If you think winning the lottery will be the answer to all of your problems — think again. Suddenly becoming wealthy can be harmful to your relationships, and may compromise your ideal thought of what happiness really is, if you don't manage your winnings properly. There are lots of examples in which the lotto winners acted out of ignorance, selfishness, and stupidity that cost them the winnings in a bad way, leaving them where they started in the first place. The National Endowment for Financial Education cautions those who receive a financial windfall to plan for their psychological needs as well as their financial strategies. Michael Carroll has blown a ?9.7 million jackpot he won in 2002 (approximately $15 million at the time) and as of 2010, was hoping to get his old job back as a garbageman. Sudden wealth is a roller coaster ride of emotions – from the highest highs to the lowest lows. I've worked with enough sudden wealth clients over the years to see patterns – what works and what doesn't.
Sudden wealth can come from luck – such as from a lottery win – or from years of effort – such as from a business sale.
Sudden wealth will create problems you never even knew you could have, but it can also give you a voice. There are a lot of things in life that you can prepare for, but getting more money than you've ever dreamed of overnight can turn even the most stable and grounded person's life upside down, because it's impossible to prepare for. Most of us experience gradual wealth – the accumulation of money over months, years, and even decades.
Early on, we may have been able to file our taxes with a simple 1040-EZ form, but then we graduate to TurboTax, and then to having an accountant prepare our taxes. If gradual wealth is a smooth escalator ride that can take decades to reach the top, sudden wealth is a rocket trip straight to the top in seconds.
With the onslaught of responsibility, anxiety, decisions, and strained relationships, we can make poor decisions, lash out at those we love, or freeze with uncertainty and paralysis. Sudden wealth can be an amazing opportunity that can give you the ability to pay off lingering debt, save for retirement, or even re-create the life of your dreams. Most people will have a difficult time adjusting to sudden wealth, especially if they were never used to having a lot of money in the first place.
Many of us cling to the idea that if there's a pile of money deep enough, we'll never have to worry about hitting the bottom. Whether you have an extra $10,000 or $10 million, the lesson is the same: If you dive in indiscriminately, it won't be long before you're scraping the bottom of the bowl.
Winners are much more likely to make significant impulse purchases far beyond their previous means. Regularly harvesting your money tree, and tending for it carefully, can provide you a tree that grows strong, bearing fruit for many years to come. So remember with the lottery, as with a money tree – enjoy the fruit, but preserve the tree, so that it can bear more fruit for you in the future. And whatever you do, don't celebrate finding the money tree by throwing a giant party and lighting a bonfire that burns the tree to the ground! You've heard the news about lottery winners who successfully picked out the winning combination that quickly led them to become millionaires, but what happens once they realize that the tax bite takes more than half of their winnings? There is one thing that I can do to reduce the tax bite somewhat—I can give to charity which when I become a wealthy woman is something that I plan to do. It pays to stay anonymous after winning the lottery as acquiring sudden wealth can be just as bad as it is good. The Dawes, who despite cohabiting and sharing the same surname are not yet married (though they plan to be soon), may have made their first mistake by announcing their success in public at a press conference. The Dawes' plan to bestow great riches on "anyone who has helped us through our life" may be well-intentioned, but it will probably anger more people than it pleases.
A lot of lottery winners fail to protect themselves from people or organizations with their hands out, and family can especially be hard to turn down. After winning an $18 million lottery jackpot in 1993, Janite Lee's earnings were gone within a decade. That's what Charles Crutchfield, a clinical professor of dermatology at the University of Minnesota Medical School, did.
Actually, many years ago, Oprah had me work with lottery winners who had won big prizes only to spend all of their money and actually go bankrupt.
If you missed out on the first prize, and only picked up a few hundred thousand euros, don't feel too badly about.
The only question is: will you make the most of it and live in luxury for the rest of your life? About 65% of all people who win big money like you just have are poor in fifteen years or less. I'll bet you're figuring on heading down to the pub tonight and buying all your mates a round or ten of drinks. Or stop by the jewellers to pick up that diamond necklace or the latest Louis Vuitton bag you've been coveting ever since it appeared in the store window. And tomorrow, maybe you'll book that Caribbean cruise, round-world ticket (first class, of course), or try your luck in Monte Carlo, not to mention that Porsche, Bentley, or seaside weekender you've always lusted after.
