How to Make the Most of Your Lottery Prize

lottery winner

The media coverage of lottery winners is nearly as old as lotteries themselves. The first lotteries were held in the United States in the seventeenth century to raise money for colonial infrastructure projects. Lotteries attracted gamblers for the same reasons they do today: a chance to experience instant affluence, and a rare opportunity for the poor to strike it rich.

One lottery winner blew his winnings by buying a luxurious house and turning it into a nightclub. Another blew his money on cars and gifts and was embroiled in legal disputes. He eventually returned to manual labor on a farm and hanged himself seven years after his big win. Another lottery winner who fell into a deep financial crisis was a South Korean immigrant named Janite Lee, who won $700 in the lottery and ended up with over $2 million in debt.

While it’s tempting to claim your lottery prize before it’s announced, it is important to plan accordingly. The first step is to set aside a day to claim your prize. If your winnings are large enough, you can use this time to get ready for your new lifestyle. You should also consult with trusted advisers to figure out how to maximize your chances of making the most of your newfound wealth.

One lottery winner lost half of her winnings, while another spent all of it within four years. In one case, a $1 million prize winner spent his winnings in less than four years. In another case, a woman named Evelyn Adams spent her money recklessly, giving it away, and making bad investments. In a bizarre twist, she even moved into a trailer with her children.