RSS Facebook Twitter LinkedIn

Featured Advisor

Srbo Radisavljevic
Managing Principal/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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 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

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.