Behavioral Economics
 

Put another way, those who live from "paycheck to paycheck" probably
won't
ever become filthy rich barr winning a gamble, windfall or insurance
settlement.

That only a very few of these fortunate individuals will afterwards make
investments and change their spending habits to go on acumulating
substantially greater wealth is probably another topic altogether.

One of my ex-wives was a paralegal in Louisiana who worked for an attorney
specializing in family law. Wills, trusts, estates, things like that.

Case after case went something like this. Old Mom and Pop sacrificed
everything, lived like paupers, came to own some land, and worked 24/7.
Over the years, they started making some money, and paid off the land. Then
they started making good money growing rice or soybeans, or hitting oil.

Mom and Pop died, and now the kids and relatives are all squabbling over the
money. All the spoiled kids don't want to get dirt under their fingernails,
so sell off the estate. Within five years, most are broke, driving a dented
dirty piece of **** five year old car that they spent too much money for,
and have gone through all the money. Not all of them, but a lot.

Lots of lottery winners do the same thing.

Steve

Behavioral Economics
 

On Sat, 18 Dec 2010 18:59:39 -0800, "Steve B"
wrote:


Put another way, those who live from "paycheck to paycheck" probably
won't
ever become filthy rich barr winning a gamble, windfall or insurance
settlement.

That only a very few of these fortunate individuals will afterwards make
investments and change their spending habits to go on acumulating
substantially greater wealth is probably another topic altogether.

One of my ex-wives was a paralegal in Louisiana who worked for an attorney
specializing in family law. Wills, trusts, estates, things like that.

Case after case went something like this. Old Mom and Pop sacrificed
everything, lived like paupers, came to own some land, and worked 24/7.
Over the years, they started making some money, and paid off the land. Then
they started making good money growing rice or soybeans, or hitting oil.

Mom and Pop died, and now the kids and relatives are all squabbling over the
money. All the spoiled kids don't want to get dirt under their fingernails,
so sell off the estate. Within five years, most are broke, driving a dented
dirty piece of **** five year old car that they spent too much money for,
and have gone through all the money. Not all of them, but a lot.

Lots of lottery winners do the same thing.

Most sports figures, spoiled but talented kids, do the same thing. Kid
gets $25 million for a 4 year gig and it's gone before the end of the
contract. UFR!

--
"A patriot must always be ready to defend his country
against his government." --Edward Abbey

Behavioral Economics
 

On 2010-12-19, Steve B wrote:

One of my ex-wives was a paralegal in Louisiana who worked for an attorney
specializing in family law. Wills, trusts, estates, things like that.

Case after case went something like this. Old Mom and Pop sacrificed
everything, lived like paupers, came to own some land, and worked 24/7.
Over the years, they started making some money, and paid off the land. Then
they started making good money growing rice or soybeans, or hitting oil.

Mom and Pop died, and now the kids and relatives are all squabbling over the
money. All the spoiled kids don't want to get dirt under their fingernails,
so sell off the estate. Within five years, most are broke, driving a dented
dirty piece of **** five year old car that they spent too much money for,
and have gone through all the money. Not all of them, but a lot.

Steve, I wonder if you have seen families, sort of like that, but
where the kids were not spoiled? Maybe they do not want to grow rice,
but instead do something else, but are basically thrifty and good with
money? If you have, what did the parents do to bring them up to be
responsible people? I have my own kids growing, and I want them to be
of the better sort when they grow up.

As for lottery winners, I am fond of saying, anyone dumb enough to
play lottery is not ready to handle the prize.


i

Behavioral Economics
 

Ignoramus12759 fired this volley in
:

As for lottery winners, I am fond of saying, anyone dumb enough to
play lottery is not ready to handle the prize.

There's "diagonal" rub to that, Ig.

I never go down to a convenience store and buy a lottery ticket. However,
I do faithfully put my $2.00 in the factory pool _every_week_without_fail_.

Why? Because I don't want to be left alone to fill customer orders when
everyone else wins and quits their jobs ! G

LLoyd

Behavioral Economics
 

On 2010-12-19, Lloyd E. Sponenburgh lloydspinsidemindspring.com wrote:
Ignoramus12759 fired this volley in
:

As for lottery winners, I am fond of saying, anyone dumb enough to
play lottery is not ready to handle the prize.

There's "diagonal" rub to that, Ig.

I never go down to a convenience store and buy a lottery ticket. However,
I do faithfully put my $2.00 in the factory pool _every_week_without_fail_.

Why? Because I don't want to be left alone to fill customer orders when
everyone else wins and quits their jobs ! G

I guess, that's a good enough reason!

i

Behavioral Economics
 

"Ignoramus12759" wrote in message
...
On 2010-12-19, Steve B wrote:

One of my ex-wives was a paralegal in Louisiana who worked for an
attorney
specializing in family law. Wills, trusts, estates, things like that.

Case after case went something like this. Old Mom and Pop sacrificed
everything, lived like paupers, came to own some land, and worked 24/7.
Over the years, they started making some money, and paid off the land.
Then
they started making good money growing rice or soybeans, or hitting oil.

Mom and Pop died, and now the kids and relatives are all squabbling over
the
money. All the spoiled kids don't want to get dirt under their
fingernails,
so sell off the estate. Within five years, most are broke, driving a
dented
dirty piece of **** five year old car that they spent too much money for,
and have gone through all the money. Not all of them, but a lot.

Steve, I wonder if you have seen families, sort of like that, but
where the kids were not spoiled? Maybe they do not want to grow rice,
but instead do something else, but are basically thrifty and good with
money? If you have, what did the parents do to bring them up to be
responsible people? I have my own kids growing, and I want them to be
of the better sort when they grow up.

As for lottery winners, I am fond of saying, anyone dumb enough to
play lottery is not ready to handle the prize.


i

Reread my last line. Some of them did very well either investing and living
off the income, or transferring the farm money into some modern venture.
Some of the heirs were raised very well by their parents. If I got an
inheritance like that, I would not like farming, and I could not physically
do it. But I would not squander the money, either. And I play the lottery,
and I think I could handle the prize very well. I'd put it all in a room
and just jump around in it for a couple of days. I'd take $250,000 for "fun
money", using that to buy some treats, and using a lot of it to be pocket
cash to buy storage deals, and ebayable merchandise, just horsetrading
money. Then I'd call my CFP and let him take care of the rest.

Steve

Behavioral Economics
 

"Lloyd E. Sponenburgh" lloydspinsidemindspring.com wrote in message
. 3.70...
Ignoramus12759 fired this volley in
:

As for lottery winners, I am fond of saying, anyone dumb enough to
play lottery is not ready to handle the prize.

There's "diagonal" rub to that, Ig.

I never go down to a convenience store and buy a lottery ticket. However,
I do faithfully put my $2.00 in the factory pool
_every_week_without_fail_.

Why? Because I don't want to be left alone to fill customer orders when
everyone else wins and quits their jobs ! G

LLoyd

I have my birthday numbers ticket, and I'd probably commit suicide if my
numbers were drawn and I wasn't in on the draw. It's two dollars a week,
and I don't consider it gambling, as you have virtually no chance of
winning. I played $5 in a poker machine last trip to Vegas, the first time
I gambled in over a year.

Steve