Why do lotto winners and inheritance receivers squander their money?

People tend to be less prudent with money they didn't have to earn themselves.

A lot of people in poverty up to the lower middle class haven't really had the opportunity to spend their money. They're used to living paycheck to paycheck.

It doesn't help that many people are born into poverty and their parents give them no financial education. Or, even worse, they give them horrible advice.

Well people who are stupid enough to play the lottery in the first place would also be stupid enough to blow all their winnings.

People in general are taught to be consumers... and not how to manage money and finances.

Thus, any money they get is virtually always relatively quickly "consumed."

I've taken the hard road out of poverty... and learned how to manage my money and finances. It's why I have a solid income now even though I can no longer work due to long Covid issues.

Because you touch yourself at night.

How many people do you personally know who have won the lottery??

It's the old adage "Easy come, easy go". When you work for your money then you watch where you spend it.

They don't have the ability or experience handling large sums of money.

Likely because they didn't have to work for the money so they are less appreciative/ frugal with it.

I've thought maybe theyre poor in the first place because they make bad decisions. And even if you give them millions they will still make bad decisions.

Hey, why so hostile? I just asked a question.

But I guess that confirms it.👍

They are dumb. If I wont a large amount of money I would pay off debt and then save most of the rest. For me growing up with little money has made me very careful and even anxious about spending but I consider it a good trait. In the end I always have money if I need something due to how good I am at saving.

Is that why your mom blew all her money on cocaine?

Hey at least bad stocks you fan respect as they tried to make it grow

ive known lotsa people who are gettin started in lucrative work and go batshit when they get paid

they usually settle down and get smarter over time

hittin the lottery would be an exaggeration of that mindset

A good friend of mine in school got a 200k inheritance the day he turned 18. He went out and bought an ounce of coke and abunch of other stuff and was sharing it with us. He overdosed and died in 3 days. It was kinda mysterious circumstances too i suspect he was allowed to die by people trying to rob him. They didnt show up to his funeral and he had a dislocated shoulder in autopsy. His stuff was missing.

I don't understand. To me experiences are worth more than anything. I'd use it on travel alone so I can see the world. Fancy cars and houses do nothing for me

It's the American way. But if I was ever in that situation, i'd be so cheap and save every dollar after 1 nice house, 1 car, and 1 extravagant vacation.

Save and save and invest in great investments.