Lottery/wealth and happiness

[Snag87]

Opinions?

 

[jaygreenb]

Opinions?

I would say that is pretty accurate.

 

[Zimbabwe]

This is such a dumb video that just assumes every winner is an idiot, it's not hard to get into contact with an investment fund manager to create a diversified portfolio so you can live off the interest.

You can re invest your profit or help out those in need, not everyone is going to waste their money on gold plated Ferraris.

 

[Snag87]

This is such a dumb video that just assumes every winner is an idiot, it's not hard to get into contact with an investment fund manager to create a diversified portfolio so you can live off the interest.

You can re invest your profit or help out those in need, not everyone is going to waste their money on gold plated Ferraris.

Playing the lottery in the first place is pretty idiotic.

 

[EyeBRollin]

Playing the lottery in the first place is pretty idiotic.

Depends. Statistically, it is negative expectation just like any other gambling. However, the payoff / variance is hyper-extreme. If one plays only a minimum “bet” (buys only one ticket) it won’t break them financially. It’s not an awful deal for such large payoff.

I don’t ever play mostly for time / cognitive load reasons. But I can see the case for minimal action.

 

[BackInTheGame78]

This is such a dumb video that just assumes every winner is an idiot, it's not hard to get into contact with an investment fund manager to create a diversified portfolio so you can live off the interest.

You can re invest your profit or help out those in need, not everyone is going to waste their money on gold plated Ferraris.

Has nothing to do with being an idiot. Has to do with most people playing the lottery having terrible financial habits, no preparation for that type of windfall, don't know how to say no to friends/family that are constantly looking for handouts, etc...

When you have terrible financial habits and get a huge sum of money, guess what happens? You now are able to flush a much larger sum of money down the toilet, or waste it on frivolous things.

Those people have no basis for understanding that sum of money and to them it looks like an endless supply. However, the same way many pro athletes squander their money, they realize quickly that it can go away as easily as it came.

 

[jaygreenb]

Just what I have seen though experience. You have to go through the process of making a lot of money over an extended period of time in order to develop the skills to manage it properly. On that road to wealth accumulation you learn a lot of lessons about money and investing. That is why people who get it quickly tend not to know how to handle it.

 

[BackInTheGame78]

Just what I have seen though experience. You have to go through the process of making a lot of money over an extended period of time in order to develop the skills to manage it properly. On that road to wealth accumulation you learn a lot of lessons about money and investing. That is why people who get it quickly tend not to know how to handle it.

Right because along the way people fail but fail smaller...when you have a bunch of money all at once and fail you fail much larger.

 

[jaygreenb]

Right because along the way people fail but fail smaller...when you have a bunch of money all at once and fail you fail much larger.

Yeah, exactly. Managing risk is big one, usually takes a very painful lesson for that to really make sense.

 

[Zimbabwe]

Has nothing to do with being an idiot. Has to do with most people playing the lottery having terrible financial habits, no preparation for that type of windfall, don't know how to say no to friends/family that are constantly looking for handouts, etc...

When you have terrible financial habits and get a huge sum of money, guess what happens? You now are able to flush a much larger sum of money down the toilet, or waste it on frivolous things.

Those people have no basis for understanding that sum of money and to them it looks like an endless supply. However, the same way many pro athletes squander their money, they realize quickly that it can go away as easily as it came.

Thr overwhelming majority who win simply pay off debts, buy a house/car and help out family. Videos like this always take the few outliers who go crazy and spend it all and act like it's how most of them act.

 

[BackInTheGame78]

Thr overwhelming majority who win simply pay off debts, buy a house/car and help out family. Videos like this always take the few outliers who go crazy and spend it all and act like it's how most of them act.

There are way more than a few outliers. I swear you argue just to argue even when it has no basis.

 

[jaygreenb]

Thr overwhelming majority who win simply pay off debts, buy a house/car and help out family. Videos like this always take the few outliers who go crazy and spend it all and act like it's how most of them act.

There are way more than a few outliers. I swear you argue just to argue even when it has no basis.

