Lottery is one of the most popular pastimes in America, but there’s a dark underbelly to it. People who play the lottery, especially those that win big, can end up in a vicious cycle of gambling. And while they may have some quote-unquote “systems” of picking numbers based on lucky stores or times of day, they all know the odds are long. So they keep playing. They have this irrational hope that they can change their fortune.
Lotteries have a long history in human society, with records of public ones dating back to the Low Countries in the 15th century, when they were used to raise funds for town fortifications and help the poor. In modern times, state-run lotteries have become a common source of government revenue. And they have been criticized as hidden taxes that harm the poor.
But if you do happen to win the lottery, what should you do with your prize money? For starters, experts say, you should keep your mouth shut. Winners who broadcast their windfall before they’ve surrounded themselves with lawyers and financial advisers risk being inundated with vultures, not to mention family members eager for their share.
Other advice from experts includes not spending it all on a new car or house and setting aside money for education, retirement and emergencies. And don’t forget to document your winnings. A few states don’t let you keep your prize money anonymously, so you’ll want to make copies of the ticket before turning it in.