Why you Don’t Want To Win Mega Millions: Do you find yourself dreaming about the day your lucky numbers are called? Or, to fantasize about what numbers are hiding under the bar of silver scratch-off ticket bought on impulse, while gassing up?
The lure of “Mega Millions”, “Powerball” lottery jackpot and have millions more people in search of, well, millions of people. And while it’s fun to fantasize about what they have more money than you can count it would be like winning the lottery may not be all it is cracked up to be.
World record $ 540 million lottery drawing:
A windfall winnings widely publicized, which finally allows the luxury of giving, a trip around the world, a luxury car or flat screen TV for every room in your house just might ruin your life.
Here is a look ugly on the landing loot everything that can bring to your life. And remember that being mega rich is not everything it is cracked up to be.
1. Your friends will enjoy:
Once the word is out that you had the winning ticket, you can expect everyone to try to ingratiate themselves to you, a university student you have not heard in 20 years and the guy you tortured in the yard of the kindergarten, the colleague carpool parents and “friends” is barely recognizable. It ‘s common for lottery winners to see a flood of friend requests online and in person, ranging from wanting to share a meal to suggest a weekend to relax or recover. Of course, these “friends” all the hopes that you will ultimately foot the bill for their own good time.
After that she was part of a pool of 12 people who won the Powerball Missouri in 2006 and split $ 224 million Sandra Hayes had to rethink its social network. “It ‘became necessary to be careful about making friends with some people, because it can be cruel and have alternative reasons to make friends with you. Some people think that just because you have money, you owe them money,” he says.
“When I would go out with friends and we stopped to get something to eat, that he would order the food and then announce that they have no money to pay, which happened a couple of times,” says Hayes. He quickly realized the level of his friends and stopped to eat with them. “Eventually I stopped going out with everything.”
Lottery winners will receive requests from friends and best friends are hopeful that they need a rescue personnel, too.Hayes says one of his friends also expected her to save their family from their mali serious financial difficulties. “I did not save them thanks to the advice of my financial adviser, who told me that if I saved them would continue to sponge me. If you do not draw the line, I would go broke,” he says.
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2. Your relationship may fail:
Money troubles can put a strain on a relationship. But those who come into unexpected finding great going into a lot of money all at once can also undermine a relationship.
Alexey Bulankov, a certified financial planner who has worked with a family who won a lottery jackpot has seen firsthand the devastation this. “After a series of unfortunate financial decisions, the family fell apart,” he says. Bulankov says her husband, who was emotionally unprepared for the enormous responsibility and pressure to win the lottery, has led to gambling and womanizing to address the problems of adapting to his new lifestyle. When his wife found out, he reacted with shopping vindictive.
Eventually, they talked and sorted out, says Bulankov. “Needless to say that the level of confidence was not the same and fight and blame, paying for the extravagance of their fortune has become routine in the presence of this family, once strongly united,” says Bulankov.
3. You will have an increased risk of failure:
Since you should sufficient paste to clear your debt, bankruptcy seems like a long shot after winning the lottery. But experts say lottery winners actually are at higher risk of failure.
“The winners of credit suddenly much more to them than they’ve ever had. This makes them more likely to make purchases on credit, rather than use the money,” says Scott Dillon, a senior bankruptcy lawyer Tully Rinckey in Albany , NY “The winners are much more willing to make impulse purchases significantly beyond their means before. So the amounts of purchase will be much higher, making the interest earned on these cards are very high. And why not stop to think that money could run out, the winners usually do not think they need to create a monthly budget or live. “
“While it may be a contradiction, a great influx of wealth without proper planning can easily lead people to forget the need to save for the future,” adds Dan White, founder and president of Daniel A. White & Associates, a financial planning company in Glens Mills, Pa., that specializes in asset protection and planning for tran.
4. You will fight a large number of family members had been lost:sition to retirement.
Jeff Motske, a financial consultant and president of Trilogy Financial Services, based in Huntington Beach, California, says that lottery winners often become targets of long-lost relatives who knock at the door with one hand and hold the other palm up. Somehow I think that when a member of the family wins the lottery, the whole family wins the lot. “A family member who wins the lottery look like a better option than a bank of fast money that comes with the price of little to no interest paid, and no application process,” says Motske.
So many winners are fielding requests for help with a stack of credit cards or medical debt, foreclosure or car repairs.
“Most of my family I was treated the same as before I won the lottery, however, there were those families who have suffered the syndrome of the right,” says Hayes. “Some of my family with whom I have not had a previous relationship with before winning the lottery is out of the closet and began to call me to butter me up just for the money.”
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Hayes says he has faced his share of negative experiences, including family members borrow the money they thought of not having to pay again. “Some family members gave me a gift of money for a special occasion thought he should give more,” says Hayes.
5. You’ll be a target for a string of lawsuits and scams:
Hoping to carve out a piece of your fortune, says Motske Lottery winners are often targets for bogus reasons why everyone starts to come after them. “If the winnings are in the public domain, the winners can point their phone never stop ringing. Winners hear from investors, reputable companies and scammers, and every designer / intrigue under the sun,” he says.
They also need to be wary of people who deliberately “slip and fall” on their property, including winners rear ends them and so on. That includes entrepreneurs, baby sitters, friends and relatives who visit, borrow your car, etc.
Hayes says he has suffered some less than honest business. “Some people I dealt with were honest, but others were not. I experienced contractors who change their jobs for a higher price after finding out that I won the lottery,” he says. “Now I only work with people who have been directed to trusted associates, friends or family.”