Every so often, one will trip across a news feature that describes the misfortunes that sometimes “follow” lottery winners. The themes of the articles always seem to revolve around the idea that it’s actually bad to hit the jackpot, as evidenced by the tales of woe recited by the principals profiled therein. The latest piece I’ve read on this subject was published recently in The Tampa Tribune, and the story can be found here: http://www2.tbo.com/content/2009/oct/01/winning-lotto-numbers-not-always-ticket-dreams-suc/#. In keeping with the aforementioned theme, the sentence that begins the article reads, “One person’s blessing is another person’s curse,” so we know where this article is predominantly headed. Playing the lottery is obviously a poor use of money, or what some consider a tax on those that are bad at math. That said, this particular article doesn’t dwell entirely on the negative, and mentions a few winners who, amazingly, weren’t cursed by their windfalls. How in the world could that be?
Simple. They, to paraphrase Rudyard Kipling, managed to keep their heads when all others seemed incapable of hanging on to their own. Because they were apparently stable, sensible people before they won the money, their windfall didn’t magically transform them into immoral, irresponsible nutjobs. Receiving a huge windfall does not change you; rather, it exposes who you really are. If you are a smart, sensible, humble person at the outset of your good luck, you will quite likely remain one…albeit a much wealthier one…after you hit the mother lode. Conversely, if you are irresponsible, immoral, careless, greedy, weak, or any combination thereof…your winnings will give you the opportunity to behave not merely like an idiot…but an idiot on steroids.
If you do happen to be one of the fortunate who comes into a windfall from any source, I can tell you, as an investment manager, that the most important first step you should take is to make an appointment with a fee-based financial planner, one who is compensated only by the fees you pay him for his advice, and not by any commissions or transaction costs that are generated by investments he can sell to you. There are numerous ways to find such planners, and one excellent resource is the National Association of Personal Financial Advisors (www.napfa.org). Make this appointment first…before you do anything of substance with your winnings.
How often have we heard those who misquote 1 Timothy 6:10 by saying, “Money is the root of all evil,” when the correct quote is, of course, “The love of money is the root of all evil?” It’s an important distinction. The fact is that money can be a wonderful resource by which to provide security and enjoyment to one’s family and church…or it can be an enabler of some of the worst, most destructive behaviors known to man. In the end, those who point to inanimate objects of any kind as the sources of their own failings are cowards who are unwilling to see themselves as they really are.
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Robert G. Yetman, Jr. Editor-At-Large www.ChristianMoney.com
It is a scary thing to believe if you win the lottery, then you shall be cursed?!?
I definitely do not believe in this theory.
Posted by: Lottery Winner | October 14, 2009 at 04:45 PM