7 of 10 Lotto winners spend money in 5 years

[Rob Base 2.0]

Sorry. But this is why I have little sympathy for the "poor".

www.msn.com/en-us/lifestyle/smart-living/13-things-lottery-winners-wont-tell-you/ss-BBybqo0?li=BBnb7Kz#image=1

First slide says it all IMO.

It's humanistics, unfortunately, regardless of what liberals want to say.

And I already hear the arguments that it just says they "spent" their money - maybe they spent it on houses and stuff that is still worth money. Sorry I doubt it

Sure there are legitimate poor people that need a safety net. But it is nowhere near what the left qualified as "legitimate".

[gs11rmb]

I'm a little confused. What exactly do lottery winners who squander their money have to do with your sympathy or lack of sympathy for the poor? Also, some of those slides were about people who have had fun or done good things with their money.

[Deleted]

All lottery winners are not poor people.  Plus, if it's just windfall money and you're not having any trouble taking care of yourself and your family as it is, why not go crazy and just give it all away or go on a spending spree?  I'm not saying I would do that, but I don't see anything wrong with it either.  It would be pretty awesome to just build your town a new school or something like that. 

[The Walk of the Penguin Mich]

I don't see what being poor has to do with anything.

7/10 does not say how many they contacted, and amount of the lottery win.  If someone has. A $500k lottery win, that disappears means that someone could have bought a couple houses for their family.  The money isn't gone, merely transformed into another asset. 

[Cookies Galore]

Mar 16, 2017 9:37:12 GMT -5 minnesotapaintlady said:

All lottery winners are not poor people.  Plus, if it's just windfall money and you're not having any trouble taking care of yourself and your family as it is, why not go crazy and just give it all away or go on a spending spree?  I'm not saying I would do that, but I don't see anything wrong with it either.  It would be pretty awesome to just build your town a new school or something like that. 

Yeah, if I were to win a crazy amount of money I'd probably set some aside for later years, go a little crazy with some fun spending, and donate the fuck out of the rest. I'd still work, so who cares what I do?

[Deleted]

Poor money management, especially when you start throwing large lump sums at people, happens at all income levels, it's just the poor have very little room for error.  Look at "Docitis", what happens to a lot of people after they graduate from medical school and start making the big bucks after being poor for so long, and all the professional athletes that are making millions every year and then are broke soon after. 

[NomoreDramaQ1015]

Nicholas Cage comes to mind when we talk about rich people who cannot handle money.  

[Deleted]

DW believes her brother would be dead within two months if given a large sum of money. A lot of people regardless of income are not good with managing excess anything.

When I paid off all debt and had all this extra money coming in all of a sudden bar nights could get to an unlimited level, after a couple of those it was like nope, gotta be careful with that.

[NoNamePerson]

At my age I would set aside some for son just because he is my heart and then you bet your sweet a@@ I'll be spending fast and furious on my bucket list. 

My bucket list changes and gets longer and life span gets shorter. Travel would be a priory not stuff. I don't want/need anything that has to be dusted.  

[973beachbum]

I disagree with the thread on it's premise.

Unless something is seriously strange how the heck are only 7 out of 10 spending money in 5 years

What are the other 3 doing that they don't need to spend any money for 5 years?

[The Walk of the Penguin Mich]

Mar 16, 2017 14:48:50 GMT -5 @anne81 said:

I wonder if this is because most lottery winnings are small.

I suspect it is because 7/10 lottery winners win pots of $1000 or less.  

My dad won $400.....his lottery winnings didn't even last the weekend!

[NomoreDramaQ1015]

I won $80 playing slots.  I used it that night to buy a snow globe I was eyeballing in the gift shop for my birthday.  I still have the snow globe.

Do not feel sorry for me, I know I am poor and deserve it.

[Cookies Galore]

I bought bagels the next morning with some of my slots winnings.

[dannylion]

Careful scrutiny of the limited information reveals the following:

This is a Reader's Digest article.  RD has been known in the past to have an article written with a point of view or conclusion they want then planted in another publication so it can be "reprinted" in RD.  This might still be going on.  There doesn't seem to be any indication where the original article appeared, if it appeared anywhere.

