Mar 16, 2012

Winning the Lotto Jackpot and Losing It All

You must have heard it by now. The unbelievable story of the PCSO employee who won the P14 million lotto jackpot and who lost it all again in just 3 months. I cant imagine how he must have lived during those 3 months and how his wife must have felt. He obviously acted like somebody who won the lotto: easy money, easy come, easy go. He bought a car on the same day that he claimed his prize. He also bought a P4-M dream house, and spent almost P2-M in balato. He gifted somebody with a car and literally lived the high life. And all of it is gone now, and he still owe people money. While he knows he will be open to ridicule, I am glad that this man came out with his story to become a warning, a lesson to people like us who bet on the lotto and dream of winning the jackpot: be wise when it comes to money. Invest, or keep it in the bank and keep quiet. I guess this man became too excited with his winnings and he did not get any sound financial advice from people around him.

If I should win the jackpot, here are the things that I would do:
1. Keep quiet about it.
2. Put it all in a bank.
3. Build the second floor of our house.
4. I will not buy a new car, but have some repairs on our van.
5. Give my siblings and husband's siblings some financial help, without telling them that I won the lotto. It will only cause more problems.
6. Put some of the money on time deposits.
7. Buy a second property as investment.
8. Think of a business that we can invest on. But do a thorough due diligence first.

I guess the key here is to keep thinking clearly and not become overwhelmed with the money and live as you have always lived. The only difference should be, you wont be wanting for money anymore but don't make your life all about the money and what you can buy.

So good luck to all of us who bets on the lotto and should the universe conspire to give us such chance to win the jackpot, then be very, very wise about it.

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