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Yes, managing big winnings is not as easy as we imagine because we will definitely be tempted to buy things that we don't actually need but just follow our lifestyle so we won't know how much money we have spent to buy these things with money the win we got. This also requires self-control to be able to deal with the winning money that we get so that we only buy the things we need and save most of the money for our future or use it to create a business and invest so that we can have a source of income.
Many lottery winners waste their money in improper ways, such as buying things they don't need. Only a small percentage can really use their winnings well and prepare their future well too. These are the people who can change their lives for the better in the future. They don't mind if they still live simply with the winning money because they only think about their future with the winning money.
Yes, managing big winnings is not as easy as we imagine because we will definitely be tempted to buy things that we don't actually need but just follow our lifestyle so we won't know how much money we have spent to buy these things with money the win we got. This also requires self-control to be able to deal with the winning money that we get so that we only buy the things we need and save most of the money for our future or use it to create a business and invest so that we can have a source of income.
Many lottery winners waste their money in improper ways, such as buying things they don't need. Only a small percentage can really use their winnings well and prepare their future well too. These are the people who can change their lives for the better in the future. They don't mind if they still live simply with the winning money because they only think about their future with the winning money.
I think that it comes more down to financial literacy and whether people understand accompanying costs that come with certain assets. For instance if someone wins a lot of money and buys houses and cars, that person might not have the understanding of those assets necessary to calculate long-term financial consequences and also short-term costs that could be inflicted for unexpected reasons or just reasons not known to the new owner. A lot of money needs a lot of planning if there is a lot of buying. If someone just leans back in their old apartment paying for the same stuff as before, life will be easy and wonderful.
There is always a chance that greed will be there and a gambler who won big from gambling might come back thinking he is lucky and will consume more money to test it out which I think is a bad idea.
Once we win an amount that may change our lives, it's best to stay away from gambling and then find a new way to make profits in which risks are not that high anymore. Investment, businesses, or whatever it may be that will give us passive income.