The Irony of winning jackpots or lotteries.

[Dr.Bitcoin_Strange]

So, I guess this is a topic that some of us might have thought about but didn't remember to bring in up, it's a quick one and I just want to know what you friends think about it. So, here it goes;

Most people that won lotteries or jackpots ends up becoming poor at the end of the day and for someone to go broke again after luckily winning or receiving a huge amount that was more than enough to set up their life, it means that the person lacks financial knowledge or don't have a good financial management skills, that's what leads to carelessly spending the money on liabilities until the all the money are gone. They don't think about having any investment that can sustain their wealth for a lifetime, not until they have become broke again before they start regretting their bad decisions and choices.

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

[GreatArkansas]

This is a sad reality, I think there must be some laws or regulations that will have a talk in some lotteries/gambling providers about giving the reward to the lucky winner.
But right now, they don't care at all about the winner, they will just give the price, easy money , and that's it.

This kind of problem must be really on the side of the winner, like they need to learn how to use their winnings properly. I saw a lot of documentaries and stories about this, it's kinda sad because those amount of money is already huge. Another expensive lessons.

[Oshosondy]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

Not that those with good financial management does not get more lucky, they do not risk their money the way people that have poor financial management are risking their money. That is just the simple reason, they do not believe in luck than financial management and it helped them in long term in their lives. Life is not all about risking unnecessarily to make money, some people risk too much to become broke. If they have good financial management, life would have been better for them.

[Ronsbit]

I have had this thought as well, and we are of the same stand too. Winning a jackpot or lottery is not as easy as we think, and the money involved is not a small amount, but the financial mismanagement is a thing that bothers a lot because it seems the lucky winners of these games do not really have clue what to do with the money, and they just while away the money carelessly and fal back to square 1.

Although it is none of the lottery and jackpot organisers' business what the winners do with their money but I think it is the right time for the government to also look into it by compelling the organizers to look into the background of the winners to know if they can be able to sustain the money in investments or something meaningful so that they do not waste the money falling back to square zero.

It will be good to have a good check on the winners to be able to know if they have the mental capability to use the money they have won in generating more money by investing it into the economy, so that they do not fall back on such an amount of money is very difficult to get at a free will just like they did get it.  Maybe a policy should be implemented to do so to curb careless spending of lottery and jackpot wins by setting up winners for a good business and sustainable path after their wins.

[DubemIfedigbo001]

Most people that won lotteries or jackpots ends up becoming poor at the end of the day and for someone to go broke again after luckily winning or receiving a huge amount that was more than enough to set up their life, it means that the person lacks financial knowledge or don't have a good financial management skills, that's what leads to carelessly spending the money on liabilities until the all the money are gone. They don't think about having any investment that can sustain their wealth for a lifetime, not until they have become broke again before they start regretting their bad decisions and choices.

Bad stories are always rampant. I still know of Fred Smith the founder of FedEx who gambled the last $5k of company funds on blackjack and won $27k which kept the company in operations for at least another week. I know of friends that invested Gambling proceeds in agriculture and myself once used gambling proceeds to buy new gadgets and sustain myself in school for a while. Most people make bad financial decisions with their gambling wins but there are still people who utilize it properly.

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

You are delusional, Most of these assumed never do wells that win huge from gambling were very consistent in chasing the bag and throwing a lot into gambling for a good while before they hit the win. I think its their consistency, mixed with luck that pays off.

I would give you an example: I am in a group that odds are released almost everyday, I staked some of the games and lost and stopped briefly, 2 days later some powerful 124 odds was dropped and those who remained consistent in staking the games won very well from it, It's about consistency mixed with luck that brings about the wins and it has nothing to do with the companies

[mindrust]

People that have good finances and education casually gamble for fun. Other people you mentioned obsessively gamble to hit the big jackpot and eventually some of them do. Most of them quickly go back to their poor state because they lack the education and skills to manage such huge money. You see them winning more than with education people because of this reason. They simply outnumber educated people.

Educated people don’t really gamble anyway. They engineer their way to success. Something most people don’t know much about. Even when they “gamble” they know the dangers and that’s why they put limits on their bet size. So they won’t get carried away and chase their losses.

[Jatiluhung]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

The problem is that those who have good and fairly strict financial management usually don't even like lotteries, betting, or gambling. Or we only gamble in limited amounts. And only a few continue to do so. So it's not that they are unlucky, but rather that they don't like to take risks for the sake of pleasure. They are too rigid and too logical in making money instead of relying on luck.

