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Money Winning the lottery doesn't make you happier but does change you, says study of 3,000 winners

03:16  08 june  2018
03:16  08 june  2018 Source:   cnbc.com

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Winning the lottery doesn ' t make you happier , say researchers who studied 3 , 000 winners . Researchers studied 3 ,362 winners of lotteries from five to 22 years before whose gains totaled Winners do , however, "appear to enjoy sustained improvement in economic conditions that are

Money does not make you happy in itself. Of course winning a lottery would make me and my wife very happy . But if we ever did , we have made up Ultimately, given the way culture and morals have changed over the years, whether you deserve the money is more significant than what you do with it.

a person riding on the back of a boat© Provided by CNBC A French man recently won his second one-million-euro jackpot in less than two years, and he has no plans to stop trying his luck, the BBC reports. The unnamed gambler won his first million euros in November 2016 and played the lottery every week after that until he won again.

He may be gaining more than just money: A new study finds that those who win big cash prizes not only benefit from their new wealth, they also feel a boost in their life satisfaction that lasts for at least 10 years.

While observing the effect of wealth on a people's psychological well-being, researchers found that, when people won at least $100,000 in the lottery, their happiness and mental health wasn't significantly changed, but their overall satisfaction with life was positively affected for a decade or more.

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Winning the lottery is an obvious boost for your bank balance, but for overall well-being and happiness ? Not so much. Lottery winners find improved life satisfaction after a 0, 000 cash prize, but that doesn ’ t mean that they are happier or have better mental health

Imagine winning a multi-million dollar lottery tomorrow. If you ’re like many of us, you ’d be ecstatic, unable to believe your good luck. But would that joy still be there a few years later? Raj Raghunathan describes a phenomenon called hedonic adaptation, which may shed light on the answer.

The study, led by researchers out the Stockholm School of Economics, Stockholm University and New York University, was circulated by the National Bureau of Economic Research as a working paper on Monday. "Large-prize winners experience sustained increases in overall life satisfaction that persist for over a decade and show no evidence of dissipating with time," the researchers conclude.

As lead researcher Robert Ostling explains to MarketWatch, "life satisfaction" refers to how people feel about the quality of their lives overall, whereas "happiness" measures respondents' day-to-day feelings. "Our results suggest it is more difficult to affect happiness than life satisfaction," Ostling adds.

Researchers studied 3,362 winners of lotteries from five to 22 years before whose gains totaled $277 million. They measured happiness, mental health, satisfaction with their personal finance and overall life satisfaction through several questionnaires, which posed questions such as, "'All things considered, how happy would you say you are?"and "Taking all things together in your life, how satisfied would you say that you are with your life these days?"

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Winning the lottery doesn ' t necessarily make people happier in the long term. Most people assume winning would make them happier , but some research indicates lottery Some researchers think people have a set point for happiness and big changes don't affect it as much as we imagine.

Sure everyone wants to win the lottery but it turns out winning it can have some pretty negative side effects. John Iadarola and Hannah Cranston discuss research on the happiness of lottery winners . If you won the lottery what would you do with the winnings ?

They hypothesized that lottery money would make the large prize winners happier and improve their mental health, but that was not the case. Winners do, however, "appear to enjoy sustained improvement in economic conditions that are robustly detectable for well over a decade after the windfall," the authors note. The long-term impact, they add, is one of the most substantial findings in the paper.

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The lottery winners did report more present happiness than the accident victims (an average of 4 out of 5, as compared to This is perhaps particularly true when it comes to money: A shorter commute would make you as happy as a 40 percent raise Your password has been successfully changed .

Imagine winning a multi-million dollar lottery tomorrow. If you ’re like many of us, you ’d be ecstatic, unable Read this article, A Classic Psychology Study on Why Winning the Lottery Won ’ t Make You Happier discusses this Finally, peruse this BBC article: Does winning the lottery make you happy ?

Winners, they found, also tended to invest a portion of their wealth in financial assets and spread out their spending evenly, which runs counter to the stereotype of lottery winners blowing through their cash.

The study mainly looked at the effect of receiving lottery prizes in lump sums as opposed to monthly installments, researchers warn. They also suggest that future researchers look at the short-term effects of winning the lottery, including the effects of receiving so much money at once.

While this study proves there can be a lasting psychological benefit to accepting a lump sum payment, in terms of life satisfaction if not happiness, many planners say that's not a risk worth taking. "If you get a huge lump sum, it's easier to make a mistake, whereas if you choose the annuity, then at least if you mess up and blow the first year's worth, you have another chance," says certified financial planner at BettermentNick Holeman, and billionaire investor Mark Cuban agrees.

Still, CNBC's "Mad Money" host Jim Cramer would tell you that getting the cash upfront is the way to go. "Take the money all at once," Carmer says. "Don't let them string it out like that. You want the time value of all that cash working for you. That's vital."

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