fosterscik
Full time employment: Posting here.
I read the oblivious investor blog regularly. Maybe others do but I'm sure not all of you do. I found this study referenced there to be pretty amazing (but not that surprising) https://www.bloomberg.com/news/arti...ottery-winners-are-more-likely-to-go-bankrupt
A recent study from the Federal Reserve Bank of Philadelphia looked at the effect of (small-to-medium-size) lottery winnings on the neighbors of the winners. They found that, on average, neighbors of the winners increase their spending and are more likely to become bankrupt the larger the size of the winnings. It’s hard to ignore the spending of the people around you.
Keeping Up With the Joneses: Neighbors of Lottery Winners Are More Likely to Go Bankrupt from Peter Coy