How the Luck

Past Lottery Winners Reveal What They Wish They’d Known Before Winning

Winning the lottery sounds pretty exciting, until it actually happens to you.  While the idea of having such an amazing windfall practically fall into your lap can be highly appealing, there is a much darker side that most people aren’t even aware of.

Past lottery winners have revealed that there are things they wish they’d done differently, if they’d only known what they were getting themselves into.

Don’t Quit Your Current Job

One of the biggest mistakes that lottery winners make is believing that they’re now set for life if they happen to win enough money. Nothing could be further from the truth.

The last thing you want to do is draw unwanted attention, and it is far better to sit back and give yourself time to think about your new reality before rushing into making bad decisions on a whim.

Past winners recommend that you wait about four to six months before you make any major lifestyle changes.

Hire a Good Financial Adviser, Immediately

While you might think you’ve always done a fine job managing your finances, there is a big difference between managing the average American income vs potential millions. If you win a lottery, you should hire a financial adviser before even claiming your ticket.

In fact, you’re going to want an entire financial planning and accounting team to help you set up a system to manage your newfound funds. Estate planning and making sure that you’re paying your quarterly taxes on time can be harder than you think.

Things Are Going to Change, and Not Always for the Best

You might think that winning the lottery might drastically improve your life, but that isn’t always the case.  People may start to see dollar signs around you, instead of the person you used to be – and people will do strange things for money.

Many winners decide to hide the fact that they’ve won anything for exactly that reason, as they’d like to avoid having people ask them for money or for favors.

However, if you play things right, your entire life can absolutely change for the better. Check out our archives to read stories of people who won big without losing their happiness.

Marion Prince

Marion Prince

If Marion Price ever won the lottery, she’d accept the winnings anonymously, hire a lawyer right away, and live modestly on the interest payments from her lump-sum payment. Not that she has a plan or anything…

She finds the stories of lotto winners fascinating—especially those rags-to-riches-to-rags again stories of winners who had it all and then lost everything.

When she’s not researching tales of winners and losers for HowTheLuck, Marion enjoys horseback riding and hiking.

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