20/06/2025
🍀 To Ireland's incredible €250 million EuroMillions winner - Congratulations! What an extraordinary moment in your life! Following on from my radio interview yesterday here are some thoughts on such a sudden life-changing experience!
We often think winning the lottery would solve all our problems but research shows that many winners actually face significant psychological challenges. In fact, studies indicate that about 70% of lottery winners go broke within a few years. Today I want to talk about why this happens and how winners can protect both their mental health and their financial future.
Why Lottery Winners Struggle:
The psychological impact is immediate and intense. Suddenly receiving millions creates what we call "sudden wealth syndrome" which is a form of identity crisis where people don't know who they are anymore. They've gone from ordinary to extraordinary overnight and that may initially be very disorienting.
First, there's the isolation factor. Winners often report feeling like they can't trust anyone's motives anymore. Old friendships become complicated when money enters the equation. Family dynamics shift dramatically. Many winners describe feeling more alone after winning than before.
Secondly is the pressure and overwhelm. Suddenly everyone wants something from you e.g., charities, family members, investment advisors, even strangers. Winners report feeling constantly anxious about making the "right" decisions with money they never expected to have.
Thirdly, there's often guilt and unworthiness. Many winners struggle with imposter syndrome and can feel as if they don't deserve this windfall while others struggle financially. This can lead to depression and reckless spending as a form of self-sabotage.
Why they go broke is often psychological, not just financial. Poor money management usually stems from emotional spending, trying to buy happiness or approval, making impulsive decisions to relieve anxiety or giving money away to avoid guilt. Without addressing the underlying psychological issues and attitudes to money and self-worth, even sound financial advice often gets ignored.
Practical Mental Health Strategies:
If you or someone you know wins, here's what I recommend:
First, take a pause before making any major decisions. The initial shock can last months. Don't quit your job, don't buy houses for everyone, don't make irreversible choices while you're in psychological upheaval. Give yourself at least six months to adjust.
Secondly, assemble a professional team immediately - and I don't just mean financial advisors. Include a therapist who specialises in sudden wealth, because the psychological adjustment is just as important as the financial planning. Many winners benefit from working through the identity shift and relationship changes with professional support.
Thirdly, maintain your routine and relationships as much as possible. Keep working initially, even if part-time. Stay connected to the activities and people that grounded you before. Your mental health depends on continuity, not just change.
Fourthly, set clear boundaries early. Decide in advance how much you'll give to charity, family, or friends and stick to those limits. Having predetermined boundaries reduces decision fatigue and protects relationships. Practice saying "I need to discuss this with my advisors" to buy time when pressured.
Fifth, focus on experiences over possessions. Research shows that spending money on experiences and helping others brings more lasting happiness than buying luxury items. Consider how the money can enhance your existing values rather than completely changing your lifestyle.
Maintain perspective and remember that even large winnings can disappear quickly with poor planning.
The key message is this: sudden wealth is a major life transition that affects your psychology, relationships, and identity. Treat it like any other major life change - with patience, professional support, and careful planning. The goal isn't just to keep the money, it's to use it in a way that genuinely enhances your life and wellbeing.
Most importantly. Your mental health is a priority and you have the right to process this at your own pace, in your own way. This is your journey and however you're feeling about it is valid.
Wishing you peace, wisdom and genuine joy as you step into this incredible new chapter. Ireland is cheering you on! 🇮🇪💚
