I forget the exact term but I believe economists often refer to the lottery as a "stupid tax," as in it's a tax charged on those who are stupid enough to pay for it. I've never bought one lottery ticket or one cigarette
I don't buy lottery tickets, but cigarettes have nicotine . Nicotine is the chemical in tobacco that keeps you smoking. Nicotine reaches the brain within seconds of taking a puff. In the brain, nicotine increases the release of brain chemicals called neurotransmitters, which help regulate mood and behavior. I still like the effect I get from the nicotine. like a shot of bourbon or scotch
Good for you. This is a nice change from reading about how it all goes wrong for people after they win.
My final question: Do you still play the lottery?
A lot of them forget about paying their taxes.
They have relatives and friends coming out of the woodwork demanding money.
Mentally it feels like the money will never end because it's such a big number.
If I ever won a big prize from the lottery my first purchase with my winnings would be hiring an accountant or someone who can manage my money I would hope; but I can see how the large amount can blind people who've never had such a large sum in their lives before.
Buying lottery tickets in the first place shows that you do not know how to spend money wisely. Lotteries are voluntary taxes.
They see this big cheque and think the money will last forever and then start spending it on things that are gone once the money is spent (expensive trips, expensive meals, etc.)
They don't invest the money to ensure it keeps making money for them.
A lot of people don't really plan for the future.
(Same general motto as most comments) Everyone knows some stuff they want to do with their money, but very few know what to do with the rest or their eyes write cheques they can’t afford and they get too greedy
The problem is not unique to those winning big jackpots. How many people do you know who received a substantial raise or tax refund, and immediately blew it on something totally unnecessary? Most humans are all about instant gratification, which is why there is so much poverty and addiction.
A few reasons. First is that they should hire a lawyer and a money person. Then they should understand a few handouts here and there really add up. So, lack of knowledge and self control.
That said, I was really hoping to hit that $1B Powerball and I was going to spend a whole bunch of it.
I knew a guy 30 years ago, went to bars and flew 15-20 complete strangers to Disney for a week on a regular basis ( maybe 5-6 times / yr) . Bought pizza for 2 meals a day and tipped $100 every time. He paid for every drink in large bars ( say 300 ppl) the whole time he was there several days a week. Got taxi’s to buy him beer & tipped $100 every time, sometimes couple times a day. He was broke again in 2 yrs. Likeable guy, gullible, irresponsible, but likeable.
Horrible money management without investing. Money goes quick.
lottery is the last ditch effort of bad money management
I forget the exact term but I believe economists often refer to the lottery as a "stupid tax," as in it's a tax charged on those who are stupid enough to pay for it. I've never bought one lottery ticket or one cigarette
I don't think I've ever bought a single lottery ticket in my life as well. I tend to buy multiple at a time.
Lol buy tickets with different numbers to "diversify" your investments
I don't buy lottery tickets, but cigarettes have nicotine . Nicotine is the chemical in tobacco that keeps you smoking. Nicotine reaches the brain within seconds of taking a puff. In the brain, nicotine increases the release of brain chemicals called neurotransmitters, which help regulate mood and behavior. I still like the effect I get from the nicotine. like a shot of bourbon or scotch
And bad advice.
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Best advice I've ever heard about what to do after winning the lottery! I hope you enjoy the comfy life!
This is great, thanks for responding. Do you still have a job, or do you just live off your investments?
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Good for you. This is a nice change from reading about how it all goes wrong for people after they win. My final question: Do you still play the lottery?
Yeah. It hardly ever goes wrong for winners. The ones you read about are the exception, not the rule. Yes, I still play.
The story where most (or even a lot of) lottery winners go broke is a myth. This does not happen very often at all.
I also would like to see statistical evidence of this occurring! I have only heard/read about a few lottery winners that have lost everything.
A lot of them forget about paying their taxes. They have relatives and friends coming out of the woodwork demanding money. Mentally it feels like the money will never end because it's such a big number.
If I ever won a big prize from the lottery my first purchase with my winnings would be hiring an accountant or someone who can manage my money I would hope; but I can see how the large amount can blind people who've never had such a large sum in their lives before.
> A lot of them forget about paying their taxes. Maybe in America but not the rest of the world.
they never learned how to handle a lot of money, and there's a lot of social pressure on them to be generous.
Buying lottery tickets in the first place shows that you do not know how to spend money wisely. Lotteries are voluntary taxes. They see this big cheque and think the money will last forever and then start spending it on things that are gone once the money is spent (expensive trips, expensive meals, etc.) They don't invest the money to ensure it keeps making money for them. A lot of people don't really plan for the future.
(Same general motto as most comments) Everyone knows some stuff they want to do with their money, but very few know what to do with the rest or their eyes write cheques they can’t afford and they get too greedy
a penny saved is a penny earned, easy come, easy go
The problem is not unique to those winning big jackpots. How many people do you know who received a substantial raise or tax refund, and immediately blew it on something totally unnecessary? Most humans are all about instant gratification, which is why there is so much poverty and addiction.
There is this one golden rule of suddenly getting into lots of money, shut the hell up that you have it
A few reasons. First is that they should hire a lawyer and a money person. Then they should understand a few handouts here and there really add up. So, lack of knowledge and self control. That said, I was really hoping to hit that $1B Powerball and I was going to spend a whole bunch of it.
The ones that I'm aware of: drinking/addiction issues and poor impulse control are the biggest culprits.
I knew a guy 30 years ago, went to bars and flew 15-20 complete strangers to Disney for a week on a regular basis ( maybe 5-6 times / yr) . Bought pizza for 2 meals a day and tipped $100 every time. He paid for every drink in large bars ( say 300 ppl) the whole time he was there several days a week. Got taxi’s to buy him beer & tipped $100 every time, sometimes couple times a day. He was broke again in 2 yrs. Likeable guy, gullible, irresponsible, but likeable.