How To Spend Lottery Win

Big Jackpot Wins

It is no secret that at one point or another we have fantasized about winning the lottery. This thought is no more a stranger as the afterthoughts of how we would devour the spoils of a juicy six-figure jackpot. Over the past couple of years, more specifically after the introduction of gambling, there have been numerous winners of jackpots. The fascinating stories of how certain people bagged huge loads of cash are often talked about in loud tones that bespeak admiration. What you do not always hear are the stories that follow.

It goes without say that winning a jackpot is a big deal. It is however wise to know early enough that money that is not well invested often ends up poorly spent. Just two years ago, there is a famous person who successfully bagged around Ksh. 100 m on sports betting. Due to a necessity for privacy, we will refer to this jackpot winner as Mr. Bean. Given that he was a farmer, this jackpot spoil was expected to be a huge boost for him and his family of three. When news broke that he had won Ksh 100 million, the family and friends were as happy as they could be.

When this lucky winner officially got this money transferred to his account, his first impulse was to buy two of the latest BMW SUVs in the market. He followed this up by buying a huge piece of land for his family to farm on and took his children to the best international schools in the country. His ascent was rapid and so was his expenditure. He quickly became known on social media for going to Europe to watch soccer matches and only dining in the best of hotels. To everyone who was paying attention, this guy was indeed living life in the fast lane.

This is just an example of poor spending habits. Below is a list is insane things people do after winning the lottery.

Gambling the money they recently made.

While one might argue that gambling using money you won from gambling is a good idea, I beg to differ. It is always safer to invest and save as opposed to looking for quick money. A famous jackpot winner ended up losing all his winnings by doing this.

Buying sports cars and helicopters.

After winning the jackpot, you may feel like you have plenty of money. There are a number of people who have ended up broke after buying expensive cars using jackpot money.

Extravagant shopping and trips overseas.

While simply travelling overseas once in a while will not likely make you go broke fast, making occasional trips overseas and staying in high-end hotels saw one jackpot winner lose all his money.

Going into politics.

Going into politics is the craziest idea one could think of after winning the jackpot. Politics is called a ‘dirty affair’ for a reason. Only a few people make it. In the last elections held in Nigeria, one jackpot winner attempted to vie for a political; seat using money won from a jackpot competition. Not only did he end up losing but also he lost almost all the money he had won.