Winning the Lottery

Comments Off by in CMW News
April 12, 2019
Winning the Lottery

Image Copyright Ted Grussing Photography – Used with permission

Have you ever seen someone on the news that just experienced a huge lottery winning? Most of us immediately start imagining what we would do with so much money. If we are honest, many of us believe if we could just win the lottery, we would be financially secure.

But before you run out and invest in a bunch of lottery tickets, let’s take a look at a few facts you may not know about lottery winners:

  • The common notion that 70% of all lottery winners go broke is actually untrue. As stated by the National Endowment for Financial Education.
  • However, individuals who win the lottery are more likely to declare bankruptcy within 3-5 years, when compared to other Americans.
  • In fact nearly 1/3 of lottery winners in the US do eventually declare bankruptcy.

You can find numerous stories of individuals who won the lottery and lost their fortune in only a couple years. But why is this the case?

We believe it has to do with a person’s money mind set. If someone is unable to budget, live on and manage their money before winning the lottery – then having staggeringly more money all of a sudden can only make it worse.


In order to successfully manage your money, you need to understand the law of money. This law states that you must be your money’s master, and not a slave to it. If you are not the master of your money—it will leave you! Statistics suggest that most people who win the lottery are not the masters of their money before winning, which explains why so many lose their money afterwards.

If you ever win the lottery, we would advise not making any rash expensive decisions right away! And consider talking with a trusted financial advisor to help you be a master of your money. This can be an invaluable help no matter how much money you have to take care of!

Have a wonderful weekend!

Source: Hart, R. (2018, December 03). What Percentage of Lottery Winners Go Broke? (Plus 35 More Statistics). Retrieved from https://www.ryanhart.org/lottery-winner-statistics/