Culture
Recycles dryer sheets
- Joined
- Apr 15, 2007
- Messages
- 491
The learning channel has an interesting show called "The Lottery Changed my Life." It profiles lottery winners, mainly in the US but some overseas.
I realize that show must select winners who 1) are willing to be on TV and 2) make an interesting story. However, if the people on the show are a realistic profile of the population, I cry for America. About 20% seem reasonable in how they approach their good fortune. The rest are clueless. It is like watching a train wreck. Highly recommended, if for no other reason that to understand what you don't want to do with your money.
The most interesting part is people's perception of wealth. You have people who have won $2 to $3M, giving them an effective income of $60-150K/year (depending on your belief about SWR), living like they are making $500K/year. They clearly have no idea about the relationship between "lump sum wealth" and sustainable income. Multiple houses, multiple new cars, funding business start-ups for families, etc. These are the ones who will be back working in a few years.
The show also confirms that you want NO ONE to know you are financial independent.
There are a few "winners" in all senses of the word who are profiled.
I realize that show must select winners who 1) are willing to be on TV and 2) make an interesting story. However, if the people on the show are a realistic profile of the population, I cry for America. About 20% seem reasonable in how they approach their good fortune. The rest are clueless. It is like watching a train wreck. Highly recommended, if for no other reason that to understand what you don't want to do with your money.
The most interesting part is people's perception of wealth. You have people who have won $2 to $3M, giving them an effective income of $60-150K/year (depending on your belief about SWR), living like they are making $500K/year. They clearly have no idea about the relationship between "lump sum wealth" and sustainable income. Multiple houses, multiple new cars, funding business start-ups for families, etc. These are the ones who will be back working in a few years.
The show also confirms that you want NO ONE to know you are financial independent.
There are a few "winners" in all senses of the word who are profiled.