What do most lottery winners buy – we intend to find out! Are people always focused on new cars and huge houses, or do they perhaps come up with some more creative ways to spend their fortune? The results may surprise you, as not everyone is smart with their investment.
Life After Winning the Lottery
Let’s not kid ourselves – winning the lottery sounds great, and in most cases it is. People feel like there won’t be any financial obstacles anymore now that they have a fortune. You start thinking of how your life is now completely changed – you can afford everything you’ve ever wanted – a mansion, a supercar, even an island. But do all people do that, and are they always smart with their purchases?
It may surprise you, but even winners of the EuroMillions jackpot may lose all their earnings in less than five years. It’s important to plan how you will spend your newly acquired earnings, and not squander them in tempting, but unwise ways. It is understandable that lotto winners might go crazy with their spending from the very first moment, especially after knowing what their chances of winning the lottery were, but still, reason should be above all.
Investing money, travelling, starting your own business, or donating to charity are examples of ways to make good use of your money. We will give our personal recommendations further on in the post.
Media and Friend Reactions
It’s important to take a look at the reactions of others that you will have to face after winning. Your friends are surely going to change their lifestyle and attitude towards you. In their view, you aren’t just a regular consumer living a normal life – you’re a celebrity with tons of cash to back that up. You may gain friends but also may lose some in the process.
You might also be a target of the media. It’s common to be interviewed about your crazy luck in winning the lottery and having to make public statements. Some people wouldn’t want to bother, but this is inevitably going to happen.
A lot of truly wealthy people may look down on you and mock you – you’ll need to resist that. It’s important to keep your self-esteem. What lottery winners buy is entirely up to them, but buying a mansion is surely going to put envy in the eyes of your friends. Even if they don’t want to admit it, the sole fact that you now have a fortune and can afford anything will strike you as several classes above the others.
This traction that lottery winners inevitably get is unavoidable, and it may have a psychological effect on both the winner, and the people around them. It’s important to keep a strong head and realize that it is you who won, and you now have the right to spend your winnings happily, regardless of what others think.
The Most Common Things People Buy
Let’s get to the fun part! What do most lottery winners buy?
Usually, the first thing lottery winners buy is propety, and that’s understandable. Who wouldn’t want to buy that dream mansion they’ve always wanted but never thought they’d be able to afford. We’ll cover details on properties further on.
People sometimes buy cars, invest their money after consulting a financial advisor, or travel the world. A person from the UK would love to visit the United States, and it’s obvious that plane tickets aren’t cheap, and neither is the trip itself. People can explore the world in any way they want.
Here is a list of the most common first things lottery winners buy:
- ✔️ Investing Money in Their Main Property, or Buying a New One
- 🔥 Income Investments
- ✅ Safety for the Future of Their Children
- ☀️ Gifts for Family and Friends
- 👉 Large Items Like Cars and Technology
- ⭐ Paying off Debt
- ➡️ Education
Although these are the most common ways lottery winners spend their money, people are different, and not always smart with their purchases. You can see our article regarding some of the craziest lottery winners’ stories and see what we mean. Further on, we will show some examples of people losing everything in unusual ways.
Since we now have a general conception of what lottery winners buy, we’d like to elaborate further and explain the reasoning for these purchases. Investing money into property is undeniably the answer to the question “What do lottery winners buy first?”. It is the first purchase for many, and it is there to stay with them. They will have a chance to start a new life at a new location in their dream home.
Investing money for your child is just as important. Who wouldn’t want to be sure their children are happy and safe? Healthcare, gifts, and education are just some of the options lottery winners can take to ensure their children are healthy and happy.
Gifts are a popular choice, and they can be of any form. Since lottery winners will have the financial capabilities, they may buy items as large as cars for their loved ones. Winners can also make sure they’re clear of any debts – another popular tactic. And, of course, it isn’t uncommon for them to buy large items like expensive electronics, or luxurious cars. See who the the biggest lottery winners in the UK are and what they bought with their winnings.
What Properties do Lottery Winners Buy?
It’s clear that the thing lottery winners buy first is property, so it’s important to cover the popular locations that winners choose.
Where do lottery winners buy a property? In the UK, lots of locations are popular – London being the most common. A lot of UK winners move out of the country as well. Popular US locations for lottery winners are NYC, California, Florida, and Washington. It’s up to the winner to choose the location of their new home, and it doesn’t necessarily need to be at the locations listed above.
Some lottery winners like to enjoy a peaceful life, away from the noise and business of the urban environment and purchase large villas in a rural village with a calming atmosphere. These are usually cheaper than a huge mansion in New York, and some people do prefer it.
If you’re wondering where you can play the lottery and have a chance to be one of those lucky people, you can check our list of the best lottery sites in the UK.
It’s undeniable that buying a property is exciting – you’re essentially starting a new life – a new place means a new city, new opportunities, and a change of pace in your lifestyle.
The below table will show the average money UK lottery winners spend on properties along with some other interesting statistics:
|Money Spent By UK Winners On Property||£3.3bn|
|Average UK Properties Owned||2.7|
|How Many Houses or Flats Were Purchased?||7958|
|Percentage Of Winners Who Change Their Main Residence||82%|
The Bad Decisions
As we conclude our post, we would like to draw your attention to the most stupid things lottery winners buy with their money. Not everyone is smart to talk to a financial advisor and invest their money properly. People sometimes do the craziest things.
Some people spend everything on expensive drinks. This is not only hurting their health but their pocket as well. Some whiskeys can cost tons of money, and people will buy them to experience “that unforgettable taste”. A person bought a whole waterpark which went bankrupt very soon after purchase. Another decided that trafficking drugs was a good idea.
There are many stories, such as the one of James Hayes and his Lottery Curse. You can read our post on how a lottery winner turns into a bank robber to learn about this interesting turnaround.
These are just some of the examples of stupid things bought by lottery winners. Winning the lottery is truly a significant life event that very few get to experience, but it can be over in an instant if you’re not smart about it.
Frequently Asked Questions
In the section below you’ll find quick answers to the segments discussed in the blog. We covered a lot, and the most common inquiries are below – you can click on the links that will take you to the relevant section of the blog post.