We’d bet most people have dreamed about winning the lottery so they are set for life, but unless you win a huge jackpot, those lottery winnings may not last as long as you think.
A new survey looked to find out how long $10-million would last for most people, and the consensus is seven years. Some people are more frugal though, with 38% of people saying it would take more than 10 years to spend, although there are 11% of people who would go through it under three.
So what is everyone doing with that money? Well, surprisingly, most folks are making smart choices. The most common things people would do with their money is invest it, with 53% going with that option, followed by giving some to family (52%). Other ways people would spend their windfall include:
- Put it into savings (47%)
- Buy property (44%)
- Pay off debt (43%)
- Donate to charity (37%)
- Set up a fund for my children (36%)
- Purchase and/or pay off a car (35%)
- Travel (35%)
- Start a business (34%)
Of course, there will always be people willing to splurge once they come into money, and the most common splurge seems to be a dream home (50%), followed by travel (43%). Other popular splurges include:
- Vacation home (29%)
- Luxury vacation (27%)
- The latest technology (27%)
- Sports car (24%)
- New wardrobe with designer pieces (18%)
- Private island (15%)
- Diamond jewelry (14%)
- Eat at a Michelin star restaurant (13%)
Source: SWNS Digital