Reason for lottery winners’ crash after a big win

There are some lottery winners who have crashed after a big win. Everyone wishes for their dream to come true. But if it comes true, they should know how to react or how to manage everything. Or else, it may result in crash. In this article, let us see some reasons for lottery winners’ crash after they win big.

Many people almost experience an out-of-body feeling immediately right after they gain a sudden wealth from any even such as winning the lottery ticket. They feel like they are on the top of the world and will be very excited. They celebrate their happiness with family and friends. They try to buy new cars, new home, motorcycles and jet skis. But this phase is just an artificial reality and is not sustainable.

 It lasts for just a few days or few months. This phase can leave a big void which you can fill with activities and purpose. To feel in control of the money rather than being controlled by the money, one of the best ways is to get an clear idea on how much you have, how much income it produces, where it is, and developing a strategy to respond to loan requests from family and friends.

If people know that you have lot of money after a big win, then they begin to make requests to you for money. So it is better to be anonymous if your state rules permit to do so. Do not spend the money drastically and make sudden lifestyle changes. If one knows how to control spending the money, then he/she will start to feel good about his/her win.

Also, they start to improve their life with the money rather than seeing it as a curse or as a burden. Try to pay off all your debts, which is the best investment to do. If you have trouble to control spending the money, then you can prefer the option of receiving the prize amount as an annuity. That is, the amount will be paid out to you in an annuity form over 26 years. You can also get the lump sum of money all at a time if you know how to spend the money carefully. You can take the help of advisors and select the best type of payment that suits you the best so that you can plan and spend the money in an effective way.