We Didn’t Win The Lottery….Thank God!
Posted by michelle on Nov 29, 2012 in Making Money | 56 comments
As you may have heard, the big lottery game here in the United States called Powerball had a jackpot worth over half a billion dollars. Two lucky people had purchased jackpot-winning tickets, and one of those tickets was purchased in my state! I’m almost relieved to announce that I did not purchase that ticket. In fact, when I had heard that one of the winners was bought in my home state, I momentarily freaked. I had bought a ticket (something I usually don’t do!) and now I’m not even sure why I had. I think winning the lottery would be such a pain, especially if the jackpot were that high. Can you imagine the heavy sense of responsibility that must fill the hearts of big lottery winners? Sure, we all dream about living rich lives with all that money, but I assure you it would make you only slightly happier…and only momentarily. Psychologists have researched the effects of winning large amounts of money and what it does to one’s psyche. Does it make people happier? The results were scary! People who won the lottery were often times depressed and unable to enjoy the small pleasures in life anymore. Can you imagine not being able to enjoy something simple like a compliment, a heartfelt note, or a chat with a friend?
One of the saddest effects of winning a huge sum of money, in my opinion, is often discussed by past winners. They talk about their inability to trust people after they’ve become rich. How would you know if someone was truly interested in you for your wit and charm and not for your fat wallet? Would hanging out with friends and family ever be the same? Obviously, you’d be expected to share your winnings as well, but how does one decide how much to give each family member? What if you bought a car for one of your siblings and a house for another? Surely, that would cause conflict and hurt feelings. It sounds like a huge mess that I’m glad I don’t have to deal with! There’s also the question of charity. If you are the recipient of a ridiculously large sum of money, shouldn’t you give most of it to those in need? If you don’t, won’t others judge you?
It was only a few short weeks ago that I was crying and pacing the floors trying to decide whether or not to sell my wedding ring for those in need of clean drinking water. My parents, sister, and some friends talked me out of it ultimately, telling me that it would be better to get my own family out of financial duress first, and then to donate what I can afford. My thinking originally was that I have so much, while there are others out there that have so little. I can’t even make it through a night without a fresh glass of filtered water on my nightstand, but there are people that don’t ever have clean drinking water. Even though I have a little credit card debt, don’t fool yourselves. Just living in this country makes me richer than a lot of people in this world. The guilt and responsibility I feel to help those in need is already high. I can’t imagine what winning a ton of money would do to me. I would be tempted to give most of it away to charity so I wouldn’t have to deal with it.
If you’re like me and millions of other crazy people who bought a lottery ticket for yesterday’s drawing, thank you for supporting local schools! And if you won, I’m so sorry….and good luck.
What do you imagine winning the lottery would be like? We all dream about it, right? Would you worry about relationships, the responsibility to help others, the guilt for not doing more? Or would you quit your job and enjoy a carefree life?
56 Comments
Leave a Reply
eBook with Michelle & Jefferson for only $4.99!
As Seen On
About Us
Designed by Nuts and Bolts Media | © 2013 See Debt Run
Business
Well, it’s really not much different than the guy that creates the next great invention or the first pick in the NFL or NBA drafts. Going from being poor (relatively speaking) to having a ton of money is challenging. I think I would try to set guidelines right away to protect my money and make sure it went exactly where I wanted it to go. I’m sure you would be constantly asked to give money to charities and invest in new businesses. I’d actually be a little worried about how my family would react. I think they would expect me to pay off all their debt. Which I probably would do, but now one wants to give out of obligation. I’d be happy to not have to worry about bills anymore.
Johnny@ Easy Financial Tips recently posted..5 Reasons Why You Shouldn’t Waste Your Money on a Smartphone
There’s no doubt there would be obligation to pay off your friends’ and families’ debt, Johnny. If you didn’t, you would be greedy and selfish. It’s a catch 22.
I just don’t understand the people who place their futures o winning money from the lottery!
It’s definitely a huge burden. There was a news story on it (after the last one) and it went through many who went bankrupt because going from dirt poor to extremely wealthy just doesn’t work psychologically. Most had any good personal finance habits and just spent and spent, and others had that guilt burden and they felt bad for winning and so every person who asked for money, or even wrote them a letter asking for money got it.
No surprise that guy ended up bankrupt. It’s not worth it, build your wealth and habits and you will live a healthy, happy life!
Joe Cassandra recently posted..ABC’s Shark Tank Holds the Key to Your Job Search
I can totally see how people who win the lottery can go broke. Saving is an art form that those without money have never had the chance to practice.
Michelle,
I’d first get an attorney on retainer and hire somebody with more finance knowledge than myself. I’d do my absolute best not to tell anybody I won. Not even my family. It’d be a challenge, but I think it’s possible.
