I don’t blame you for it, this misleading headline has been widely reported over and over again. (But please consider not repeating this false information anymore.)
The primary study that lead to this conclusion is a study of Florida lottery winners of amounts less than $150K. The actual result of the study showed bankruptcy rates falling initially, and then rising again after several years, as people ran out of their winnings. The rates returning to normal was reported as people losing everything, which is clearly misleading spin.
That’s the threshold income of the top 10%, not the average. The average is much higher.
You’re insisting the spread out wealth is small in the face of evidence that it’s large, larger than your summary even by your own analysis.
> Considering that more than 70% of million dollar lotto winner loses almost everything within a few years
This is yet another faulty analysis, and the 70% number and “million dollar” part are viral misquotes, they are wrong. https://www.nefe.org/news/2018/01/research-statistic-on-fina...
I don’t blame you for it, this misleading headline has been widely reported over and over again. (But please consider not repeating this false information anymore.)
The primary study that lead to this conclusion is a study of Florida lottery winners of amounts less than $150K. The actual result of the study showed bankruptcy rates falling initially, and then rising again after several years, as people ran out of their winnings. The rates returning to normal was reported as people losing everything, which is clearly misleading spin.
https://eml.berkeley.edu/~cle/laborlunch/hoekstra.pdf