Are You Planning on Winning the Lottery?by Miriam Caldwell | More from this Blogger 10 Jan 2007 10:16 PM Do you keep telling yourself that someday that your finances are just going to sometime magically fix themselves? Do you tell yourself when you get the next raise or promotion that you will finally be able to make ends meet? Are you looking forward to receiving that inheritance, because you can use it to pay off your debt and begin to save for your retirement? Do you dream of the day when you win the lottery and all your concerns will be taken care of? The reality of the situation is that until you change the way you manage money, your situation will not get any better. The next raise will be absorbed easily into your spending, and you won't really have the extra money that you think your will. Your inheritance may not come at a time when you really need it. As for the lottery while I do actually know someone who won, chances are you probably won't win enough to make a big difference in your way of life. I have also seen the effects of people receiving large windfalls of money. Often people will go a little crazy and splurge on things that they have been wanting, while promising themselves that a certain amount will go toward debt repayment or savings. Meanwhile, without careful tracking they have spent the entire amount if not more on vacations, new furniture, or home repairs. The only way your financial future is going to change is if you take steps now to change it. Depending on where you are, the steps may be drastic, or they may be little. Either way you will feel a sense of satisfaction as you bring your finances under your control. You will have a future that you can look forward to, and you will be able to live comfortably, because you took the time to manage your money now. Related Articles: Do I Really Need to Manage My Money? Are You Living Paycheck to Paycheck? Can You Change Your Money Habits? Learn more about Miriam Caldwell  Miriam is a SAHM mom of three children. She has a daughter who is seven, and two sons, four and two. She loves being a parent and spending time with her children. Relevantmoney tags User Comments  Michelle Vandepas (579) 10 Jan 2007 09:36 PMOh how true! If you come into money before you've done the hard work of learning to budget, plan, save and spend accordingly, you'll be sorry later for how you spend. If you do the work on budgeting and planning, if you do get a windfall, you'll know exactly what to do with it and how to put it to the best use!.. Nola Redd (7081) 11 Jan 2007 05:10 PMLottery winners have a higher-than-average divorce and suicide rate, and I think bankruptcy rate, too. I don't play the lottery, but I am keeping my eye out for that million dollar winning ticket just laying on the ground....(I told my best friend this and I think she thought that was my serious financial plan, LOL!)  Miriam Caldwell (8030) 11 Jan 2007 08:04 PMI know that most people aren't going to win the lottery--(I do know someone who really did win, and so much that they couldn't possibly go through it in the time they had left. They were in their eighties when they won.) But I do think a lot of people get inheritances at some time. The sudden windfall is gone so quickly--if they don't plan ahead and budget. I think that I saw a program where they profiled lottery winners and most of them were in worse financial condition a few years later, than before they had won. Thanks for your comments!  Julie Gentry (5915) 14 Jan 2007 02:51 AMI worked with a woman who won over $100,000. She was in her late 60s and her husband was ill. The only thing that changed was that they didn't lose their house. I confess to dreaming about those $30 million pots, though :-).  Andrea Hermitt (5507) 12 Jun 2007 06:07 AMI have tried to convince several serious players that if they counted thier earning in one year and compared that to what they played, they would come out even.... They think I am crazy! Miriam Caldwell (8030) 12 Jun 2007 08:28 AMI personally don't believe in the lottery. I think it is an unfair tax on the poor and uneducated. I think that it is really difficult to come out ahead, and the amount of money that you win usually doesn't match how much your spend. Thanks for your comments. Community Tags Changing Habits, money, spending Discuss this article
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