7 negative effects of Winning the Lottery you only come to know later

The Dark side of Winning the Lottery

Everyone, whether they admit it or not, wishes they could win the lottery and become a millionaire. The idea that a character can suddenly rise from obscurity to wealth is one that many of us find appealing in works of fiction. Finally, it is a defining moment in a person’s life, with the potential to bring about positive changes in the course of their life. But there are also some negative effects of Winning the Lottery.

What you may not realize is that even if you win the lottery, you may discover that the responsibilities that come with it are a greater burden than the potential rewards. This is something you may not be aware of.
If you win the lottery, many aspects of your life will undoubtedly improve; however, the more money you have, the more challenges you will face in your life. This is especially true if you spend all of your money on frivolous purchases.

Winning the lottery has the potential to make someone’s life better, but it also has the potential to turn that person’s life into a living nightmare. When someone goes from being significantly poor to having millions of dollars, it has a significant impact on their lives. It may cause them to behave irrationally with their winnings, cause them to quit their jobs, or simply cause them to lose touch with reality.

The reality is that winning unimaginable sums of money can put an unimaginable amount of stress on the lives of people who are not used to dealing with such pressure, which can turn a positive event into a tragic experience.

1. Bid Farewell to Anonymity

The vast majority of people are unaware of this fact; however, after winning the lottery, a number of states require lottery winners to make a public appearance at a news conference and display a large check.
In other words, it appears that your ability to maintain your anonymity is coming to an end. It is a blessing that some states, as well as some online lottery sites, permit players to participate without disclosing their identities.

2. There will be real tests of the friendship

Regardless of the quality of the people you consider to be a part of your life, there will always be some people in your life who believe that you owe them something simply because you have unexpectedly acquired a significant amount of wealth.

One of the downsides of winning the lottery is loss of many a friendships

Sandra Hayes was one of the first people to experience this phenomenon when she won the $224 million Missouri Powerball pool in 2006. She then proceeded to distribute one-twelfth of the winnings to each of her twelve coworkers.

Almost immediately after she won, she noticed that her friends were acting strangely. When they went out to eat, her friends would place their orders, but they would quickly admit that they couldn’t pay for their meals because they didn’t have any money on them at the time. Sandra figured it out quickly, and it wasn’t even long after she stopped hanging out with them that she realised what was going on.

One of her other close friends stated unequivocally that they expected Sandra to save their family from their financial difficulties and that they relied on Sandra to do so. After discussing the situation with her financial advisor, she concluded that Sandra had reached her breaking point and responded with a resounding no. If she hadn’t done so, she would have quickly found herself in the same perilous situation as the people’s time.
You might even have to fend yourself against family members.

Your loved ones, like any other family in your social circle, are just as likely to take advantage of your sudden wealth. It is not only your close friends who could do something like this to you. You may have to fend a long line of people who call themselves “family” and ask for handouts, the majority of whom you haven’t seen in decades.

If this occurs, you will have to defend yourself. Worse, there’s a chance that people you’ve never met or even knew existed could appear out of nowhere and knock on your door. This is a possibility over which you have no control. This information would completely astound you.

Members of your family whom you haven’t seen in a long time, if ever, will contact you out of the blue to request financial assistance.

Lottery winners are frequently contacted by long-lost relatives seeking to conduct a financial transaction with them in exchange for cash. “A family member who wins the lottery will appear to be a better option than a bank for quick cash because the cost will come with little to no interest paid, and there will be no application process,”

3. Relationships may be harmed.

Even married people are not immune to what some refer to as the “lottery curse.” Many married couples have discovered that they are unable to keep their relationships together after winning a windfall from the lottery.
Adrian and Gillian Bayford’s story is one of the more well-known examples of how playing the lottery can put a strain on a couple’s relationship.

The Bayfords won the lottery for 148 million pounds in 2012, but a year later, they divorced and split up. The couple is adamant that the involvement of a third party was not a factor in their relationship’s demise.

