2006-09-19 13:28:27 · 11 answers · asked by my_belovd 4 in Business & Finance ➔ Investing
The one poster that said not all go bankrupt is correct, but the majority do. It's the mindset of the individual. There is a saying, "You are rich long before you have money". They did a study and found that if you took all the wealth in the U.S. and divided equally amoung everyone in the country, that within 6 months there'd be a upper, middle and lower class again. The wealth class you are in is a reflection of your mindset. Do you see multimillionaires playing the lottery? I'm not talking about buying the once in a while ticket just for fun, I'm talking about the people that buy $50 or $100 worth of tickets every week.
They don't have the mindset to be rich. They're entire belief system is if they had $2 million then they are set for life. They go buy a $750,000 home, a $150,000 Rolls Royce and clothes and junk like plasma TV's, jewelry, etc. Before they know it, they've burned through the money. But they forget a couple of things like the insurance and upkeep on their new Rolls Royce is going to be expensive. I doubt the insurance on a Rolls Royce is going to be $150 a month and when you need routine maintenance, are they really going to want to take it to the corner garage or to Pep boys? Also, they forget that they may have bought that mansion free and clear, but they are annual property taxes, routine house maintenance. Heck to heat and cool that place is going to be a small fortune.
They buy things forgetting that certain of those purchases are going to come with continuing expenses.
You know that saying, "You can take the poor man out of the ghetto, but you can't take the ghetto out of the poor man". In other words, you can put all the most expensive cloths and jewelry on a man and give the expensive cars and homes, but if he still thinks like a poor man, he will revert back to that condition.
2006-09-20 02:27:11 · answer #1 · answered by 4XTrader 5 · 1⤊ 0⤋
GENERALITY:
Most people that gamble enought to win the lottery are convinced that they can hit it big without having to put in the effort. For that reason, they are not good savers and managers. When they win a big pile of money, those shortcomings are magnified. They win a couple of million and think they are rich. You are not rich on the earnings off $2M and if you spend the money, the earnings drop.
The smartest lottery winners are those who keep working and use the money for solid reasons. (not gold teeth, islands, mansions, airplanes, etc. They know they arent' rich, but just well off.
2006-09-19 13:34:33 · answer #2 · answered by united9198 7 · 1⤊ 0⤋
A lot of people who win the lottery have never had that much money before and so don't know how to invest it properly...
2006-09-19 13:37:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most big time winners, spend the money like it will never end, they all so pay Attorneys allot to help them invest, so, the Attorney will end up with all most more then the winners.
2006-09-19 13:48:06 · answer #4 · answered by funguy 3 · 0⤊ 0⤋
I agree with United as well. Toronto
2006-09-19 13:45:12 · answer #5 · answered by weemama 1 · 0⤊ 0⤋
http://stevegilliard.blogspot.com/2004/12/winning-isnt-everything.html <
2006-09-19 13:38:02
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answer #6
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answered by Anonymous
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hello
not everyone who win does there is some that dont let it go to there head
2006-09-19 13:36:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I agree with united.
2006-09-19 13:37:44 · answer #8 · answered by tiger 4 · 0⤊ 0⤋
wouldn't it be nice to have all that $$ to lose.ain't yours to keep anyway, but i would still keep my job though
2006-09-19 13:39:20 · answer #9 · answered by Anonymous · 0⤊ 0⤋
easy come, easy go.
2006-09-19 13:56:28 · answer #10 · answered by imranrashid1 2 · 0⤊ 0⤋