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Even sadder is what happens to the winners on average; the winner is often someone not good with money and they get given a large amount of the thing they're no
by onion2k 4y ago
Even sadder is what happens to the winners on average; the winner is often someone not good with money and they get given a large amount of the thing they're not good with.
You don't need to be particularly good with money if you have more than you can ever spend.
- Calavar 4y agoMost big lotto wins are in the seven to low eight digit range. You can absolutely blow away that amount of money in just a few years, and there are dozens of examples.
- tmtvl 4y agoOff the top of my head, Evelyn Adams. Won the lottery twice, thirty years later she had blown through it all and was living in a trailer park.
- cookie_monsta 4y agoFunny, I took this comment in pretty much the opposite way. As in people on high incomes are probably kidding themselves about what good money managers they are - the stakes are pretty low when you get another 5 or six figures dunked into your account regularly. Single parents raising a few kids on minimum wage? That requires some real financial planning
- bombcar 4y agoThat may not be that "hard" if you simply don't spend money you don't have. But now everyone has easy access to credit so it's harder to keep your income below your expenses without careful calculation and work.
- cookie_monsta 4y agoI do believe I just got told that having a high income and access to easy credit makes it harder to manage your money than living on the poverty line. God, I love this site.
- toast0 4y agoIt's been demonstrated to be quite possible to outspend lotto winnings. To start with, the headline numbers are usually the sum of the annuity payment option, cash value is 50%, federal tax rate is close to 50%, so you only really get 25% of the headline. Then people spend a bunch of money on extravagent gifts for family and friends and themselves; then it's time to take bad loans and make bad investments. A couple million here, a couple million there, pretty soon you're talking about real money. Well managed, a much smaller sum would be enough for a nice life with no money stress, but it's demonstrated possible to overspend it to bankruptcy.
- dehrmann 4y agoIt's not that hard to spend $200M. Charted private jets are expensive. Rolls Royces are expensive. Multiple $10M homes are expensive.