However, I know someone who won the jackpot and is living well now. I don't know him personally, but I know because he lives in the same area as me. But I must also be honest that it seems that most of those who win the lottery or jackpot are unable to maintain their finances in a healthy state. And most of them end up back in the same condition they were in before they won the jackpot.

[acroman08]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much).

How would the casino know that an individual lacks financial knowledge? Also, what benefit would they get from giving huge wins to people? I think you are just overthinking things. Just think about it, do you think they would willingly give huge winnings to people and willingly affect their profit because they think that someone lacks financial knowledge?

[joeperry]

Has this thought occurred to you, or am just being delusional?

It's probably just a coincidence, if you are going to take a look at those people who won jackpot but ended up on streets or losing themselves, lose their money to drugs, prostitution and buying things they don't actually need. If I am not mistaken there are some or a lot of people who win a jackpot and change the course of their lives and they still managed to have more money through investment. The reason why we think there's a lot of people who are losing their money after jackpot is because of the news, you won't hear in the news that a people who wins jackpot and becomes more richer, it's always a jackpot winner that goes back to being poor after mishandling their money.

[Cointxz]

I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

In most cases this is correct since people that rely on lottery heavily instead of working are those that doesn’t have much financial literacy. Financial literate usually avoid lottery and focus on work since they knew what’s the real odds of winning.

There’s some cases that some of this winner manage to hire a financial manager and become successful on their life due to the financial advice from the professional.

I knew someone that personally won lottery and manage to stay rich until now through focusing on business.

[Orpichukwu]

The casino don't know each gambler individually to know the type of financial decision they can make for themselves, so instead of me believing that the casino makes a selection of people who are likely to waste the month, I will rather say that those who have good plans spend it more on how to bring it into reality rather than chasing things of probability which only come by chance; only a few of them actually do chase after the lottery.

[viljy]

It seems to me that the situation here is a bit on the contrary. Financially literate and successful people just barely play the lottery. In most cases, the lottery is played by those people who do not know how to manage their finances. Naturally, some of them win. Of course, these people are gradually losing their big wins. That's how it is. That is, there is no mystery here.

By the way, there's nothing wrong with spending all the money you win on your own pleasure, if that's the nature of the person. Not all people are worried about every penny and have been thinking about investments since they were born. Not everyone is born an accountant. This means that financially illiterate people are no worse than financially literate people. In the end, their "financial literacy" is just an illusion as long as the financial bigwigs allow them to have something there. Most likely, they will find out very soon from their own experience.

[ultrloa]

It seems to me that the situation here is a bit on the contrary. Financially literate and successful people just barely play the lottery. In most cases, the lottery is played by those people who do not know how to manage their finances. Naturally, some of them win. Of course, these people are gradually losing their big wins. That's how it is. That is, there is no mystery here.

By the way, there's nothing wrong with spending all the money you win on your own pleasure, if that's the nature of the person. Not all people are worried about every penny and have been thinking about investments since they were born. Not everyone is born an accountant. This means that financially illiterate people are no worse than financially literate people. In the end, their "financial literacy" is just an illusion as long as the financial bigwigs allow them to have something there. Most likely, they will find out very soon from their own experience.

Poverty is the primary reason on why they think about that. Some think that if if happens that they could win 1 time in lottery their life will be change. The problem with this thinking is they rely their faith on something unsure and chances to make those things they want is so slim. If they have this kind of mindset well I really don't get surprise on why they became poor.

Also as what you have said which you are right, financial literate people would provably not going to on lottery. They might think that this is just a waste of their time and they might find just another valuable program on which they can work hard to earn great income. Well its maybe there choice if they spend all their winnings, but they might also need to think about if the action they made is really necessary or appropriate action to do.

[Oluwa-btc]

So, I guess this is a topic that some of us might have thought about but didn't remember to bring in up, it's a quick one and I just want to know what you friends think about it. So, here it goes;

Most people that won lotteries or jackpots ends up becoming poor at the end of the day and for someone to go broke again after luckily winning or receiving a huge amount that was more than enough to set up their life, it means that the person lacks financial knowledge or don't have a good financial management skills, that's what leads to carelessly spending the money on liabilities until the all the money are gone. They don't think about having any investment that can sustain their wealth for a lifetime, not until they have become broke again before they start regretting their bad decisions and choices.

