RSS Facebook Twitter LinkedIn
 


Featured Advisor



Kim Butler
President

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX



BIOGRAPHY:
I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

Click to see the full profile


Share |

Would You Live Frugally if You Won the Lottery?

Despite the odds, nearly 40 percent of American adults play the lottery sometimes

| BY Donald Liebenson

Winning the lottery is an irresistible fantasy, but would it change how you live? Would frugality triumph over temptation? A majority of U.S. adults would like to think they could continue to live normally, according to a new CouponCabin.com survey.

More than three-quarters of Millionaires surveyed by Millionaire Corner attribute their wealth to frugality. But newfound riches have a way of changing people. Just ask Evelyn Adams, a New Jersey woman who squandered much of her $5.4 million on gambling and reckless spending. Or Jeffrey Dampier, an Illinois man, who won $20 million and whose generosity toward family and friends was rewarded with his kidnapping and murder by a jealous sister-in-law and her boyfriend. Or Willie Hurt, who won $3.1 million in the Michigan Lottery, but who, within two years, had divorced his wife and lost custody of his children.

But that would never happen to you, right? According to the CouponCabin survey, nearly two-thirds (64 percent) said they would be extremely or very likely to continue to live frugally, while 55 percent would still be extremely or very likely to use coupons (this is a CouponCabin survey, after all).

The odds of winning the lottery are astronomical, of course. It has been estimated that you have a better chance of dating a supermodel, dying from a lightning strike or becoming president of the United States. And yet, an estimated 37 percent of U.S. adults buy lottery tickets at least sometimes. Men are more likely to buy a lottery ticket than women (42 percent vs. 32 percent). To their credit, Millennials are less likely than baby boomers ages 55 and up to purchase a lottery ticket (28 percent vs. 41 percent).

But what would you do if you won? CouponCabin’s random survey summoned a variety of responses, most of which are admirably practical, philanthropic, and high-minded. Some, though, could be trouble…. :

  • Build a homeless shelter.
  • Pay for medical procedures that my insurance won't cover.
  • Establish a charitable foundation.
  • Set up college funds for my children and grandchildren.
  • Get a divorce.
  • Get rid of my student debt.
  • Pursue my dream job.
  • Endow a scholarship at my college.
  • Buy my parents a home closer to me so I can take care of them.
  • Donate 10 percent to my church.
  • Makeover my home and hire a maid. .
  • Hire a hairdresser and masseuse daily and have a chauffeur.
  • Take my family to Disney World.
  • Open an orphanage.
  • Buy a Steinway D Concert Grand piano.
  • Purchase a large RV and travel the country visiting family and friends, and camping and hiking with my spouse.
  • Start my own business.
  • Work for free for a non-profit.


About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.