The Irony of winning jackpots or lotteries.

[YOSHIE]

(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?

So where do they know people who bet on lotteries or indeed lay jackpots and lack of knowledge about financial management, I saw several stories about those who won In fact, they are experts in mathematics, of course someone who is an expert in that field can manage their finances well, that's as far as I know.

I think they spend money from winning jackpots and lotteries. In my view, that's a different understanding, it's not about financial management, maybe they are too generous or greedy in spending money them, so they think it's easy to get money, so they spend it handsomely with mature calculations.

[Zlantann]

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.

The best thing that will happen to anyone is to be prepared or ready when their time comes. You don't have to wait until you make money before you start building your financial knowledge. Everyone should have a financial plan that contains both long-term and short-term financial goals. This is essential because life is unpredictable. The problem is that some of these jackpot winners have no financial plan.  

(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?

People who became broke after winning big get more attention than those who maximize their wins. I know some guys who have invested gambling wins and till now they are doing well in business. Bad news sells more in the media space. Even if they lack financial skills, they can consult financial or investment experts who can give them sound financial advice.

[Findingnemo]

Luck is so random that it often hits the wrong people or they are more romanticized over the social media so they can get more attention and negative criticism along with much high reach for the casino or the person himself. But I heard about the successful lottery winners too, may not be successful billionaire but they knew how to secure their money with some kind of assets ar atleast in the form of real estate so it's still considerably successful in my opinion.

[Obim34]

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

There is no algorithm to check who has financial mismanagement before giving the profits. Casinos issue lottery wins to whoever is the lucky person, it doesn't matter the personality behind the win, whether strict or reckless gambler.

There are definitely reasons why most people who won lotteries end up going back to scratch, either they spend it gambling with hopes for a better win, or they lose it to people that feels entitled about the huge win (friends & family).

Huge amount of money is also a controller, you might feel different until you earn that much, it takes really good discipline to control money, you feel there is enough to cover spending's until left with little to nothing.

[Muba20]

(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?

When a gambler gambles for a long time, there are many things that can happen to him. When I was losing a lot in the beginning, my winnings were also a lot, but recently my gambling expenses have been low and I try to be careful in using the winnings so that I do not spend money randomly. I now think that if I win a big one, I will be able to use that money properly. But now I do not win like before. Maybe this is not credible to some, but many may believe it.

Casinos should definitely have some kind of AI technology that can easily understand what a gambler's gambling behavior. How much who bets, what is their tendency? If they take these things into account, whether they make someone a winner is up to them, but I think they do it randomly.

[giammangiato]

I don't know where you got the data from to say that casinos and lotteries only give huge wins to people who lack financial knowledge, but I have to say that it seems that way to me too.
I don't know people who have a very stable and thriving economy who have won large amounts of money from casinos, on the contrary I know people who have a lot of money and foolishly spend it on casinos and lotteries without getting anything.
A few years ago the owner of a chain of lumber shops in my country (I know him personally) focused on playing a late number on lottery game, playing doubling until it came out and giving an x10 to the bet.
When he got to the exorbitant figure of 30,000 in a single episode, I told him he was a raving lunatic and in doing so would destroy his business.
In any case I think it's all a coincidence, and in gambling luck wins, whether you're ignorant or a great strategist.

[libert19]

(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).

Sounds retarded but nonetheless it's so because it's mostly those people who don't have good financial knowledge bother with lotteries.

...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 being delusional, and answer to your question here is opposite of what I said above — people who have good financial knowledge, rarely bother with lotteries, so they never win 'em either.

[Cryptomultiplier]

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

There is no algorithm to check who has financial mismanagement before giving the profits. Casinos issue lottery wins to whoever is the lucky person, it doesn't matter the personality behind the win, whether strict or reckless gambler.

There are definitely reasons why most people who won lotteries end up going back to scratch, either they spend it gambling with hopes for a better win, or they lose it to people that feels entitled about the huge win (friends & family).

Huge amount of money is also a controller, you might feel different until you earn that much, it takes really good discipline to control money, you feel there is enough to cover spending's until left with little to nothing.

I would like to believe this is more a subject that revolves around the individual's focus. Where do they focus more on or believe they can make big millions from,  is what really matters.

A person who doesn't believe gambling would pay them big one-day and focuses more on real world investment and money management, may find themselves doing exactly and spending accordingly to their knowledge and would work with a plan to achieve their own millions by the way they know and can maybe only gamble for just fun, while the gambler who believes they can win big and tries to focus more by using self adopted or improvised upon strategies that they don't tell you, may know nothing of how to spend the million jackpot when it comes but on more gambling activities and frivolities and lose it all.

[Mhizlove]

Honestly speaking, it's always looks like they have hit the jackpot and winners do lack this financial awareness, but remember casinos don't choose who knows money and who don't it's just luck. The fact is that those winners haven't handled that amount of money before, so they end up lavishing the money on things that are not necessary.

For those that have financial understanding about it don't always have luck to win lotteries, reasons why because they're not into gambling rather they prefer or are interested only on clean investments.
This whole thing you see isn't spiritual or by any chance, it's just luck and Human deposition or manner  all together.

[Davidvictorson]

(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?

