The dream of property and the financial security that winning in the lottery provides is a widespread fantasy. It is nurtured by the media through radio and television shows, movies, books, websites like calotteries.com and articles about the lifestyles of rich and famous people. Often, financial freedom is associated with long and hard work, but there is a group of people who become rich the easier and much less traditional way. Their ranks are growing daily. They are the objects of media and public interest as their path to wealth and fame went through successfully. These are the lottery winners.
They are often of more interest than the richest people in the world, and the media bombards us with an endless sequence of stories about them. The interest in lottery winners stems in part from the public’s desire to identify with them. These people were able to overcome an incredibly low chance of winning and gaining economic security even celebrity status. These are the ones who have managed to succeed with minimal effort. The suddenness with which their lives changed, pushing them out of ignorance into the spotlight, sparked considerable public interest in them.
But how is winning a lot of money in the lottery affect people’s lives? Lottery winners are shrouded in many myths, so this article will be devoted to exploring some of these myths and destroying false stereotypes.
1. Myth: Lottery winners are predominantly working-class and poor
Many people wonder how common it is to buy lottery tickets. Surveys reveal that more than 50% of the U.S. population has purchased lottery tickets at least once in their lives. The higher the prizes, the more the lottery obsession envelops the population, leading to long lines at ticket sellers. What we have is an obvious phenomenon of buying tickets for a broad lottery, and choosing the winners at random from such a group means that anyone can become a winner. The winners are from all socio-economic groups.2. Myth: Lottery winners quit their jobs
Many people fantasize about how they will quit their jobs if they win the lottery. The myth that the winners leave their works arose precisely because of this fantasy. In the area of post-winning work behaviour, a recent study found that there was a significant relationship between a person’s winnings and his or her behaviour. Only about 23% of the million-dollar winners left the job. None of the winners, who won less than $ 50,000, left their jobs. There was a similar pattern between their spouses. In total, only 13% of the winning spouses quit their jobs.Age is an important variable influencing people's decision to stay in or leave the workplace. 39% of working winners aged 65 and over decided to retire, which they eventually did. Interestingly, half of the people who quit their jobs were under 49 years old. However, many of these people later returned to work after receiving additional training or education, indicating that the desire to work in a meaningful and satisfying job was high.
Generally, the lower the education of the winners, the higher the number of retirees. This is due to the fact that people with less education often work in physically strenuous jobs and earn much lower incomes. On the other hand, people with higher education who have been in their job for 15 years or more have stayed in their job more than any other winning group. Thus, it is clear that winning behaviour after work is a complex phenomenon where most winners remain in the workforce.
3. Myth: Many lottery winners become spendthrifts and lose their money
One of the most common stereotypes about lottery winners is that they immediately spend all their winnings on extravagant purchases, alcohol, or drugs. But this is a rare phenomenon. Contrary to the common concept where winners are portrayed as wasting their money or spending it lightly, winners usually think about who they will give their winnings to:- 33% of the winners said they gave different amounts to their children.
- 17% of respondents allocated amounts to their relatives.
- 10% donated large sums to charity, often to their churches.
- 37% of the winners said they had invested money in stocks, bonds, and real estate.
- 2% opened new businesses or expanded old ones.
- 17% of the winners used the money to liquidate debts.
- 23% bought new cars, but the highest spending was on homes.
- 20% used some of the gains to remodel their current residences.
- 3% of the profit was used to continue education.
- 37% went on trips around the world.
Of course, all sorts of devices were bought, like ships and planes. However, few people have lived extravagantly and this is probably due to another myth that surrounds lottery winners.
4. Myth: Lottery winners are millionaires
Many lottery winners receive money in annual instalments, and the million-dollar win per year averages $ 50,000 per year before taxes. Some winners are taxed at three levels: city, state, and federal. The so-called millionaire winner often has less than $ 35,000 a year left - hardly enough to get millionaire status. Because money is paid in instalments and these payments cannot be increased, there is an obstacle to wasting money. And while some people manage to spend their annual contributions without any difficulty, it’s hard to survive the full amount until the remaining contributions have been paid. Of course, there are cases where the winners have invested poorly, forcing them to go bankrupt.In Canada, on the other hand, people receive a lump sum without taxation, someone can combine a poor decision, circumstances, or a simple failure to lose much or even all of their winnings.
