Bear Ribs
Well-known member
Note that 70% figure is a popular falsehood, it was not supported by the NEFE researchers who made the study it's based on, and is a fake news claim by Time Magazine that often gets repeated. Relatively few lottery winners waste it all and most are still significantly wealthier ten years later.Bullshit. Studies show that the vast majority (over 70%) of all lottery winners end up blowing through their entire winnings in five years or less, ending up in exactly the same economic state as when they won. It has absolutely nothing to do with racial characteristics.
Edit: It has everything to do with the fact that investing a lottery windfall *and* structuring it to avoid massive tax losses is actually extremely tricky; even among investment professionals, it's a specialty skillset.
Everything You Know About the Fate of Lottery Winners Is Probably Wrong, According to Science
A New Study Debunks the "Curse of The Lottery" Myth
time.com