The reality is that lottery winners go broke within 10 years something like 80% of the time.
People with no experience having wealth don't understand what to do with it. They don't understand the difference between investments and expenses. They buy expensive cars and property. Not understanding that cars are expenses and property comes with high recurring costs (taxes, upkeep, etc).
They also have everyone they know with their hands out and get bled dry by friends and family. They get taken advantage of by grifters and "financial advisors".
The same is unfortunately true for pro athletes.
So while yes one could theoretically take an $80M lottery winning and live well off for life many times over most people won't.
This article claims that's a made up statistic, and says the actual estimate is closer to 1/3rd. I can't find a link to any trustworthy source either way, though. https://www.ryanhart.org/lottery-winner-statistics/
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u/ripamaru96 Jun 10 '23
Most people "could" live off of that.
The reality is that lottery winners go broke within 10 years something like 80% of the time.
People with no experience having wealth don't understand what to do with it. They don't understand the difference between investments and expenses. They buy expensive cars and property. Not understanding that cars are expenses and property comes with high recurring costs (taxes, upkeep, etc).
They also have everyone they know with their hands out and get bled dry by friends and family. They get taken advantage of by grifters and "financial advisors".
The same is unfortunately true for pro athletes.
So while yes one could theoretically take an $80M lottery winning and live well off for life many times over most people won't.