Because you've just answered the question of how people like you with sudden wealth end up bankrupt. As the news of this windfall you've just received gets around, you're going to be surrounded by sharks. If you can't resist such requests and offers, and keep a lid on your own desires for instant gratification, you're a Spender. I suggest that instead of heading down to the pub tonight, you go to the supermarket, buy two bottles of the most expensive champagne, and head for home.
Finally, add a copy of my own book, The Winning Investments Habits of Warren Buffett & George Soros. You've just received manna from Heaven, and I implore you to treat it with the reverence it deserves. It also explains the downside of awesome experiences -- or what psychologists call peak experiences. Our research conducted over the last decade suggests that you should listen more closely, and more often, to that little voice. In one experiment, we gave people $5 in the morning and told them to spend it by that evening -- either on something for themselves, or something for someone else. When we called them that evening, those who spent on themselves were just as happy as they were before getting the cash.
What you're really looking for is that feeling state which can often be achieved without the thing you think you need money to have. More money cannot guarantee health or safety or being loved or nearly as much security as we attribute to it. If talking just ends in arguments (and relationship problems can often be one of the main causes of comfort spending), you'll need outside help from an adviser, a debt counsellor or even relationship counsellor. I won the lottery when I married my husband, John, 25 years ago, so I know just what it's like to be very fortunate. Fortunately, I came to my senses in time and re-discovered my treasure by learning The Six Intimacy Skills, which have been worth more than gold. Therefore, my lottery winnings would go towards my funding my mission: Ending world divorce. I'd start by setting up a "refresh your spirit" fund for women (since that's the first of the Six Intimacy Skills) to pay for babysitters, pedicures, art supplies, massage, coffees and other frivolous self-care activities that contribute so much to happier marriages. Next, I'd provide more women with relationship coach training to help spread the skills in more communities, hand out more books and create more programs to show women the simple steps to having intimate, passionate, peaceful relationships. Finally, I'd pay every marriage counselor to give up the old couples therapy model that never works, and replace it with the proven Six Intimacy Skills. Look at other billionaires and see how they managed to stay on the right track with their wealth. Warren BuffettThe real secret to Buffett's personal fortune may be his penchant for frugality.
Mark ZuckerbergAs the mastermind behind Facebook, Zuckerberg is a billionaire many times over. Chuck FeeneyThe co-founder of Duty Free Shoppers has quietly become a billionaire but even more secretively given almost all of it away through his foundation, Atlantic Philanthropies.
When you think about the richest people in the world, you may envision them surrounded by all the trappings of wealth: race cars, yachts, mansions and other toys that most of the rest of us can only dream about. From the sage advice from experts and professionals, winning the lottery is just the beginning.
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With nobody matching all five numbers or the Powerball in Wednesdaya€™s drawing, the estimated jackpot to a single winner for Saturdaya€™s Powerball multi-state lottery will be in the neighborhood of $600 million. The $600 million winning Powerball numbers were drawn as 10, 13, 14, 22, 52 and the Powerball number 11.


Brisk sales a€” and the fact that nobody matched all five numbers and the Powerball in Wednesdaya€™s drawing a€” helped fatten the purse by $250 million in just two days. And with an after-taxes value of $376.9 million, players giddy with possibility have been hitting stores in participating states from New York to California, which just began selling Powerball tickets in April. Some of the New York Lottery winners who collected $6 million in winnings Friday from other games said they plan to reinvest part of their new-found wealth in Powerball tickets.
Carol and Paul Garipoli of Dyker Heights, Brooklyn, are plowing some of their $312,000 in winnings into more Powerball tickets.
Reality check in aisle 1: The odds of any single ticket winning the jackpot are still less than 1 in 175 million. With a Powerball jackpot this big, people who normally dona€™t play are diving into the Lottery pool, experts said. The previous high Powerball jackpot was $587.5 million, which was split in November by a Missouri mechanic and a lucky Arizona man. Using that presentation as an example, below are 10 tips you can use on your next workshop-style presentation.
The informational interviews and the survey gave me data and insight I could use to tailor the presentation to the organization.
Competition (although I didn’t use it in this presentation, competitions can be highly effective). Audience activities should also include a debrief–what was learned and why was it important?
As I had never done the sequenced activity before, I realized that I had one too many steps (I was going to have 2 quads join together for a double quad), so I announced the change and it was no problem. Be careful of having too many fill-in-the blanks on a hand out because people will miss them and some will get anxious to get their handout filled in. Creating (or re-creating) a graphic in PowerPoint is a way to use simple images to create images, icons or other shapes that get your point across, without having to pay a graphic artist, or using someone else’s copyrighted picture. People in your audiences want to feel special, to feel that you understand them and their needs.
