Why It Actually Sucks To Win The Lottery Video



Winning the Lottery


Everyone wants to win the lottery, but what actually happens when you do win? Does money buy happiness? Ana Kasparian, Brett Erlich (Pop Trigger), Hasan Piker (Pop Trigger) hosts of The Young Turks discuss.

Do you think money buys happiness? Let us know in the below.

Read more here: Thursday night, at least three people won in the drawing for the largest Powerball jackpot on record. The winners of the billion pot are from California, Florida, and Tennessee, but results from other states are pending and more could surface.

Powerball fever gripped the country ahead of the drawing, particularly when a previous one resulted in no winners and boosted the overall pot. Its the largest jackpot for any lottery game in the entire country.

But those lucky few who actually won besting the one-in-292 million odds might not end up so lucky in the end.

Landing a sudden windfall like the lottery often, counterintuitively, changes lives for the worst. The National Endowment for Financial Education estimates that as much as 70 percent of people who are abruptly flooded with cash lose all the money within several years. A study in Britain found that 44 percent of lottery winners earnings were spent after five years. Another of Florida lottery winners who netted up to found that about 1 percent went bankrupt in any given year, about twice the rate of the general population, and while those who got larger pots didnt tend to go bankrupt as quickly, it still ended up catching up with them.

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The Young Turks 14, 2016 Hour It Actually Sucks To Win The Chapos Downfall Was A Schools Have Too Much Avery’s Ex Changes Her Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 6-8pm ET.

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THE COUNTRY WAS SUPER EXCITED

ABOUT POWERBALL WINNINGS, THEPOSSIBILITY OF COMING AMILLIONAIRE IN THE U.S. . APPARENTLY THREE PEOPLE BOUGHT

WINNING TICKETS, AND I WANT TORAIN ON THEIR PARADE BY TELLING

THEM THAT THEY ARE LIKELY TO BEMISERABLE WITH THE MONEY THATTHEY HAVE WON. THE WINNERS OF THE 1. 3

BILLION DOLLAR POT ARE FROMCALIFORNIA, FLORIDA AND

TENNESSEE. IT IS IMPORTANT TO REMEMBER THAT

EVEN THOUGH WE HAVE BEENTOLD OVER AND OVER AGAIN THAT

MONEY CAN’T BUY YOU HELP ñHAPPINESS, IT IS TRUE.

THERE ARE COUNTLESS CASES THE

PEOPLE WHO HAVE WONMILLIONS OF DOLLARS, AND THAT

THEY ARE MISERABLE AFTERWARDS.THIS IS A WAY TO MAKE EVERYONE

FEEL BETTER ABOUT THE FACTTHAT THEY DIDN’T WIN. “THE NATIONAL ENDOWMENT FOR

FINANCIAL EDUCATION ESTIMATESTHAT AS MUCH AS SEVENTY PERCENT

OF PEOPLE WHO ARE ABRUPTLYFLOODED WITH CASH LOSE ALL THEMONEY WITHIN SEVERAL YEARS. “HERE IS WHAT TYPICALLY HAPPENS,AND HERE IS WHY I AM NOT REALLY

IN FAVOR OF LOTTERIES AT ALL. THE POOREST PEOPLE GET CONVINCED

THAT THERE IS A POSSIBILITY THATYOU CAN BE REALLY WEALTHY, SO

BUY A TICKET, AND A LOT OFPEOPLE WHO HAVE NO BUSINESSBUYING THAT TICKETS, WHO CAN’T

WITH THAT MONEY, WILL ENDUP DOING IT ANYWAY. AND THEN SOMETIMES A POOR PERSON

WINS, BUT THEY DON’T HAVE ASUPPORT SYSTEM, THEY MIGHT NOT

HAVE A FINANCIAL ADVISOR,SOMEONE WHO HELPS THEM

MANAGE THAT MONEY. ALL OF A SUDDEN FAMILY MEMBERS

THAT THEY HAVEN’T TALKED TOIN DECADES COME AROUND, HEY

WHAT’S UP I THINK I HAVECANCER, YOU WANT TO HELP ME OUT?I’LL BUY YOUR CANCER OFF,

I’LL BRIBE YOUR CANCER INTOLEAVING YOUR BODY.

