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<blockquote data-quote="PFanCan" data-source="post: 557458" data-attributes="member: 1989"><p>The sad statistic is that most folks who win a Lotto or receive some sort of sudden cash windfall (e.g. inheritance) end up worse off financially within a couple years than they were prior to the receipt. IIRC, a study I saw stated that over 80% of Lotto winners over the past 20 years have ended up worse off. In many cases, they went from being financially and emotionally stable and gainfully employed, to unemployed, often alone and/or divorced and bankrupt. And, it didn't take long...</p><p></p><p>I believe that the short term "massive" earnings of top-level professional athletes is, in many ways, similar to being a Lotto winner. Hence, it is not surprising to see that many of these individuals do not spend/invest the wealth well.</p></blockquote><p></p>
[QUOTE="PFanCan, post: 557458, member: 1989"] The sad statistic is that most folks who win a Lotto or receive some sort of sudden cash windfall (e.g. inheritance) end up worse off financially within a couple years than they were prior to the receipt. IIRC, a study I saw stated that over 80% of Lotto winners over the past 20 years have ended up worse off. In many cases, they went from being financially and emotionally stable and gainfully employed, to unemployed, often alone and/or divorced and bankrupt. And, it didn't take long... I believe that the short term "massive" earnings of top-level professional athletes is, in many ways, similar to being a Lotto winner. Hence, it is not surprising to see that many of these individuals do not spend/invest the wealth well. [/QUOTE]
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