I’d probably only change a few things. I might move into a nicer place or make a couple of purchases. Otherwise, I’d do my best to keep things the same. I’d invest most of the money or consider starting my own business.
I’m sure it’s easier said than done and if I won that ticket, my thoughts would change. It’d be difficult, but I’d be up for the challenge. That is, if winning hundreds of millions of dollars is a challenge. Ha!
-Christian L. @ Smart Military Money
You have really thought about this, Christian! Well, I won’t lie…I have, too. I think everyone who has ever bought a lottery ticket either already had that money spent or the smart ones like you had a plan. I think you’re smart not to tell too many people, although with a jackpot of this size…everyone would know unfortunately!
I would actually LOVE to win! But I didn’t…
Michelle recently posted..Identity Theft (Someone bought a house in my name)
Maybe Jason from Work Save Live did! It was sold to someone in the KC area….OH JASON??
While winning half a billion dollars in the lottery would undoubtedly complicate things, I think that with a proper financial plan it is possible to overcome all the negative aspects of it. In fact, I think it would be easier to become rich through the Powerball than being a pro athlete or a movie star. It’s much easier for a regular guy like me to keep a low profile than it is for a 6’10″ basketball player! I’d do my best to stay close with my family and long-time friends, as they would be the least likely to treat me any differently.
That is a good plan, Michael. You sound so cool and level-headed, I bet you’d do alright if you won big time. Me? I worry too much and stress over much smaller things already!
I would freak out a bit, especially here in Guatemala, if people discover one has a lot of money, you can be robbed, kidnapped… Many rich people have bodyguards here. But upgrading progressively, I think people wouldn’t notice. I wouldn’t want a Mc Mansion for the world or a big shiny car.
Pauline recently posted..Spinach and leek pizza: Make your kids and man eat greens
Pauline, that doesn’t sound too much different than here unfortunately. I would definitely worry (more) about my children if we were rich! There are always abductions of famous and rich children here. It’s so crazy and sad the way that money moves people to do evil things.
I’ve definitely dreamed of winning the lottery, if no other reason than for paying off my debt and building a retirement. But you’re right, those large sums of money come with a lot of responsibility and I think I’ll be satisfied with paying off my debt through hard work and determination
.
Shannon-ReadyForZero recently posted..How to Pay Off Student Loans After You Graduate
Keep working hard, Shannon! I think it’s true that EARNING something feels a whole lot better than being given something you didn’t have to work at all for. We can’t wait to be consumer debt-free. Next is the car loan, then the mortgage. Being able to say we did it without help or hand-outs will feel so incredible!
What’s the catch phrase? “You have to play to win”?
Then I will never win =) I hate the feeling of the lottery and gambling.
Mrs. Pop @ Planting Our Pennies recently posted..Medical Lemmings: Peer Pressure and Medical Spending
Really, Mrs. P…you have about the same chance of winning if you play or not!
I think it’d be pretty awesome. It would be a lot of responsibility but I’d hope I could collect anonymously. I’d tell a couple people but not many and I’d try to live a pretty normal life… I think! Who knows!
Lance @ Money Life and More recently posted..Massive Cash Back – Blue Cash Everyday® and Preferred® by American Express
Lance, that is a great plan! I actually didn’t know that you were legally able to stay anonymous. I just looked it up and it looks like you should be able to with the help of a lawyer. It would be hard to stay anonymous, though, unless you were very practical and frugal still after you won. Otherwise, people might wonder how you’re funding the boats, cars, houses, vacations…;)
In my state, you can’t collect the prize money unless you go on TV and showcase that you won and give your real name. That’d be pretty tough, because I’m pretty sure I’d just get murdered shortly after for the money
Jacob @ iheartbudgets recently posted..Mortgage Refinance Completed!
Jacob, I have to look into this (if I ever win anything, that is!) because I’d always heard you couldn’t remain anonymous. Maybe our state is the same way?
This just in: you DO have to come forward with your real name and do a press conference in our state! The winners were announced. Good luck to them!!!!!
I can totally see the down side to winner a lotto that big (or any size for that matter). I think someone had mentioned this before, but I wouldn’t tell anyone, although I’m sure people around would figure something was up. It would be nice to donate to more charities I like more freely, without the agony of making those decisions. You’re right, we do have so much, but we do have to make sure our own selves and family are taken care of first. I’m glad you didn’t sell your wedding ring.
