the challenges they face.

Bankruptcy

One would think winning the lottery would ensure that a person wouldn’t ever have to experience bankruptcy. However, that is not the norm. Often, people win the lottery and struggle to manage such a large sum of money. This results in many issues including over spending and eventual bankruptcy. The secret to avoiding financial issues after you win a large sum of money is to find a financial advisor you trust. They can use their professional expertise to help you manage your money.

Fake Friends

You’ll find you have a lot of new friends coming out of the woodwork after you win the lottery. Unfortunately, it may be hard to tell which ones are there for you and which ones are there for your money. Be cautious of those who suddenly start sharing their sob stories as a way to ask for funds. If at all possible, try not to tell anyone that you won the lottery. This will save you a lot of strife.

Taxes

One of the most unfortunate parts about winning the lottery is that you won’t take home anything remotely close to what you actually won. The government will take a large chunk in order to satisfy your tax requirement.

Become a Target

Many lottery winners have become targets. They’ve fallen pretty to sketchy business deals and scams. In some cases, there have even been attempts (some successful and some not) on their lives. If greedy family members know they will inherit millions of dollars upon your death, they might be tempted to off you in order to access the money faster. Not only do you have to watch out for scam artists and those who would attempt to embezzle or steal money from you, you have to literally watch your own back. It wouldn’t be the first time someone was killed for their money.

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Causes Depression

What happens when you think money will solve all of your problems but it actually doesn’t? Unfortunately, that’s when a lot of winners have reportedly started feeling depressed. They put all their eggs in the basket of ‘money CAN buy me happiness’ and that’s simply not the case. Relationship issues and divorce are more common for lottery winners. Additionally, you would be shocked at the number of people that have filed bankruptcy after winning. Although it sounds crazy, money cannot buy you happiness. You have to look for it in other places.

Winning the lottery sounds like a dream come true. However, many winners might not agree with that statement. While some go on to be successful and happy, there are a huge number of lotto winners who say winning wasn’t worth the trouble.