Soemtimes lottery money is hard to manage. This is mainly because the income came without having a business that generated it.
You make money through lottery and you think it's so big and you go into huge business or investment you know little to nothing about, make mistakes and before you know it, more than half of the money is gone.

The next phase is frustration and depression, you try to scale down your ambition and go into smaller business, without clear mind due to your frustrations, you end up using the remaining money only to take care of your sick life.

easy come, easy go!

Most of them had no economic plans for their wins,hence end up being overwhelmed by the unmanageable winnings

because they always overestimate the worth of the prize. they do not realize that the income is not replenishable
ex. paris hilton can squander all she wants but her pockets will be replenished regularly because she has rich parents to give her more money when she runs out. for, lottery winners on the other hand, once you run out, it's gone!! there is no refill!! but winners don't always realize this.

some try to be smart and invest so that they can generate income but this is also difficult. as Obiagu pointed out, there is a lot of risks involved in investments and you can lose it all very easily that way if you are clueless about how investments work  (many athletes and entertainers go bankrupt this way)

also because once they win, they instantly become celebrities. long lost sister's uncle's in-law's cousin will now come knocking at the door. as well as girlfriends and boyfriends of ages past. you kinda have to be extremely shrewd to be rich in many cases.  giving your money away to "family and friends" is a very easy way to lose it all. especially if the income is not replenishable.

na gambling now

oyinda.:

some try to be smart and invest so that they can generate income but this is also difficult. as Obiagu pointed out, there is a lot of risks involved in investments and you can lose it all very easily that way if you are clueless about how investments work  (many athletes and entertainers go bankrupt this way)

also because once they win, they instantly become celebrities. long lost sister's uncle's in-law's cousin will now come knocking at the door. as well as girlfriends and boyfriends of ages past. you kinda have to be extremely shrewd to be rich in many cases.  giving your money away to "family and friends" is a very easy way to lose it all. especially if the income is not replenishable.

exactly ! !

Most lottery winners here opt for anonymity which is a good idea.
i would.

1 million cant even buy you a nice car. Its not money.

buzugee:

you do know that 1 million naira cannot even change a teenagers life.

That is where you get thing wrong. This is because you are confusing seeds and fruits. One million naira is enough money for someone that knows how to put it to good use.
In other words some people have the vision to make effective use of that money whilst others like the lottery winner do not.

oyinda.:

because they always overestimate the worth of the prize. they do not realize that the income is not replenishable
ex. paris hilton can squander all she wants but her pockets will be replenished regularly because she has rich parents to give her more money when she runs out. for, lottery winners on the other hand, once you run out, it's gone!! there is no refill!! but winners don't always realize this.

Clever reply. The money only becomes sustainable when it is properly invested. That in itself could be a problem for the class of people that regularly play lotteries.
The golden rule of money says consume strictly from income whilst growing your capital.

LeoMax:

1 million cant even buy you a nice car. Its not money.

some people are millionaires today who started out with just 50 (fifty) naira.
you don't need millions to make millions. all you need is ideas. and without
ideas, one billion dollars in the hands of a clueless man is money soon gone!

@LEFTONE You make a lot of sense.That money does not have a structure that can keep it,be it human or coporate.

People who don't struggle to make money most likely will not value it.

George_D:

some people are millionaires today who started out with just 50 (fifty) naira.
you don't need millions to make millions. all you need is ideas. and without
ideas, one billion dollars in the hands of a clueless man is money soon gone!

Way to throw in a good hyperbole. I have never heard of someone squandering a billion dollars

oh, just be patient, you'll soon hear of it - i promise you.

Hello@george d,it ain't possible except if d individual is cursed.1 can't use 1 billion dollars finish.Calculate it into naira,no matter hw unprudent and wasteful i can be.It can't finish.U funny oOOO

Easy come easy go! except in rare cases

ccollins,
1 billion dollars may appear very big to you at the moment but money is only relative. by that i mean like 50yrs ago five hundred thousand was 'endless' money in the mind of some people but is that the case nowadays?

i assure you that no amount of money is too big to fritter away by anyone lacking in ideas.

ccollins:

Hello@george d,it ain't possible except if d individual is cursed.1 can't use 1 billion dollars finish.Calculate it into naira,no matter hw unprudent and wasteful i can be.It can't finish.U funny oOOO

And how do you know this? After all if you have such an amount and you are just thinking about spending spending spending then of course you would expect the money to finish eventually.
However such an amount should be properly invested and not just "used" whatever that means. lol lol

Is the promoter that have the last laugh, lo matter how big you won you returned it back.

Gambler is an Oliver twist, they always want more, in process they will loss more then what

they won. Gambling is an express way to poverty. The only way out of poverty is work and pray

for God guardians.

The lottery money is good but the winner has got to save, invest and keep from him/herself from wasting it.

Some people become instant millionaires while some have to wait years and through hard work they succeed.

It all the same thing. Dont hate the lottery winners. Thats jealousy.

Mr^Cork:

true, I won £10  2 week ago and its all gone!!

*dies* poor baby! u were sooo rich lol.

@poster, its free money simplesss kky

Life is Good.

lasting wealth is not built on one lucky stroke like winning the lottery.

George_D:

lasting wealth is not built on one lucky stroke like winning the lottery.

Actually that is quite clever. Because suppose that the guy is desperately unlucky thereafter?

@ George I BEG to differ. If someone knows how to manage money and invest, winning a lottery would be the boost to reach a wealthy status. The problem is that when people don't have and suddenly are provided with what they lacked for so long, they take advantage of it. This can be used to explain the buying of the expensive cars, the rims, and the big houses with nothing to show for after it is all said and done. The lottery should be for people with a game plan.

mzdarkskin,
it goes to show doesn't it? if lottery winning tickets were to go only to those with a plan for their money, it wouldn't be called lottery anymore, would it?

George_D:

mzdarkskin,
it goes to show doesn't it? if lottery winning tickets were to go only to those with a plan for their money, it wouldn't be called lottery anymore, would it?

I knew you would come up with that. After all it is hardly prudent to keep spending scarce resources on the lotttery with the unlikely hope of hitting it big. . So by definition the winners would tend to be those without a plan for their money.

Excellent point@ George. But I am still right. . .kind of?

Super T:

Is the promoter that have the last laugh, lo matter how big you won you returned it back.

Gambler is an Oliver twist, they always want more, in process they will loss more then what

they won. Gambling is an express way to poverty. The only way out of poverty is work and pray

for God guardians.

Well of course it does at the basic level signify a repulsive grasping coveteousness. There is no reason to believe that a gambler would lose this greed once he wins a lottery

Quote from: Mr^Cork on October 29, 2010, 01:43 PM
true, I won £10 2 week ago and its all gone!!

MzDarkSkin:

*dies* poor baby! u were sooo rich lol.

          

tensor,
i see your getting the whole point.