Budget and the Beach recently posted..Bah Humbug: Why I don’t really do Christmas
I’m glad I didn’t sell my wedding ring after all too. I actually drove to the jewelry store to get it appraised when my mom called me and begged me to think about it a little longer. Then my sister called and told me that I was crazy, then a few friends chimed in….yeah, all agreed. I don’t have a lot of jewelry that’s worth a lick, but I wear my wedding ring all the time. Even when I’m swimming or showering or playing sand volleyball, it’s with me! That and I have an amazing husband. My ring is a constant reminder of him even when he’s not right beside me.
I still plan on helping this amazing charity out! I will just give what I can afford and not go crazy and sell the only piece of sentimental jewelry I own to do so.
I know what you mean, Michelle. A half a billion dollars is way too much money for anyone. If I were to win the lottery, I would much rather win a smaller amount like 1 million or something. Then (hopefully) I wouldn’t be miserable and hassled to death.
Like you, we bought a ticket yesterday. I dont know why…but I did hear on the news where some of the money goes in our state. Lottery profits went to help fund police and teacher pensions as well as some other state projects. I actually do feel good about that.
Holly@ClubThrifty recently posted..Tips for Job Seekers – The “What Not to do” Edition
Thanks for helping out the schools, Holly! I told myself the same thing. You’re right that winning a smaller amount, like $1 million, would be far less stressful! $1m is definitely enough to help a family reach financial stability and will help fund a retirement account, but it’s not so much that everyone and their brother would want a piece.
I like you for your wit and charm. I like you more than I would if you were a multimillionaire.
Kathleen @ Frugal Portland recently posted..Amazon makes it really easy to spend money
Thanks, Kathleen! I like me more, too! If I were rich, I’m sure I’d be annoying and depressed.
I never really thought about that, how it might be bad thing to win the lottery. Then again I have watched a lot of episodes of the lottery winner show on TLC and it’s pretty depressing. Most people end up blowing it and going into bankruptcy!
So true. I’ve seen those shows, too, and they’re usually super depressing. Everyone always thinks that having a ton of money will solve all their problems, but obviously not! Those people have even more problems than you and me….no thanks!
I think it’d be nice, but it really is too much money. We think a little about getting a huge amount of cash, but who doesn’t really? We’d do a few nice things, but largely we’d save so much of it and use our time and resources to help serve those charities that are close to our hearts.
John S @ Frugal Rules recently posted..Frugal Friday: Posts That Ruled This Week, It’s December Already Edition!
John, I have no doubt in my mind that you’d be very generous with the winnings if you ever were so lucky.
I like to think I’d be one of those people who are “okay” after winning the lottery
It seems like a large majority have major issues, but there is a small minority that have been able to live a “normal” life after winning.
DC @ Young Adult Money recently posted..5 Ways to Make Side Income
DC, I think we ALL assume we’d be the lucky ones. It’s human psychology 101, right? Silly example, but if you asked 100 people to describe what the end of the world would be like, not 1 person would say they would be dead. They would describe lots of other people passing, but never themselves. It’s crazy how optimistic we are as a species. Even playing the lottery makes us crazy optimistic if you think about it. 1 in 175,000,000 will win, yet everyone who buys a ticket truly believes they have a shot. On the other hand, 1 in 67 people will die in a car accident, but do any of us wake up thinking it could be us? NO. We’re all crazy…
The lottery wouldn’t pose a threat for me. I already have my game plan.
Put the lottery ticket in a trust, have my lawyer pick up my winnings and act normal. Over the years I will slowly increase my life style and all the people around me would think my new found wealth is normal.
NOBODY WILL KNOW OF MY WEALTH
Dominique Brown recently posted..These 5 Common Credit Report Errors Are Ruining Your Credit
Dominique, I didn’t even know this was an option until last night when I looked it up. I thought you had to come forward! My only question is how do you trust your attorney that much?
We were talking about this earlier in the week at our house. Rich people are rich because they know how to handle money. These people who win “sudden money” have no expertise at all and suddenly have to make decisions they never thought they’d be faced with. Most don’t even make it to “tax planning” or “asset allocation,” two of the most important skills a wealthy person will use deftly while managing investments.
AverageJoe recently posted..How Much Should I Spend on the Holidays? My 4 Ironclad Gift-Buying Rules
Amen, Joe! Rich people are rich because they were smart with money. Poor people have never had the opportunity to practice saving and allocation of funds. Sad: more poor and lower middle class people play the lottery than other demographics. So crazy to me!
The number one thing I would worry about is relationships. Not only would it be difficult to decide what to give to family members, there would be people coming out of the woodworks to get a slice of the winnings. I’d like to read the studies done on people who become depressed after winning the lottery, sounds really interesting. Thanks for a post that reminds us that it truly is the small pleasures in life that make it worth living.
