#1

#2

#3

Looking at it from a surface level, it’s easy to envy lottery winners who just won millions of dollars for themselves. However, Florida lawyer Kurt Panouses dispelled that notion in a 2023 interview with USA Today.
Panouses, who advised more than 40 winners of big lotteries across the United States, revealed that some of his clients either spend all their money on bad investments or become targets of scammers and friends who harass them for goodwill money.
#4

#5

#6

Another major problem lottery winners face is when the news breaks. According to Panouses, the people who run into these issues are those whose identities have been outed.
As a precautionary measure, he advises clients not to disclose their winnings, even to their close family members. Panouses says many people he worked with went on to live double lives and keep their affluence a secret.
#7

#8

#9

Many lottery winners also experience Sudden Wealth Syndrome (SWS). While it isn’t an official diagnosis, psychologists developed the term for their patients who experience an identity crisis after amassing sudden wealth.
According to Investopedia, people who experience episodes of SWS may isolate themselves from those they are close with because they feel guilty about their change in circumstances. They may also feel “extreme fear” of losing all their money.
#10

#11

#12

Statistics show that 70 percent of lottery winners tend to go bankrupt in a few years. While some experts may debate these numbers, many who suddenly amass a large sum of money likely don’t know how to handle it, leading to a substantial financial loss.
“It’s kind of like taking a person off the manufacturing floor, putting them in the CEO spot, and telling them to run the company. They just don’t have the proper training to do it,” former financial expert Derek Sall explained in a 2023 interview.
#13

#14

#15

If you win the lottery by some stroke of luck, it would be easy to tell yourself not to repeat the mistakes of the people on this list. However, it is essential to take actionable steps, one of which is seeking professional advice.
According to Creighton University finance professor Robert R. Johnson, it would be wise to hire someone with a respected designation, such as a certified financial planner or chartered financial analyst.
#16

#17

#18

#19

#20




