Having won a lottery is exciting, but it can be risky. A recent study conducted by the UK National Lottery found that many people who won the lotto had spent their winnings on a luxury holiday, a brand new car, or even a new home.
One of the best strategies for winning the lottery is to get a professional to advise you on your financial plan. A trusted advisor will make sure you’re not spending your money on the wrong things. They’ll also be able to draft a rigorous quantitative financial plan for you.
Another is to play in a game that is less popular. This is because there’s a smaller chance of you actually winning. Some games require you to register your serial numbers online. You can also purchase tickets in a different part of the country.
There’s also the “Jane Doe” case. In 2010, a woman in California won a $2.76 million lottery prize. In the years that followed, she made bad investments and lost her fortune. She was swindled by a former coworker who claimed to have pitched in to buy her the ticket. Then she was murdered by her husband.
There are plenty of stories about people who went haywire with their lottery winnings. But it’s not just lottery winners who go haywire. Some people end up in jail, owing the IRS a huge sum of money, and having their lives spiral out of control.