For many people, winning the lottery is the answer for financial freedom and a carefree lifestyle. Lottery winners claim the money can buy happiness, but that happiness may be short-lived if not spent wisely. A large percentage make foolish decisions and waste the money. Others use it wisely and make it last as long as possible.
Pay Off Debts
Most employed people live paycheck to paycheck and earn just enough money to pay bills. Lucky lottery recipients have made the wise choice to pay off debts and ease financial burden. Debts like student loans, credit card bills, mortgages and doctor bills can be paid off. Having this money also makes it easier to pay monthly bills on time without incurring late charges and interest fees.
Upgrade Current Vehicle
Loans for trucks, cars, vans, SUVs and other vehicles can be expensive. In these times, a high credit score is needed to obtain a decent interest rate and affordable monthly payment. Without a substantial down payment, the choice of transportation is limited. Lottery winners trade, sell or give away current vehicles and purchase a newer model. Some opt to buy more than one vehicle since the money is available. Paying cash for a new ride eliminates monthly payments and ensures a better price.
Remodel Existing Home Or Buy A New Home
Remodeling a home is an expensive project. Even working every day, many just do not have the funds to repair a crumbling house. Lottery winners now have the capital to repair or completely rehab the residence. New appliances, dishes and other utensils are bought to replace the old, worn out sets. Kitchen helpers like waffle irons, blenders, donut makers and espresso machines are luxury items now easily purchased. Furniture like beds, sofas, chairs, dressers, lamps and night stands are also replaced with newer models.
On the other hand, many winners have purchased a brand new home instead of spending the time and money to repair an older home. The new home is bigger, better and equipped with the latest conveniences and furnishings.
A percentage of both men and women who have won the lottery have spent it on costly cosmetic surgery. Face lifts, brow and eyelid procedures, nose jobs, breast enlargements or reduction, implants or botox injections are now easily paid for. Some have gone over board with too many procedures, but others have made wise decisions to greatly alter appearance and demeanor. Since many winners are in the spotlight, having this type of surgery done ensures being more photogenic
Buy A New Wardrobe
Instead of wearing the same old clothing and accessories, recipients purchase brand new attire and accessories. Shopping at higher quality stores replaces visiting local department stores. More expensive, name brand clothing is purchased to reflect the new financial status.
Working day to day does not allow a person to take that dream vacation. Wage earners are limited to one or or two weeks a year and do not have the time or funds to enjoy extended stays. Lucky winners have quit jobs and taken the time to go on excursions. Instead of just a week or two, many have taken month long or more trips. The money is there to enjoy a cruise, explore another country or make a multi-destination trip. Splurging by enjoying the best lodging, food and tourist attractions is now possible.
Start A Business
Lottery money has been used to start a new business. Alot of people dream of opening and operating a restaurant, store or other venture. Purchasing property or a store front, furnishings and other necessities and expenses is now a reality. Opening a home business to make and sell homemade merchandise, repair vehicles or small engines or any other endeavor have also been started by lucky winners.
Instead of being selfish, many lucky winners make a large donation to local churches, schools or charities. Doing so spreads the wealth and helps those in need. Sponsoring a sick child by paying medical bills or funding a dream vacation is another way to share the winnings.
Set Up Trust Fund Or Retirement Fund
Winning the lottery eliminates the need for pensions, social security or other retirement programs. However, a number of recipients seek counsel from an investment broker, attorney or other professional to wisely save winnings. This safeguards funds especially if a life-altering event occurs that hinders decision making. Trust funds have also been set up for kids, grandkids, nieces, nephews and any other close relatives or friends.
Sponsor Sports Team
Usually businesses sponsor kids’ sports teams like baseball, football, soccer and basketball. However, there is nothing written that an individual cannot sponsor a team. Donating money can also include paying for new uniforms, equipment, registration fees, referees , umpires and rental of playing fields.
Avoid Scammers and Moochers
There are a lot of scammers and moochers just waiting to prey on the kindness of lottery recipients. Many have fallen for the sob stories and lost a large portion of winnings. Wise judgment is needed to weed out those looking for an easy handout versus the ones truly in need.
Lottery winnings can and have bought happiness. It is all based on wise decisions, not flaunting the newly acquired funds, spending moderately and not making foolish or selfish decisions. Otherwise, happiness will be short lived and the quality of life will be no better than before winning the jackpot.