10 disastrous things that could happen to you when you win a giant lottery jackpot
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Many of us daydream about hitting the jackpot and imagining how our lives would change overnight.
However, the reality of winning the big Powerball might not be as rosy as it seems. Here's a deeper look by Millionaire Post into why winning isn't always, well, winning.
And by the way, not all these things will happen to you. There are many lottery winners who have lived happily ever after.
Other Wealthy People Don't Like Lottery Winners
When you suddenly come into wealth from a lottery win, you might think you'll be welcomed into the circles of the rich and famous. Unfortunately, this isn't always the case.
Many who have earned their fortunes or come from old money tend to look down on lottery winners. They see these winners as those who lucked into their wealth rather than working for it.
This distinction can create social barriers, making it challenging for lottery winners to find genuine connections in elite circles.
People Always Want Money From Winners
Once the world knows you've struck gold, be prepared for a barrage of requests. These can range from distant relatives to absolute strangers sliding into your direct messages.
For instance, Timothy Schultz's story is an eye-opener. After winning $29 million, a colleague tried to lay claim to half his winnings, leading to a legal tussle. Such scenarios remind winners that trust becomes a luxury after winning.
The Relentless Media and Privacy Concerns
Achieving sudden fame can be disorienting. The media, always on the hunt for a sensational story, can make life very uncomfortable for big jackpot winners. John and Lisa Robinson, who bagged a staggering $528 million, found this out the hard way. Their home, which had been their peaceful sanctuary, became the focal point for media and onlookers. The overwhelming attention forced them to relocate, a decision they hadn't anticipated.
There's A LOT of Tax
In America, you have to pay taxes on lottery winnings. So, the money Winning the lottery in the US means a significant chunk of your winnings goes to taxes. It's a shocker for many who aren't aware of this fact. So, a $1.5 billion win doesn't mean you'll get $1.5 billion. After federal taxes, state taxes, and other deductions, you could end up with much less, as seen in the case where $1.5 billion dwindled down to approximately $586 million.
It Can Make You Lose Direction in Life
With financial worries out of the way, one would think life becomes a breeze. However, psychologists suggest that such sudden financial freedom can lead to feelings of emptiness. Without the need to work or pursue goals, many winners find themselves without a clear purpose. This existential crisis can sometimes lead to harmful habits, like substance abuse.
You Could Lose Friends
When you get rich suddenly, life changes. Your old friends might feel left behind because they can't join you on fancy trips or eat at expensive restaurants. They might get jealous or think you've changed just because you have more money. Some might even ask you for money, causing more issues.
Trust and Friend Issues
Some people pretend to be your friend after you win, hoping to benefit somehow. A young winner, Cali Rogers, found out that some of her friends wanted to use her for money and attention. This makes it hard to trust anyone.
Can't Trust Experts Either
Winners are told to hire experts like lawyers and financial advisors. But sometimes these experts can cheat them. There's a story of a lawyer named Jason Kerlin, who took lots of money from the winners he was supposed to help.
Family Problems
Sometimes, even your family can act differently when you have money. They might ask for more money or even sue you for it. There are stories of family members turning against each other over lottery winnings.
Bankruptcy
Many lottery winners end up with no money left after a few years. They might spend too much, give away too much, or make bad decisions. Even if they try to be smart, it's hard to handle so much money all at once.
Lost and Stolen Tickets
There are stories of people winning but never getting their money because they lost their ticket or it was stolen. One British couple even missed out on millions because of a computer error.
Hard Choices
Everyone has advice for lottery winners, but it's hard to know what's right. Some say to invest, some say not to. It's very confusing for winners.
Deciding between taking a lump sum or opting for annuities, thinking about taxes, and planning for the future are all decisions that winners face.
In short, winning the lottery can be both a blessing and a curse.
