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kallend

Happiness and wealth

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4 hours ago, kallend said:

https://www.nytimes.com/2022/05/14/opinion/sunday/rich-happiness-big-data.html

Summary: 

The data-driven answer to life is as follows: Be with your love, on an 80-degree and sunny day, overlooking a beautiful body of water, having sex.

It’s a lot easier than owning an auto dealership.

So as I imagine you in your throes of, er, wealth I can only see one way all parties are overlooking the water. Do I have it right?

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I've had the opportunity to interact with people I consider wealthy.  To a man they are all business owners.  They didn't strike me as particularly happy people.  I think once you reach a certain wealth level worrying about not losing it takes over.

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4 minutes ago, airdvr said:

I've had the opportunity to interact with people I consider wealthy.  To a man they are all business owners.  They didn't strike me as particularly happy people.  I think once you reach a certain wealth level worrying about not losing it takes over.

There have been many studies done on happiness that discount the value of wealth in the equation. Look at the people that go through life dealing with physical disabilities that remain very positive. People that are very, very wealthy yet continue to work because they love their jobs more than the money.

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25 minutes ago, airdvr said:

I've had the opportunity to interact with people I consider wealthy.  To a man they are all business owners.  They didn't strike me as particularly happy people.  I think once you reach a certain wealth level worrying about not losing it takes over.

People consistently view the loss of ten dollars they already have as worse than gaining ten new dollars.

Wendy P. 

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4 hours ago, Phil1111 said:

There have been many studies done on happiness that discount the value of wealth in the equation.

Just look at what winning the lottery does....Somehow it doesn't equate to guaranteed long term happiness. Quite the opposite.

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1 hour ago, SkyDekker said:

Just look at what winning the lottery does....Somehow it doesn't equate to guaranteed long term happiness. Quite the opposite.

Managing money is a task like any other.  If you have no experience with it, the odds of you doing it poorly go up a great deal.

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(edited)
3 hours ago, SkyDekker said:

Just look at what winning the lottery does....Somehow it doesn't equate to guaranteed long term happiness. Quite the opposite.

Hi Sky,

While I am very sure that there is no direct correlation, I am of the opinion most lottery winners are very glad that they did win.

I know I would be.

Jerry Baumchen

PS)  As BillV says, it is all about money mgt.

Edited by JerryBaumchen

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3 minutes ago, JerryBaumchen said:

While I am very sure that there is no direct correlation, I am of the opinion most lottery winners are very glad that they did win.

In the short term, for sure. There is a reason I specifically mentioned long term.

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2 minutes ago, SkyDekker said:

In the short term, for sure. There is a reason I specifically mentioned long term.

Hi Sky,

OK, please define long term.  Are you thinking 5 yrs, 10 yrs, 40 yrs; I am just interested in your definition, nothing more?

Jerry Baumchen

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2 minutes ago, JerryBaumchen said:

Hi Sky,

OK, please define long term.  Are you thinking 5 yrs, 10 yrs, 40 yrs; I am just interested in your definition, nothing more?

Jerry Baumchen

A few years after the money runs out :rofl:

Winning the lottery can certainly be a happy occasion, but for may it also comes with terrible strain on relationships, friends, family, having to move away from your neighbourhood, harassment and an increased likelihood to be murdered.

As one participant in a Dutch documentary said: I wouldn't wish winning the lottery on my worst enemy.

 

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6 minutes ago, SkyDekker said:

A few years after the money runs out :rofl:

Winning the lottery can certainly be a happy occasion, but for may it also comes with terrible strain on relationships, friends, family, having to move away from your neighbourhood, harassment and an increased likelihood to be murdered.

As one participant in a Dutch documentary said: I wouldn't wish winning the lottery on my worst enemy.

 

Hi Sky,

Thanks for the reply.

However, I still believe that most lottery winners, even after many years, are still glad that they won.  That is an opinion; I having nothing factual to back it up.

Re:  A few years after the money runs out

There is easy solution to that problem; just take the money over the 30-yr/40-yr payout system.

I've always believed that if I were to win, this is what I would do.  Then I would give the majority of it to my children & grandchildren.

By taking the money over the yrs, you do get a lesser amount ( inflation, etc ).  But, it can help in preventing the problem of when the money runs out.

Jerry Baumchen

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1 minute ago, JerryBaumchen said:

I've always believed that if I were to win, this is what I would do.  Then I would give the majority of it to my children & grandchildren.

By taking the money over the yrs, you do get a lesser amount ( inflation, etc ).  But, it can help in preventing the problem of when the money runs out.

Does the annuity pay out at death?

In Canada almost none of the lotteries offer an annuity. IN the rare case it does, I would not opt for it. Mostly because currently lottery winnings are not taxed, but that can obviously change in the future.

In stead of an annuity option, you could also protect a large portion of the winnings by using it to buy a long term non-cashable GIC. Would at least provide some protection.

Personally I think the biggest source of unhappiness would come from breakdowns of relationships with friends and family.

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6 minutes ago, SkyDekker said:

Does the annuity pay out at death?

In Canada almost none of the lotteries offer an annuity. IN the rare case it does, I would not opt for it. Mostly because currently lottery winnings are not taxed, but that can obviously change in the future.

In stead of an annuity option, you could also protect a large portion of the winnings by using it to buy a long term non-cashable GIC. Would at least provide some protection.

Personally I think the biggest source of unhappiness would come from breakdowns of relationships with friends and family.

Hi Sky,

I can only speak of the Powerball here in Oregon.

You do have to pay Oregon income taxes if you bought your ticket in Oregon, no matter where you live.

You can pass it onto your heirs upon your death.

While I am no expert, it is my understanding that both the Powerball & the Oregon Lottery can be taken out over a long period of time.

As to the personal relationships; well, those are personal.  What more can I say?

About 30 yrs ago, some of us in the office were talking about winning the lottery.  This one guy said to me, 'I don't think you would be happy if you won.'  My reply was, 'Let me decide that.'

Jerry Baumchen

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1 hour ago, JerryBaumchen said:

Hi Sky,

OK, please define long term.  Are you thinking 5 yrs, 10 yrs, 40 yrs; I am just interested in your definition, nothing more?

Jerry Baumchen

Now see If i won el gordo I could get a hold of Joe and rent one of his Blackhawks for a couple weeks. All of my good friends here at SC could come for free jumps. Although I'd have to charge Brent a nominal amount.

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1 hour ago, Phil1111 said:

Now see If i won el gordo I could get a hold of Joe and rent one of his Blackhawks for a couple weeks. All of my good friends here at SC could come for free jumps. Although I'd have to charge Brent a nominal amount.

Hi Phil,

Re:  If i won

Winning a lottery is a very unique life experience that few people get to experience.  It is because of this phenomenon that generalities simply cannot work.

Jerry Baumchen

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5 minutes ago, JerryBaumchen said:

Hi Phil,

Re:  If i won

Winning a lottery is a very unique life experience that few people get to experience.  It is because of this phenomenon that generalities simply cannot work.

Jerry Baumchen

The majority of folks I see standing in line to get lottery tickets...shouldn't.

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