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Maybe This is Why All The Powerball Winners Haven’t Spoken Up Yet

January 22, 2016
by Jamie Cattanach
Staff Writer
powerball winners

I don’t know about you, but my curiosity is seriously getting the best of me.

Who the heck won the Powerball last week?

The Tennessee couple has come forward, but there’s still radio silence from California and Florida.

And, of course, as eager as I’d be to pocket that massive payout, I can understand the silence. To make the most of your winnings, there are some financial ducks you’d best get in a row.

Is Being a Millionaire All It’s Cracked Up to Be?

But some consequences of a full-to-bursting bank account aren’t purely financial.

Business Insider recently highlighted some responses on a Quora thread asking young millionaires what it really felt like.

Granted, the responders are different from the Powerball winners. They’re A) self-made, and B) under 25. We’ll have to wait and see about the Cali and Florida winners on the latter!

Plus, $1 million, or even $10 million, is a lot different than the $327 million each winner will take home after taxes, if they choose the lump sum.

By the way… man, I wouldn’t complain if I had that check coming to me, but it’s a far cry from the $1.6 billion promised!

Back to the more-than-$64,000 question, though: Is being a millionaire really all it’s cracked up to be?

What It’s Really Like to Be a Millionaire

Well, yes and no.

Responders cite awesome life changes like being able to give more freely to charity and tackle their bucket lists with gusto.

But it turns out having so much cash can lead to some unexpected snafus, from awkward run-ins with cab drivers and teachers to a sudden inability to tolerate flying coach.

Not to mention, of course, dealing with money-hungry friends and relatives who become sudden, ardent flatterers. Mo’ money, mo’ problems.

But some of the most surprising insights from these millionaires are good news for the rest of us. For instance, one anonymous responder realized she could’ve been just as happy on a modest salary.

After realizing she was free to focus on her long-term goals, the anonymous responder writes, “surprisingly, the goals I identified,” like learning how to be a better photographer and cooking Thai food well, “don’t require much money.”

And guess what? Even millionaires can hoard pennies, especially if they weren’t always rich.

“The weird thing now,” one responder writes, “is that I can spend more and it doesn’t really make a difference financially, but it still does psychologically.

“For example I booked a really nice (and somewhat expensive) hotel, and then I caught myself being reluctant to use the mini bar because some voice deep inside my head told me that mini-bars in hotel rooms are a ripoff.”

So if you’re still bummed you didn’t hit the jackpot, head over to the thread and take a little peek at what life would really be like.

You might be surprised.

Your Turn: Do you ever wonder what it would be like to be a millionaire?

Jamie Cattanach (@jamiecattanach) is neither under 25 nor a millionaire (yet), but she is a junior writer at The Penny Hoarder. She also writes other stuff, like wine reviews and poems.

by Jamie Cattanach
Contributor for The Penny Hoarder

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