Bankrupt Lottery Winners
By Jess
@JJ4Ever (4693)
United States
February 24, 2010 10:20pm CST
I've heard that those who win the lottery are more likely to file bankruptcy in the future than those who do not win. I know there is only a small chance of winning the lottery each time, but I think the reasoning behind it may be the idea that people take for granted their winnings because it is money they didn't earn by having to work for it. Maybe they spend it like it's an unlimited amount of money and run out before they even realize what happened. What do you think? Have you ever won the lottery?
3 people like this
8 responses
@hellcowboy (7374)
• United States
27 Mar 10
That is kind of funny but it make sense,people who win the lottery probably let the money go to their head since it is not their money and it makes them spend happy and then they end up losing everything,and not I have not ever won the lottery and it is not all that good to win if you ask me,since I am sure Uncle Sam taxes lottery winnings like he does everything else so you only get so much money in the end that and if the wrong people find out you won the lottery they might try and rob you and kill you for the money,and life is more important then money,because money can be replaced people can not.
1 person likes this
@JJ4Ever (4693)
• United States
18 Aug 11
I really think that's the key here, that people think the lottery winnings aren't theirs so they blow it like it's someone else's money. I also think another issue is that it's so much money at once that they can't handle it and don't know what to do with it...they don't think logically like they would otherwise, which is very sad.
@recycledgoth (9894)
•
25 Feb 10
I have often played the *if I won the lottery* game and wondered what I would do with a huge sum of money. I guess I would have to invest most of it to keep it safe, and still have some to treat myself and my friends. I think there are some people who can't seem to grasp the concept that even a large amount of money won't last unless you are sensible. They splash out on houses, cars, holidays etc., and before they know it, the money's all gone.
The most I have ever won in the UK lottery was £10, so no danger of me splashing out :-)
@DeenaD (2684)
• United States
25 Feb 10
I've always thought this was strange. There was a whole series dedicated to former lottery winners on one of the cable stations, and so many of them had their lives plunge into disaster after winning their fortune. Maybe it's because they never knew how to manage money beforehand, and afterward they just went nuts with their money.
@nocturn98 (956)
• Venezuela
25 Feb 10
I haven't won anything yet in the game of chance be it lottery, raffle draws, or mafia wars daily ticket. I think you are right when it comes to spending money that you didn't really "earn". It just like when they say easy come, easy go.
@myzire72 (1154)
• Singapore
25 Feb 10
Yes, I've heard of it too. I think the main reason why these people lose their winnings so quickly and easily in a short period of time is because they don't know how to manage their finances. They have never had so much money before, and when they suddenly become rich, they get so excited by it and they started to squander it on big houses, luxury cars, yachts, jewellery, etc. They didn't realize they are adding more liabilities instead of increasing their assets. That's how some of these lucky lottery winners become unlucky bankruptees. I do buy lottery once in a while, but have never won a cent till today. LOL!
@JJ4Ever (4693)
• United States
25 Feb 10
Thank you for your response and best of luck to you in the future! Maybe because you know how to handle that much money you will now win sometime in the near future. It's those who don't know how to handle to money who always seem to win - LOL. Some people are so far into debt that makes me wonder how they even scrounge up the money to buy a lottery ticket in the first place - LOL! Thanks again.
@Omfgbbqsauce (138)
• New Zealand
25 Feb 10
Yea they'd probably squander it. Also , what with the pressure from all the people they know to give money to them, you'd expect a sizable portion of the winnings to be given away.
1 person likes this
@JJ4Ever (4693)
• United States
25 Feb 10
If I won the lottery, I'd be mean and keep it all unless I decided what I wanted to do with it, which would be completely separate from all my family members' "sob stories." LOL! I've heard that if you win the lottery, it is best to keep it as quiet as possible for the very reason you mentioned. Family members will hound you and all of sudden think you are more of buddies now or something. If you won the lottery and all of your friends and family members found out, you'd all of a sudden become VERY popular! Thanks for responding.
@timhinyy (1653)
• United States
25 Feb 10
no i have never won the lottery best i ever did was about 600.00 in a casino, which isn't too bad, but if i ever did win the lottery i sure would not take that money for granted.
i would make sure i put some aside for the taxes and make sure i put a lot of it in the bank, because with that much money I'm sure it would be really easy to want to go spend, spend, spend.
if you are fortunate enough to be lucky enough to win a lottery jackpot you need to make sure that you make the money last so you don't have to worry about money for the rest of you life, but that would be if you won something big like the powerball or something like that.
@JJ4Ever (4693)
• United States
25 Feb 10
I think you would be a very wise lottery winner. I also think you should win because you would handle the money right! I agree with you completely. If you take the money for granted, it would be gone before you even knew what happened. Also, your $600 is pretty good too! Hopefully you will do well on even a bigger scale because people who know how to handle their money deserve to earn more! Good for you and keep up the good work!
@katkizzle (97)
• United States
25 Feb 10
My husband once won $6,000. however, we knew we were in debt and we used it to make advanced payments. But people that win the lottery don't set their priorities. The first thing you need to do is set up many different accounts, most of them for like college funds, let most money work for you. Yes I know we all wish for the Win Fall and we want to do stupid things. We already have homes and we find the need to get a new one, or we can't say NO to all the people that come by with their financial woes and you hand them a few bucks. But you have to open up like five or six different accounts, for down the road.
@JJ4Ever (4693)
• United States
25 Feb 10
I agree with you. I have found that so many times if we don't have a plan for our money and stick to it, no matter how we came upon the money, it most certainly has a mind of its own and will go wherever it wants! I'm happy to learn that you have been wise with your winnings. Most people would not do what you did so I definitely admire you for doing the right thing. Anyone else who won the $6,000 wouldn't have been honest and paid on debt. They would've spent it on themselves because they would've felt the right to spend it on themselves, which I think would be very selfish. Thanks for sharing your experience and for your honest response!