Several months ago a representative of the organization called me to inquire if I might be available to give the closing keynote at their conference. I sent her a pre-program questionnaire to confirm details and to obtain additional information on issues the audience faced. As it turned out, the program she had chosen was one of the ones I hadn’t actually written. A month prior to the conference, I called 3 audience members and took notes on the interviews. I noted that I actually knew the person giving the opening keynote, and was familiar with his topic. To illustrate a few ideas, I’ll use a recent presentation I gave to the Timberwolves Executive Leadership team, a small group of about 30 people.
I already had one audience activity that makes the experience a custom one for any audience–an appreciation exercise in which the audience members each think of one or two people they can thank in the next 24 hours. For the 3 slides after that, I was making the point that they had created great engagement and value with fans and can do the same with their entire organization, using excellent leadership. How can you be more engaging and sound conversational when speaking virtually, on webinars. For more tips on communicating and presenting in a virtual environment, see my presentation (34 min) on virtual engagement, Virtual Communication Skills: Bridging the Digital Divide. Virtual communication, communication using technology to communicate across continents, cultures, languages and time-zones, is quickly becoming the norm. Winning the lottery may seem glamorous, but acquiring sudden wealth can only be the start of a change in your lifestyle for the worse.
If you don't want your name to end up in the list of lottery winners who regretted winning the lottery, then read on and find out how you can manage life after winning the lottery. Only this time, they'll be smarting from self-inflicted pain of not managing their lotto winnings properly their whole lives. The Denver-based nonprofit estimates that as many as 70 percent of people who land sudden windfalls lose that money within several years. At first, Carroll lavished gifts on friends and family, but soon started spending on less admirable causes: Cocaine, parties, cars, and, at one point, up to four prostitutes a day.
Post collected the first of his 26 annual payments of $497,953.47, he spent more than $300,000.
Whether you Win the lottery, get money from a lawsuit, or get an inheritance -- or sudden wealth in general -- is often portrayed as creating dire consequences for its recipients, but it can be an amazing opportunity that improves your life and those around you. I just published a book called The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth. You can imagine what the Grand Canyon will look like, but it's entirely different when the view takes your breath away as you are sitting on the edge looking down at it in real life. We'll upgrade our insurance coverage over the years and hire an attorney to write our will and other estate documents. Although some people handle this rapid shift better than others, to many, the dream of a windfall can feel more like a nightmare.
Although it's often portrayed as creating dire consequences for its recipients, money can also provide freedom. For many, it's a once in a lifetime opportunity to start over – to erase some of the mistakes of their financial past and get back on track.
Some may even think that it'd be quite impossible to burn through a huge pile of money so quickly, but this is a psychological trap and the reason is far beyond that of poor money management skills.
That's because we tend to adjust our consumption based on what's available to us – and we aren't just talking about candy. So the purchase amounts will be much higher, making the interest accrued on those credit cards much higher. But harvesting the tree too aggressively, or failing to take care of the tree altogether, can cause it to lose its fertility. Dealing with taxes after a huge payout is at the bottom of any lottery winner's list but by assessing the financial situation with a realistic and charitable approach, any lottery winner can lessen the amount of taxes taken from their winnings. So, when I win the lottery, the next thing I'm going to do is talk to a tax pro about how to give more to people who need it and less to taxes. Suddenly materializing your goal of becoming a millionaire can only be harmless if the winner remains to stay intact with their anonymity. Like most people nowadays, they probably couldn't resist the chance to be famous and appear on television. Regardless, it's important to keep in mind that bankruptcy can easily creep up on you if you don’t have good financial planning.
Maybe you've had someone ask you to help pay for a kidney operation or a donor sperm insemination procedure. Aside from relatives and friends you never knew you had who suddenly need your help, you'll be hounded by financial advisers with spectacular schemes to double your money in no time at all.
But I'll bet if you sat down right now you could make a list of things you'd love to buy that would come to €2 million—if not more. And his book, Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School, he tells how he did it—and how you can too. You'll discover that the difference between the rich, the poor, and the middle class is not money in the bank. Learning how they started with nothing and became billionaires in the markets will make it easy for you to tell whether any of those financial hustlers have what it takes—and say "No!" to those spurious "get rich" schemes that come your way. A huge pile of money doesn't satisfy everyone, and despite the belief that it does, there has been countless of stories wherein lottery winners wished they had never won. Perhaps when you thought about what you'd do with a million bucks, a tiny voice in the back of your head meekly said, "And I'd give some to charity" -- before being drowned out by a cacophony of desires to refurnish your house and reinvigorate your wardrobe. They bought presents for family members, or gave money to the homeless -- and were happier than those who spent on themselves.
