In today’s society, happiness tends to be related to wealth. But does winning the lottery make a person happy?
While there are millions of lottery players who have won and have gone on to make their lives significantly happier, there are those who have messed up and regretted winning millions.
Over the years there have been numerous lottery winners who spent their days dreaming of winning and when they finally did, the win still didn’t end up fixing their issues.
The bigger the jackpots get, the more people play the lottery even though they know it won’t fully fix their problems.
Going through various literature on the matter, a study found no difference in happiness levels between lottery winners and non-winners. What it did show, though, was that there are a number of factors that determine whether the lottery will make a person happy…
What factors determine if the lottery makes you happy?
Winning the ‘right’ amount
After various stats, the study revealed that the ideal prize money won on the lottery would have to be in the region of $30 million after taxes. Looking at the various jackpots up for grabs currently, that leaves online lottery players a rather wide selection of lotteries to play and end up being happy.
The study further stated that the $30 million, if invested wisely, would allow you to live on $1 million a year with little risk of ever running out of money.
It takes time
The study also highlighted a fact not often discussed, in that a medium-sized lottery win can take up to at least 2 years before the winner starts to fully enjoy their newfound wealth. Why? Winning the lottery comes with quite a significant amount of stress in the first year. Taxes, paperwork, Wills, investments and dealing with long-lost family members coming out of the woodwork asking for handouts all takes its toll on a winner.
Luckily once all this has been sorted, the winner gets used to dealing with various financial issues and the fun really begins.
Keep a low profile
One of the first things every lottery winner should bear in mind is that they should keep a low profile in the early days of winning the lottery.
Don’t binge spend
Winning millions without having to work or sacrifice for it, can make people more likely to make irrational decisions with it. Therefore, if you are lucky enough to win the jackpot, resist the urge to binge spend without consulting a financial advisor first.
You could see yourself running out before you’ve had a chance to truly enjoy your newfound riches.
In conclusion, money can definitely make you happy but it’s not guaranteed.
In the words of Jane Park, who won the lottery after playing the lottery for the first time, 'Money can't buy you love, true friends or a family but it does bring a degree of happiness.'
'I can do things I have never done before.'