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3. You'll have an increased risk of bankruptcy
Given the fact that you'd have enough dough to clear up your debt, bankruptcy seems a long shot after winning the lottery. But experts say lottery winners actually are at greater risk of bankruptcy.
"Winners suddenly have significantly more credit available to them than they ever had. That makes them more likely to make purchases on credit, rather than use cash," says Scott Dillon, a senior bankruptcy attorney at Tully Rinckey in Albany, N.Y. "Winners are much more likely to make significant impulse purchases far beyond their previous means. So the purchase amounts will be much higher, making the interest accrued on those credit cards much higher. And because they don't stop to think the money could run out, winners don't generally think they need to create or live by a monthly budget."
"While it may be counterintuitive, a large influx of wealth without proper planning can easily cause people to forget the need to save for the future," adds Dan White, founder and president of Daniel A. White & Associates, a financial planning firm in Glens Mills, Pa., that specializes in asset protection and transitional and retirement planning.
Originally posted by tinker9917
It all comes down to WANTING more than you NEED. I love the saying "Want Less".
Sure, I'd buy a nice house, decent car, nice furniture. Take a vacation from time to time.
But do I need a huge house with 60 rooms? or a $50,000 car? Or a private jet? No. I don't. I don't even WANT these things.
"May you live as long as you want, and never want as long as you live."
Originally posted by domasio
reply to post by jesiaha
Very true, I've never understood how people can have such animosity towards a neighbour just because they got lucky playing the same game that they do. I guess it's a very agressive form of envy, one which I, luckily, would never feel, as I have a rich family nearby, and wouldn't dream of havng that much money and using it just on myself and my own family.
Originally posted by tothetenthpower
reply to post by Starchild23
You mean the idiot tax?
Yeah lot's of people like to pay that tax.
Kind of sad really.
And yes, most people who get rich off the lottery end up loosing it all.
I knew a guy who won 5 million, was broke 3 or 4 years later, won another million and was broke after 6 months.
~Tenthedit on 3/31/2012 by tothetenthpower because: (no reason given)