Lottery Fever – Some Observations TPS167

TPS167In the United States we just had a Powerball jackpot reach $1.5 BILLION, the largest ever. In this episode I discuss various aspects of the lottery and how many people have a very unrealistic idea about what winning the lottery means in terms of lifestyle, relationships, and more.

Hightlights

  • I find it odd that people get so excited about big jackpots when they wouldn’t know how to handle the smallest Powerball jackpot of “only” $40 Million.
  • It’s hard to image what a billion dollars really is. It’s a thousand million. That’s huge.
  • People don’t examine the potential unexpected consequences of winning or inheriting a large some of money.
  • Advice articles online about how to deal with winning the lottery tell you to get a lawyer, accountant, financial advisor, and an unlisted number.
  • I tell an embarrassing story about when, many years ago, I focused on winning the lottery as a way to save me.
  • People often think that sudden money will save them.
  • If you haven’t learned how to manage money, having a lot is going to be difficult.
  • Why so many lottery winners wind up spending their winnings is because they’ve never managed money well enough to get a sense of it.
  • Sudden money often makes people feel disconnected and alone.
  • A lot of new money is often paralyzing because you don’t know how to make decisions.
  • There’s a big difference between earning large sums and inheriting or winning a lot of money.
  • A lot of emotional issues come with sudden money.
  • If you buy a lottery ticket, ask yourself how your life will change if you win.
  • Think about how a lot of new money is going to change your relationships.
  • Ask yourself, what are my values and how do I want to spend my time.
  • If you buy everything you want, keep in mind that the glow wears off quickly and you’ll want more.
  • If you have a longing habit, no matter what you have, you’ll long for more.
  • Get ready for sudden money by managing the money that you have.
  • Become financially literate.