We often hear stories of either individuals or families winning lotteries which increases their bank balance tremendously. In today’s time, comfort and happiness are associated with money, and winning the lottery is definitely considered one of the easiest and fun ways to become rich instantly.
But, can money really lead us to a happy life that we all aspire for?
The history will tell you that answer to this question has always lacked a perfect answer. It will not be far-fetched to say that this question itself is a million-dollar question. The answers given for this question will always have subjective opinions, philosophical, psychological, and even religious notions attached to it. But what if we take help from science to answer this question?
Researchers have tried to study the link income with life satisfaction. They took surveys of over two thousand lottery winners and losers across the United States and Sweden. The assessment from the survey’s concluded that lottery winners found themselves happier and with a higher ‘life satisfaction’ than the losers. The research was quoted in the New York Times by Justin Wolfers, an economist, who has also conducted other studies related to income and life satisfaction.
If we start to evaluate as to why the lottery winners are happy, there can be multiple factors to consider.
The first thing of note is stories of people who became millionaires overnight and within a year or so, lost all their money. They spent the money on materialistic things, without realising the need for long-term investment plans. So, one of the answers for life satisfaction could be, and logically should be, the proper utilization of money.
The common reason behind why people went broke despite having won large amounts of money is the fact that they didn’t know how to use that money and that led to poor decisions and choices when it came to the spending of all that money. But if the choices made weren’t bad they would have been living a luxurious life and have enough money to live a life of luxury.
What can be the smart choices one can make after winning lotteries?
- Investing it in an excellent property – the price of the property may increase over time or you could lease/rent out the property nad create an income source
- Taking key advice from a financial advisor on how to invest and use your money.
- Investing in a business – careful considerations should be given to the business you invest in. Do remember, if you are a working asset to the business, hard work and commitment are required to ensure you achieve success and continue to earn a steady stream of income.
- Mutual Funds, Fixed Deposits, PPFs, etc.
- Saving for College funds
- Invesing in Retirement Plans
The mentioned choices in the list above are to explain you the importance of smart choices. You should always look for a stable and a secured future. This will always provide you with better mental health, emotional wellness, overall happiness, etc. because you are not worried about your financial situation.
Yes, there is no denying that money and wealth is not the only factor behind one’s happiness, but no one would give up their financial health at any given point of time because it shall always play a huge role in one’s security at multiple levels.
But does India have an online platform for playing lotteries?
It will have a reputed and regulated one soon enough.
Lottoland announced that they are coming to India soon. The concergie website has the capability of changing the business of online lotteries in India forever.
Indians have waited for a very long time to avail the services of such a dynamic platform offering them an opportunity to win the lotto and fin life satisfaction.