“Imagine the freedom” is an often used marketing slogan of the Ontario Liquor Gaming Corporation for the 6/49 Lottery. Anyone’s life will change after winning the lottery. But will it be easy street or disaster?

The Impact Of Sudden Wealth

Lottery Winning

Sudden unexpected wealth hits the recipient hard simply because life will suddenly change. It doesn’t matter if it’s from a recently deceased unknown wealthy aunt or the lottery win.

The impact of change appear to be due to two main reasons:

a) the size of the lottery win;

A smaller win simply means a lot of calculating what you can or cannot blow money on. The entertainment is more moderate of course. Perhaps paying off all debts and a modest home, car, children’s education, investment amount, set up a business and perhaps a holiday is in store. It may not even be enough to quit your day job yet.

A huge win like those $50 million dollar wins in Lotto Max will like create the opportunity to have a drastic life changing event. Yes, winners are often quoted as quitting jobs and retiring or seeking the best medical treatment and perhaps a new larger house, helping out some great supportive friends and family.

b) the mental readiness of the winner.

It is perhaps this point that will make or break the winner of lotteries. Sudden wealth is often squandered or worse, the winner goes into more debt than winnings simply because they cannot fathom the value of their money. It has been well documented that up to four out of five lottery winners, large or small lose their fortunes and wind up with unpaid massive debts.

However, the remaining winners are far wiser and careful. They are more strategic and think things over with lots of advice from a variety of sources. However, most of them simply play it safe and conserve their fortune. Imagine trying to live off the so called “safe” investments that pay less than the costs of inflation and taxes combined. They are whitling away their cash through the years.

Then, there are the rare ones who actually plan and develop some long term strategies to actually build more wealth. They only live on a modest amount and invest the rest in well diversified, growth oriented businesses. In the future, they do become even wealthier and literally live the lives of the very wealthy.

Personal Mastery Over Money

Who rules? Your money or you? Like most people who are slaves of not having enough money they are working towards insufficiency. They work, mortagage, borrow, then pay and pay for their credit. Actually, it should be they pay the interest and live on borrowed time. Eventually, inflation will and not enough savings and income will reach out and choke the lifestyle out of you.

The people who become the envy of the world have usually become wealthy by building their wealth one dollar at a time. They plan their businesses for full income over a period of two to five years. They sacrifice and not sqaunder their money. They invest and live off those proceeds while saving most of it for investment. This is the way of successful people.

A lottery win simply lets them build their wealth even faster. But come to think of it, could it have been the Law of Attraction working out well for them in the first place? Winners in business or the lottery are always positive about being a winner. But it is simply unfortunate that many lottery winners have not developed their personal mastery over their money like the successful people have.

Life after winning the lottery does change significantly for most winners. But it is after a time of perhaps two to five years that we can see who the true winners are. They are the ones who have expanded their new found wealth even further with well laid out plans and sacrifice before truly enjoying the fruits of their wealth.

13 Comments for this entry

  • It’s nice to see someone approach this issue from such a rational perspective. Obviously, winning the lottery is something that can immediately transform somebody’s life, but the winners who seem to end up happiest are the people who takes things one step at a time and patiently spread out their expenditures while supporting comfortable (but not extravagant) lifestyles over their entire lifetime.
    There seem to be countless stories of people going bankrupt and/or developing very unhealthy behaviors shortly after hitting the jackpot, which is why it is important to take note of warnings for lottery winners and act both deliberately and responsibly in order to prevent things from getting out of control.
    Thanks for injecting a dose of reality into a seemingly surreal subject, BizMum.

  • BizMum says:

    Thank you for your feedback. Winning the lottery is a fact of life. And so is keeping it all safe – the winnings and the lifestyle.

  • The Next Step says:

    Thanks BizMum for your very perceptive insights. They are much appreciated.

    I have a confession to make.

    Currently, I have amassed so far 172 pages of comments like yours about what to do after winning the lottery.

