6 ms·

Will be interesting to see how many of them have money left after 5 years

by LewisVerstappen 9mo ago

eleventen 9mo ago
This seems really cynical. Did you mean it that way?
- collingreen 9mo ago
  This is a common trope around "poor people are poor because they aren't capable of being rich". If the rich can make the poor believe wealth inequality is natural and fair then lots of things go more smoothly.
  - lesuorac 9mo ago
    Eh, touch some grass buddy. You're interpretting a lot of negativity from the poster despite having no evidence to support it. > [1] A famous study in 2010 from the Review of Economics and Statistics revealed that, out of 35,000 lottery winners who obtained between $50,000 and $150,000 in winnings, 1,900 of them had filed for bankruptcy within 5 years. > A 2015 paper in The American Economic Review also presented that 15% of NFL players filed for bankruptcy after 12 years of retirement. It's really common for people with sudden windfalls to lose it all. [1]: https://en.wikipedia.org/wiki/Sudden_wealth_syndrome#Effects_on_relationships_and_finances https://en.wikipedia.org/wiki/Sudden_wealth_syndrome#Effects...
    - ashtonshears 9mo ago
      I speculate the correlation to lottery activity and poor financial habits is the principal factor
    - eleventen 9mo ago
      I’m not sure a study of chronic gamblers generalizes to long-term working class employees of this facility. I have no idea what lessons can be learned from the NFL case, but I suspect none at all.
    - BoiledCabbage 9mo ago
      > It's really common for people with sudden windfalls to lose it all. 5% of people isn't "really common". Estimate of 1% of US adults declare bankruptcy within a 5 year period (based on ending in July 2025 and right now is a very low period). 2010 a peak it was likely closer to 3% of adults. It is rightfully calling it a false trope of "Only rich people deserve money. We should prevent others from getting it".
  - katzgrau 9mo ago
    You’re correct that belief is a powerful driver of prosperity/poverty - and that believing that you’re headed for either can lead to you to different modes of decision making. I’ve experienced and witnessed both. An unexpected windfall will amplify the psychology of the recipients. For people who have lived without, the mindset is frequently “live today like it’s your last” or “enjoy it while it lasts” and blow it or self destruct. Some will be obviously be more mature about it though.
  - deleted 9mo ago
    [deleted]
- LewisVerstappen 9mo ago
  No, but it would be great if large sums of money came with financial literacy courses to save a lot of pain and suffering later down the road. The number of people who live paycheck to paycheck and make $500k a year is insane.
  - mrastro 9mo ago
    Source? I doubt many making north of 300k per year are living paycheck to paycheck. It's hard to not save money (like at least 10%) at that income imo.
coldtea 9mo ago
Does it matter? It's their money, and they have needs and wants. The difference with multi-millionaires and billionaires is that they can cover they wants and even mere whims, and the whole system gives them opportunities to keep and multiply their money.

Will be interesting to see how many of them have money left after 5 years

eleventen 9mo ago

This seems really cynical. Did you mean it that way?

collingreen 9mo ago
This is a common trope around "poor people are poor because they aren't capable of being rich". If the rich can make the poor believe wealth inequality is natural and fair then lots of things go more smoothly.
- lesuorac 9mo ago
  Eh, touch some grass buddy. You're interpretting a lot of negativity from the poster despite having no evidence to support it. > [1] A famous study in 2010 from the Review of Economics and Statistics revealed that, out of 35,000 lottery winners who obtained between $50,000 and $150,000 in winnings, 1,900 of them had filed for bankruptcy within 5 years. > A 2015 paper in The American Economic Review also presented that 15% of NFL players filed for bankruptcy after 12 years of retirement. It's really common for people with sudden windfalls to lose it all. [1]: https://en.wikipedia.org/wiki/Sudden_wealth_syndrome#Effects_on_relationships_and_finances https://en.wikipedia.org/wiki/Sudden_wealth_syndrome#Effects...
  - ashtonshears 9mo ago
    I speculate the correlation to lottery activity and poor financial habits is the principal factor
  - eleventen 9mo ago
    I’m not sure a study of chronic gamblers generalizes to long-term working class employees of this facility. I have no idea what lessons can be learned from the NFL case, but I suspect none at all.
  - BoiledCabbage 9mo ago
    > It's really common for people with sudden windfalls to lose it all. 5% of people isn't "really common". Estimate of 1% of US adults declare bankruptcy within a 5 year period (based on ending in July 2025 and right now is a very low period). 2010 a peak it was likely closer to 3% of adults. It is rightfully calling it a false trope of "Only rich people deserve money. We should prevent others from getting it".
- katzgrau 9mo ago
  You’re correct that belief is a powerful driver of prosperity/poverty - and that believing that you’re headed for either can lead to you to different modes of decision making. I’ve experienced and witnessed both. An unexpected windfall will amplify the psychology of the recipients. For people who have lived without, the mindset is frequently “live today like it’s your last” or “enjoy it while it lasts” and blow it or self destruct. Some will be obviously be more mature about it though.
- deleted 9mo ago
  [deleted]
LewisVerstappen 9mo ago
No, but it would be great if large sums of money came with financial literacy courses to save a lot of pain and suffering later down the road. The number of people who live paycheck to paycheck and make $500k a year is insane.
- mrastro 9mo ago
  Source? I doubt many making north of 300k per year are living paycheck to paycheck. It's hard to not save money (like at least 10%) at that income imo.

coldtea 9mo ago

Does it matter? It's their money, and they have needs and wants. The difference with multi-millionaires and billionaires is that they can cover they wants and even mere whims, and the whole system gives them opportunities to keep and multiply their money.