How Americans Spend Their Lottery Winnings
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
What would you do with a million-dollar windfall?
This question was the topic of a survey in a March 28, 2023, article by Jessica Whitehouse in onlinegambling.com, “This is how Americans would spend $1,000,000 in lottery winnings.” Before I read past the headline, I mentally answered, “Blow it!”
However, 80% of the 500 respondents said they would do one of three things with the money: buy a house (50%), invest it (17%), or pay off debts (13%). Maybe that was a sign that people are more practical and conservative than I was giving them credit for.
But I wasn't convinced, so I dug a little deeper.