Everyone has at one point imagined what it would mean to be filthy rich. How it would feel like when money was not a problem and that you could afford anything and go wherever you wish at any time.
Of all the ways to become this rich, the lottery remains one of the most common.
Even though everyone realizes how unrealistic it is to suddenly become rich, the lottery makes it a possibility. Several people have interacted with the winning Lotto ticket before and got massive winnings. Such a lot of money is life-changing. Some winners before have spent it in constructive ways that made them wealthy forever. At the same time, others have blown up millions and ended up being poorer than they were before.
Therefore, it is safe to say, the lottery itself is not an issue. Forget all the myths you have heard about it before. Instead, it is the winners who are the real determinants of where the money goes. Here are some of the ways the previous winners tend to spend their windfall.
Most lottery winners tend to either upgrade their current homes, clear mortgages or move to better homes. Others also bought other property to rent out. One of the notable lottery winners to have spent on the property is John and Lisa Robinson of Tennesse.
The couple shared a Powerball Jackpot of $1.6million with two other winners. At the time of winning, the couple had promised to retain their modest one-story house, pay off the mortgage and clear their daughter’s education loan. However, it later emerged they bought a 10-bedroom at a rural setup overlooking a private lake. The house apparently came with 8 bathrooms and a private home theatre.
Colin and Chris Weir after claiming £161million EuroMillions in July 2011, bought a mansion worth £850,000 in Scotland. They later on upgraded to an estate worth £3million.
- Travel tickets
Travel remains appealing to most people and they only fail to undertake it due to lack of funds. With the lottery, one can easily travel the world at will. An example is Nigel Willets who won £1000000 in 2014. He used the money to travel the world starting with a family vacation in Florida over the holidays.
- A new car
A new car is another leading purchase one is likely to make after winning a lottery. Before winning a lottery, most people tend to have a practical car that serves the only purpose of moving from one place to another. These tend to be the ones with more mileages and are less costly to purchase and maintain. However, with the money from the lottery, you can afford the top luxury car brands.
- Social impact courses
Winning a lottery does not mean one has to focus on themselves. There is always the chance of supporting various courses one believes in. Some of the most common courses one is likely to be supported include legalizing marijuana, organizations fighting diseases and community support.
- Create a TV show
While it might seem far-fetched, she is likely to create a TV show with her own cast and stage direction. Everyone has an idea of what a film plot would be. However, they cannot bring the thoughts into reality through films due to the lack of funds. With the money from the lottery, anyone can set this up. For example, Jonathan Vagas created a reality TV show made up of a female cast only.
- Breast transplant and skin enhancement
If there is one thing that moves the ladies most is the beauty standards. This explains why the beauty and fashion industry remains some of the most active in the world. In recent times, breast transplants and body enhancement have become quite common. Ladies are willing to pay any amount for corrective surgeries. Winning the lottery is an ideal source of that money. An example is when Sarah Cocking bought breast enlargement services for her and her sister.
A lottery is a form of gambling, and winning does not necessarily mean one would stop gaming. Most people have used their earnings for gambling and widening the scope of games they stake. An example is Evelyn Adams who won $5.4million then went to the slot machines and tables in Atlantic City. She however ended up broke after gambling away the money.
- Shopping spree
There is a high chance that she will get into a shopping spree and purchase all the luxuries money can buy. Whether it’s designer bags, luxury clothing and the top end drinks, it will all be part of the new lifestyle. Vivian Nicholson, for example, won £152,300 in 1961, an equivalent of £3million today. She ended up spending it on luxury cars and travelling all over Europe and the US.
9. Upgrade their home
Most people wish to upgrade their homes but would not do it due to the costly fixtures. They would rather keep the basic home items that are affordable to manage. However, with the lottery winnings, one can splash on the luxury fixtures and attain the world-class kitchen, bathroom and other home items.
10. Gifting to family
Lastly, some people would rather share their luck with families. They would divide the money among family members, or buy them priorities, pay for school fees or take them for vacation.
While most people dream about winning the lottery, they are never prepared for how to spend it. Click here for more guides on how to rightfully spend your winnings.