Tuesday, January 29, 2013

What Do Lotto Winners Spend Their Money On?


I have researched and written about hundreds of lotto winners. I have done that because I have always been interested in what big jackpot winners plan to spend their money on. This information is readily accessible because most lottery corporations require a mandatory press conference for new winners where a news reporter will always ask the inevitable question, "what do you plan to spend your money on?"
What do lotto winners spend their money on? From my research, there are several themes. Here are the most popular:

  • Many give money to friends and family. Many people dream about winning the lottery, not only to become rich themselves, but also to be able to spread joy. There is a certain intrinsic value to making other people happy.

  • Many either buy a new house, build their own dream home, or renovate their current home. A home is a person's castle and many people dream about living in the perfect home. Lottery money gives them the funds to be able to bring this dream to reality.

  • Most people assume that lotto winners drive exotic cars. This may be true of some winners, but not all. Most new jackpot winners do buy a new car, yet you would be surprised to know that it's usually something practical. They just don't want to show off.

  • Many take vacations, usually to somewhere warm, like Hawaii or the Caribbean.

  • Many also donate money to charity. Some do it because they are now in a position of being privileged and want to give back and some just do it because they feel guilty of having so much money.

  • Many set up a college fund for their kids. College is expensive and they want to make sure that the money is available when the time comes for their kids to enroll in college.

Of course, all lottery winners are different and any single lotto winner could do whatever she wants with her money. The above are just some of the main themes of what my research showed that lotto winners spend their money on. This is based on what they say at the time they win the jackpot. Of course, what they say and what they actually do might be different. Unfortunately, there aren't many studies that follow up on lottery winners at a later time, so we might never really know exactly what they spend their money on.
If you were to win the lottery, what would you spend your money on? Would it be similar to the things listed above? I suspect it would. you would probably surprised as to how similar you are to other lotto winners.

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