There’s a reason why award winning and critically acclaimed rapper Biggie Smalls, also known as the Notorious B.I.G., rhymed about having “more money, more problems.” Many people wrongfully assume that suddenly coming upon a lump sump of money, such as an inheritance or winning the lottery, is a surefire way to become happy. And while it’s true that money may provide temporary happiness by way of being able to afford that custom foreign car you’ve always wanted, it rarely — if ever — leads to long term, sustainable happiness. Actor Jim Carrey, who is an advocate of the law of attraction, is famous for saying, “I hope everybody could get rich and famous and will have everything they ever dreamed of, so they will know it’s not the answer.”
And he’s right. How many times have you read about or heard of lottery winners filing for bankruptcy a short time afterwards? Or how many times have you heard of lottery winners becoming frustrated with their former close friends and family members as these people begin asking for handouts and financial assistance? Some lottery winners who were in dire financial situations before winning the lottery often say they would gladly return to that state in order to rid themselves of the new problems they have; problems that may not be financial in terms of lack but in terms of knowing how to spend it, who to trust, and what to do.
If you are a lottery winner or someone who is, it’s imperative to first become grounded in your own beliefs about money and finances in general. Regardless of whether you decide to take lottery lump sum payout or take an annuity settlement, a secure financial future can only be had with having a healthy relationship with money. Many people who win the lottery were extremely poor or did not have a lot of money before winning the lottery and suddenly being faced with a choice to take a lottery lump sum payout and calculating a structured settlement. And regardless of what option they choose, they soon find that they’re in over their heads in terms of managing their new found fortune. That’s because even those people are now wealthy, they’re mentality is still coming from a place of lack and scarcity.
This is especially true for people who do not have a healthy relationship with money and who choose to take a lottery lump sum payout of their winnings. While this clearly has many immediate financial benefits, many people quickly burn through or give away this money, rather than wisely investing it. Imagine, for instance, if lottery winners chose to remain anonymous when possible and sought the advice of an experienced financial planner instead of attempting to manage their wealth on their own? As you can see, in this case, it really doesn’t matter if the lottery winner chooses a lottery lump sum payout or a structured settlement. What matters is managing this money wisely with the help of a financial or wealth professional who can help to invest and grow it!
Many people think spirituality has little to nothing to do with finances and wealth, but this is far from the case. Being centered and grounded in your beliefs prior to winning the lottery will have everything to do with how you go about managing the wealth you were suddenly and graciously blessed with.