You would think that suddenly winning tens of millions of dollars would make people go out and blow it all on the things they wanted. However, it turns out that lottery winners are far more responsible than you might think. Individuals who win big tend to preserve their winnings instead of spending a crazy year blowing it all on every possible whim or fancy. This post takes a look at the surprising habits of people who win the lottery.
Debt Elimination
Lottery winners often use their winnings to eliminate debt. Many pay off their credit cards, mortgages, student loans, and other obligations to prevent creditors from coming and knocking at their door.
Winning the lottery is often a particular benefit to anyone with medical debt. These bills can often go unpaid for years, causing immense stress.
Investing
Lottery winners also often invest their money in the markets to help it retain its value or even grow. Interestingly, a whopping 38% of people said they’d manage the money themselves if they won the lottery.
Investing is better than putting money in the bank because it means that the original winnings retain their value. Investments will continue to earn returns, helping owners avoid drawing down too much on their winnings and providing a sustainable income for years to come.
Living Modestly
Surprisingly, many lottery winners also continue to live modestly. Only a few go on extravagant spending sprees, and even then, they limit the amount they buy.
Psychologists believe there are several reasons for this. The first is simply a habit. Most people live their entire lives knowing they cannot buy everything they want, and this behavioral pattern persists.
However, another reason is simply the desire to continue life as normal. While having extra money in the bank is nice, it doesn’t mean that life has to change unrecognizably.
Seek Professional Guidance
Lottery winners also regularly seek professional guidance to help them manage their newfound wealth. Many individuals simply don’t know what to do when they come into possession of a large sum of cash.
Big winners get companies to set up family offices for them to manage and diversify their wealth. Many buy a combination of gold, art, property, and financial securities.
Smaller winners often hand their capital over to a money management firm. These charge a percentage fee every year to take control of the money and ensure that it retains its worth or grows over time.
Focus On Family
Another surprisingly responsible thing that lottery winners do is focus on their families. Many use their newfound wealth to dedicate more time to children, nieces, nephews, and other close relatives. They also use it to invest in the education of the future generation.
Giving To Charity
Finally, you also find a large number of lottery winners giving to charity, particularly those who experienced harsh financial circumstances before they won. Many give back to society by setting up foundations, building charities, or simply donating to organizations they believe in. You also see some putting their money into medical projects that could help lots of people.
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