How Athletes Go Bankrupt at an Alarming Rate | ABI

www.abi.org

).

Why do 70 percent of lottery winners end up bankrupt?

In fact, about 70 percent of people who win a lottery or get a big windfall actually end up broke within three to four years, according to the National Endowment for Financial Education.

www.cleveland.com

 

[BackInTheGame78]

How Athletes Go Bankrupt at an Alarming Rate | ABI

www.abi.org

).

Why do 70 percent of lottery winners end up bankrupt?

In fact, about 70 percent of people who win a lottery or get a big windfall actually end up broke within three to four years, according to the National Endowment for Financial Education.

www.cleveland.com

I'm sure @Zimbabwe will say it's propaganda...everything that doesn't fit his narrative is.

 

[DEEZEDBRAH]

Opinions?

Correct. That fella has exposed numerous fraudin YouTube be it dating dorks or money hustle and nft rug pulls. As for the lottery, most go bust. Obv I'd take it but I'm for the hustle and self made. I'd imagine it's pretty hollow. Again I wouldn't say no.

 

[jaygreenb]

Correct. That fella has exposed numerous fraudin YouTube be it dating dorks or money hustle and nft rug pulls. As for the lottery, most go bust. Obv I'd take it but I'm for the hustle and self made. I'd imagine it's pretty hollow. Again I wouldn't say no.

Self made is the way. There is a lot of character and skills development on that path and is much more fulfilling. Also, the confidence you develop knowing you could do it again. At each level you develop additional skills in order to manage it. At 10k, 100k, 500k, 1M, 5M ...+ there are unique issues and challenges that you have to overcome like levels of a video game.

 

[DEEZEDBRAH]

Self made is the way. There is a lot of character and skills development on that path and is much more fulfilling. Also, the confidence you develop knowing you could do it again. At each level you develop additional skills in order to manage it. At 10k, 100k, 500k, 1M, 5M ...+ there are unique issues and challenges that you have to overcome like levels of a video game.

Agreed. I'm not going to lie. I'd take the power ball lottery but the fact is that it's truly the journey not the destination. Hot girl but star fish isn't a good time. Fine dining but no taste. There's a lot of young people winning on crypto. That self made hustle is the best way forward.

 

[jaygreenb]

Agreed. I'm not going to lie. I'd take the power ball lottery but the fact is that it's truly the journey not the destination. Hot girl but star fish isn't a good time. Fine dining but no taste. There's a lot of young people winning on crypto. That self made hustle is the best way forward.

Crypto is an incredible opportunity as long as you play it the right way. From your previous posts it sounds like you have a good grasp on what is important and the risks associated with it. A lot of these guys who took the fast elevator up will most likely take it back down at some point. Anecdotal, but the guys who get it real quick never learn how to properly manage risk and give it back at some point. If they learn from it can come back even better though. I got my a$$ handed to me 2018 but the lessons it taught me set me up for this time around.

 

[DEEZEDBRAH]

Crypto is an incredible opportunity as long as you play it the right way. From your previous posts it sounds like you have a good grasp on what is important and the risks associated with it. A lot of these guys who took the fast elevator up will most likely take it back down at some point. Anecdotal, but the guys who get it real quick never learn how to properly manage risk and give it back at some point. If they learn from it can come back even better though. I got my a$$ handed to me 2018 but the lessons it taught me set me up for this time around.

Yeah. I take the L as if it were tuition. My father taught me young that you pay now or you pay later but everyone pays.

I am still learning. One of my mates buys but goes into the source code for projects he invests in. Catches all kinds of rubbish. another is very technical and taught me a lot. I don't intend to stop learning. I keep accumulating.

During the pullback I bought but I got greedy. I kept more dry powder on the side expecting a larger correction. Similar last year at btc at 29k. My current play is to acquire more on the dips incrementally rather than attempting to get the bottom. I never get it right. I take the W on accumulation from dips. I still expect more shakey outcomes but i digress.

I saw what you mean. Fellas that win big on a **** coin. Assuming they won the game. Short btc and get destroyed.