Those opposing ideas of money and marriage can make finance one of the most difficult and potentially explosive topics for couples to discuss, leading to marital disharmony over spending. I felt there were a few things—well, just about everything actually- that I was better at than him, so I went about trying to improve him.
Learning the skills gave me everything I want in love and life, including a brilliant, funny husband, who has been dressing himself since before I was born.
Money placed in the wrong hands can lead to disastrous results, but given to the right type of people—and with the right group of financial advisors—it can be life-changing in a good way.
Loath to spend if he doesn't have to, Feeney beats both Buffett and Kamprad in the donation category, giving out less grants than only Ford and the Bill and Melinda Gates Foundations.
The term "frugal billionaire" may seem like an oxymoron, but a small subset of the richest of the rich are well-known for their penny-pinching ways.
How the winner will manage the lottery money is the true test of how much of a "winner" the person will be.
Instead of focusing on the cool stuff you will buy with your lotto winnings, channel the winnings to help you improve the quality of your life, a concept that money will never, ever buy.


About 3 weeks prior to the presentation, I created a free 10-question Survey Monkey Survey related to the topic that was sent out to their 55 staff members (47 responded!).
Although much of the workshop could apply to any organization, the 10% of tailoring to their organization made the content more relevant to them. After this activity, I polled the audience to find who found the greatest number of things wrong and had that person read their list, after which I solicited additions from the audience. For this workshop, I had the audience work through a sequenced activity (for which I previewed the steps and then had them do one step at a time on my prompt), which involved an individual activity, a partner share, a quad share (2 partner groups together) and then the quad creating a graphic poster on a subtopic, with each quad having 1 minute to present to the large group. For a presentation on conflict resolution, I have had the audience participate in a Rock-Paper-Scissors tournament, for example. For one audience activity, I have a slide that asks the audience to yell out the name of an animal on the count of 3, then I click for the line that says “Wait for it . The action I gave the principal (because he was leaning forward with wanting to have guidelines, which I knew from our informational interview), was to select someone to head a committee to draft email etiquette guidelines. No matter the subject, you can capture your audience’s attention and keep them engaged.
He acquired a liquor license, a lease on a Florida restaurant for his brother and sister, and a used-car lot and its fleet for another brother. With proper guidance and a willingness to stick to these 12 Principles, you can avoid the common pitfalls that so often destroy money, and instead transform your sudden wealth into lasting wealth to create a better life for yourself and others. The reason so many people lose their sudden wealth so quickly is not because they make bad financial decisions, it's because they make emotional decisions that, more often than not, are bad financial decisions.
To make matters more difficult, you're often forced to make immediate financial, legal, and tax decisions that can have permanent and dramatic consequences. This is the promise of following the 12 principles in The Sudden Wealth Solution – to help you transform sudden wealth into lasting wealth and to create a better life. The bigger the sum, the more indiscriminately you're likely to spend it, believing that if the pile is deep enough, you'll never have to worry about hitting the bottom. And because they don't stop to think the money could run out, winners don't generally think they need to create or live by a monthly budget. So get ready to become the world's ideal millionaire because the secret to keeping your winning payout of $500 million away from taxes is found by simply giving back to charities.
Once you go public about your windfall, it'll only be a matter of time before you become the target of lawsuits filed by people who want a taste of your wealth—scammers, cons, swindlers, and the list goes on.
But their celebrity will expose them to risks that anonymity would have spared them – floods of begging letters, for example. Dave Dawes said at the press conference that they would try to "do the right things" with their colossal fortune. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C.
Always keep an eye on extended family and overzealous charities; they can financially drain you once you start giving in to their campaigns. Louis Post Dispatch reports Lee, a wigmaker from South Korea, blew her winnings on, of all things, charity. But if you make that your aim, over the years to come you'll end up having MUCH more than €2 million to spend (though not all at once). Winning the lottery can open up doors that used to be closed, and that could virtually confuse you from what it is you truly desire. But more importantly, it's not always about buying something for yourself; happiness can stem from sincerely giving to others who are in need.