BUT ALSO PEOPLE WILL SPEND

THE MONEY ON FRIVOLOUS THINGS.FUN THINGS. THERE HAVE BEEN CASES OF

PEOPLE WHO BUY DRUGS ANDBECOME ADDICTED TO THINGS, OR

THEY SPEND THEIR MONEY ONSTUPID THINGS LIKE

JETS, OR CARS. A BRITISH STUDY FOUND THAT

FORTY FOUR PERCENT OFLOTTERY WINNERS EARNINGS WERE

SPENT AFTER ONLY FIVE YEARS. ANOTHER FLORIDA LOTTERY WINNERS

WHO NETTED UP TO $150,000FOUND THAT ABOUT ONE PERCENT

WENT BANKRUPT IN ANY GIVENYEAR. “$130,000 IN FLORIDA IS LIKE

$1 BILLION IN LOS ANGELES. IF YOU ARE IN TALLAHASSEE AND

USE CAME ACROSS $150,000,YOU CAN BUY A HOUSE.

LET’S CONTINUE WITH THAT.LOTTERY WINNERS WHO NETTED UP TO

$150,000FOUND THAT ABOUT ONE PERCENT

WENT BANKRUPT IN ANY GIVENYEAR, ABOUT TWICE THE RATE OF

THE GENERAL POPULATION, ANDWHILE THOSE WHO GOT LARGER POTS

DIDN’T TEND TO GO BANKRUPTAS QUICKLY, IT STILL ENDED UP

CATCHING UP TO THEM. LET’S FAST FORWARDED 2008. THERE WAS NO STUDY HAS FOUND

THAT AFTER SIX MONTHS AFTERWINNING THE LOTTERY, PEOPLE WERE

NO HAPPIER THAN THOSE WHODIDN’T WIN. THIS IS RIDICULOUS. I JUST LOOKED AT THE STUDY, AND

THE WORDING ñ OH NO, I WASTHINKING ABOUT THE 1978STUDY, WHERE THEY WERE TALKING

ABOUT RANDOMLY SELECTED PEOPLE,AND EVEN TOOK SIGNIFICANTLY LESS

PLEASURE IN EVERYDAY HAPPINESS,SUCH AS TALKING TO A FRIEND AND

RECEIVING A COMPLEMENT. HOW ARE THEY MEASURING HOW

HAPPY THIS PERSON IS?HAPPINESS STUDIES ARE USUALLY A

LITTLE WONKY WHEN IT COMESTO ACCURATELY MEASURING

HAPPINESS.

BUT THAT IS ONE OF MANY

STUDIES THAT HAVE DELVEDINTO THIS ISSUE.HOW MUCH MONEY DO YOU NEED TO

MAKE ON A YEARLY BASIS INORDER TO BE HAPPY, AND

WHEN DOES IT PLATEAU?WHAT IS YOUR INITIAL OFFER?THERE WAS A STUDY THAT

INDICATED THAT $75,000IS WHAT YOU HIT THAT PLATEAU,

AND AFTER THAT IT STARTS TO GO. $75,000

IN LOS ANGELES IS NOT MUCH. IT IS LIKE 920 BILLION ñ

MILLION DOLLARS, WHATEVER THEEXCHANGE RATE IS TO

FLORIDA DOLLARS. LET ME GIVE YOU SOME EXAMPLES

OF PEOPLE WHO WON A LOT OFMONEY AND IT DIDN’T

WORK OUT FOR THEM. JACK WHITTAKER ONE $315

MILLION IN POWERBALL IN 2002,THE LARGEST JACKPOT WON BY A

SINGLE PERSON AT THE TIME. HIS CONSTRUCTION COMPANY WAS

FLOODED WITH LAWSUITS RIGHTAFTERWARDS, WHICH COST HIM

$3 MILLION TO FIGHT.

