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You got downvoted probably for the tone more than anything. Factually, you are correct and that is supported by research [0]. Roughly 1/3 of lottery winners g
by MR4D 5y ago
You got downvoted probably for the tone more than anything. Factually, you are correct and that is supported by research [0].
Roughly 1/3 of lottery winners go broke within a few years, which is a much higher rate than the population in general.
Reading thru the article, it is clear that the PP’s comments are incorrect (“ The jist is that if the poor had more money they wouldn't be poor anymore.”)
[0] - https://www.cnbc.com/2017/08/25/heres-why-lottery-winners-go-broke.html https://www.cnbc.com/2017/08/25/heres-why-lottery-winners-go...
- axlee 5y agoYou have to be a special kind of person to play the lottery in the first place. Definitely not good a proxy for the population at large.
- XorNot 5y agoThis. Anyone with basic investment knowledge knows the lottery is the worst possible thing to do with money you're not just wanting to, for some reason, throw away.
- MR4D 5y agoLooks like about 1/2 of Americans buy lottery tickets [0], and they spend roughly $1,000 per year on them each [1]. So, not so special, and I would argue a good proxy for the population at large. [0] - https://news.gallup.com/poll/193874/half-americans-play-state-lotteries.aspx https://news.gallup.com/poll/193874/half-americans-play-stat... [1] - https://www.cnbc.com/2019/12/12/americans-spend-over-1000-dollars-a-year-on-lotto-tickets.html https://www.cnbc.com/2019/12/12/americans-spend-over-1000-do...