13 Things Lotto Winners Won’t Tell You: Life After Winning the Lottery
Winning the lottery seems like a stroke of luck, but what about life after winning the lottery? Past lottery winners weigh in on losing friends, becoming spectacles, and increasing the odds of striking it rich.
Easy come, easy go
Life after winning the lottery may not stay glamorous forever. Whether they win $500 million or $1 million, about 70 percent of lotto winners lose or spend all that money in five years or less. Read the story of a couple that won the lottery, and then she left with all the money.
Take a second chance
Always play the second-chance drawings. Some games require you to mail in your losing ticket. Others tell you to go online and register the ticket’s serial number. People either don’t know about the drawings or don’t take the time to enter, so your odds of winning the lottery are always better. On another note, it’s important to remember that cheating comes with a price—this man who rigged the lottery five times is proof of that.
We don’t quit while we’re ahead
Do lotto winners still play the lottery? We absolutely do. And we’re sure we’re going to win again. Pro tip: Try buying a ticket from the U.S. state with the most lottery winners—and increase your chances of winning.
You will be exploited—possibly by your friends
I had one friend who told me this sob story about how behind she was on her local taxes, how they were going to take her house because she couldn’t pay. After she left, I got on my computer, looked up her tax records, and saw that she wasn’t behind. When I printed out that page and sent it to her, well, that was the end of our friendship.
A lot can seem like a little
If you win $6 million and find yourself in a room full of lotto winners who won $100 million or more, all of a sudden, you feel like the poor one. It’s all relative. But don’t feel too bummed—there are plenty of big lottery winners whose money (and luck) ran out.
We answer for our impulse purchases
After we won the lottery, we bought an eight-bedroom, seven-bath, 10,000-square-foot mansion because we could, and it sounded amazing. Well, now we’re selling the eight-bedroom, seven-bath mansion because it’s impractical for a family of four. If only we knew ahead of time that it was one of the 13 things rich people never waste their money on.
We are still looked down upon by the truly wealthy
After we won and moved into an exclusive neighborhood, we planned a huge Fourth of July party and invited all our neighbors. None of them came—they thought we didn’t earn our money.
We’re sick of money questions
It drives me nuts when people ask where I keep the money, how I spend it, and if I still have it. No one would dream of asking a CEO those questions. We understand you’re curious though, so here are 26 secrets rich people won’t tell you about their lives.
Your friends will change with your lifestyle
Life after winning the lottery may bring big changes for everyone in your life. All lotto winners think they’re going to have the same friends and do the same things. But if you have $100 million and you want to fly to Hong Kong for the weekend, you need to either find someone who can afford to go with you or be willing to subsidize someone. And subsidizing people gets old. Learn the 19 things rich people never, ever do.
You may be forced into the spotlight
If you think you’re going to win and remain anonymous, you’d better check your state laws. Many states require that you do a news conference and hold up a big check.
’Tis better to give
Now that I can buy anything I want, I’ve learned that what really matters—and what I enjoy most—is being able to do things that help other people. Here are the charities where your donation goes the furthest.
Don’t donate all at once
If you want to give a charity a big sum of money, never give it all at once. It’s better to donate $100,000 a year for ten years so you can retain some control and make sure the cash is being spent wisely.