Why most Lotto winners end up broke

<p><strong>Each week BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s how a windfall can mess with your money mindset, and how to fix that. Hosted by Frances Cook.</strong></p> <p>It’s a daydream that many of us have had. What would you do if you won the lottery?<br>Millions fall out of the sky and into your lap, and suddenly, the world is your oyster.<br>It might be more on your mind lately after Lotto powerball jackpotted to $37 million.<br>And yet, if it happens, it can actually ruin lives.<br>There are plenty of people who have a lottery win and end up poorer than they started, in only a few short years.<br>Think I’m ruining the daydream? You could actually end up in this situation one day.<br>A lotto win can be similar to what happens if you get a big inheritance, or the moment you finally get to crack open your KiwiSaver or retirement fund nest egg.<br>Suddenly having access to a big whack of cash can throw all of our sense out of the window, and actually ruin our finances.<br>So how should you handle it instead?<br>For the latest podcast, I talked to Nick Crawford, financial adviser from The Private Office.</p> <p>I'm on <a href="https://www.facebook.com/FrancesCookNZ/">Facebook here</a>, <a href="https://www.instagram.com/francescooknz/">Instagram her</a>e, and <a href="https://twitter.com/FrancesCook">Twitter here</a>.</p> <p> </p> <p> </p> <p> </p><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>