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Message: <blockquote data-quote="Dannyalcatraz" data-source="post: 5171271" data-attributes="member: 19675">I have an econ degree as well!My thing is, I actually know people who have won lotteries & sweepstakes- always the bridesmaid, never the bride- so I got interested in the stats behind them (and other windfalls).Some early studies on windfalls showed that the majority of those who get one (even those lottery winners who got $5M+) were back to their old standard of living within 7 years.  This was bad press for states with lotteries...the "promise" of a future relatively free of financial worries is one of the things that helps drive ticket sales.Another thing they found was that there were certain behaviors in common among those who beat the odds and maintained their wealth:<ol> <li data-xf-list-type="ol">They didn't radically change their lifestyles.  After paying off debts, they lived just slightly above their former way of life.</li> <li data-xf-list-type="ol">They didn't stop working: they may change jobs, or they may go part time, but they don't stop completely.</li> <li data-xf-list-type="ol">They dedicated a certain amount of money from their windfall to simply having fun...and generally kept to that limit.</li> </ol>As a result, most states with lotteries have laws making it mandatory to take a little course- 1 day to 1 week, depending on the state- on handling money, including the lifestyle advice.IOW, mega, it looks like you're spending wisely.</blockquote>

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