How Lottery Winners Spend the Money
We can all bond over the fact that we have had day dreams about winning the lottery and life thereafter. The scene that comes to mind is one of happiness, luxury, a new car, a bungalow and retirement. In the UK alone, the national lottery has made over 3000 people millionaires. The question we are asking today is – how do these overnight millionaires spend their money? Well, we have gone through studies on the same subject for you, and can summarize what some of the most popular splurges are of lottery winners. So, without any further ado, let’s get started.
Property is # 1 on the list
The most popular way in which lottery winners seem to spend their winnings is buying homes. In the UK, nearly 82% of lottery winners changed their primary living home after having won the lottery. Obviously, it is understood that your quality of life largely depends on your living conditions and home. When people win huge sums of money, it is only fathomable that they upgrade their homes by simply buying much better residences.
So, what kind of homes are lottery winners buying? Well, it isn’t just your usual upper middle-class suburban home. People that have seen winning numbers in the lottery are buying the best homes that money can buy. It comes equipped with the latest gizmos and conveniences, and this includes but is not limited to hot tubs, walk – in wardrobes, electric gates, game rooms and more.
Furthermore, to keep their new homes in pristine condition, lottery winners also hire the likes of house keepers and gardeners. Studies involving UK based lottery winners show that a lottery winner on average keeps 6 people employed in full time jobs. Male lottery winners are said to spurge more than their female counterparts, and these expenses are typical of men’s lifestyle trends.
Investments with steady returns
It seems like, after buying the house of their dreams, lottery winners already start thinking about money once again. The second most spend on item in terms of UK lottery winners are investments that provide income in some form or the other. This could be a simple savings account where they earn interest on their savings, or a more complex investment and return scheme as well.
Kids and Future
We all want the best for our kids and lottery winners are no different. They love to ensure that they save some of their money for their kids and their kids’ futures. Therefore, investments in the future of their kids seem to be third on the list of what lottery winners spend on.
What about cars?
There is no shortage of luxury car brands waiting to help you part with your new found wealth. Lottery winners love buying cars. So which brand do you think they go for most? Well, in the UK, lottery winners mostly brought new Audi cars. In fact, Audi accounted for 16% of new cars purchased by lottery winners, which is the highest for any single car brand. Audi is followed by Range Rover and BMW which is not very surprising.
Like most of us, lottery winners also have people in their lives that they are thankful for and they show them their gratitude with gifts. It is very common for lottery winners to buy cars, clothes, vacations and even homes for their favorite friends and family members.
Do winners keep working?
The first thing a lot of us would want to do when we win millions is put in our resignation and enjoy early retirement. This seems true for most lottery winners as well. Most of them (nearly 60%) quit their jobs while 19% continue working. 15% of lottery winners finally have the resources to chase their own entrepreneurship goals and thus start their own businesses.