Shocking News: Majority of Lottery Winners HappierApril 2, 2012 9:32 pm Asset Protection, Estate Planning
It seems as if money can buy happiness…at least it can if you were fairly happy already. That is the conclusion of several studies on lottery winners brought to light during last week’s Mega Millions frenzy.
If you’ve been living under a rock, the $640 million jackpot will be split three ways, by winners in Maryland, Illinois and Kansas, who have yet to come forward. Hopefully they are all busy consulting with their estate planning attorneys before getting their big payout. Experts estimate that once taxes are taken out, each will walk away with a little more than $100 million.
Perhaps to make all the lottery losers feel better, the media was full of stories last week about lottery winners who ended up broke, bankrupt, estranged from family and miserable. However, a Wall Street Journal Wealth Report column says that just the opposite is true for most lottery winners.
Citing several different studies, lottery winners in general enjoy significantly better psychological health and improvements in mental well-being. Only about one percent have gone broke. And a University of California study found that the overall happiness level of lottery winners spiked when they won, but settled back down to pre-winning levels in a few months.
As the article notes, sudden wealth usually serves to exaggerate your current status – if you are a happy person, have good relationships and are good with money, chances are great you will have those same attributes if you hit it big. If you’re a spendthrift, you’ll just have a bigger pile to eventually fritter away.
Hopefully, you are not counting on winning the lottery before you schedule a consultation with a California estate planning attorney to develop a more rational plan for your financial future. Contact us today and let our Newport Beach law firm help you with all your financial planning needs.