With tonight’s Powerball jackpot of more than $500 million on the line, it is not surprising that people are rushing around purchasing tickets faster than ever before. However, what purpose can people have for wanting to buy tickets to the biggest pot for Powerball ever?
Perhaps the dreams about “living the good life” or “paying bills” or maybe even altruistic reasons like “curing cancer” or “feeding the needy.” But the real truth in playing the lottery is there is one chance that a person might be the “lucky one” to acquire all their dreams in one fell scope of the ice cream bowl.
Nevertheless, there are many warnings from previous jackpot winners that although the money seems endless, it will end and usually with grief and debt.
One article from Yahoo Finance, “5 Reasons You Don’t Really Want to Win all that Lottery Money” discusses some of the pitfalls other winners have faced:
Your friends will take advantage
Your relationship could fail
You’ll have an increased risk of bankruptcy
You’ll have to fight off a host of long-lost family members
You’ll be a target for a litany of lawsuits and scams
In fact, looking over the information on the internet, there are more articles against winning than there are for winning lotteries and other such value-added chances.
One of the major issues that all winners have bemoaned is the loss of friends due to overwhelming greedy habits. First, the friends and relatives a winner has will turn greedy and almost think it is their right, since they deigned to be a friend or relative prior to winning, the winner should share and share and even share again with them. Secondly, winners oftentimes find themselves the benefit of attraction by people of the opposite sex when before they were not. Suddenly they are irresistible and everyone wants to be with them in one way or another. Third, the winners will find more “needy” people than ever before knocking on their doors and asking for help. Sob stories that would make Job in the Bible cringe in horror. And do not forget the lawsuits for hitting a neighbor’s orphan, nearest relative, pet squirrel that crossed the road on a dark and rainy night.
Dreams can often turn into nightmares when winners are uninformed of all the ghastly consequences when obtaining the ultimate prize. The most popular HGTV program each year is the coveted HGTV Dream House giveaway which includes not only a mansion fabulous enough for a king but oftentimes new vehicles and cash. Nonetheless, the winner of these prizes can sometimes find life nightmarish as the winner of the 2005 HGTV Dream House did. These winners endeavored to keep both their new and old homes and live off the cash, however, costs and expenses became so strenuous, not including income taxes for a $2 million prize which was around a $672,000 bill, they nearly went bankrupt.
“It is an unfortunate fact that if you win a prize it will in all likelihood be taxable by various government taxing agencies,” said Kate Wood, Taxes.
Think on these things: How are you at handling your money right now? Are you saving, using judgment to ensure all is paid and accounted for, or are spending hand-to-mouth? Remember, whatever habits you have right now with your money, they rarely change just because you have more money. The problems only increase.
But, then again, someone might win and that someone might be me!
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