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Discussion » Questions » Finance » What are the hazards of winning a large lottery jackpot; like millions of dollars?

What are the hazards of winning a large lottery jackpot; like millions of dollars?

In the end some people say they wish they had never won all that loot.

Posted - February 27, 2021

Responses


  • 52905

    [In no particular order of precedence or importance.]

    4. The sudden influx of “long-lost relatives” and “old friends” who creep up out of the woodwork, usually they’re complete strangers who have never even met you, the others really know you but have little or no contact with you, either way, all of them have a sad (and possibly false) story to tell and an open hand. 

    3. The fighting and arguing with family members and friends over the money and how you should spend it, and their preferences are never have anything to do with the way you want to do it.

    2. Many high-ticket winners end up broke and/or bankrupt within a few short years after their windfalls. This can be because the sudden cash flow overwhelms their fiscal knowledge and abilities, or because they place their trust in someone or multiple someones who have better fiscal knowledge and abilities, yet act in their own interests as opposed to the winner. 


    1. Changing one‘s lifestyle and habits, whether subtly, moderately, or drastically, throws their entire lives off-kilter.
    ~

      February 27, 2021 10:08 PM MST
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  • 13395
    Very good!
      February 27, 2021 10:13 PM MST
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  • 52905

     

      Merci, mon ami.


    ~

      February 27, 2021 10:14 PM MST
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  • 7271
    You can speak french to me anytime, Randolph.
      February 28, 2021 5:52 AM MST
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  • 52905

     

     (french French)

      February 28, 2021 7:57 AM MST
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  • 52905
    Oooh la la!

    ~
      February 28, 2021 7:57 AM MST
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  • 7271
    hahahahaha OMG I was so excited at the thought I misspelled "French."  I mean I forgot to capitalize the F.  hahaha I did it again.  This post was edited by . at February 28, 2021 4:31 PM MST
      February 28, 2021 8:46 AM MST
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  • 52905

     

      Oh wait, I excite you? (Good to know. VERY good to know.)


    ~

      February 28, 2021 1:21 PM MST
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  • 19942
    I don't believe that I would squander all that money and go broke.  I'm much too practical for that to happen.  My first call would be to a lawyer, the second to a financial advisor.  I would set up trusts for my family members so they could live off the income and never touch the principal.  
      February 28, 2021 8:19 AM MST
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  • 7271
    My problem would be getting me to spend it.  I'd have to get used to the idea that I need something that I really don't need.  hahahaha if that makes sense.  Give me a large workroom and my tools, paints, glues, saws, glass saws of all kinds, kilns and a good air filtering system and I'd be happy to create.  4x8 foot work tables, big enough for the both of us to have projects going.  I have a feeling we have more in common than I know about. 
      February 28, 2021 8:52 AM MST
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  • 19942
    Same here.  My needs are minimal.  If I don't need it, I don't buy it most of the time, but occasionally, I buy something I want if I can afford it.  I think the biggest advantage to winning that kind of money is knowing that you'll never want for anything and that you can take care of your family forever.
      February 28, 2021 1:07 PM MST
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  • 7271
    Some people do live like that, I don't know any but I read. 

    I can't believe I actually engaged in this type of dialogue.  Excuse me while I go back to the world I live in, the real one. 




    This post was edited by . at March 1, 2021 11:59 AM MST
      February 28, 2021 4:23 PM MST
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  • 52905

     

      I seem to remember all of a sudden how you and I are related to each other, SpunkySenior. On your maternal grandmother‘s side, her great grandfather’s niece’s cousin (thrice removed) married the great uncle of my mother’s paternal grandfather. I’m just sayin’, Auntie. (Cough, cough.)
    ~

      February 28, 2021 1:38 PM MST
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  • 19942
    Ahem ...
      February 28, 2021 3:53 PM MST
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  • 52905

    Is that “Ahem” or “Amen”, Auntie?




    ~

      March 1, 2021 3:10 PM MST
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  • 19942
    That's "Ahem."  :) This post was edited by SpunkySenior at March 1, 2021 7:33 PM MST
      March 1, 2021 7:20 PM MST
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  • 52905

     

      Thank you, Auntie. 

      ~

      March 1, 2021 7:33 PM MST
    1

  • 44175
    Number 2 sounds like some professional athletes.
      February 28, 2021 9:20 AM MST
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  • 19942
    I don't know.  Let me win such a large lottery prize and I'll tell you. :)
      February 28, 2021 8:16 AM MST
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  • 44175
    Randy seems to have covered the most, but I'll add one: Long lines of investment companies and lawyers knocking at the door.

    Personally, I would give most of it away to immediate family members and keep enough to pay off my debts and live comfortably. This post was edited by Element 99 at March 1, 2021 3:58 PM MST
      February 28, 2021 9:23 AM MST
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  • 7271
    If you were to invest it you could make it grow.  Once you spend it all or give it away, it's gone.  Instead of giving it away think about investing, you will come out ahead.  This post was edited by . at March 1, 2021 11:58 AM MST
      February 28, 2021 12:43 PM MST
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  • 44175
    I already have two large investment accounts and three incomes. I don't need much else. My kids can invest what I give to them.
      February 28, 2021 4:29 PM MST
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  • 19942
    I work for a law firm, so my boss would handle those affairs and I have a really good financial advisor already, so he would help me with the rest.  I know I would give a lot away to charity.  
      February 28, 2021 1:05 PM MST
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  • 9778
    Being mega-rich does not appeal to me. I think I would always be scared of being robbed or kidnapped or carjacked if I dared to show my wealth. I honestly am not worried about family members coming to me for money. I have no extended family and my siblings would not do that (or need to). I suspect that 'charities' looking for big donations would be the biggest annoyance. But I would immediately give most of it to charities that I already support and know are legit.
      February 28, 2021 6:31 PM MST
    2