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Silent3

(15,909 posts)

25. I wonder if winning a lottery often goes badly not because of the sudden influx of money itself...

Sun Jun 13, 2021, 11:31 AM

Jun 2021

...but because playing the lottery, in and of itself, is often a symptom of being bad with money, bad with math, and bad at knowing how to plan for the long term.

They don't call it the Redneck 401k for nothin'.

Full disclosure: I occasionally buy lottery tickets myself, usually $10 at a time when the jackpot is high. The most I've every spent was $20 at a time, and that's something I can very easily afford. I have a solid retirement fund already, I know the odds are quite against me, but don't mind the small price for a little "what if?" day-dreaming.

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how fast could you spend a million? Lottery winner was broke within 2 years. now dead [View all] Demovictory9 Jun 2021 OP

This isn't the 1950s (or before), $1M after taxes is not that life-changing Hugh_Lebowski Jun 2021 #1

It would be life-changing for most Shermann Jun 2021 #8

For many it would be life-changing Marrah_Goodman Jun 2021 #9

If you invested it at the risk-free 10-year rate ... dawg Jun 2021 #18

I said not 'THAT' life-changing. But I think we have different definitions of 'life-changing' Hugh_Lebowski Jun 2021 #44

It would be hugely life changing for me Polybius Jun 2021 #17

It would be life-changing for 80% of us Dave says Jun 2021 #41

I didn't say not at all, I said not THAT life-changing Hugh_Lebowski Jun 2021 #43

The truly sad thing about most lottery winners PoindexterOglethorpe Jun 2021 #2

A guy in my neighborhood won $40+ million. Within a half dozen years, he, his wife, and . . . Journeyman Jun 2021 #3

Chasing dopamine, seratonin, oxitocin, endorphins and mahina Jun 2021 #4

This is amazing... so much to think about here renate Jun 2021 #30

I thought so too. I'm not the author in case that's unclear. mahina Jun 2021 #31

You did make it clear! renate Jun 2021 #32

My joy, aloha renate. mahina Jun 2021 #33

That's wonderful. Mahalo, Mahina. Hekate Jun 2021 #48

My joy. mahina Jun 2021 #49

This seems to be not that unusual among some lottery winners. The thing is the money they won is JI7 Jun 2021 #5

Fraudulently collecting pubic assistance after winning? Hortensis Jun 2021 #6

If he has invested the $1 million... LiberatedUSA Jun 2021 #7

Taking a partial amount per year is an option in some lotteries. alphafemale Jun 2021 #10

I would do the lump sum. LiberatedUSA Jun 2021 #12

I would distribute $100,000 to family members Demovictory9 Jun 2021 #20

Some crazy families would demand more. alphafemale Jun 2021 #22

Most people who play and therefore win the Lottery have no idea how to deal with money. alphafemale Jun 2021 #21

Jack Whittaker of WV had already come from humble beginnings to become Tanuki Jun 2021 #23

He was targeted by thieves many times and looks like he ended JI7 Jun 2021 #46

Uh, no - investments nare paying about 2-3% csziggy Jun 2021 #37

Saving accounts don't keep up with inflation these days iemanja Jun 2021 #39

I see lotteries as a tax on people who are bad at math and have no clue about statistics alphafemale Jun 2021 #11

Some of those scratch off tickets are now 30 bucks a pop kcr Jun 2021 #42

I can't imagine. alphafemale Jun 2021 #45

Money never buys happiness.. it provides options. ProudMNDemocrat Jun 2021 #13

A certain personality trait jumps out kacekwl Jun 2021 #14

That is so weird. Spend $500 on fireworks, not the whole wad Demovictory9 Jun 2021 #19

If folks are bad at managing money, winning the lotttery HipChick Jun 2021 #15

Mo money, mo problems underpants Jun 2021 #16

The article says he won the money in 2010, went to prison twice after that FakeNoose Jun 2021 #24

I wonder if winning a lottery often goes badly not because of the sudden influx of money itself... Silent3 Jun 2021 #25

With a million bucks BGBD Jun 2021 #26

A coworker won the lottery about 10 yr ago NickB79 Jun 2021 #27

I guess some of his lottery winnings are in the value of the property Demovictory9 Jun 2021 #29

Depending on how much I win I_UndergroundPanther Jun 2021 #28

They all break break rules 1&2 RANDYWILDMAN Jun 2021 #34

It's surprising common for lottery winners to go broke. Mosby Jun 2021 #35

Stupid is really ..."Stupid"...The safest investment in the world pays 2.2% interest a year.. Stuart G Jun 2021 #36

that's sad iemanja Jun 2021 #38

He was on foodstamps 2 years after winning for the same reasons he was on foodstamps before Klaralven Jun 2021 #40

If your bad with money before winning the lottery you will be after winning it. GulfCoast66 Jun 2021 #47

Definitely a different personality than me. Buckeye_Democrat Jun 2021 #50

Just to clarify: he did NOT "spend a million" brooklynite Jun 2021 #51

he won 2 million and received 980,000 Demovictory9 Jun 2021 #52