There is no mention of the methodology used to arrive at the conclusion that 7 out of 10 lottery winners have spent all the money within 5 years.  How large was the sample?  How was the sample selected?  I suspect that if this is true at all, it simply means that 7 out of 10 random lottery winners who agreed to talk to the authors spent their money within 5 years.  No evidence is presented to back up the statement, so that automatically makes it appear dubious.  Also, there is no indication as to the relative pre-lottery affluence of the winners in the sample (however it was derived), so it is simply impossible to conclude that the data, if it is not, in fact, bogus, has anything to say about poor people. 

The links go to the RD Canada version.  Perhaps it should say that 7 out of 10 Canadian lottery winners have spent their money within 5 years.  (Oh, no!  That can't be!  Everyone knows only Americans make stupid choices.)

The "13 things" seem fairly random.  And why do the lottery winners not want us to know those 13 random facts?  Who cares? 

This is a stupid article. 

 

[Rob Base 2.0]

Sure; I am sure most lottery are good with their money.

Just like I am sure most of the poor aren't lazy, stupid, humanistic, etc.

[Rob Base 2.0]

time.com/4176128/powerball-jackpot-lottery-winners/

[The Walk of the Penguin Mich]

Mar 16, 2017 15:56:42 GMT -5 Rob Base 2.0 said:

Sure; I am sure most lottery are good with their money.

Just like I am sure most of the poor aren't lazy, stupid, humanistic, etc.

What difference does it make?  If they want to blow $5 million on hookers and blow, it is their $5 million to spend.

[NomoreDramaQ1015]

Mar 16, 2017 15:56:42 GMT -5 Rob Base 2.0 said:

Sure; I am sure most lottery are good with their money.

Just like I am sure most of the poor aren't lazy, stupid, humanistic, etc.

But what correlation does that have with being poor?   There are rich people who are just plain stupid with their money too.   Johnny Depp and Nicolas Cage come to mind.  

In the opposite direction there is a guy who was dirt poor living on the streets that won the lotto and is now doing very well because he enlisted financial help knowing he could not handle it himself.  I forgot what the guys' name was but he was featured on one of those "I won the Lottery" shows.

[The Walk of the Penguin Mich]

Mar 16, 2017 15:58:56 GMT -5 Rob Base 2.0 said:

time.com/4176128/powerball-jackpot-lottery-winners/

Why didn't they post the good stories?  That was a half a dozen who had difficulty of hundreds who have won the lottery.

It would have been a much better balanced report if they had posted the good that happened/

[NoNamePerson]

Heck, I have to travel out of state to buy lottery tickets. And travel out of state to play slots. One state to the east and the other to the west of me. I'm a terrible YM're. 

[Deleted]

So, I'm getting that your theory is poor people can't handle money so we shouldn't give them any.  Because, of course, ONLY poor people play the lottery.   

[dannylion]

Mar 16, 2017 15:56:42 GMT -5 Rob Base 2.0 said:

Sure; I am sure most lottery are good with their money.

Just like I am sure most of the poor aren't lazy, stupid, humanistic, etc.

What is humanistic? 

Does it mean being human? Why is that bad? Are only poor people human(istic)? What does that mean for people who are not poor? Are they aliens? Fish? Monotremes?

[phil5185]

But what correlation does that have with being poor? There are rich people who are just plain stupid with their money too. Johnny Depp and Nicolas Cage come to mind.

The report that I saw stated the results differently - ie, the average time for a lottery winner to lose the money is 7 years.
There really is a correlation with "being poor". Low income people think in terms of periodic income (weekly, biweekly, etc), they do not relate to lump sums. Eg, a house is not thought of as a $300,000 thing, it is a $1600/m bill.   A car is not a $30,000 thing, it as a $500/m bill. And so on.

