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Studies on lottery winners

The National Endowment for Financial Education estimates that as many as 70 percent of lottery winners squander their winnings and end up bankrupt and divorced as well as bereft of family and friends because sudden wealth destroyed those relationships. Besides having little or no experience handling large sums of money, lottery winners also go bankrupt because deep down they don’t feel like they deserved the unexpected windfall.

They know they did nothing to earn the large check with six or seven zeros. I saw this way of thinking as a sports agent in the 1990s. When people asked me this question—Why do professional athletes go broke within a few years of retiring?—I replied that they didn’t feel like they deserved all those hundreds of thousands or millions of dollars that were showered on them during their brief professional careers.

There’s a reason why the National Football League (NFL) is also called the Not for Long league, and it’s because careers usually last three or four years. Then the big paychecks stop overnight. I’m convinced it’s a mind-set issue. I knew one player who came out of the projects and grew up thinking that the most he could aspire to was becoming a drug dealer and making $50,000 a year. So when he made $1.2 million a year, he didn’t think he deserved the money.

Anything more than $50,000 was like gravy to him. Then there are those who think that financial security is having enough money in the bank, but real security is the ability to handle what life gives you. Many people are living paycheck to paycheck and bracing for the next calamity. Thus, the pressure to live within our means can place tremendous stresses on us. It’s hard to feel free under these circumstances.

Content created and supplied by: skhularry (via Opera News )

NFL National Endowment for Financial Education National Football League Not for Long

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