Have you ever thought of what you are going to do with your winning money? Would you buy a fancy car, give money to charity or spend on luxury travel? Let’s see what lottery winners have done with their money and you may get some useful suggestions.
Many questions arise when you have big money
There are many stories about people who turn their lives around after receiving huge amount of winning money. We are encouraged greatly from these stories, which is the reason why we keep playing the lottery. So if one day, you are in a similar situation, what you are going to do? Have you had a clear financial plan in your mind? Or will you just spend this money without thinking too much? Will you leave a sum to your children or will you keep it all? Many questions have arisen in case you are a lottery winner. You can refer to https://dudoanxsmb.com – the website supports daily lottery prediction, lottery results, and learn everything you want to know about this favorite lottery game.
How lottery winners manage their money prize?
In 2012, operators of the National Lottery in the UK Camelot carried out a survey on more than 3000 millionaires it had created. The survey pointed out that a great number of these millionaires spend their money on property investment purposes, followed by investments that bring future income. The third most popular purpose was for their children’s financial security. The proportion spent on exclusive cars, gifts to their family, vacations or debt settlements and mortgages was the least on the list.
According to the study, although the spending on friends and family ranked last on the list, the total amount was still high. Winners handed over approximately $1.8 billion on their families and friends. They also paid off 3,700 mortgages for others. It is easy to realize that everyone will have a piece in the prize, including parents, husbands or wives, siblings, friends, neighbors, charities, coworkers, and even strangers. Normally, it makes everyone happy. However, many facts show that this kind of sharing sometimes ends up with conflicts, estrangement, divorce, bankruptcy and even murder as people always get jealous and always want more.
Here are some fascinating stories about how lottery winners deal with their big jackpot wins:
John Kutey donated to build a water park
In 2011, John Kutey cashed in a $319 million Mega Million jackpot. After discussions, he and his wife donated a portion of the huge amount of money to build a water park in honour of their parents. According to the Albany Times Union, the total money they donated to the construction of Spay Park in Green Island of New York was up to $200,000.
Louise White created a trust
Louise White from Newport, Rhode Island won a lottery prize of up to $336.4 million in 2012 when she was 81 years old. ABC News reported that she brought rainbow sherbet at Stop N Shop right before she purchased her lucky lottery ticket. And in honor of the lucky desert, she decided to create “The Rainbow Sherbert Trust”, which was a trust that bought wealth and benefits to her family.
Bob Erb supported marijuana legalization
Unlike the two examples, we have mentioned above, Bob Erb, a Canadian pot activist, had his own way to spend his winning money. According to The Huffington Post, Bob became $25 million richer in 2012 after buying a lottery ticket on his way to his father’s funeral in Calgary. This man had been buying lottery for 43 years. In spite of the huge amount received, he did not quit his job but continued working as a seasonal construction worker and donated his wages to the food bank. He also spent $1 million to support an annual event supporting marijuana legalization.
Nigel Willetts’s dream of traveling around the world came true
In 2014, pub landlord Nigel Willetts won £1 million after accidentally grabbing a £20 bill while purchasing lottery tickets. The accidental winnings were used to achieve his dream of traveling the world, starting with a vacation in Florida.
Jonathan Vargas and his TV show with female wrestlers
Jonathan Vargas had his way of spending prize money that had never been made in history. He was just 19 when winning a $35.3 million Powerball in 2008. He decided to create a women’s wrestling promotion called Wrestlicious, showing audience members scantily-clad women performing sketch comedy. However, his “Wrestlicious TakeDown” just lasted one season. After that, he was trying to make a reality TV show which based on the original program, according to CNS News in spite of his regrets about his ways of spending his winnings.
Lara and Roger Griffiths and their dream home
The Daily Mail reported that the Griffiths family used their Lotto winnings of £1.8 million to purchase their dream home. This house was said to be priced at £670,000. They also bought themselves a luxury car Porsche and two more properties to rent. Besides, Robert used £25,000 to make a record with his college band and bought stocks in several companies. Their financial plan seemed reasonable until 6 years later when every penny of their fortune was gone.
Sarah Cockings gave her sister breast enlargement surgeries
In 2005, Cockings, a social work student, won a $4.2 million lottery prize. She decided to spend this amount on her family because, according to her, “I’ve got a really close-knit family and my win was not just for me but also my family”. She started by buying her parents a new house and cars, according to Daily Record. Her sister received a breast surgery as a gift from her beloved older sister.
Evelyn Adams spent her money on gambling
Evelyn Adams, a New Jersey native, was such a lucky woman as she won the lottery in back-to-back years – 1985 and 1986. The total winning money was $5.4 million, according to AskMen.com. She felt so lucky and rightfully, which was the reason why she took her cash to the tables and slot machines in Atlantic City. All aimed at testing her luck. Unfortunately, it seemed that she was not that lucky. As of 2006, after gambling her cash away, she was found penniless and residing in a trailer park.
Marle and Patricia Butler hired a financial consultant to design their financial plan
Sometimes when the winning money is imaginably huge like what the couple below got, it is wisest to get a consultant to help you. In 2012, Illinois-based couple Merle and Patricia Butler won a share of the $656 Mega Millions jackpot. The money was so huge that they even did not know where to spend their money on. Thus, they decided to have financial consultants and attorneys to help them spend the lump sum.
Denise and Paul Hardware made their property investment
In 2007, the Wales-based couple, Denise and Paul Hardware, had a turn in their life after getting £5 million lottery prize. They went on a celebratory luxury cruise, paid off all their mortgages and bought a lovely house in Somerset. After that, they invested their money in three more properties. The winnings also helped them to fund their son’s degree from Oxford Brookes University.
George and Beryl Keates gave their winning money to their money
In spite of 14,000,000-to-one odds, George and Beryl Keates, an English couple, brought home £3.5 million. However, they decided to divvy it out to family members. They gave each of their four sons £250,000, each of their nine grandchildren £10,000. Their sisters also received a sum as a gift. With the leftover money, they decided to spend part of them buying more lottery tickets.
Different people have different ways to spend their winning money. Many use it to enjoy a luxury life, whereas others invest in stock or property. However, to best enjoy your accidental sum, it will be best to have a clear and detailed financial plan.