There was an article on Yahoo! about a lottery winner from the UK who has gone through her $3 million dollars. She has $32,000 left because she went on a spending spree. More importantly, her mind set about money stayed the same. This is the real reason why she went through the $3 million dollars.
Here’s an excerpt from the article, “…Callie Rogers was just 16 when she won a whopping $3 million in the lottery. Six years later, she reports that she blew untold sums on drugs, partying, exotic cars, and breast implants. A staggering $730,000 went to designer clothes alone, Ms. Rogers explains in an article from AOL. Says Rogers: “I honestly wish I’d never won the lottery money — and knowing what I know now I should have just given it all back to them.” She’s currently left with around $32,000″
Many people all over the world hope and pray to “hit it big” with the lottery. They spend $20 more dollars on jackpots worth $5 million or more. Callie’s lottery experience is quite common. Why? It’s all in a mega millions lottery winners heads. If you don’t change your mind set about money, you’ll lose it all and be back where you started. For many people that means being broke!
What are your thoughts around money?
Many of us came from poor or middle-class backgrounds where money was the center of attention (mostly negative). Our parents did the best they could, but didn’t realize they were poisoning our minds with “trash talk” about money.
Before you even spend money on a mega millions lottery ticket, think about the thoughts you hold around money. Were you raised to believe it’s the root of all evil? How did your parents feel towards rich people? Were you raised to believe that money isn’t everything? How do you feel when someone else hits the jackpot? Consider these and other thoughts you may hold around money before you purchase a ticket or multiple tickets.
Handle lottery winnings with care
Winning a large sum of money like $20 million dollars can be exhilarating and frightening at the same time. Family and friends you haven’t heard from in 10 years come a calling. Local charitable organizations and churches may also be knocking at your door. It’s all right to say NO to these people. If they balk and start saying things like “you’re stingy or you should be ashamed of yourself” take it with a grain of salt. They didn’t know you before you won the mega millions lottery, they’ll forget about you as soon as all of the attention dies down.
What to do if you win the lottery
Unfortunately, you and your face may be plastered all over the newspapers and 5 p.m. news. Take a deep breath and enjoy the ride because it will soon be over and you’ll be back to reality. You may consider having a spokes person (financial adviser, lawyer, or close family member) step into the limelight and speak about your winnings. This way you can at least avoid a three ring circus!
Finding a great financial adviser that you can trust is a step in the right direction. An expert in finances will assist you in making the best decisions for your winnings. You may consider taking a small sum and putting the rest in a trust, especially if you have kids. Allocate some of the money to your favorite charitable organizations because they could use it and they’ll appreciate it.