Will be interesting to see how many of them have money left after 5 years
An unexpected windfall will amplify the psychology of the recipients. For people who have lived without, the mindset is frequently “live today like it’s your last” or “enjoy it while it lasts” and blow it or self destruct.
Some will be obviously be more mature about it though.
> [1] A famous study in 2010 from the Review of Economics and Statistics revealed that, out of 35,000 lottery winners who obtained between $50,000 and $150,000 in winnings, 1,900 of them had filed for bankruptcy within 5 years.
> A 2015 paper in The American Economic Review also presented that 15% of NFL players filed for bankruptcy after 12 years of retirement.
It's really common for people with sudden windfalls to lose it all.
[1]: https://en.wikipedia.org/wiki/Sudden_wealth_syndrome#Effects...
5% of people isn't "really common". Estimate of 1% of US adults declare bankruptcy within a 5 year period (based on ending in July 2025 and right now is a very low period). 2010 a peak it was likely closer to 3% of adults.
It is rightfully calling it a false trope of "Only rich people deserve money. We should prevent others from getting it".
The number of people who live paycheck to paycheck and make $500k a year is insane.
The difference with multi-millionaires and billionaires is that they can cover they wants and even mere whims, and the whole system gives them opportunities to keep and multiply their money.