Many people think that winning a lottery can positively change your life. However, research shows quite the opposite. One study claims that lottery winners average four out of five points in overall happiness while the control group averages 3.85 out of five. So, winning a lottery may not be the solution to all of our problems.
For some people, winning the lottery can ruin their lives. At least that’s what happened to this woman. She recently shared a story of how her lottery win cost her a relationship with her romantic partner and caused a rift between her and her family members.
Many people dream of winning the lottery, but for this woman, it turned out to be a nightmare
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Her win ruined her relationship with her partner and her family members
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Lottery winners often report going broke, facing ruined relationships, and wishing they never won in the first place
The author of this story is not alone in her woes. Many lottery winners aren’t that much happier or well-off after coming into so much money unexpectedly. There are many stories in the media of miserable lottery winners.
Jack Whittaker, the winner of $315 million in Virginia in 2002 claims there’s a curse of the Powerball win. Whittaker went broke soon after his win and even lost his daughter to cancer and granddaughter to overdose. Several publications quoted him saying, “I wish we had torn the ticket up.”
Don McNay, a financial consultant for lottery winners and the author of Life Lessons from the Lottery says there are many reasons why lottery winners turn miserable. “It’s just upheaval that they’re not ready for,” he told TIME. “People [take their own lives]. People run through their money. Easy comes, easy goes. They go through divorce or people [pass away].”
Whittaker had almost all of these things happen to him. He also said that he faced constant requests from many, leaving him unable to trust anyone. Another lottery winner Sandra Hayes said the same thing happened to her.
“I had to endure the greed and the need that people have, trying to get you to release your money to them,” Hayes described her experience. “That caused a lot of emotional pain. These are people who you’ve loved deep down, and they’re turning into vampires trying to suck the life out of me.”
Ron Riggio, a professor of organizational psychology who studied past lottery winners says many of them are unable to deal with the emotions that come with such a win. “All of a sudden you’re kind of a celebrity, and a celebrity that people want to take advantage of.”
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It’s possible to be happy after winning the lottery; you just need to make smart money decisions
Winning the lottery is not a curse to all. Richard Lustig, who won several lottery prizes, was quite smart with his winnings. He even wrote a book Learn How to Increase Your Chances of Winning the Lottery, sharing his method.
According to him, the secret to a good life after hitting it big is to have a good accountant and pay off all debts. “The reason why you hear those horror stories about people who win huge amounts like that and all of a sudden they’re filing for bankruptcy is because it’s usually from people who have never had that kind of money before in their lives.”
“They just go through it like crazy,” he told TIME. “They think there’s no tomorrow. Well, there is a tomorrow and eventually, it will run out.”
A 2020 study in Sweden asked lottery winners about their emotional well-being five and 22 years after winning. The researchers found that the winners “sustained increases in overall life satisfaction” and that they did not blow all their riches on extravagant purchases. Many didn’t even quit their jobs, although they admitted to working less and enjoying more and higher-quality leisure time.
Sandra Hayes had to deal with pressure from the people close to her, but she managed to make her lottery winnings work for her. She took the advice of financial planners and is now living off the interest of her winnings.
Paul Golden, a spokesman for the National Endowment for Financial Education, told NBC that new lottery winners should assemble a team to help them deal with the whole ordeal: a financial planner, a tax expert, an accountant, even a therapist. Treat it like an interview process, essentially: choose those who think like you and learn from those who have a different opinion that might be beneficial.
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The author was still having a hard time coming to terms with having that much money
Many people pointed out that this might be for the best, as the money showed the author who the people around her really are
