5 ms·

"lots of homeless people break free all the time and many of them are way happier than those receiving big exits for startups. That is not hyperbole." I'm sure

by omgsean 17y ago

"lots of homeless people break free all the time and many of them are way happier than those receiving big exits for startups. That is not hyperbole." I'm sure you can find several homeless people who are happier than several people who made FU money in a short amount of time, but I'd be willing to bet that on average, people who started up a company and sold it for dump trucks full of cash are happier than homeless people.

mattm 17y ago
I wouldn't be too sure about that. Many lottery winners are actually less happier a year after winning the lottery than before. Many also wish they had never won. Of course, this could be psychological due to them not having done anything to earn the money.
- philwelch 17y ago
  Most lottery winners piss away their winnings and end up where they started. It's kind of surprising how many people are absolute idiots at managing their money. My girlfriend's parents are broke again after blowing over $100,000 in a year on leather couches. Their manufactured home is still not paid off.
  - Psyonic 17y ago
    Bet you're hoping right now that the old saying "Like mother, like daughter" is only a saying...
    - philwelch 17y ago
      She's a lot more mad about it than I am.
- heyitsnick 17y ago
  Can you cite any studies that demonstrate this? This is often stated as fact, and I'm sure 'many' lottery winners are less happy, but I would still assume the vast majority would see massive gains in their quality of life and would report increase in their overall happiness. I'd love to read up on any actual data gathered on the topic if you know of any.
  - mattm 17y ago
    http://www.ted.com/talks/lang/eng/dan_gilbert_asks_why_are_we_happy.html http://www.ted.com/talks/lang/eng/dan_gilbert_asks_why_are_w... "Here's two different futures that I invite you to contemplate, and you can try to simulate them and tell me which one you think you might prefer. One of them is winning the lottery. This is about 314 million dollars. And the other is becoming paraplegic. So, just give it a moment of thought. You probably don't feel like you need a moment of thought. Interestingly, there are data on these two groups of people, data on how happy they are. And this is exactly what you expected, isn't it? But these aren't the data. I made these up! These are the data. You failed the pop quiz, and you're hardly five minutes into the lecture Because the fact is that a year after losing the use of their legs, and a year after winning the lotto, lottery winners and paraplegics are equally happy with their lives." http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1235 http://www.thisamericanlife.org/Radio_Episode.aspx?sched=123... Act two (This is a very fascinating story) "This American Life producer Alex Blumberg talks with Ed Ugel, who had a very unusual dream job: he bought jackpots from lottery winners. When you win the lottery, your prize is often paid out in yearly installments. And Ed would offer winners a lump sum in exchange for their yearly checks. He's talked with thousands of lottery winners, and the vast majority, he says, wish they'd never won. Ed is writing a book about his years in the "lump sum industry" called Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions. It comes out in September 2007."
  - fallentimes 17y ago
    Even if it's true [1], lottery winners are a completely different group of people than startup founders who built massively successful companies. Here are some more examples: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx?page=all http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney...
    - tylerhwillis 17y ago
      Agreed. Money earned is a different game than money won.
- zaidf 17y ago
  Right on, here's a story to further make your point: Teenage lottery millionaire who won £1.9m broke at 22 http://www.dailymail.co.uk/news/article-1208498/Teenage-lottery-millionaire-Callie-Rogers-won-1-9m-broke-22.html?ITO=1490 http://www.dailymail.co.uk/news/article-1208498/Teenage-lott...
  - shiranaihito 17y ago
    It seems logical that pissing away all of one's £1.9m prize money would make one unhappy.
- jk4930 17y ago
  Easy come, easy go.
- billswift 17y ago
  I suspect it's more from their not being able to manage the money. One thing getting your money by working, saving, investing, creating your own company does teach is how to manage money.

by omgsean 17y ago

mattm 17y ago

I wouldn't be too sure about that. Many lottery winners are actually less happier a year after winning the lottery than before. Many also wish they had never won. Of course, this could be psychological due to them not having done anything to earn the money.

philwelch 17y ago
Most lottery winners piss away their winnings and end up where they started. It's kind of surprising how many people are absolute idiots at managing their money. My girlfriend's parents are broke again after blowing over $100,000 in a year on leather couches. Their manufactured home is still not paid off.
- Psyonic 17y ago
  Bet you're hoping right now that the old saying "Like mother, like daughter" is only a saying...
  - philwelch 17y ago
    She's a lot more mad about it than I am.
heyitsnick 17y ago
Can you cite any studies that demonstrate this? This is often stated as fact, and I'm sure 'many' lottery winners are less happy, but I would still assume the vast majority would see massive gains in their quality of life and would report increase in their overall happiness. I'd love to read up on any actual data gathered on the topic if you know of any.
- mattm 17y ago
  http://www.ted.com/talks/lang/eng/dan_gilbert_asks_why_are_we_happy.html http://www.ted.com/talks/lang/eng/dan_gilbert_asks_why_are_w... "Here's two different futures that I invite you to contemplate, and you can try to simulate them and tell me which one you think you might prefer. One of them is winning the lottery. This is about 314 million dollars. And the other is becoming paraplegic. So, just give it a moment of thought. You probably don't feel like you need a moment of thought. Interestingly, there are data on these two groups of people, data on how happy they are. And this is exactly what you expected, isn't it? But these aren't the data. I made these up! These are the data. You failed the pop quiz, and you're hardly five minutes into the lecture Because the fact is that a year after losing the use of their legs, and a year after winning the lotto, lottery winners and paraplegics are equally happy with their lives." http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1235 http://www.thisamericanlife.org/Radio_Episode.aspx?sched=123... Act two (This is a very fascinating story) "This American Life producer Alex Blumberg talks with Ed Ugel, who had a very unusual dream job: he bought jackpots from lottery winners. When you win the lottery, your prize is often paid out in yearly installments. And Ed would offer winners a lump sum in exchange for their yearly checks. He's talked with thousands of lottery winners, and the vast majority, he says, wish they'd never won. Ed is writing a book about his years in the "lump sum industry" called Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions. It comes out in September 2007."
- fallentimes 17y ago
  Even if it's true [1], lottery winners are a completely different group of people than startup founders who built massively successful companies. Here are some more examples: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx?page=all http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney...
  - tylerhwillis 17y ago
    Agreed. Money earned is a different game than money won.
zaidf 17y ago
Right on, here's a story to further make your point: Teenage lottery millionaire who won £1.9m broke at 22 http://www.dailymail.co.uk/news/article-1208498/Teenage-lottery-millionaire-Callie-Rogers-won-1-9m-broke-22.html?ITO=1490 http://www.dailymail.co.uk/news/article-1208498/Teenage-lott...
- shiranaihito 17y ago
  It seems logical that pissing away all of one's £1.9m prize money would make one unhappy.
jk4930 17y ago
Easy come, easy go.
billswift 17y ago
I suspect it's more from their not being able to manage the money. One thing getting your money by working, saving, investing, creating your own company does teach is how to manage money.