Interesting article in Nov. 2017 MoneyPrev TopicNext Topic

• Ron5995

  

  Wyomissing, PA
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  November 15, 2014
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  Dec 10, 2017, 6:13 pm

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  Another reason could be neighbors seek a big win too. Heavily gambling on lottery, at casinos, etc. Didn't read the report, so maybe that was already mentioned.

  One often hears the phrase, "No one ever wins" or some variant (ie. no one around here ever wins) in regards to the lottery.  So imagine living near someone who has won even a modest amount, such as $50K, $100K, $250K, etc on a lottery ticket. Suddenly, the perception changes.

  Winning seems easier when others nearby already have won big. I've personally observed this phenomena many times at the casino with nearby players waging more and/or playing longer. Likewise with lottery and, more recently, at a local convenience store that has Pennsylvania Skills slot-like machines.
• BobP

  

  Dump Water Florida
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  Dec 12, 2017, 3:43 am

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  I wouldn't put much stock in this kind of report.  It's like those reports people with cancer ate hot dogs, is not proof hot dogs gave them cancer.  If the national bankruptcy rate is 1 in 55 and most home owners would consider themselves to have what, four, eight, ten neighbors?  Isn't it reasonable 1 in 6 or so lottery winners would have a neighbor who went bankrupt?   Ok, so the lottery winner bought fancy landscaping, wife tells me to go mow the lawn, I'm grateful I don't have to prune all those fancy bushes too.  Lottery winner buys a pool, new roof, not much different from taking out a home equity loan or insurance claim to fix the place up.  New cars, pretty much anyone with credit can buy a new car, unless we're talking buying something for an insane price, I pity the fool . . .
  
  BobP
  
  The soul purpose of some people's existence is to show the rest of us what not to do.
  
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• KY Floyd

  

  NY
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  Dec 12, 2017, 5:34 pm

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  Your reasoning would make sense if the study just said that one of the neighbors of a lottery winner is likely to declare bankruptcy within a few years of the win, but unfortunately for your reasoning that's not what the study said.

  The study said that it's more likely that a neighbor of a lottery winner will declare bankruptcy within a few years of the win than neighbors of people who haven't won the lottery. It also found that the difference increases as the size of the prize increased.

  I didn't read the full study, but the abstract refers to the findings as "evidence", not proof, that winning a significant lottery prize may be a contributory factor in the bankruptcy of a neighbor. If somebody in the neighborhood winning a significant lottery prize isn't a contributory factor then we've probably got to figure that if keeping up with the Joneses is a real thing it never rises to the point of contributing to a bankruptcy.
• LiveInGreenBay

  

  Green Bay
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  October 15, 2015
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  Dec 12, 2017, 6:58 pm

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  Anyone here who wins a major lottery jackpot and stays in your neighborhood raise your hand.

  Never give up.