Money Is Not a Panacea @BalBlunt #lottery #money

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So this hit my Twitter stream this past weekend.

Sky’s tweet had exactly 2,100 tweets and quoted tweets as of 6:57 pm on 6/26/2021 (exactly 28 hours after posting it), and by the time you read this, I’m sure that number will go up. However, here’s the thing: The number of people who have gone bankrupt after winning a lot more than $500,000 in the lottery is staggering. Nearly one-third of U.S. lottery winners declare bankruptcy according to a study by Wolf Street. Studies show that lottery winners are more likely to declare bankruptcy within three to five years than the average American despite a much larger security blanket.

My personal view is that money can make life easy, but it can’t necessarily make life good. Would I take millions if offered? Of course I would, so I understand you wanting the money. Things are hard, and that might make them easy. But Clarence’s warning seems sound. Discarding the warning so easily is bad not only in theory, but in practice. The data shows that.

If you’re looking for a free ride, you have problems that handouts won’t solve.

Follow me on Twitter @gsllc
Follow Clarance Avent @BalBlunt

In case the tweet is deleted, here’s an image of it.

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