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There was a great analysis of what happens when you win the lottery on reddit some years back - https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the_hap

by harryf 5y ago

There was a great analysis of what happens when you win the lottery on reddit some years back - https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb38xf/ https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the... > Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse. Of course many of the issues related to winning the lottery are caused by the attention you suddenly receive. But a related story from someone that was able to retire early thanks to Bitcoin - https://old.reddit.com/r/CryptoCurrency/comments/lz4x37/ive_retired_thanks_to_crypto_but_theres_something/ https://old.reddit.com/r/CryptoCurrency/comments/lz4x37/ive_... > my advice is that you need to get prepared to deal with boredom. We grow up with our parents telling us to go to school, have a job, a car, a house and that this is life. But when you suddenly have the car, the house and everything else, what's left? Do something for yourself and have this in mind. Most of the planet works for money because they have to. That means the majority of their time is consumed by earning money. Once you take away that imperative, you suddenly have a lot more time on your hands. That in turn effectively triggers an existential crisis - what do with all this extra time? Some people will be able to turn into taking their lives in a new direction but others are going address with drugs and alcohol.

2muchcoffeeman 5y ago
That in turn effectively triggers an existential crisis - what do with all this extra time? Give your money to me. I have a million things I want/need to do. So many things to do in the world. How can you possibly get bored?
- harryf 5y ago
  That's exactly the right perspective but if you've spent the last 20 years doing some job purely for the money, it's not an easy mental state to transition to and whether you're able will likely have a large part to do with your education and upbringing. For example your social network may be largely people you work with - if you stop working, you lose those connections. And lockdown has shown what impact social isolation can have.
  - throwaway0a5e 5y ago
    You'll never find them on HN and Reddit but there are tons of people in their 40s-60s who despite working 40hr/wk for the last 20yr have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required.
    - throw0101a 5y ago
      > have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required. The risk is that previously those things were "special" because you could only spend a little bit of time on them. If you spend all your time then the enjoyment can become 'commoditized' and routine. They may become as fun as brushing your teeth.
      - inter_netuser 5y ago
        Has this happened to you?
WJW 5y ago
Quite so. Money problems are nicer to have than no-money problems but they are still problems. After the initial rush of "I will never have to worry about rent anymore!" wears off, you realize that none of your previous friends can relate to your situation anymore and that you are now a target for every scammer in the country. Worse, even winning tens of millions will not make a dent in the bigger "change the world for the better" dreams you may have and there is an even bigger disappointment waiting for you when you realize you are still a small fish compared to the Bezoses and Gateses. Forcibly changing economic class without taking care to also change social class can be really tough psychologically, something that you frequently see in those Reddit topics.
ReggieCommaRose 5y ago
I imagine a big part of lottery winners going bankrupt are due to lack of education and/or comfort in having that much money at once (after all, the vast vast vast majority of lottery players are lower middle class to poor). It sounds like the writer (somewhat ironically) came from money so she'll probably be aight.
- BurningFrog 5y ago
  Smart people don't play the lottery.
  - tyleo 5y ago
    I used to believe this but I’m not so sure it’s true. Gambling is addictive and I think that things which are addictive can overcome reason. I know a lot of smart developers who buy loot boxes in games, for example.
  - ReggieCommaRose 5y ago
    The state lottery specifically? Maybe? Though it could just be a case of the state lotteries not being targeted at the better off and better educated demographic. The lottery is also just so transparent. But I see very smart people gamble in games they don't understand well all the time. It's just fun sometimes. The writer played a lottery, just a different kind.
  - bengale 5y ago
    This always feels like a laboured point. I play a line a week, I don't notice the £2, the lottery pays out a lot to different charities and one day if I'm very lucky I might get an email telling me I won some money. I'm sure there's worse places to lose a couple of quid.
    - proto-n 5y ago
      Also, it's fun! I don't play often, but when I do, it's for the daydreaming and "what if"-s that comes with the experience.

by harryf 5y ago

2muchcoffeeman 5y ago

That in turn effectively triggers an existential crisis - what do with all this extra time? Give your money to me. I have a million things I want/need to do. So many things to do in the world. How can you possibly get bored?

harryf 5y ago
That's exactly the right perspective but if you've spent the last 20 years doing some job purely for the money, it's not an easy mental state to transition to and whether you're able will likely have a large part to do with your education and upbringing. For example your social network may be largely people you work with - if you stop working, you lose those connections. And lockdown has shown what impact social isolation can have.
- throwaway0a5e 5y ago
  You'll never find them on HN and Reddit but there are tons of people in their 40s-60s who despite working 40hr/wk for the last 20yr have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required.
  - throw0101a 5y ago
    > have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required. The risk is that previously those things were "special" because you could only spend a little bit of time on them. If you spend all your time then the enjoyment can become 'commoditized' and routine. They may become as fun as brushing your teeth.
    - inter_netuser 5y ago
      Has this happened to you?

WJW 5y ago

Quite so. Money problems are nicer to have than no-money problems but they are still problems. After the initial rush of "I will never have to worry about rent anymore!" wears off, you realize that none of your previous friends can relate to your situation anymore and that you are now a target for every scammer in the country. Worse, even winning tens of millions will not make a dent in the bigger "change the world for the better" dreams you may have and there is an even bigger disappointment waiting for you when you realize you are still a small fish compared to the Bezoses and Gateses. Forcibly changing economic class without taking care to also change social class can be really tough psychologically, something that you frequently see in those Reddit topics.

ReggieCommaRose 5y ago

I imagine a big part of lottery winners going bankrupt are due to lack of education and/or comfort in having that much money at once (after all, the vast vast vast majority of lottery players are lower middle class to poor). It sounds like the writer (somewhat ironically) came from money so she'll probably be aight.

BurningFrog 5y ago
Smart people don't play the lottery.
- tyleo 5y ago
  I used to believe this but I’m not so sure it’s true. Gambling is addictive and I think that things which are addictive can overcome reason. I know a lot of smart developers who buy loot boxes in games, for example.
- ReggieCommaRose 5y ago
  The state lottery specifically? Maybe? Though it could just be a case of the state lotteries not being targeted at the better off and better educated demographic. The lottery is also just so transparent. But I see very smart people gamble in games they don't understand well all the time. It's just fun sometimes. The writer played a lottery, just a different kind.
- bengale 5y ago
  This always feels like a laboured point. I play a line a week, I don't notice the £2, the lottery pays out a lot to different charities and one day if I'm very lucky I might get an email telling me I won some money. I'm sure there's worse places to lose a couple of quid.
  - proto-n 5y ago
    Also, it's fun! I don't play often, but when I do, it's for the daydreaming and "what if"-s that comes with the experience.