It's one of the great 'what ifs' people like to ponder. What if you won the lottery? How would you react and, more importantly, how would you spend your millions? Each time you buy a lottery ticket, you make some plans, right? While these what ifs are fun, let's take a look at what people actually have bought with their jackpot winnings.
1. Personal Property
From research done on 3,000 UK National Lottery winners, we know that the single item winners spend the most money on is property, whether buying new homes or paying off old mortgages. 82% of lottery winners were found to have changed their main residence after the money came through. In fact, almost 8,000 new homes were purchased by lottery winners just in the UK alone. For the winners that did buy a new home, the average amount spent was £900,000. An example of a lottery win bringing a family literally closer together is Brian Caswell of Bolton. After winning a EuroMillions jackpot just shy of £25 million, he went house hunting with his wife and daughters. In one day, he bought three houses – a five-bedroom detached home for him and his wife and two dream houses for his daughters and their families. Because of the win, his family lives five minutes away from each other and sees one another every week. The home is truly where the heart is.
2. Investments and Creating New Millionaires
Is there anything more luxurious than using millions to make more millions? A large percentage of the winners' money was put into investments will the purpose of providing income. It takes money to make money in other words. Another area that winners invested heavily in was their future and/or that of their children. Due to winners giving away money to friends and family, a whole new tier of lottery-made millionaires has been created -- 3,780 new millionaires were created through the generosity of the National Lottery winners. Share the wealth and love indeed.
3. Luxury Cars and (Almost) Priceless Experiences
After homes, investing wisely, and giving to friends and family, luxury items/experiences was the category on which the winners spent the most cash. Between all the winners, they managed to spend over £460 million on more than 17,000 new vehicles with the average cost coming to £46,116. To put that in perspective, in 2014 the average annual salary in the UK after taxes was £26,000. The most popular luxury car brand is Audi with 16% of winners choosing that company. One such Audi-loyal lottery winner is Gillian Bayford. She, along with her then husband Adrian, won a EuroMillions jackpot of £148.6 million in August 2012. Audis were at the top of her wish list and she ended up buying five Audi vehicles at a local dealership. After she and her husband divorced, she got engaged to the salesman who sold her the cars. Now that is some serious Audi devotion!
Another popular way to spend lottery winnings is on luxury holidays. The US was the most popular destination for National Lottery winners, followed by the Caribbean. Other popular destinations include Dubai, the Canary Islands, Mallorca, Portugal, and Canada. Money can't buy happiness, but it sure can buy amazing experiences.
4. Paying It Forward
It's not all fancy cars and mansions for most lottery winners. As previously stated, a large percentage of the winnings goes to friends and family, but the community as a whole benefits from lottery winners as well. 15% of the lottery winners surveyed started businesses with their lottery money, creating new jobs for Britain and giving the local economy a boost. 31% decided to spend some of their free time as unpaid volunteers for numerous organizations and charities. Two very charitable EuroMillions winners are Colin and Chris Weir of Ayrshire, Scotland. They won the largest sum in UK Lottery history – a mega £161.6 million in July of 2011. Since that time they've been spending large sums of that on charity projects through their foundation, The Weir Charitable Trust. From funding athletic youth programs to donating prosthetics to a young cancer survivor, the Trust is making an impact in the UK and beyond.
There are many ways to spend a million (or 161.6 million), but ultimately how money is spent comes down to human nature. We all need shelter, family, and the occasional adventure. Well, all that and a luxury car or two never hurt. Keep playing the lottery and maybe those 'what ifs' will eventually turn into a 'what now'.
