Life after the jackpot: 12 secrets lotto winners keep to themselves

You'd think life would be sunshine and rainbows, right?

Life after the jackpot: 12 secrets lotto winners keep to themselves

Can you imagine winning the lottery? It would seem like all your worries have been solved, right?

That isn't always the case. While it might seem like your money worries are behind you and your future is bright now that you have this new financial freedom, you may find yourself with a whole new set of problems and issues. So, what is life like after the jackpot? We are going to share some secrets that lotto winners won't tell you about, such as what changes to expect and how to handle a big lottery win.

Interesting lottery statistics

Let's start with a look at where lottery players' minds are at when it comes to playing and winning the lottery. Self talked with 1,000 residents of the United States to get their thoughts on winning the lottery.

One of the big questions after winning the lotto is if you would tell anyone you won. Only 9.7% of the people said they would keep the news of winning the lottery to themselves. However, 61.4% said they'd tell certain family members.

What would you do with the winnings? Of the respondents, 31.5% said they would pay off debts first. Shockingly, only 10.2% said they would quit their job if they won. Despite stats saying that 70% of lottery winners historically end up broke, 84% of the respondents said they feel like they would have control over their winnings. Is that delusion or high hopes?

These next ones might shock you, or at least they did us. We have 86% saying that winning the lottery would make them happier in life. However, 47.4% said they would leave or consider leaving their partner if they won. Then, 90.2% said they would be careful when making new friends after they won. It seems like they would be happier, but they are in a very jaded life!

Life after the jackpot

Now comes the fun part. What is life like after the jackpot, and what should you be considering if you do win? We take a deep dive and look into it below, so follow along.

1 - Don't tell everyone

As exciting as it is, and you may feel like shouting it from the rooftops, you should probably keep the news of winning close to your heart. There are way too many scammers out there!

When people know you have a lot of money coming your way, they are going to start approaching you for money. There are also scammers who may start contacting you, saying you need to wire them money for taxes or fees for winning. That is why you should keep everything through the lottery officials and with the ones you love.

No one from the lottery is going to contact you, so ignore any of those calls or texts that may come through. While some states allow you to remain anonymous, not all do, so it is hard not to tell everyone when everyone wants to know who won that big Mega Millions jackpot recently!

2 - Hire some help

Depending on the size of the lottery win, you probably don't have experience working with that size of money, especially coming in all at one time. Do normal people have experience getting a check for millions of dollars? No, so that is why you should hire some experts in these fields.

One of the first things winners should do is hire a tax attorney and/or tax accountant. These professionals are going to be able to help you choose the right plan moving forward, like taking the annuity option or the cash option.

3 - Lump sum payment vs. annuity payments

Speaking of that, which is the best route to go? This is always a tricky question, as some lottery winners have said that getting the giant lump sum payment was just too much at one time. The influx in cash was too much to handle, even though they thought they could handle it. Hence the stat above and why 70% of winners go broke!

For this choice, winners need to consider their age, goals in life, and if they would likely waste the money away. The size of the lottery win factors into it, as tax professionals say a “smaller” jackpot might be better to take as a lump sum and pay all the taxes upfront. You could break up the payments yearly and have the taxes spread out over time. A big factor is what your plans are with the winnings and how well you can control your temptations to spend it all right away!

4 - You get your winnings pretty quickly

Of course, it all depends on how quickly you turn in your winning ticket to claim your prize. However, it is a pretty quick turnaround to getting your actual money. While the winners are always holding that big check that isn't a cashable check!

Claim periods are usually between 90 days and one year before the winning ticket expires, so you do have some time to let it all sink in before claiming your jackpot. Once you do, it usually takes about two weeks to get the actual money.

5 - Winnings can disappear as quickly

As quickly as the lottery officials will pay you, you can also lose that money as quickly. Okay, maybe not in two weeks, but it will seem pretty quick when you go from millions of dollars to broke!

You are going to be overwhelmed. No one knows how they would react to winning the lottery and all of a sudden having millions of dollars in the bank. You may want to go out and make impulse purchases and give money to friends and family. Life may be glamorous, but it may not stay that way forever. You need to be smart with your choices, or you will become part of the statistic that 70% of lotto winners go broke within five years!

6 - Many try to keep the winning going

You won the jackpot, so you can do it again, right? That is what happens for many lotto winners. The thrill of winning that jackpot, they want it again. How do you do that? By continuing to play and hoping for a repeat!

They played the lotto, hoping to win the jackpot and change their life. Now they did, so they have more money to play the lotto and change their life even more. Shockingly, most lottery winners will continue to play, even after hitting a jackpot where the odds were definitely not in their favor.

7 - People will take advantage of you

Depending on how you are as a person, lottery winners can be taken advantage of big time. You may have a heart of gold, so you have this abundance of money, and you want to share the love. People will see that and take advantage of it, even people you may consider a friend.

While it is nice to help friends and family out, it isn't an obligation you have after winning the lotto. Many lotto winners will fall for those sappy stories from friends or family, and then they will hand out money here and there. Some “friends” might even give you a sad story to make you feel bad, but in the end, they were just looking for some free money from you. Don't fall for it, and be smart with your winnings!

8 - Small win compared to others

When winning the lottery, you are going to join a select group of people. Not everyone in the world will win the lottery, so you are special. However, you might start thinking you aren't as special as others. How so? Well, if you “only” won a $22 million Mega Millions jackpot compared to the $1.33 billion winner, you might not feel as special.

No need to compare yourself to others. Enjoy your win, and just remember to be smart with it.

9 - Watch your impulse purchases

If you suddenly get a check for $500 million, of course, you will want to just start buying things. However, winners say those impulse purchases can come back and bite them in the butt.

The biggest thing to remember is to be smart with your money and your purchases. Sure, buying that mansion on the beach might seem like an amazing thing to do, especially since you can afford it now. However, are you truly going to use it? Maybe you will, but maybe you won't, and you'll end up selling it down the road because you are running out of money.

10 - You're seen as inferior by the rich

Not that every rich person actually earned their money, but maybe you went out and bought a fancy house in a fancy neighborhood after winning the lottery. Now you have these rich neighbors, and they might actually look down on you.

Why is that? Well, sometimes these people feel like they worked hard to earn their money and buy their luxury houses, and you just won the lotto and didn't do anything to earn the house you live in now.

11 - Sometimes it's better to give than receive

As we have mentioned, there will be people out there who will try and take advantage of you. While you need to watch out for those kinds of people, some winners have said it is more rewarding and feels better to give than it is to receive.

Yes, it is nice to buy that fancy house or take those luxurious trips. However, sometimes it feels even better and means more when you can help someone out. Giving back to people, communities, or organizations can bring that good karma back into your life and make your heart feel full again. Also, donating some of your winnings back can always help for tax purposes, which your tax accountant will help you with.

12 - Your friends are going to change

Your true friends are going to shine through when you win the lottery. You may think they were your friends before, but money can bring out the evil in people, whether that be you, as the winner, or your friends.

After winning the lottery, winners have said their friends did change. You just find yourself doing things you didn't do before, and your old friends just can't afford the same lifestyle as you. They can't fly around the world for six months, which you can now afford to do. Unless you pay for them to do that, you may find yourself hanging out with people who can afford to do it now.

These are just a few of the things people may not know about after winning the lottery. As always, enjoy playing the lottery, but please remember to play responsibly.


Loading comments