Many of the major purchases that we make -- like fancy cars and big houses -- don't really make us much happier.
Because giving your money to others instead of spending it on yourself provides a bigger happiness bang for your buck.
We see this pattern time and time again, nearly everywhere we've looked in the world, in countries ranging from Canada to Uganda to India to South Africa: Spending money on other people is linked to happiness. And sometimes the closest to you can be the most difficult to deal with once you announce your big win, but don't let that bother you.
Take it from the habits of happily wealthy people; they are aware that money can go as quickly as it comes, so they take care of it by not letting wealth define them or their actions. He still lives in a modest home in Omaha, Neb., which he purchased for just $31,500 more than 50 years ago.
He recently upgraded to a $7 million house in Palo Alto, but The Los Angeles Times called the home "still well below his means." Zuckerberg reportedly drives an Acura "because it's safe and not ostentatious," and famously wears the same gray t-shirt and hoodie to work every day.
A frequent user of public transportation, Feeney flies economy class, buys clothes from retail stores, and does not wast money on an extensive shoes closet, stating "you can only wear one pair of shoes at a time". While most people will never have that kind of money to throw around, everyone can take a page from the fiscally-responsible habits of these billionaires. It all boils down to the approach and psychological state of that person that will determine how wisely – or stupidly – he or she will spend the money. Please note: this image is protected by copyright law and may not be used without buying a license.
Although there are many concepts and techniques for email etiquette, I grouped them into 3 main categories: Be Clear, Be Polite, Be Professional. The example of a bad email was so bad that there was quite a lot of chuckling as people read it. And more importantly, how can you avoid the unforeseen dangers and mistakes even the most money-smart and sophisticated people often make?
Many people who become responsible for a great deal of money overnight feel overwhelmed by the financial, legal, and tax decisions they face, confused as to what they should do, and a deep weight because of their new responsibility. It's one thing to celebrate with family and close friends, and another to celebrate with strangers who can possibly be vying with each other for a grab at your pockets.
Some winners have squandered their earnings because of generosity—the sudden attention one gets when they're identified as someone with high value can be tempting—but remember that no one has ever regretted saving their money. A reading room was named after her at Washington University's law school, and she was a major donor for the Democratic Party. The winnings you get from the lottery can be what unites or divides you from actual satisfaction, contentment, or happiness. Some lottery winners are charitable and some aren't, but those who are find it more fulfilling to spend their winnings towards a cause than to spend it selfishly on themselves. Although he's dined in the best restaurants around the globe, given the choice he would opt for a good burger and fries accompanied by a cold cherry Coke. His wedding to longtime girlfriend Priscilla Chan took place in his backyard, and the pair was seen digging in at a McDonald's on their Italian honeymoon. He was rumored to have spent around $3,000 on cocaine every day, he also bought several luxury cars and crashed them on a homemade racetrack. And if that were not enough, we may feel pressure from those closest to us—our family and friends.
We'd venture to guess you'll end the day with as few left at the bottom as when you started out with less. In fact, it already has, for the Daily Mail has published interviews with Angela Dawes's ex-husband, John Leeman, and their teenage son Steven in which they made scurrilous allegations, accusing her of "abandoning" Steven.
A client of Gamel's who won a past lottery did that, and had a lawyer claim the prize on behalf of of the trust. In addition, winning the lottery could be the experience you'll compare other experiences to. If the strain stems from gaining sudden wealth, then maybe it's time to talk to financial and relationship advisors. They may offer support and encouragement or even offer advice, but they're often no better prepared for the situation than you are.
Their support, if it is unwanted, can strain relationships, causing even more anxiety and stress on an already highly charged situation.
As we watch it grow, we are also developing new skills and maturity to become a better parent.
It was called Wrestlicious, and featured scantily clad women fighting in a specially built pink ring.
Strangely, it didn't become a success.6South Korean immigrant Janite Lee won $18 million in a lottery. She gave out the vast majority of it to a number of causes such as education programs, charities and political organizations. She decided to get a huge loan she would slowly pay off, but she struggled to do so and the debt grew until it was worth more than her actual lottery winnings.8John Kutey won a share of the $319 million prize offered in the Mega Million lottery in 2011 along with six other people.
He and his wife decided to spend $250,000 on demolishing a local pool and installing a huge spray park along with donating $200,000 to help build a water park in New York.9Gerald Muswagon won $10 million on the Super 7 jackpot lottery in 1998.



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