Sunday, January 27, 2019

Why So Many Lottery Winners Go Broke

It is my personal finance research. I like to learn from the topic. Here is the article link.

Statement:

lottery winners frequently become estranged from family and friends, and incur a greater incidence of depression, drug and alcohol abuse, divorce, and suicide than the average American.

I like to review those things in the article:

As soon as you start wearing nice jewelry, buying a new wardrobe or an expensive car, or giving cash to anyone, you’ll be outed. And everyone—parents, siblings, friends, neighbors, coworkers, charities, and strangers—will want some of your money. Many will ask for it and some will demand it, arguing that they would’ve shared their winnings with you if they had won. The guilt trips and manipulation will start quickly. Expect also to get plenty of investment pitches: Open a restaurant! Buy a car dealership! Put money into an oil well!

Be careful about those people:

Parents, siblings, friends, neighbors, coworkers, charities, and strangers
Ask for money or demand it
The guilt trips 
Manipulation will start quickly
Investment pitches


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