For some people on earth, winning big and achieving financial freedom is everything one could ask for. For others, playing the lottery means they need to spend hours predicting numbers, using wheels, buying up thousands of dollars’ worth of advice booklets and wasting their time taking out loans in hopes to hit it big. There are many inspirational stories of how people successfully used their lottery winnings and survived, yet even more stories are in existence foretelling how people can become easily addicted to losing and continue to play until they have broken the bank, literally. Don’t become an innocent victim of an even more innocent game that is designed mainly to assist the educational efforts of state governments while also allocating additional proceeds towards state funded human services.
Play for Fun!
Playing games of chance can be a safe, fun, exciting and memorable experience whether you win or lose and should you win big, we can only hope that you’ll use this guide to make educational decisions as to what you use your winnings on. Consider donating some to local charities, start your own small business exploiting some skills that you possess or even treat your extended family to some nice gifts for their love and support over the years. Whatever you do, don’t become a slave to your winnings and foolishly spend the money on things you really don’t need or will ever use. Eventually you could become a featured guest on Hoarders which means that you’ve abused your winnings and have purchased items that carry little value.
Avoid Egregious Spending
Another major issue to avoid is buying items with your game winnings that carry additional expenses or membership fees; if you cannot afford to pay fees or usage levies with your normal work salary, you probably will not benefit from owning such items or memberships. If you opted to quit your job and retire, it would be highly frugal to pick some form of hobby that keeps your body and mind motivated and busy. Having too much idle time with money burning in your bank account makes the mind wander in not-so-good directions and makes you do things you’d later regret, like hire 20 strippers to accompany you to Vegas for a weekend of gambling. Yes, this has happened before – just ask Jack Whittaker. He didn’t read the advice from savemoneytips.com either, though.
Mr. Whittaker endured one of the most horrific lottery losses in history through a series of thefts including $545,000 and $200,000 from his car. Although he later recovered his $200,000 the former amount was never recovered but the perpetrators who drugged his drink included a stripper. Finally, later issues included being sued by Caesars Casino, a wrongful death suit and is now struggling to make ends meet, all thanks to misappropriation of lottery winnings and longing for life in the fast lane. This is a valuable lesson in life because now many people will be smart enough to not keep cash in their cars, buy teenagers drugs or bounce checks at casinos.
Unless you wish to end up like Jack Whittaker, taking your winnings seriously enough to hire legal counsel should be your first step after winning. Assigning accounting to another reputable company also should be in your repertoire. At the end of the day, make sure you play the game as you would Monopoly or Scrabble: for fun and without serious connotations involved. In having this mindset when playing a game such as the state lottery will alleviate potential addictive behaviors when you lose for the first time. There’s nothing wrong with playing to win yet just remember to play for fun!