Jayson Posted February 27, 2022 Share Posted February 27, 2022 (edited) https://moneywise.com/a/ch-c/nba-players-who-lost-it-all/ We see lottery winners who go broke. We see high-paid sports figures who go broke. How can this be prevented? How would you avoid the same dilemma? Edited February 27, 2022 by Jayson Link to comment Share on other sites More sharing options...
Crazycrab Posted February 27, 2022 Share Posted February 27, 2022 8 minutes ago, Jayson said: https://moneywise.com/a/ch-c/nba-players-who-lost-it-all/ We see lottery winners who go broke. We see high-paid sports figures who go broke. How can this be prevented? How would you avoid the same dilemma? You can't generalize these kind of situations. When wealthy people loose their fortune it can happen for a catalogue list of different reasons. Reckless spending, bad investments, victims of scams, addiction to gambling, drink or drugs, caught engaging in criminal activity, the list goes on forever. The very article you posted list more than 20 different examples, none of them exactly the same. As to how it can be prevented? Again it's case by case. I believe that also applies as to wether we should even feel sorry for them at all. Withywarlock 1 Link to comment Share on other sites More sharing options...
Clasher Posted July 29, 2022 Share Posted July 29, 2022 It can't be prevented externally because it's the individual who decides what do with their money. But i feel everyone should be educated financially and have a good understanding about money so they could avoid making wrong choices if they eventually make some good amount of money. Link to comment Share on other sites More sharing options...
killamch89 Posted July 29, 2022 Share Posted July 29, 2022 As @Clasher said, the lottery winner has to be very wise with their money. They need to invest it wisely and live within their means - why do you think rich people stay rich. Link to comment Share on other sites More sharing options...
Clasher Posted August 2, 2022 Share Posted August 2, 2022 On 7/29/2022 at 8:12 PM, killamch89 said: As @Clasher said, the lottery winner has to be very wise with their money. They need to invest it wisely and live within their means - why do you think rich people stay rich. People who spend all their money at a single moment usually did that same thing when they had little to spend as well, so you can expect a change when the money gets bigger. Poor spend extravagantly as much as the rich does its that the rich has more money to throw away than the poor does. Good financial education should be among the school curriculum in my opinion. Link to comment Share on other sites More sharing options...
killamch89 Posted August 2, 2022 Share Posted August 2, 2022 8 hours ago, Clasher said: People who spend all their money at a single moment usually did that same thing when they had little to spend as well, so you can expect a change when the money gets bigger. Poor spend extravagantly as much as the rich does its that the rich has more money to throw away than the poor does. Good financial education should be among the school curriculum in my opinion. That's so true - poor people spend money trying to impress other people while most things rich people spend their money on tend to be an investment in their eyes. DC 1 Link to comment Share on other sites More sharing options...
Clasher Posted August 3, 2022 Share Posted August 3, 2022 15 hours ago, killamch89 said: That's so true - poor people spend money trying to impress other people while most things rich people spend their money on tend to be an investment in their eyes. That's exactly the point. Don't live your life a lie, be true to yourself so you don't be a case of "poor people trying to show other poor people that they are rich". Lol Link to comment Share on other sites More sharing options...
