Lottery jackpots: Lucky to lose? - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Lottery jackpots: Lucky to lose?


Chances are you're not going to win the Powerball jackpot. 

However, that may not be a bad thing.  In fact, we might just be lucky to lose.

You win the big jackpot - now what?

You don't have fewer problems but you do have different problems. For instance, managing that amount of money would be tough for even the most financially savvy person. You don't just get the billion dollar check and put it in your bank account.

"If they're NCUA or FDIC approved, you're only protected up to $250,000 by depositor so you're going to have to split those up amongst a lot of different accounts," said Richard Reeve, Consumer Credit Counseling in Savannah.

Also, your relationships with everyone you've ever met, will meet, and even complete strangers will change. You're also more likely to get divorced.

"The studies go back to people struggling with depression, isolation, paranoia about all of these relationships changing and people do view you differently," said Reeve.

If you think it'll make you happy, think again.

"After a certain point lottery winners are no happier after they win the lottery than they were before,” said Reeve.

This one sounds crazy, but your chances of going bankrupt go up.
"You think about Donald Trump running for president and he's filed for bankruptcy several times. So bankruptcy is an option for people that are supremely wealthy as well," said Reeve.

You also become a target for lawsuits and scammers. Beyond that, it's unlikely this money will benefit future generations.

"What happens is people usually spend all of that money before they die. Their kids or grandkids are no better off," he said.

While winning the lottery sounds amazing it might not be exactly what you'd expect.

"Mo’ money, mo’ problems? Right,” said Reeve.
Probably none of these reasons will stop you from playing because a chance at Wednesday night’s $1.5 billion Powerball jackpot is hard to pass up.

However, these are just some things to think about as you play or maybe make you feel better if you lose.

Copyright 2016 WTOC. All rights reserved.

Powered by Frankly