There was a multi state power ball lottery here this month
and the grand prize amount for it was over $500 million dollars. Two
winners split the prize total. Lottery fever has caused the winnings to
go up and up the last few days as the media reported both the prize
total and the frenzy that it helps cause by promoting it. Many people
are by nature both greedy and in search of the easy way to gratify
themselves. So throwing their money away on lottery tickets makes sense
to them. I guess they have too much hope and too little common sense.
A local radio station here posted a poll with the question, "If you were to win the big Power ball jackpot, would you quit your job?" Over 60% of them said yes. I am only surprised that more didn't answer that way. I don't waste my money buying lottery tickets and even I would quit work (If I were still working) if I won a big lottery prize. Well, whomever wins the lottery should probably keep in contact with their former employer because more than half of all multi million dollar lottery winners wind up eventually broke...and it doesn't take long for them to become destitute.
Almost all governments who pay off lottery winners do nothing about counseling them on how to handle their winnings. The fair way of handing over the money would be to require some instructional time on finance and a lock on some of the money by placing it in a trust find the winners could not access for quite a few years. I suggest a 10 year trust fund invested in government bonds. At least that money would still be there for them after the winners blow the rest and become homeless.
Many winners have no experience handling money and have lived paycheck to paycheck most of their lives. After they win a lottery they often spend their new wealth as fast as it comes . One of the biggest sources of loss is from relatives, friends and acquaintances who come from former invisibility to ask the winners for money. Most winners hand it over or invest in the wild business schemes those people pledge to them. In short, they become a huge target. Statistics show that about 70% of all lottery winners are completely broke within five years after wining the lottery.
The good news for lottery winners is that they really don't have to be rich to be happy. Research finds that household income, once above $75,000, does not bring more happiness. Life experiences bring more happiness than possessions, research suggests. So if you are poor, smile and pity the winners of that $500 million prize.
A local radio station here posted a poll with the question, "If you were to win the big Power ball jackpot, would you quit your job?" Over 60% of them said yes. I am only surprised that more didn't answer that way. I don't waste my money buying lottery tickets and even I would quit work (If I were still working) if I won a big lottery prize. Well, whomever wins the lottery should probably keep in contact with their former employer because more than half of all multi million dollar lottery winners wind up eventually broke...and it doesn't take long for them to become destitute.
Almost all governments who pay off lottery winners do nothing about counseling them on how to handle their winnings. The fair way of handing over the money would be to require some instructional time on finance and a lock on some of the money by placing it in a trust find the winners could not access for quite a few years. I suggest a 10 year trust fund invested in government bonds. At least that money would still be there for them after the winners blow the rest and become homeless.
Many winners have no experience handling money and have lived paycheck to paycheck most of their lives. After they win a lottery they often spend their new wealth as fast as it comes . One of the biggest sources of loss is from relatives, friends and acquaintances who come from former invisibility to ask the winners for money. Most winners hand it over or invest in the wild business schemes those people pledge to them. In short, they become a huge target. Statistics show that about 70% of all lottery winners are completely broke within five years after wining the lottery.
The good news for lottery winners is that they really don't have to be rich to be happy. Research finds that household income, once above $75,000, does not bring more happiness. Life experiences bring more happiness than possessions, research suggests. So if you are poor, smile and pity the winners of that $500 million prize.
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