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How do lottery winners spend their money?

Each lottery winner has their own story about how they chose their numbers and of course, how they spent their winnings. What would you do with yours? If you don’t know yet, here are some examples of how the lottery winners spend their trophy.

Studies show that the most popular use of lottery money is property investments, like huge houses with at least one pool. For instance, about 80% of UK lottery winners changed their primary living home after having won the lottery. The second most popular use of money is making investments to provide future income, a smart move if you want to make even more money and not end up broke after two years, as it is said half of the winners do. The third most popular use is to ensure financial security for children, while paying for their studies in universities, putting money in their bank accounts. Further down on the list we can find some spontaneous investments on luxury cars, gifts to family and friends, and of course for an exotic holiday. Let's look closer to those buyings.

Some of the most fascinating stories are those that tell us examples of winners who spent their money on the typical luxuries that people who come into a windfall of cash are known to purchase.

John and Lisa Robinson had won one-third of the record Powerball $1.6 billion jackpot. In the first interview, they said they will continue to live a normal life in the same house. Just a few months after they bought a 10-bedroom home with stunning views of a private lake in Tennessee. The house also has a private home theatre and eight bathrooms.

Colin and Chris Weir, winners of Britain's biggest ever Euromillions lottery prize - £161 M, bought a huge mansion in Scotland. They made some improvements including installing a luxury indoor swimming pool, spa, Jacuzzi, Roman-style ornamental statues, and a greenhouse. Not bad, huh?

Jane Restorick was only 17 when she became Britain's youngest Euromillions lottery winner after winning £1 million in 2017. She was working in a temporary job and living with her mother. The first things she bought after claiming her prize were a Chihuahua dog she named Princess and the most expensive Louis Vuitton handbag. She announces her achievement by writing about it on Facebook. Soon after, all the fake friends and relatives started calling her asking for money to solve their financial problems. In one interview Jane said that her life was ruined by winning the lottery.

If luxury houses and expensive dogs look like the usual stuff, how about a waterpark? After John Kutey won a jackpot of $28.7 million in Mega Millions, he decided to build a waterpark. To be clear, he donated a portion of the winnings to building a water park in honor of his parents.

Enough about material things, let's look for something even crazier. Jonathan Vargas was only 19 when he won $35.3 million in Powerball. He decided to spend a part of his win on a TV show with female wrestlers. "Wrestlicious TakeDown" lasted one season on TV. After that, he went even crazier and started his reality show. Now he does have some regret about how he spent his win.

If you already think that all winners are impulsive buyers, here are some people, who first thought about others and donated their wins to various organizations. Bob Erb won $25 million and donated $8 million to charitable causes. One of the causes he supported calls for the legalization of marijuana. Well okay, maybe he had some selfish ideas too.

But here is one lottery winner who became a legend. Tom Crist decided to donate all of his jackpot prize of $40 million to charity. Tom donated to various organizations: the Calgary Cancer Center, who treated his late wife for cancer, Big Brothers and Big Sisters, the Ronald McDonald House Charities, the Calgary Zoo, and many more. How generous is he!

Most of the winners aren’t so generous to strangers, but for family members they do anything. Sarah Cockings was still a student when she won $4.2 million. She paid for her parents' new house, vacations, cars, but most important she bought breast enlargement surgeries for her sisters and herself. Sister of the dreams.

It is said the money comes easily and then goes easily. And stories about bad lottery winners’ investments are the most fascinating ones to the public. Let’s look at some really bad investments.

Michael Carroll won almost £10 million when he was only 19 years old. As you can expect from someone at that age, he spent most of his fortune on new homes, drugs, parties, and cars. Just after five years from his win, he was reportedly almost broke.

Drugs involved not only Michael. Ronnie Music Jr. invested a big part of his $3 million wins in drug distribution. A few years after Ronnie was convicted of trafficking in methamphetamine, possession of illegal firearms and ammunition. He was sentenced to 21 years in federal prison.

The news of the win is spreading very fast, especially when the win is $314.9 million. Jack Whittacker was the lucky man who achieved such a huge sum of money. Shortly after, it was reported that thieves robbed his house, also a huge amount of cash was stolen from his car. Like that was not enough a teenager was found dead of an overdose in his home. Later his granddaughter was found dead. And in the end, his house burned down. During the interview, Jack said he wished he hadn’t won that money.

Although you may never expect to win in a lottery, knowing how to deal with a win is quite useful. As you may already understand from this article, it is important to use your win wisely. Most lottery organizations advise consulting with financial planners before spending a cent. Also, it is best to stay anonymous after winning, because you can’t imagine how many people will try to take advantage of you. Your financial security is the most important.
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