Winning too much $$$ a curse?? Powerball Winner broke.

[PokerPaul]

Havent checked in here in a while so this very well may have been posted before, but the $315M powerball winner is now broke and facing charges.

web page

Its like ever since he won that thing he has been cursed. Reminds me of that character on Lost who also scored big but was cursed afterwards.

I remember reading an article about 4 years ago which detailed numerous big lottery winners from america over the years who have totally squandered their winnings and ended up way worse off than before the win. Something about psychology and not being able to handle such huge windfalls responsibly when its so much so suddenly.

Anyways, guess Gold better take note.

POkerworld especially is littered with former big score winners who blew it afterwards.

[kassdog]

always go with your gut but it was. This is twoplustwo. We get news faster than the news.

[wisehandpoker]

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[Shaman]

80% of people who win the lottery wind up somehow losing back enough of their winnings to take themselves back to their original pre-lottery financial situation.

The reason is because their behaviors (i.e. listening to a broke uncle for financial advice; not creating a team of lawyers, CPAs, insurance experts, and financial planners; thinking short-term, etc.), capabilities (i.e. not knowing how to say no to exploitive long lost relatives and "friends" who call in the middle of the night to request for loans and investment capital for a "business opportunity"; not knowing how to manage big amounts of money, etc.), their subconscious beliefs about money (i.e. "Money is the root of all evil"), people (i.e. "Rich people are evil"), and self (i.e. "I'm not worthy"; "I don't deserve it") are all NOT CONGRUENT with the situation of having several million dollars to one's name.

And since there is this incongruence - or disconnect - between the external environment of having lots of money versus the internal environment of having the wrong set of skills, knowledges, beliefs, and identity, the lotto winner almost inevitably takes self-fulfilling steps to align his outer world (of having lots of money) with his inner world of capabilities, beliefs, and identity of being broke.

This is very very common. In fact, it is almost the norm for lotto winners. That's because it is the poor and middle class that buy lottery tickets to begin with. People who most likely do not have the mindset of "the millionaire next door", "rich dad", or the "automatic millionaire", etc.

[rograndom]

[ QUOTE ]
This is very very common. In fact, it is almost the norm for lotto winners. That's because it is the poor and middle class that buy lottery tickets to begin with. People who most likely do not have the mindset of "the millionaire next door", "rich dad", or the "automatic millionaire", etc.

[/ QUOTE ]

qft

The people who play the lottery are typically poor people. And they're poor because they have horrible money management. Giving them a ton of money isn't going to magically better at managing it.

Instead of going "how can I make this money last for the rest of my life" they go "OHHH! BOAT FTW!!!!"

[AntonHeat]

There was a really good thread about this in OOT

[Arbitrage]

I would never go broke, its impossible to spend $315m on blow and hookers in one lifetime.

[suffert]

Post deleted by Ryan Beal

[LandonM]

80% of the population is functionally retarded when it comes to financial matters.

10% of the population is just plain old financially illiterate, but could learn if they had to.

5% of the population has a rough idea of what's going on.

4% of the population is versed in financial matters.

1% of the population is actually skilled.

Seeing as a hotel maid living in a trailer park stands just as much of a chance at winning the lotto as Bill Miller, it isn't much of a shock that so many lotto winners piss it all away.

[ShakeZula06]

[ QUOTE ]
80% of people who win the lottery wind up somehow losing back enough of their winnings to take themselves back to their original pre-lottery financial situation.

The reason is because their behaviors (i.e. listening to a broke uncle for financial advice; not creating a team of lawyers, CPAs, insurance experts, and financial planners; thinking short-term, etc.), capabilities (i.e. not knowing how to say no to exploitive long lost relatives and "friends" who call in the middle of the night to request for loans and investment capital for a "business opportunity"; not knowing how to manage big amounts of money, etc.), their subconscious beliefs about money (i.e. "Money is the root of all evil"), people (i.e. "Rich people are evil"), and self (i.e. "I'm not worthy"; "I don't deserve it") are all NOT CONGRUENT with the situation of having several million dollars to one's name.

And since there is this incongruence - or disconnect - between the external environment of having lots of money versus the internal environment of having the wrong set of skills, knowledges, beliefs, and identity, the lotto winner almost inevitably takes self-fulfilling steps to align his outer world (of having lots of money) with his inner world of capabilities, beliefs, and identity of being broke.

This is very very common. In fact, it is almost the norm for lotto winners. That's because it is the poor and middle class that buy lottery tickets to begin with. People who most likely do not have the mindset of "the millionaire next door", "rich dad", or the "automatic millionaire", etc.

[/ QUOTE ]
very, very, very, good post sir. When I read the OP I was going to say something similar but not near as well.