Adventures in PR Land

Dream of Winning the Lottery? Maybe You Should Find a New Dream

Posted on: September 4, 2010

Feeling Lucky Today? (Photo from the Memphis Flyer)

Hi readers,

Welcome back to the R-Report.

Many of us had played the lottery in hopes of making it big. I’ll admit, even I bought a Mega Millions ticket and had fantasies of holding that winning check on national t.v. and moving to another county to avoid begging third cousins and friends that come out of the wood work. But what happens if those dreams come true?

Well the Yahoo!  article “Jackpot Winners Just as Likely to Go Bust”, explores what happens if people won $150,000 or just less than $10,000. It shows that both groups are equally as likely to go bankrupt , regardless of the cash winings.

This article shows the consequences of a “poor person’s mentality” regardless of how much money one has.  In essence, if people with poor spending habits gets a large enough sum to help them out of poverty, without them gaining financial education, the money will be gone. The article also talks about the psychological difference between earned and “found” money. It we find money it is considered extra and therefore is spent on the things we want. However, the money we earn is handled with more care, and we think about what we buy before we buy it.

If you want to read more here is the article : http://finance.yahoo.com/retirement/article/110553/jackpot-winners-just-as-likely-to-go-bust

So play the lottery, have fun and dream big. However, if lighting does strike and you win whatever amount, be smart with the winnings.

This is Sabrina signing out! Have a great weekend

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Sabrina Roberts

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