Let’s play a fun game…let’s imagine you’ve just won the lottery!
You’ll soon be handed one of those outsized cheques for £5million and will have that slightly awkward moment when you struggle to squeeze it through the doors of your bank to pay it in.
Unlikely…you say? Well..let’s be honest, the odds are pretty slim…what with the chances of winning the UK lottery being maybe 1 in 14 million.
But someone has to win the jackpot. And you might naively imagine that would probably be a good thing for the winner, right?
No! Its ironic that people dream about winning the lottery as an end to their money problems. But the reality is that for most people, its more likely to be the start of their real problems.
Here is a striking statistic for you.
In the US, The Certified Financial Planner Board of Standards says nearly a third of lottery winners end up declaring bankruptcy.
Let me repeat. The % of lottery jackpot winners that end up going bankrupt is almost 33%. So people that win the lottery are more likely to end up bankrupt than people who haven’t…I shit you not.
Studies also show that lottery winners fall