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

It's almost a painful reality of course,Most people who win accidentally lose their sense of normal life.And many who were once financially stable end up poorer afterward.Jackpot money is sweet,but it doesn't give you the skills to manage money.Winning money is easy,but keeping it requires wisdom.The irony here is that the very financial freedom everyone thinks could solve all their problems often creates new one for them unexpectedly.

[salad daging]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

It's not like that because lottery winnings are purely due to a ‘random system’ not because it's chosen by someone who lacks knowledge in finance, only most lottery participants are mostly poor people so it's natural that winners like you mean who have no investment knowledge.

The lottery company no longer cares about how to develop wealth for the winner, it's just that often when winning a large amount of lottery, more people go on a spree and end up bankrupt.
Most lottery winners have no experience of how to invest or grow their money into more that they can spend.

That's pretty much how it goes and why so many lottery winners end up broke.

[Karl_3000]

It's almost a painful reality of course,Most people who win accidentally lose their sense of normal life.And many who were once financially stable end up poorer afterward.Jackpot money is sweet,but it doesn't give you the skills to manage money.Winning money is easy,but keeping it requires wisdom.The irony here is that the very financial freedom everyone thinks could solve all their problems often creates new one for them unexpectedly.

Some people are not just born to be rich. Another thing is that some people can see huge amount of money and not know how to get richer but they will use the money on assets that will be devaluing over time and be living a luxurious life with it.

Earning money from gambling makes some people think that they have luck and like they are special, thinking they can still hit the lucky number again. They will increase the money they are risking until they lose huge amount of money. It would have been a dead end for some people until they will realize that they are going to be broke again. Some people are just not satisfied with what they have, they will lose and regret.

[cryptomaniac_xxx]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

I'm not sure if that is the case, I think there are still lottery winners that knows how to manage their financial and still live frugal and maintain their money and built generational wealth. The thing is that we haven't heard them in the news.

And the only news we've seen is that those lottery winners that you describe. Who don't have financial knowledge in the first place and blew out their millions in matters of years and then go back living in the street again.

[xenomorfo]

It seems to me that the situation here is a bit on the contrary. Financially literate and successful people just barely play the lottery. In most cases, the lottery is played by those people who do not know how to manage their finances. Naturally, some of them win. Of course, these people are gradually losing their big wins. That's how it is. That is, there is no mystery here.

By the way, there's nothing wrong with spending all the money you win on your own pleasure, if that's the nature of the person. Not all people are worried about every penny and have been thinking about investments since they were born. Not everyone is born an accountant. This means that financially illiterate people are no worse than financially literate people. In the end, their "financial literacy" is just an illusion as long as the financial bigwigs allow them to have something there. Most likely, they will find out very soon from their own experience.

It depends on how you take it, even financially stable people have fun, maybe they don't like this kind of fun because they don't like winning money, but if you take it this way it can be fun too.

I honestly find the lottery boring, waiting for months and months, a bore

[Beparanf]

It depends on how you take it, even financially stable people have fun, maybe they don't like this kind of fun because they don't like winning money, but if you take it this way it can be fun too.

I honestly find the lottery boring, waiting for months and months, a bore

You’re right but most of them focus on their business/work instead of relying on their luck to lottery because they knew that it’s hard to win on this game.

Most of the rich in my country don’t gamble because they consider it as waste of money even for entertainment purposes. They rather go to parties and social gatherings rather than gambling to have fun.

But there’s a lot of rich on other country like US that like gambling so it truly depends on the country culture.

[davis196]

(Let's flip it now), Is it that the casinos or lottery companies only give those huge wins to people that lacks financial knowledge, people that have no knowledge or zeal for investment, and how to grow their wealth, why is it so? (The coincidence is much). I think most people that are more lucky in winning jackpots are people that doesn't know how to establish a good investment with that money, while people that have good financial management skills doesn't get more lucky. Has this thought occurred to you, or am just being delusional?

Lottery games are called "tax for the stupid" for a reason. Most gamblers are low IQ people. This means that most gambling winners(or lottery winners) don't have the brains and financial education to sustain and multiply their newfound wealth. It's not just the lack of financial education. This is about psychology as well. Most people simply aren't ready to handle sudden wealth. Their mentality is closely related to poverty and they associate wealth with consumption. When they become rich, they start buying luxurious goods and drown into debt. Most lottery winners suffer from depression and start drinking and doing drugs.