We had a winner in our locality, it was that TV Show where the winning family (a financially stressed family) was sent away on vacation for a couple weeks - meanwhile their old house was razed and a beautiful new one was built and given to them.  Within a year or two, they put a mortgage on the house and started 'having fun' with the cash-out. In just a few years, the house was foreclosed and the family was bk. They had gifted cars and gifts to relatives, friends, yada - they simply had no clue about managing a lump sum.

[Rob Base 2.0]

Mar 16, 2017 16:12:55 GMT -5 minnesotapaintlady said:

So, I'm getting that your theory is poor people can't handle money so we shouldn't give them any.  Because, of course, ONLY poor people play the lottery.   

That's not at all what I am saying

Human nature (Humanistics) is to be self destructive and embrace drama

It's across the spectrum whether you are poor or rich. The majority can't resist humanistics, unfortunately.

Some have other factors that overcome humanistics (starting position on the economic spectrum, a valuable skill that earns them enough money to overcome humanistics, etc...)

My point is I don't care until you want me to pay for it....sorry I don't want to pay for it....I figured a way around being self destructive and overcoming humanistics, if the poor can't I don't understand why it should be my problem

again I am all for a safety net (with strings), but don't believe all these "poor" are just "unfortunate"

[Rukh O'Rorke]

If I won, I d hide it from every one and I sure would never tell what I did with it

[Deleted]

Mar 16, 2017 16:45:12 GMT -5 phil5185 said:

The report that I saw stated the results differently - ie, the average time for a lottery winner to lose the money is 7 years.
There really is a correlation with "being poor". Low income people think in terms of periodic income (weekly, biweekly, etc), they do not relate to lump sums. Eg, a house is not thought of as a $300,000 thing, it is a $1600/m bill.   A car is not a $30,000 thing, it as a $500/m bill. And so on.

We had a winner in our locality, it was that TV Show where the winning family (a financially stressed family) was sent away on vacation for a couple weeks - meanwhile their old house was razed and a beautiful new one was built and given to them.  Within a year or two, they put a mortgage on the house and started 'having fun' with the cash-out. In just a few years, the house was foreclosed and the family was bk. They had gifted cars and gifts to relatives, friends, yada - they simply had no clue about managing a lump sum.

That's sad. I was going to post anyway that it's mostly an inability to manage large sums of money and a lack of understanding about how easy it is to pi*s even a large sum away. If you've accumulated money over years, one paycheck at a time, watching some of it evaporate in market drops, watching it inch back up again (most of the time)... you understand what it took to get that pile and you're less likely to squander it. New college graduates, someone who just got their first huge book advance, a pro athlete who signed his/her first multi-million $$ contract- they're all vulnerable. Oprah Winfrey had great advice to the newly-wealthy: make sure you personally sign every check that goes out.

And whoever "helped" that family do a cash-out mortgage on their house should be drawn and quartered.

[NomoreDramaQ1015]

DH is always yelling at the TV when he watches those lotto shows about how stupid it is to win $2.5 million and then run out and buy a $2.5 million dollar house.   Then they are surprised when they lose it because they couldn't pay property taxes on a house that large.

[Deleted]

Mar 16, 2017 17:02:28 GMT -5 Rukh O'Rorke said:

If I won, I d hide it from every one and I sure would never tell what I did with it

That's kind of hard to do when the states require there is a public spectacle made of you. 

[Deleted]

Mar 16, 2017 16:45:18 GMT -5 Rob Base 2.0 said:

again I am all for a safety net (with strings), but don't believe all these "poor" are just "unfortunate"

Oh, I don't either.  The problem is, how do you separate the wheat from the chafe so to speak?  If the system could be fixed to do that it would be great.

[Rukh O'Rorke]

Mar 17, 2017 9:19:36 GMT -5 minnesotapaintlady said:

Mar 16, 2017 17:02:28 GMT -5 Rukh O'Rorke said:

If I won, I d hide it from every one and I sure would never tell what I did with it

That's kind of hard to do when the states require there is a public spectacle made of you. 

I'd try to make myself look different if any photos had to be taken and subtlety make a face the entire time.


I couldn't tell you any lottery winners, not sure who follows that - no one I know