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| How do lottery winners spend their
money? |
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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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