When someone wins the Lottery, it can feel like a game changer. It can give the winner a sliver of hope that they will be the next big thing, whether it’s a multi-billion dollar jackpot or winning their dream team draft pick. But even if you’ve never won the lottery, it’s still easy to be fooled by Lottery marketing campaigns.
There is an inextricable human impulse to gamble, and Lottery capitalizes on that. “Lottery marketing expertly taps into the fear of missing out – FOMO,” says consumer psychologist Adam Ortman. He notes that Lottery promotions are often “fear-based” and make use of the power of social media to get people talking.
But there is a darker side to the games. Those who play regularly may have an unhealthy relationship with gambling, and that can lead to addiction. The therapist Fern Kazlow, who specializes in treating problem gamblers, says regular lottery players can develop a psychological dependence on the activity. They can begin to crave the feeling of winning and lose control over their spending, which can cause them financial problems.
The odds of winning the Lottery are slim, but it’s important to have a financial plan in place before you take your first bite out of the golden apple. A financial advisor can help you determine whether you should accept a lump sum or annuity payment and set aside money for taxes. They can also help you decide if it makes sense to invest your winnings or put them toward debt and other long-term goals.