    While I currently have NOT won any lottery, I quietly smile to myself each day knowing I am prepared (I think) when I do.

    Cheers

  • BizMum says:

    Keep smiling. You’re already a winner feeling positive and doing the things that bring success. The lottery or luck is what you create.

  • wiki says:

    Well if you apply to every lottery in the world, then yeah sure, you can increase your chances. But winning the lottery in any country is usually a one out of a million or billion chance.
    Regards,
    Euro Chance100

  • BizMum says:

    Thanks for the reply but winning is always welcome in any aspect of life. This includes the lottery. The odds in a 6 numbers out of 49 first prize pick is about 14 million to one and a 7 out of 49 first prize pick is about 56 million to one (please correct me if I’m incorrect). However, the odds of winning any prize for all of them is much closer to just 20 or less to one. However, it makes me wonder why some people are simply more predisposed to winning regularly…thelaw of attraction at work?

  • Jason D says:

    I’ve studied the lottery and the winners and losers since Britain first began it and in America since emigrating.

    I’ve found that the lottery tends to magnify a persons existing personality, if a person drinks they can become a drunk, if they do drugs they become an addict, if they are shallow they become intolerable and if they were giving they can become their own worst enemy and give so much or more then they have away.

    The dreams of winners often exceed the reality, people thinking a million is the same million that it was in those early black and white movies, that you can buy a Ferrari, own a yacht, go one luxury vacations for nine months of every year and have a big house, one reason so many sports stars go ‘belly up’, that the reality often fails the dreams.

    An average person can earn more then a million dollars or indeed pounds on their lifetime, but someone who inherits or wins money doesn’t understand that this is a one time deal and that their new neighbours can maybe not earn their amount on a given year but that they have a far larger earning capacity then the winner amount will over their lifetime so ‘keeping up’ can cause them to speed through their win.

    Some want to live the dream without understanding the costs of these large homes, sports cars, employees, etc and when they get into financial trouble cant even consider financially pulling back before the ‘wolfs at the door’.

    A winning frame of mind is all well and good but should be liberally sprinkled with a dose of reality and understanding that you cant buy your way into affluent society any more then jumping from privilege to the common working class.

    It is best to listen to professionals and see your safe income as your winnings and not a potential lifetime of affluence because that would undoubtedly produce the exact opposite

  • BizMum says:

    Well said Jason, but remember, it is what one focusses on. So, for those who have already read this article, it’s about the pitfalls and the successes one can make of life. It’s your thinking, your actions and what you literally attract into your life. Prosper…

  • Foster says:

    Just want to say your article is as amazing.
    The clearness in your post is just cool and that i could
    assume you’re knowledgeable on this subject. Fine together with your permission let me to grasp your feed to stay updated with coming near near post. Thank you 1,000,000 and please carry on the rewarding work.

  • Adriana Ruiz says:

    This story is so true but boring

  • Paul says:

    I agree with lottery advice completely. It really is a rational and down-to-earth way of perceiving a sudden and huge lottery win. I’ve often wondered why lottery winners sometimes squander their money and end up with nothing whilst wealthy singers and actors manage to maintain their wealth. And you shed some light on that. Thanks very much BizMum!

  • eddie says:

    I am a lottery winner who wrote a Law of Attraction book titled “Manifest Your Millions: A Lottery Winner Shares his Law of Attraction Secrets.” I know that the Law of Attraction can be used to manifest a lot of money, lottery prizes, and other wonderful things. I just wanted to share :)

  • mars douglas m says:

    If i did not take the advice larry mader gave me i would not have a been rich, I recently saw a testimony on the internet from a comment that was made by larry mader about how dr. soula the lottery spell caster make him win the lottery so i decide to contact the dr myself so that i can also be a winner in the lottery so as to help my poor family. Believe me that dr. Soula gave me the lottery number i am to play the lottery with and i did and my name was listed amoung the winners i am so grateful for what dr. soula did for me now my family is always happy and we are living fine. You have to contact this man fast cause he has no much time to spend on the internet

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