Topic: "Most lottery winners go broke after few years" - page 11. (Read 1747 times)
I read those stories of lucky lottery winners who spend like sailors every night partying and giving away money to friends. In the end, when he has no money left, he is back to being lonely again and broke. I think that was what they call sudden rich syndrome.
Now I have no reason to get jealous of those guys, I am like a lottery winner after 2017 since I won a bit good amount of money to stand on my own. But I tend to learn that these friends I have knew me to have no money, I don't have to buy them to be with me.
I want to deeply thank you OP for refuting this general belief. The media has contributed to this misconception because bad news usually has more publicity. News of a lottery winner getting broke is a good clickbait. I also wonder how some of the researchers who come up with such claims get their data and come up with conclusions. It is true that some lottery winners go broke, but the population is usually overblown. The source of the money doesn't really determine how it will be used. Well-managed or invested lottery wins will even bring more money
Interesting research, I think it's similar like majority beliefs where gambling is bad, while it's not necessary true.
Many gamblers get addicted, but we should know that there are more gamblers aren't get addicted, instead it could improve their life since gambling is entertainment.
It's all back to the person who received the money, if they can't manage the money, they will not go anywhere and vice versa.
Many gamblers get addicted, but we should know that there are more gamblers aren't get addicted, instead it could improve their life since gambling is entertainment.
It's all back to the person who received the money, if they can't manage the money, they will not go anywhere and vice versa.
I think the reason why people think this way (at least me) is that someone who buys a lottery ticket is usually someone who doesn't know how to manage money anyway, or who doesn't understand math. it should seem illogical for someone who knows how to calculate statistics and earnings to buy a lottery ticket. because no matter how much money he invests, he will never win in the long run. the x dollars he invests will definitely return to him less than x. (I am ignoring the luck factor here, because that person should also ignore it).
I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
I also agree with you about jealousy, probably no one of us has ever won the lottery and probably never will. but that doesn't mean that others haven't. people can't handle it and in a way console themselves by saying “the person who wins will probably lose their money again anyway”
Or "Most lottery winners end up being miserable"
This are both false beliefs, but somehow majority of people believe them to be true. While in reality, most lottery winners end up doing better then ever. And that they are bettering the lives of themselves and their family.
There are at least 2 psychological reasons, that i believe to be a reason, why we tend to believe the opposite:
1: Jealousy:
Winning can happen to anyone, even people who least "deserve" it. So our subconscious mind reasons it for us in a way that makes as satisfied. If we believe they should pay a price for winning, it's easier to accept our own loss. It can be partying too much, getting robbed or being betrayed by closest friends, or being miserable and lonely. If we think that there's some terrible price to pay for winning, that makes losing seem like a better option in a long run.
2. Propaganda:
We tend to believe that people who play lottery go broke because of he same reason they were broke to begin with. And that's being irresponsible with money, so they lack skills to keep the money.
This is propaganda created by rich people. We tend to believe it's all hard work and mad skillz in finances, while biggest reason for anyone getting rich is actually correct circumstances. May rich people had right people around them, and often started with financial extra boost. Or that they just were insanely lucky, buying something that ended up mooning. But rich people rarely admit this, because if being rich is part of someone's personality, they need to be proud of it. Otherwise they would have to rethink their own accomplishments.
Sure, financial skills and hard work play a part, but that doesn't mean anyone with those would get rich. There are numerous reasons for that but i will sum it up to "correct circumstances".
Stories we hear and headlines we see also fuel this belief, because those are the kind of stories being shared and getting clicks. Not the ones where winners are doing just fine, and living a comfortable quiet life.
I share just one article about this belief, even though there are probably many:
https://www.forbes.com/sites/johnjennings/2023/08/29/debunking-the-myth-the-surprising-truth-about-lottery-winners-and-life-satisfaction/
This are both false beliefs, but somehow majority of people believe them to be true. While in reality, most lottery winners end up doing better then ever. And that they are bettering the lives of themselves and their family.
There are at least 2 psychological reasons, that i believe to be a reason, why we tend to believe the opposite:
1: Jealousy:
Winning can happen to anyone, even people who least "deserve" it. So our subconscious mind reasons it for us in a way that makes as satisfied. If we believe they should pay a price for winning, it's easier to accept our own loss. It can be partying too much, getting robbed or being betrayed by closest friends, or being miserable and lonely. If we think that there's some terrible price to pay for winning, that makes losing seem like a better option in a long run.
2. Propaganda:
We tend to believe that people who play lottery go broke because of he same reason they were broke to begin with. And that's being irresponsible with money, so they lack skills to keep the money.
This is propaganda created by rich people. We tend to believe it's all hard work and mad skillz in finances, while biggest reason for anyone getting rich is actually correct circumstances. May rich people had right people around them, and often started with financial extra boost. Or that they just were insanely lucky, buying something that ended up mooning. But rich people rarely admit this, because if being rich is part of someone's personality, they need to be proud of it. Otherwise they would have to rethink their own accomplishments.
Sure, financial skills and hard work play a part, but that doesn't mean anyone with those would get rich. There are numerous reasons for that but i will sum it up to "correct circumstances".
Stories we hear and headlines we see also fuel this belief, because those are the kind of stories being shared and getting clicks. Not the ones where winners are doing just fine, and living a comfortable quiet life.
I share just one article about this belief, even though there are probably many:
https://www.forbes.com/sites/johnjennings/2023/08/29/debunking-the-myth-the-surprising-truth-about-lottery-winners-and-life-satisfaction/
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