What would you do if you won a multi-million lottery jackpot? Everybody has though about it at least once, so when a lucky player does cash in on a generous prize, it is likely that they already know what they plan to do with their winnings. So, what do lottery winners actually do with their newfound wealth? haihuayonline.com
When you ask someone what they would do if they won the lottery, most will say that they would quit their jobs. However, many lottery winners (up to 60%) choose to continue working. In the case of many winners, working is not about earning money; it is about keeping busy during the day and socializing with others on a daily basis. Those who do not keep their original jobs fill their time with volunteer work while others start their own businesses.
When it comes to spending, a large portion of lottery winners choose to invest their winnings and purchase new homes. Many choose to spend their winnings on others, as well. Over the years, lottery winners have spent billions of dollars on gifts for their friends and family – and even more money on their children’s education costs.
While purchasing new cars and vacation homes are on the top of winners’ “To Do” lists, the first thing they usually do is pay off debts. It is an unfortunate fact of life that most adults are in at least some debt. From credit cards to student loans to mortgages, everyone owes someone else some money. Winning the lottery provides financial freedom for many of these individuals.
As an expensive luxury, travelling is not an activity that most families can afford to take part in regularly. So, many lottery winners set off to exotic locations around the world. The most popular destinations tend to depend on where players originate. For example, European destinations like France and Italy are popular among American lottery winners while living it up in the lap of luxury in Las Vegas, Los Angeles and New York is how many UK winners choose to spend their money. Asia, Australia and New Zealand are also highly popular destinations among winners from just about any country.
The biggest investment that lottery winners make is the purchase of a new home. While many winners simply chose to pay off their existing mortgages, the more popular option is to buy a brand new home. According a report by the UK National Lottery, the average price of a home purchased by a lottery winner is £900 000 ($1.5 million). Many winners will even pay off the mortgages of friends and family members, or purchase new accommodation for their loved ones.