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Now that the Mega Millions lottery jackpot has topped $1.3 billion ahead of Friday nightâs drawing, some experts say the emotional and mental costs of winning such a massive cash bonanza have to be taken into account when measuring money and its effect on happiness.
One stressor associated to a major cash windfall is dealing with people who come out of the woodwork to share your prize â or, rather, try to rob you of it.
âIâve represented in six lawsuits [the] lottery âlosersâ who lost their winnings to various investment scams,â Andrew Stoltmann, a Chicago-based attorney and a legal analyst for Fox News, told Fox News Digital.
He continued, âWhoever wins tonightâs lottery drawing [meaning Friday night, July 29] will be deluged immediately with offers from financial planners, scammers, friends and family to invest.â  Â
The curse of the âlottery losersâ is very real, said Stoltmann.Â
âUnfortunately, these instant millionaires often lack experience with managing money and basic investing skills, making them perfect targets for scammers,â he said.
He offered the following tips to tonightâs potential winner to stay sane and happy after the billion-dollar win.Â
âThe winner is likely the biggest target of banks, brokerage firms and scammers worldwide,â he explained. Â
âUltimately, nobody should be trusted. Multiple sets of eyes should be watching everyone who has any access to the funds.âÂ
He added that the assumption is that âeverybody will be happy for you, and not try to target you.âÂ
But nothing could be further from the truth, he said.
âEvery uncle wants to start a business and directly asks for money â family members are often the biggest drain for the winner.â
He added, âSaying no to relatives is one of the most difficult things for winners to do, but it is also the most important.â
To improve a personâs happiness and sense of peace after a huge win, Stoltmann advises that any lottery winner get off all social media immediately.
The winner should âget off Facebook, Twitter and Snapchat for a very long time,â he said, noting that social media accounts make cash-flush individuals âhuge targetsâ for scammers.
âScammers can tailor their pitch to you through your social media past,â he said.
âFor example, if you had a parent who died of pancreatic cancer, a scammer can target you with a pitch allegedly [to] raise money for pancreatic research.â
While a big win is a âeuphoric experience,â this high may not last very long, Hephzibah Kaplan, a psychotherapist with the London Art Therapy Centre and author of the book, âAlmost Happy,â told Fox News Digital in an email.
âFor sure, happiness can be increased with the financial security â and a big win will help provide,â said Kaplan.Â
âHowever, money does not fill many unmet needs.â
While âacquisition of new stuffâ will âtemporarily bring a bit of joy,â Kaplan noted that this joy may fizzle out âif the more important issues of intimacy and family relationships are out of sorts.âÂ
He added, âWe often see this with people for whom nothing is ever enough. They can be like bottomless pits, hoovering up all resources, leaving everyone depleted â with no increase in happiness.âÂ
A big lottery win may even create more relationship problems âas the begging letters arrive,â he said, âor the expectations to share [the wealth] tests oneâs generosity, as well as boundaries.âÂ
Some people are not able to navigate these tests, so the big win âbecomes a stress generator rather than stress alleviator,â said Kaplan.
He also notes that âit may be that playing the lottery is a bigger buzz than the win or loss,â saying âthe thrill of the uncertainty, the risk involved that makes it edgy and pulsating.â
He added, âGambling is the most serious of addictions and the hardest to treat.â
A sales professional from the Boston area weighed in on the lottery and the notion of increased happiness from a big win.
âIt would be amazing to be able to help family and friends in a significant way,â he said, âbut itâs sort of like becoming a movie star. You canât go anywhere or do anything without othersâ constant interest.âÂ
âYou hear movie stars sometimes say they miss the freedom that comes with anonymity,â he continued. âThatâs probably the same with winning millions â or billions.â
His son in his early 20s, however, had a different view altogether.Â
âIâll take the cash!â he said.