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Pastimes : The new NFL
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To: Jeffrey S. Mitchell who wrote (86071)9/4/2025 12:59:08 AM
From: nicewatch1 Recommendation

Recommended By
longz

  Read Replies (2) of 87998
 
There's been studies about this and years ago saw some special about lottery winners that ultimately ended up worse off than if they hadn't won at all. Am guessing you've read or seen the same.

The common pitfalls often relate to the windfall nature of the win.

1. People immediately leave jobs and disrupt routines even when not close to retirement age.

2. Family members and other hangers-on come out of the woodwork with all sorts of terrible business ideas and investment schemes, or simply expect to be taken care of. LEARN TO SAY NO TO EVERYONE! Unfortunately some states don't allow anonymous collection of winnings under some foolish notion of the public's right to know.

3. General financial mismanagement and spending. And never consulting decent lawyers and estate planners to establish tax advantageous structures to at least preserve and hopefully invest a good portion of that windfall. Not always but often these windfall winners aren't the sharpest people when it comes to financial matters.

Am sure Gloop and his clan would overcome some but not necessarily all of those caveats! :-)

That being said I'd rather be unhappy with money than unhappy without. There is peace of mind in never having to worry about shelter and basic living expenses ever again.
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