Most people would go BROKE in a couple of years after winning, because it's human nature, to let loose, and when we got all that cash on our hands, we get caught up in the enjoying the moment mindset, and end up, squandering what could've been put to better use, away, carelessly! Translated…
In the, elementary years, can't recall if the grand prize of the lotto draw was $250,000 or half a million dollars, the instructor gave us the topic of "If I Won a Million Dollars" for our essay writing assignment, wanted the kids to write about their, dreams.
winning that jackpot...the odds...from online
Some of the classmates told that they would use the amount to travel the world, some said they were going to go and buy the "Prince" magazine, some said they were going to stuff their faces with ice cream, some were going to turn the money in to their parents, some said they were going to purchase a home (forgot who that was, but thinking about it, the student with the eyes for investing, and had s/he purchased the real estate of Taipei that's in the higher up locations that only cost a couple of tens of thousands of dollars, s/he should be very rich by now), I'd forgotten what my dreams were, but, I think, I'd belittled the classmate who said he was going to buy the "Prince" magazine, if you want to buy, at least, he should be getting the "Student Science" that would be, more education, at least…………
As I got home, I'd excitedly asked my parents' take on this, my mother, who's a gynecologist by profession, and raised the hens on the side told, that she would place the million dollar winnings into the savings in the bank, and use the interest for the household needs, and that, killed my joys.
Awhile ago, the Powerball grand prize of 27 billion N.T.s was set, and I'd proposed the question, "if you won twenty-seven billion N.T.s, would you still come to work today?" and, the responses of my coworkers in the hospital, was totally, diverse from the children's.
Technician A told, "of course NOT, I'd quit in a, heartbeat!"
Manager of department, B said, "I will take my wife traveling every single day, visit the entire world!"
Technician C, "surely, I'd still, come to work, I'd be, lowkey about it."
Thinking it deeper, this question, is actually, quite, serious, there were the reports that told, that the statistics from Youth Financial Education of the U.S. showed, that about seventy-percent of lotto winners, would declare bankruptcy within five years; there's no way I can, confirm if this was true or false, but, I would, imagine, how someone can be completely, bankrupt because of this.
chances are, they will, squander everything away, unlike how maybe they'd planned to pay off the bills...photo from online
The Economic Nobel Prize winner in 2017, researched on economics behaviorism, Thaler said, people would categorize the sources of how they received the cash, into "by laboring", "rewards from work", "not worked for it", and some other "psychological accounts". When people won the cash prizes, received an inheritance, this would be the "unlabored for", and, when they'd spend these money, they would more than likely to lose their rationalities, and failed to note, the cost of things, ended up, squandering away.
"The Psychology of Money" also stated, that the different sources of monetary gain (i.e. from wages, winnings, inheritance, stolen……….), even if the sums are the same, we'd used different ways to spend it; when the money was from the wages, we are more than likely to use the money for rent, utilities bills, credit card bills, along with other normal spending, but when the money is from the accidental gains like winning the lotto, then, we would be likely to spend it on what's extravagant and not necessary (or even, gamble, bigger).
There are similar cases in inheritances too, from the legal, we'd heard a ton of stories of how the offspring wanted the parents' money, to the point of suing their parents in court, "I'm merely, spending up what will eventually be, mine", these kinds of tales, I'd feel, that there should be more room for discussion for the divisions of assets (disregarding what the will says).
Back to the lotto, when people won, they'd never thought that they would be declaring bankruptcy one day, but from another angle, if the goals of life is making enough so we can retire without much troubles, maybe, in our thirties or forties, we won the lotto suddenly, reached that goal, then, what are we to do in the days that come? Would we still need to, work? If the goals of work is not just money, then, what should it, be?
These are, questions worth considering on, but for me, to protect myself, I have only one vital thing to do, hmmmmmmmmmmm, and that would be, to keep myself from bankrupting, I don't win, the lotto.
This showed, human nature, of how when we have more than enough, we have the tendency to spend over what we'd been, allotted, because suddenly, we got all that, cash, and, instead of thinking rationally, on how to make this sum last longer, (like putting it into investments, etc., etc., etc.) we are focused in on the now, and chances are, we all, squander everything away, unless, of course, you have a ton of, self-control, and are satisfied with having just your most basic needs of shelter, food, something that you can get around in, fulfilled. But that's, not how, the majority of people, worked, so…
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