Money Life Hack: What To Do If You Win The Lottery! Video

Winning the Lottery

What should you do if you win the lottery? It seems like this shouldn’t even be a question people have. The strange truth is, most people who win the lottery end up going completely broke. The National Endowment for Financial Education estimates that 70% of people who are abruptly flooded with money end up losing it in several years. The largest single winner lottery jackpot amounted to Million. After taxes, this was a lump sum payment of Million. In this video, I will be showing you exactly what I would do if I won a lottery jackpot.

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how’s it going today guys so today we’re going to be talking about what you should actually do if you win the lottery and this is kind of just a curiosity topic because odds are most of us are not ever going to win a lottery jackpot in our lifetime but if you are one of the few people have actually do this is what I would recommend you do if you come into a large sum of money and it doesn’t necessarily have to be just from a lottery if you have an inheritance of some kind the same kind of strategy would apply as well but just for curiosity’s sake let’s talk about what you should do to make sure you don’t go broke if you win the lottery so the largest single winner of a jackpot as far as a lottery goes was seven hundred fifty eight million seven hundred thousand dollars that is more money than any of us will likely see in our entire lifetime now you do pay taxes on that and after taxes this woman walked away with four hundred eighty million five hundred thousand dollars because she decided to take that lump sum payment but the question is what do you do with almost half a billion dollars now before you guys go run off and buy lottery tickets I just want to remind you that the odds of winning a lottery like this Powerball jackpot are one in 292 million so just so you guys are aware the odds of winning the lottery are absolutely terrible but it’s very interesting to look at what happens to people when they do win the lottery in fact the National Endowment for financial education estimates that seventy percent of people who come into a large sum of money out of nowhere end up spending it all in losing all that money in just a few short years I know this sounds absolutely crazy to us because imagine having half a billion dollars or millions of dollars and then blowing all that money it seems like something nobody would do but the majority of people who come into a large sum of money and up spending all that money there are also numerous studies out there that interview lottery winners and they’ve determined that most people are not in fact happier after winning a lottery so a lot of people believe that money will be the solution to all their problems and they’ll be a happy person and I think that is true to some extent but in most cases is not going to bring you fulfillment or make you happy that’s not really related to this video but I thought it was interesting to point those two things out because most people have the desire to acquire a large sums of money because they think it’s going to make them a happier person but when you are seeing 70% of lottery winners spending all of that money we are aware that there is a huge problem out there and that is the fact that people have no idea how to manage such a large amount of money and if I were to win the lottery tomorrow this is exactly what I would do with the lottery winnings and as I’m sure you guys can imagine what I would do is I would invest those winnings and I would invest it in an index fund with a high dividend yield so let’s go ahead and take a look at the numbers here for example sake I’m using the Vanguard high dividend yield ETF which currently has a yield of two point nine five percent per year so any amount of money invested in that ETF you’re going to get about three percent yield from the dividend stocks you are invested in and that’s money you’re going to get every single year without touching a penny of the principal so what I would do is invest all of the winnings and then live off of the dividends now I know maybe that doesn’t sound like a great strategy but I want to show you guys just how much money that would be in this case here of winning a lottery jackpot of almost half a billion dollars so if you were to invest four hundred eighty million five hundred thousand dollars into this Vanguard ETF at a two point nine five percent dividend yield every single year you would earn fourteen million one hundred seventy four thousand seven hundred fifty dollars in dividends now of course you would have to pay taxes on those they would be taxed at ordinary income and if you’re making that amount of money you’re gonna be taxed at the highest tax bracket being thirty nine point six percent so after taxes you would be left with eight million five hundred sixty one thousand five hundred forty nine dollars to spend or do whatever you want with or that’s what you’re going to use to go buy that luxurious house and your Ferrari which is still plenty of money to afford anything you could reasonably want to buy so dividends are paid out quarterly so you would receive a quarterly payment and after taxes that would leave you with about 2.1 million dollars per quarter so each month that amounts to roughly 700 $13,500 or each week you’re looking at 160 $4,500 per week so 160 $4,500 is more than most people make in a year you’re gonna be making that each week off of dividends without touching a penny of the principle and each day that amounts to twenty three thousand five hundred dollars I don’t know about you guys but I would have a hard time spending that much money each day and the thing is you’re not touching a penny of the principle with the strategy in fact your actual amount of money you have your principal is going to be growing over time because it’s invested in stocks so you’re just spending the dividends or the payments from these stocks you’re not touching one penny of the principal so if you guys ever win the lottery or you come into a large sum of money I would recommend investing that money and just living off of the dividends anyways guys that’s all I got for this video I thought this was kind of an interesting curiosity topic if you guys enjoyed this video please drop a like if you are new to my channel please consider subscribing to be notified of future uploads and as always I thank you for taking the time to watch this video you. .

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