The Bayfords discovered that the high-stress life of millionaires left them with very little time to spend together as a couple. This made it difficult for them to keep their relationship going. They are currently residing on opposite sides of their respective countries in their respective locations.

4. Believe it or not – You put yourself at risk of going bankrupt.

Admit it: if you won money, you’d like to treat yourself and the people who are important to you. If you’re completely honest with yourself, this is exactly what you’d do. It’s a natural reaction, but it’s also a way of thinking that could lead to you having no choice but to declare bankruptcy.

Many lottery winners have been duped into falling for this trick in the past, and it is likely that many more will do so in the future.

Michael Carroll, the previous jackpot winner in the UK National Lottery, squandered all of his money on frivolous winnings after collecting his prize of 9.7 million British pounds, and thus lost his chance at winning again.

Winners will discover that they now have access to a substantial amount of credit that they did not previously have. As a result, they are significantly more likely to pay for their purchases with credit rather than cash.
It is beneficial to create and stick to a financial plan for one’s future. If you do not do this and instead spend your winnings on frivolous items, you will increase the likelihood of declaring bankruptcy sooner rather than later.

5. You are required to pay taxes on your winnings.

Even if you are not required to share your winnings with another lottery player, you must always report them to the IRS.

Lottery winnings are taxed as ordinary income, whether you choose the “lump sum” or “annuity” option.

Your tax bracket determines the remainder of your taxes (and must be paid when you file your tax return for that year).

Before you can even receive a single dollar, the IRS deducts 25% of your winnings for federal tax purposes.

In addition to the 25% immediate tax hit, you must follow your state’s income tax code and pay tax at your state’s ordinary income tax rates.

If you purchased the ticket outside of your state of residence, you may be subject to an additional penalty. Even if you live elsewhere, Maryland and Arizona will tax your winnings.

6. You may be harassed

After the news spreads about your winning the lottery, you may find that you are the target of harassment or threats made regarding your money. It is possible that members of your family or other loved ones will also be harassed or threatened.

Sometimes the harassment is motivated solely by jealousy, but other times it may be serious enough to warrant concern for your safety.

7. Scammers will be after you

When word spreads that you’ve inherited a large sum of money, not only do some of the people in your life have the potential to become money-hungry parasites, but you also become a target for con artists and other people you don’t want to be a part of your life.

Sandra Hayes, one of the lottery winners I mentioned earlier in this article, had the misfortune of working with contractors who immediately raised their work bids after learning she had won the lottery. Sandra Hayes was forced to pay significantly more for the same amount of work as a result.

People who dislike you will focus their attention on you in order to take advantage of the wealth you have recently acquired.

The con artist who sold Robert Miles the scratch card led him to believe he had won $5,000 when, in fact, he had won $5 million. In 2006, Robert Miles won the lottery using a scratch card. When Robert entered a

Syracuse convenience store, the store’s owner’s sons, Andy and Nayel Ashkar, offered him $4,000 in exchange for the winning lottery ticket.

Andy and Nayel Ashkar are the store’s owners as well. Robert, who was struggling with a cocaine addiction at the time, agreed to the brothers’ proposal despite the fact that he was clearly not thinking clearly. Robert was successful in winning his $5 million, but it took him seven years and a victory in a criminal case against his brothers to do so. However, Robert was eventually awarded the money.

Should You still buy the Lottery?

It depends. If you intend to disregard the advice and suggestions in this article, it is probably best for you to give up while you are still in the lead. If you win the lottery, there is no doubt that your life will be altered; however, you should be in charge of these changes rather than the other way around.

Naturally, some things will be beyond your control, such as other people revealing their true colors; however, how you choose to deal with these things will make all the difference in the world in terms of the outcome. If you take the time to learn from those who have gone before you and won the lottery, you will have a much better chance of surviving the experience with as little emotional scarring as possible.