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Why do so many people that win the lottery wind up, broke in ten years?
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54 / F / Atlanta GA
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Posted 9/26/10
To me the played the looter because there were broke to being with. Down here most of my friends call it the stupid tax’s. They never learned to handle money from the start. Why do I referee to as the stupid tax because it used for grants and schools. It a voluntary tax, that is pay when you play. Why do the school at middle school or younger do not teach basic economics?
Posted 9/26/10
They abuse their money since it comes to them slower than they'd expect. There is of course the 60% tax on all prizes, so you can rest assured that you're not going to be sitting on a mountain of cash right off. You must be careful with it.
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26 / M / United States
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Posted 9/26/10 , edited 9/26/10
they don't invest the money, majority of people are fiscally irresponsible and don't make their money work for them. Thats why slums exist.

they should make something called the stupid tax, because they'd make a fortune.
Posted 9/26/10

KalTauri wrote:

they don't invest the money, majority of people are fiscally irresponsible and don't make their money work for them. Thats why slums exist.

they should make something called the stupid tax, because they'd make a fortune.



Slums don't exists because people don't know how to "handle money," I believe that is an unfair assumption. Slums are formed for a number of reasons, but sometimes it can be do to the economy.

But back on topic. I believe it has to do with greed. Because they have so much money, they constantly spend it on needless things believing that it will never run out or to put it simply, irresponsible with their savings.
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27 / M / In your room stea...
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Posted 9/26/10
Because people today don't understand the concept of a budget. Or know of any good budgeting software.
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49 / F / Center of the Uni...
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Posted 9/27/10

KalTauri wrote:

they don't invest the money, majority of people are fiscally irresponsible and don't make their money work for them. Thats why slums exist.

they should make something called the stupid tax, because they'd make a fortune.


We have a stupid Tax in Canada. Well.. in my province of Canada for sure. It's actually a whole series of taxation schemes so involved they have their own piece of the bureaucracy: The Ontario Lottery and Gaming Commission (OLG)

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26 / M / The Netherlands
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Posted 9/27/10
They probably forget that even thoo they got alot of money it's not a infinite budget.
Even 5 million will dissapear fast if you spend your money recklessly.
Posted 9/27/10
Keyword: affluenza, of not knowing when enough is enough.
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54 / F / Atlanta GA
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Posted 9/28/10
Well poor people are poor because the chose to be poor. Even with millions in the bank they spend in the same reckless fashion as before. If you never saved money in your life the chance are you will spend through it in the same manner just bigger ticket items.
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Posted 10/5/10 , edited 10/5/10
People who recieve money that isn't earned don't know the value of money.

Case in point, teenagers with rich parents that spend way too much of it on pointless things.
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27 / M / In your room stea...
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Posted 10/5/10 , edited 10/5/10

papagolfwhiskey wrote:


KalTauri wrote:

they don't invest the money, majority of people are fiscally irresponsible and don't make their money work for them. Thats why slums exist.

they should make something called the stupid tax, because they'd make a fortune.


We have a stupid Tax in Canada. Well.. in my province of Canada for sure. It's actually a whole series of taxation schemes so involved they have their own piece of the bureaucracy: The Ontario Lottery and Gaming Commission (OLG)



Your lottery winnings are taxed in Canada ? Lol that sucks. My state doesn't tax lottery winnings, but you still get stuck with federal taxes :(

If I ever won the lottery, I would invest it in stocks and land that was likely appreciate in value.
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Posted 10/5/10

Allhailodin wrote:


papagolfwhiskey wrote:


KalTauri wrote:

they don't invest the money, majority of people are fiscally irresponsible and don't make their money work for them. Thats why slums exist.

they should make something called the stupid tax, because they'd make a fortune.


We have a stupid Tax in Canada. Well.. in my province of Canada for sure. It's actually a whole series of taxation schemes so involved they have their own piece of the bureaucracy: The Ontario Lottery and Gaming Commission (OLG)



Your lottery winnings are taxed in Canada ? Lol that sucks. My state doesn't tax lottery winnings, but you still get stuck with federal taxes :(

If I ever won the lottery, I would invest it in stocks and land that was likely appreciate in value.


No we don't tax lotteries. or slots, or horse racing.

The government runs them all. So instead of the 'legit' branch of the mafia getting the money. the government does. The profits from lottery tickets go to various levels of government (the feds have some lotteries too. but But the OLG is a proncincial thing)

So your winnings are not taxed.

but by playing you're paying the the stupid tax.


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54 / F / Atlanta GA
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Posted 10/5/10
If you can't handle money when your poor, your spending habits will not change. People that play it are poor to being with and don't pay much in taxes to begin with. I find it funny the poor keeping put in money into the Tax cooper of the states. Learning to handle money takes self discipline, and generally that why they do not have money to begin with. I know every one should rely on the government for there well being.( GAG GAG) The choice's made by people they needed to live with. Living life without personal responsibility and having other take care of you. Why should I even bother to work if I am going to support freeloaders. Something here in the state tax law, if you do not turn in a Tax from with W2 or1099 which indicate income from work. Even if you claim 50,000 as dividends your consider poor, because of the no income from work. The IRS numbers are used to create the report on how many poor people we have here in the US.
Posted 10/9/10
I think it seems as though winning the lottery is like unlimited source of money , even though its not. Some people just spend and spend so of coarse they would and up broke even if you won a million and you start living the high life you wouldn't have more money if anything you'll have less because this money was won by luck and not the money you got from say a business you might have started because there is no steady source of income. But do some people care? no. They have themselves to blame if they ended up broke; perhaps they should have invested in a financial management plan!
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25 / M / Guess
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Posted 10/26/10
Two words-
Fiscal Irresponsibility.

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