I don’t know how many people have won the lottery. but a good number of the lottery winners don’t end up as happy as they thought they would be.

Why?  Well, they’re certainly happy in the short term.  They get a big check and can spend it on anything they choose.  Winners can pay off all their bills and help family members.  They can go on big vacations, get a nice home, and have whatever their hearts desire.  Winners usually experience an increase in their lifestyle after winning.

But now, let’s talk about the long term.  Over the long haul, their new lifestyle becomes their new “normal.”  Friends and family sometimes behave differently towards them.  People could ask for money, thus putting a wedge in their relationship.  And, when winners increase their spending, their level of happiness doesn’t necessarily increase.  A study done in 1978 determined that lottery winners weren’t any happier over the long haul than most people.

Research showed those who used their winnings prudently, were able to maintain higher happiness levels over the long haul.  What does that mean?  Paying off bills, investing their winnings strategically, and helping their family members were most commonly mentioned.

Now, if I ever won the lottery, the first thing I’d do would be to contact my financial planner.  If you don’t have one, get one!  I’d be investing most of the winnings after paying my taxes.  By doing that, I could increase my lifestyle just from the earnings.  And if I was still working, I wouldn’t quit my job, assuming that was the plan, until I had that check in hand and it had cleared.  I don’t take anything at face value until it becomes a reality.

Moral of the story:

I am not a lottery winner.  I saved and sacrificed to get where I am today.  And, when people ask me if I’m rich, I say no.  I tell them I’m comfortable.  My bills are paid.  I have money in savings.  And, my needs are covered.  Do I ever buy a ticket?  Sure…  When it goes over a billion, I waste a few dollars and get one.  But I’m never going to rely on winning for my future.  I’m going to rely on myself.