Kelly@Financial-Lessons recently posted..How to Make Your Videos go Viral
It’s really interesting..you should look it up. When a huge “high” like this occurs in someone’s life, they tend to compare everything to that moment and nothing ever stacks up quite as well. It skews your reasoning somewhat! Also, once you’re rich, you tend to start questioning everyone’s intentions. Not only will that simple compliment (for example) not stack up to winning millions, it will feel like less because you’ll always question whether they’re genuinely complimenting you or if they just want a chunk of that money! The psychology of it is fascinating really.
Winning the lottery would not be a problem for me. I already have a mental list of organizations I support that I would ‘endow’ with a trust to fund their efforts. For me: pay off the house, buy a shiney new Corvette (hey, gotta have a little fun, and take the wife two Hawaii.
Rod J. Rogers (@FreeAgentRogers) recently posted..Now is the PERFECT time to start an Office Cleaning Business
You definitely got to have some fun, Rod!
While I’m not a car person, I’d probably have fun shopping for clothes and shoes. This is before I go bat crazy naturally…
I was not one of the 175 million “losers” who bought a ticket and didn’t win. I look forward to one day looking back at my life of achievement with pride. I think that would be taken away from me if I were to win the lottery.
Matthew Allen recently posted..Keyword Research to Optimize Your Blog Posts
Smart of you, Matthew! If you were handed what others have to work a lifetime to earn, it wouldn’t fill your heart with pride. Good job not being a loser
Someone we know won almost 5 million dollars and although they have all the luxury that they desire it was also met with a frightening episode. They starting having people stalk them and come to their home. They almost live in a compound looking house now. I honestly think if you win the lottery, move away where no one knows who you are. Lots of crazy people out there. Mr.CBB
Canadian Budget Binder recently posted..Mr.CBB’s Weekly Blog Post Picks November 30,2012 Bring On The Egg Nog!
That’s so scary, Mr. CBB! That’s not even that much money, but people are crazy. Hope they’re okay…geez.
Despite the potential pitfalls, I’d still love to win the lottery.
I’d pay off my student loans and all my parents’ debts and new homes for all. I think Brian and I would like a nice townhouse in Vancouver… sigh.
CF recently posted..There’s Never a Right Time
You could always win it and send it to me
I’d take care of it for ya lol
Veronica @ Pelican on Money recently posted..Stress Can’t Stop LinkLuv
Ahh but the money isn’t what would stress me out, Veronica. It’s the coming forward and giving my real name and a press release (not legal to claim lotto winnings anonymously in my state.) Having the money anonymously is having all the good and none of the bad!
I think I could handle a large windfall quite well, but ironically, I hardly ever play the lottery. But if I did win, I’d stick with the friends and family I trust and love right now. I’d share some of the winnings with them, set aside enough to last me the rest of my life in an average lifestyle, and set up a non-profit organization for the remainder of the funds. Basically, I wouldn’t go crazy, and life would return to normal (with the perk of running a non-profit1).
Christa recently posted..Investing in Sanity: Baby Sleep Training
That is a really great plan, Christa! Hopefully, no crazy stalkers or “long lost cousins” would foil those plans for you.
Think about all the good you could do with that amount of money! I would setup a foundation and try to help as many worthy causes as possible. I would also play as much golf as possible!
Paul @ The Frugal Toad recently posted..Frugal Toad Winter Giveaway – $200 Paypal Cash or Amazon Gift Card
Good plan…golf is expensive!
Interesting questions Michelle.
I think those that are good with money before they win the lottery will be fine, but those that have trouble managing their personal finances in the slightest will be a train-wreck if they win a huge sum of money.
Winning the lottery allows you to not have to worry about money, that’s it. The notion of being able to buy whatever you what, whenever you want, would fade pretty quickly for me.
Kyle James recently posted..My Favorite Christmas Memories – New & Old
The notion of being able to buy whatever you want whenever you want is ridiculous. Even if you win the lottery! Thankfully, I already know that, but it seems like a lot of big winners don’t. They go out and buy multi-million dollar homes and a bunch of cars right out of the gate. It’s like it literally burns a hole in their now-deeper pockets.
I sometimes dream about winning a lottery so that I can pay off my debt once and for all.
And travel the world. And get a house. You know – dreaming. But then of course I think sometimes that my life would not change much. I probably would not tell anyone that we won a lottery. Just pay off debt, put money aside and just plan on retiring early enough. 
Aloysa @ My Broken Coin recently posted..Personal and Financial Lessons of 2012
I prefer not to think ‘what if’, given that I don’t buy lotto tickets and have absolutely no chance of winning!
That said, travel and buying a house, then investing the rest would be how I dealt with it.
My fiance’s family is also dead broke, so I guess we’d have to work out how much we would help them.
eemusings recently posted..2012 in review