How Does Your Life Change After Winning the Lottery? (The Good? The Bad? The Ugly)
Everyone wishes that they would one day win the lottery and be rich!
Millions of dollars in cash, and a promise of a lifestyle that is free from all financial worries.
But is that really the case?
Let’s see what life after winning the lottery actually looks like!
Life After Winning The Lottery Without The Wealthy Mindset
Life after winning the lottery is not often great. Whether you win $1 million or $200 million in the lottery, you will have a 70 percent chance of ending up broke in 5 years and filing for bankruptcy in 10 years.
Without the wealthy mindset, most people don’t know how to keep their wealth.
People often mistake striking the lottery as “never becoming poor again”.
While becoming poor or rich is often not because of the money you currently have, but the mindset you have developed.
Without the right mindset, striking the lottery can be the worst thing that can happen to anyone.
Why winning the lottery can be the worst thing that can happen to you?
According to multiple studies conducted by different Universities.
People who win the lottery are twice as likely to file for bankruptcy than the general population.
- 70% of all lottery winners end up going broke and bankrupt within 10 years.
- 1% of lottery winners will go bankrupt in the first year.
- 43% said that their money had no effect on their happiness.
Buying lottery tickets is a form of gambling, and a person who just won the lottery only makes a person have a lot of money.
It doesn’t make the person wealthy or let them gain the mindset required to handle money.
Without the correct mindset of the wealthy, people who win the lottery will often end up broke in just a few years’ time.
Why do lottery winners go broke?
Lottery winners often go broke because they do not know how to handle a huge sum of money. Most lottery winners do not have the right mindset to stay rich and end up spending more than what they have. With only an outflow of cash, many lottery winners end up broke.
Most lottery winners handle winnings the same way someone with a poor mindset does.
Having a Wealthy Mindset, don’t only makes you wealthy. Wealthy mindset teaches you how to handle money and stay rich.
What Are The Chances Of Winning The Lottery?
The chances of winning the lottery ticket by getting a match on the six numbers are 1 in 13,983,816. You are 1,000 times more likely to be struck by lightning in your lifetime (1 in 12,000) than to win the lottery.
With less than 1 in 14 million chance of winning, it is almost impossible to win the lottery. The odds of winning the lottery is never in your favor.
Even if you buy a lottery each day since the day you are born, you will probably not win a lottery within your lifetime.
Thus, buying a lottery is often compared to gambling.
How long does it take to win the lottery?
Given that there are 364.25 days a year, and if you buy a lottery ticket each day. It will take you 38,311 years, 9 months, and 27 days to win the lottery. Meaning it will be in the year 40,333 AD when you finally have a chance to win the lottery.
With an average life span of a human is 72.6 years, it will take you 528 generations to win a lottery.
In short, it will take you a long time to win the lottery.
How To Stay Rich After Winning The Lottery?
Staying rich can be hard for most people. You’ll need to develop a wealthy mindset to learn how to keep winning.
The best way to stay rich is to learn to invest and use the money to make money like how the rich generate generation wealth.
Steps you can take to stay rich after winning the lottery.
- Consult a financial advisor.
- Create your emergency fund.
- Pay off your debt.
- Plan for retirement.
- Diversify your investment.
- Give to those who are less fortunate.
- Learn to say no.
Staying rich after winning the lottery will probably take a lot of hard work, but these articles can help.
Reading allows you to learn from the experience of the most successful people.
Successful CEOs of big companies and billionaires like Warren Buffett read at least 1 book per week. Books found in My Library are some of the best books which I think you should read.
Up next… How to Develop a Wealthy Mindset: A Step-by-Step Guide
- 7 Streams of Income to Build Wealth Now! (Powerful Income Ideas)
- How to Create Passive Income With Your Expertise Today (5-Easy Steps)
- How to Create a Budget for Beginners (Personal Finance Budgeting 101)
- How To Use The Debt Lasso Method To Pay Off Debt (Debt Free)
- How Much Do I Need to Save For Retirement at 55, 60, 65? (Retirement Calculator)
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Antony C. is a dividend investor with over 15+ years of investing experience. He’s also the book author of “Start Small, Dream Big“, certified PMP® holder and founder of IncomeBuddies.com (IB). At IB, he share his personal journey and expertise on growing passive income through dividend investing and building online business. Antony has been featured in global news outlet including Yahoo Finance, Nasdaq and Non Fiction Author Association (NFAA).
