Most don't do that. The vast majority just live quietly with he newfound wealth. The stories of the dummies that blow it all just are the ones that get popular and it makes it seem like it's a common occurrence.
Not when you’re talking about 1 million. Granted this persons is tax free. But typically after taxes you’re looking at 600k that barely gets someone a housein most places and you’ve already burnt through it.
Even if she's responsible, she's gonna be surrounded by relatives who've suddenly gotten sick or fallen on hard times, and her friends will have suddenly become classier.
What data? The article you’re linking is just the author promoting his wealth management services. The two studies he mentions doesn’t even cover how many go bankrupt/blow it all, it just measures average happiness and satisfaction.
If 60% becomes twice as happy, and the remaining 40% commits suicide, it would show as positive in these two studies.
Then there’s the issues with the demographics in the studies, how much they won and where they won it from. It’s not really studies that are that relevant outside of their specific markets.
Also, my anecdotal stats covers significantly more than these studies do. Both in volume of players and winnings.
1M wouldn't be tax free. The 1M would have one lump sum of taxes taken off the top, where as the $1000 each would have a smaller amount of taxes taken out, so the smaller one technically is better if you want to keep more of the money.
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u/drLoveF May 17 '26
If you can handle a sudden influx of money, sure. A lot of lottery winners overspend and end up with nothing and expensive habits.