4 ms·

around 70% of lottery winners end up filing bankruptcy. Lots of professional athletes go broke as well. The rich don't always get richer, most people will rever

• jhundal 8y ago
  Always worth it to delve into how a statistic was computed. In this case, the organization cited as the source of the 70% figure itself disclaims it: """ Over the past couple of years several news organizations have attributed a statistic to the National Endowment for Financial Education (NEFE) stating that 70 percent of lottery winners end up bankrupt in just a few years after receiving a large financial windfall. This statistic is not backed by research from NEFE, nor can it be confirmed by the organization. Frequent reporting—without validation from NEFE—has allowed this “stat” to survive online in perpetuity. """ (https://www.nefe.org/Press-Room/News/Research-Statistic-on-Financial-Windfalls-and-Bankruptcy https://www.nefe.org/Press-Room/News/Research-Statistic-on-F...)