No bro, this is not on the casino at all.
I don't know if this is a real word but have you heard of the sudden-rich syndrome? If is in my understand when a low income earner, suddenly stumbles upon huge money that they have had to deal with before or in their life. They immediately don't know what to do it . They do not know how to manage it and what happens next is to squander it on their lusts - wine, women, and luxury without saving or investing any of it. It is like their brains shut down. It takes alot of effort and humility to manage the money well after winning.

[suzanne5223]

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).

The casinos and the lottery companies don't only give huge wins or jackpots to people who lack fund management knowledge, or people will lavish every opportunity that comes their way. I believe it's just life giving them the chance to make up for their mistakes through their dedication to gambling.
If a gambling platform only rewards jackpots to people with lack fund management skills. What about a gambling platform like 2UP.io, thats a total no KYC platform?
If what you said is correct. It means the game is not fair anymore, which I believe we both know the game is fair.

I believe the major reason behind people who won the jackpot going broke is because they focus on living the lifestyle of luxury instead of using the fund to build wealth, while some focus on settling their family expenses when they ought to build a foundation that will keep generating money.

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?

Maybe, but some are good investments. However, when the money comes in, they are blinded by the illusion of being a millionaire.
Winning a jackpot is gambling is just like gambling buzz, and only someone disciplined, focused, and mature can control it.

[Floxynice]

The casinos have done their part by allowing the deserving winners access to their wins, they can never be held accountable for how the lucky winners chooses to spend their money.

It is not easy managing money you didn't plan for; it just came to you unexpectedly. I use to say this to my friends and people around me, "if you are not wise, you'll spend all your money pleasing people". This is the time you'll need your family and friends the most, but that is not always the case. Believe me or not, the major problem most of these gamblers face is their entitled family and friends; they'll stop at nothing till they get their share of the win too.

If these people,  without a good knowledge of financial management choose to please everyone around them, they'll go back being broke again.  Every gambler just needs to have a plan upfront that they will work with if the win.

[lixer]

Not "all" people who win big, end up poor, it is the ones on the news that you see. Because, the ones who made a lot of money and then used that money to make even more money, do not go give interviews, and they do not feel like working neither so you do not see their companies.

I know one from news, and he went and bought 8 buildings, side by side, like some sort of community basically, and he had over 200+ people renting from him, and he made great income and doing wonderful, and has no debt, and lives amazingly.

[Ivystar5]

Basically casinos knows nothing about anybody financially ability but the truth is that some amount of money is always beyond people who are consistently gambling, most of the financially wise people consider gambling as waste of money so you don't find them gambling that much and if even if they win they don't make it noticeable because they already are worth more than that so they can sjust handle it without stress, so one with financial freedom is not always moved with the wins or may not even like gambling.

[Odusko]

Luck is so random that it often hits the wrong people or they are more romanticized over the social media so they can get more attention and negative criticism along with much high reach for the casino or the person himself. But I heard about the successful lottery winners too, may not be successful billionaire but they knew how to secure their money with some kind of assets ar atleast in the form of real estate so it's still considerably successful in my opinion.

Wrong and unprepared people are the one that gets the most luck, most especially in jackpot winning, this is why we often hear them saying that the never expected the winning and at that find it hard to manage the huge rewards that they received and that why most of them mismanage those jackpot rewards and become broke again in no time.

[TelolettOm]

There are some people who simply can't manage their money or are surprised when they get a large amount of money. Some of the most common factors are:
- Lack of money management skills
- Addicted gamblers who bet too much because they think they have enough money
- Their hidden desires eventually lead to buying anything in a hurry
- Spending extravagantly until their money runs out again

This is actually a fairly common case. Many people, once addicted, continue gambling, no matter what, so their money quickly runs out, even if they just won a jackpot, until they can't manage it.

[Hispo]

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?

Actually what happens is pretty simple, most people who gamble and play lottery are people who do not have much financial education, so when they win millions of dollars they end up wasting a lot of money in unnecessary products and services without thinking in investing in order to become financially independent in the long term.
It is not a completely deterministic phenomenon, there will be people who could be able to win the lottery and stay millonaires for the rest of their life, we just happen to focus out attention in those cases which lead to people to bankruptcy.

[Rufsilf]

I am also seeing that reality towards winning jackpot in lotteries. Maybe this is a good consideration that those who win such huge amount should be given proper briefing or orientation first on what they can possibly do with all their winning amount, and not just easily give the amount to the winner without knowing how they will positively make use of the money. This is to really help those poor winners change their lives and create a big difference not just for short term, but most ideally for long term goals.

[vanesha]

The casino does not choose people who do not know how to manage their finances, but it is drawn randomly, it is just a coincidence when people who win the lottery fall into poverty again, it is common for people who win the lottery to fall into poverty again because they are shocked by holding too much money, they will always splurge because they never do it

[STT]

Its not that it targets anyone just the odds are greatly in favor of finding the gigantic majority who are awful with cash.    Even if you win a million you are not truly rich if we are being realistic and a lottery winner who doesn't know that is doomed to waste the cash is fairly certain.

Most of us would eat candyfloss for every meal if we translated our monetary spending habits into food.  The only reason people develop taste beyond just sweets is experience and developing their palate but very few people ever get a similar good feel for the proper handling of cash.
  We earn and spend money almost immediately, then if you win a big lump sum its an albatross you cant handle the weight around your neck; an ironic negative  due to lack of exercise in this manner.