If you look up where are they now lottery winners, many of the results are pretty grim.
Winners often overextend themselves or are swindled by opportunists. The stats are similar to those for professional athletes.
People of modest means suddenly having enormous wealth without any financial management knowledge leads to a lot of bankruptcies.
Reddit user Wildingfox asked:
"What is the absolute worst thing to do after winning the lottery?"
Some people took the question seriously and gave sound advice, while others... so the headers will offer the advice.
Safeguard That Ticket
"Burn the ticket, probably."
~ Abseily
No Publicity
"Letting your name and photo be put in the newspapers. Everyone who sees you will have their hand out and a sob story."
~ Dr_Dapertutto
Avoid Con Artists
"Give the money to a televangelist."
~ BanTrumpkins24
Don't Invest Without A Certified Advisor
"Invest in penny stocks."
~ hlindadeborahgewy
Again, Avoid Con Artists
"Donating it to the Heritage Foundation, the people that created Project 2025."
~ gingerisla
You Can't Take It With You
"Ignore your health."
~ jfsjonesMitchelll
Don't Create D-I-V-O-R-C-E Fuel
"Keep it a secret from your spouse."
~ Severe_Wrongdoer4672
Remember That Saying About Death And Taxes
"Overlook tax consequences."
~ Individual_Rub_7848
Avoid Temptation
"Buy a zoo or amusement park."
~ Severe_Wrongdoer4672
Pay The Piper
"Not pay off debts."
~ Emotional_Horse7657
Know Your Limitations
"Think you’re now a financial expert and make terrible investments, losing most of your winnings in bad stocks and risky ventures."
~ MishaShantay
Maintain The Status Quo
"Immediately quit your job without talking to a lawyer and financial advisor."
"You basically want to live your normal life for about 3 to 6 months and during that time you sit down with a lawyer and financial advisor and plan out the next 20 to 30 years of your life."
"Then quit your job. No major purchases without consulting your team first."
~ BadTiger85
Be Frugal
"Buy anything."
"I'm a certified financial planner for a big firm, we have entire divisions of people dedicated to 'windfalls'. I actually have one as a client, they won around $32M. The very first thing they'll tell you to do is 'DON'T BUY ANYTHING'."
"It's not meant to say, don't go buy lunch or a nice outfit, it's to deter people from making major purchases like homes, cars, etc... Too many people have absolutely no idea how money works and end up letting the instant gratification take over and before long, they're broke."
"You never hear of anyone being broke from investing their lottery wins. It's always they blew it on real estate, cars, and boats. They buy these things, then forget about taxes, insurance, upkeep, etc..."
"And before long, just the recurring bills of maintaining is greater than what their investments can generate."
"There's a saying, 'you can milk a cow a million times, but you can only butcher it once'. Why buy six homes when one of your interest checks can cover rent on it?"
"You could just rent a home for a month wherever you wanted and move around the globe. But instead, owning these properties has some allure of grandeur to it, and people submerge themselves in debt."
"For what it's worth, the people who won $32m after taxes, now draw about $100k per month in interest and dividends. They listened to good advice."
"They travel, give money to family/friends/community. They own their primary home and vehicles and rent the rest. Let the risk of all that be on someone else."
"We've had Trusts written to ensure assets pass seamlessly to heirs. Pending a very poor financial decision, their children and grandchildren are set for life."
~ Dad_Is_Mad
Quit While You're Ahead
"Use all that money to buy more lottery tickets."
~ ImInJeopardy
"True story: A man in my town won $50k on a lotto scratch off. His first stop: WINSTAR Casino."
~ TemperatureTop246
Go Low Contact
"Announce it on social media with your address."
~ GalacticDress
"These days you don’t even need the addresses. The scammers will find you, no worries."
~ Thin_Onion3826
"Scammers‽‽ Friends and family with sob stories will take you for a whole lot more than any scammer."
~ puttmykissy
"If you win the lottery expect a lot of random family members you didn't know you had grinding you for some of that money."
~ Noggin-a-Floggin
What advice would you give a lottery winner?
