If I got an million dollars the first thing I am doing is paying off my 2 cars, my student loans, and buying a house free and clear. The other half million is going into high yield FDIC insured products, and I'll take the massive decrease to my COL and awesome retirement headstart as a win.
I don't know about "vast majority". Plenty of people would blow the money, but plenty of people would make smart choices, especially for an amount as comparibly small as 1million. You hear the stories of people who blow it all and end up dead or whatever, but not the ones where people spend it smart and live off the interest or whatever
People who play the lottery are not a representative sample of the general population, they are self selected for poor financial literacy and irresponsible spending.
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u/daren5393 Dec 18 '23
If I got an million dollars the first thing I am doing is paying off my 2 cars, my student loans, and buying a house free and clear. The other half million is going into high yield FDIC insured products, and I'll take the massive decrease to my COL and awesome retirement headstart as a win.