ALSO, HE REPEATEDLY HAD LARGE

SUMS OF MONEY STOLEN, ANDHIS GRANDDAUGHTER SPENT

HER SHARE ON DRUGS,UNFORTUNATELY DYING IN 2004.MY GRANDDAUGHTER IS DEAD

BECAUSE THE MONEY, HE SAID. DID HE PUT THE MONEY

UNDER HIS PILLOW?HOW TO GET MONEY

STOLEN THESE DAYS?IDENTITY THEFT. YOU THINK SOMEONE

STOLE HIS IDENTITY?I TOTALLY GET IT. I GET THAT AS SOON AS PEOPLE

HERE YOU HAVE MONEY PAIDSAY LET ME GET SOME OF THAT, AND

YOU WANT TO GIVE IT TO THEMBECAUSE YOU DON’T WANT THEM TO

THINK YOU ARE A JERK. HAVING MONEY IS A SKILL, DEALING

WITH THE MONEY YOU HAVE ISA SKILL. LIKE ANYBODY, EVEN IF YOU HAVE

FIFTEEN DOLLARS, YOU HAVETO KNOW HOW TO MANAGE THAT, AND

IT IS UNFORTUNATE THAT PEOPLEGET THIS INFLUX OF MONEY GO AND

FEEL THAT THEY SHOULD SPEND IT.

IT SEEMS LIKE AN UNENDING AMOUNT

OF CASH, AND THEY TRIED TOBUY THE THINGS THAT HAVE ALWAYS

WANTED, BUT OVER THE COURSEOF YOUR LIFE YOU COULD

WANT A LOT OF THINGS.YOU CAN’T HAVE IT ALL, YOU NEED

SOMEBODY SET YOU ASIDE AND SAYHEY LISTEN, HERE’S HOW WE’RE

GOING TO INSULATE YOU FROM THELAW, FROM LAWSUITS, AND HERE IS

HOW WE’RE GOING TO INSULATEYOU FROM DOING HARM TO YOURSELF. IF YOU WIN $350 MILLION, GO BUY

ONE HOUSE AND LIVE IN IT ANDTHAT’S IT, AND PUT YOUR MONEY

ASIDE AND HAVE SOMEONE TELL YOUHOW MUCH INTEREST YOU WANT TO

MAKE, AND THAT IS YOUR SALARY. WHEN YOU ARE IN A TERRIBLE

FINANCIAL SITUATION, IT ISREALLY HARD TO BUY INTO THE

NOTION THAT A TREMENDOUSAMOUNT OF MONEY ISN’T

GOING TO MAKE YOU HAPPY. BUT ALSO, I LOVE THE

PLACE I’M IN RIGHT NOW. I COMPLAIN ABOUT THE FACT THAT

I CAN’T OWN A HOME YET, ICOMPLAIN ABOUT THE FACT THAT

I’M NOT MAKING AS MUCH AS IWANT TO MAKE ñCENK ñALL CENK’S FAULT. BUT I FEEL LIKE A LOT OF

PEOPLE THE COUNTRY ARESTILL SEEKING TO BE MILLIONAIRES

BECAUSE THEY ARE NOT HAPPY.

THAT IS NOT GOING TO BE YOUR

TICKET TO HAPPINESS.YES, I KNOW THERE ARE

UNFORTUNATE PEOPLE OUTTHERE WHO DON’T EVEN HAVE THAT,

BUT FOR THE VAST MAJORITYOF PEOPLE WHO ARE OUT THERE

BUYING THOSE LOTTERY TICKETS,WANTING TO BE THE BILLIONAIRE,

JUST COUNT YOUR BLESSINGS,THERE ARE GREAT THINGS HAPPENING

IN EVERYBODY’S LIFE. SPECIFICALLY, BUYING THE

LOTTERY IS A TAX, AND IT ISAN AGGRESSIVE TAX ON THE POOR

BECAUSE THEY HAVE LESSMONEY IN THEIR POCKETS, SO

EVERY DOLLAR THEY SPEND IS ALARGER PERCENTAGE OF THEIR

OVERALL WORTH, ANDSTATISTICALLY THEY’RE NOT

GOING TO GET IT BACK. THE ODDS ARE EFFECTIVELY ZERO

THAT YOU WILL WIN ANY MONEY. THE ONLY POSITIVE SIDE OF A

LOTTERY IS THAT A LOT OFTHAT CASH IS EARMARKED TOWARDS

THINGS LIKE EDUCATION, THEMONEY GOES TOWARD SOMEPLACE. BUT IN A NATIONAL LOTTERY

LIKE POWERBALL IT IS MOREDIFFICULT, BECAUSE ALL THE

STATES ARE FIGHTING OVER THAT. .

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