Money and Happiness

KathrynHannah · **Money and Happiness**

"A study of lottery winners revealed that a majority were less content five years after hitting the jackpot." (Marie Sherlock: Living Simply with Children)

I can almost understand that a majority of people who came into a large inheritance would be less content because they would have lost a person, or feel that the person that left them the money had certain expectations of what they would do with it, or even perhaps that they didn't 'deserve' the money. (Not that I think these things, but I can understand how someone can.)

But lottery winners? Why do you think the majority are less content five years later? What's your theory?

desertmom · 05-27-2007, 03:40 PM

From what I've seen, a lot of lottery winners no longer have the majority of the money they won. It wasn't invested wisely, and they regret that. Also, a lot of relatives came out of the woodwork, expecting their cut.

Others, it seems, got a taste of the good life and simply want more money.

I'd like to find out if I would be unhappy by winning the lottery!

ember15 · 05-27-2007, 07:03 PM

I think there is a sence of pride working for the money that you don't have with winnings. Like desertmom said most winners would spend there money, taxes take a cut, they get a flashy new car, rv, house, vacation, etc.

If I had won say a million dollars (after tax) I could spend it like a flash. Half would get us a really decent home, 100K could easily pay off dept, get us those new cars, home furnishings, 100K could go toward an education account for our kids. 50K to each sister (we have 2 mine is. a single mom and it would be a down payment on a condo, dhs well you have to play fair) Invest 100K for retirement and we would only have 100k left over for other things. Wow that went fast.

Kim · 05-28-2007, 05:28 PM

This may be an overgeneralization, but I would venture to guess the majority of lottery players are lower-income families living paycheck to paycheck. Frequently people in that demographic category don't have a lot of experience or savvy when it comes to handling money (that's often why they're in that situation to begin with). So, throwing them into a situation where they have even more money can amplify the money problems they already had. If they were spending 100% of what they earned before, they're not automatically going to start saving what they should and be wise investors, KWIM?

I saw a documentary on lottery winners and it seemed like those who had their lives together before the winnings did the best. It was those who were prone to bad decisions or drama in their lives before winning that the money really created the problems for.

LovesNature777 · 05-28-2007, 09:57 PM

I think most people who do win the lottery don't realize that "stuff" doesn't buy happiness. Also, winning the lottery isn't going to teach you how to manage your money wisely. Most lottery winners are broke within 5 years.