Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We tend to live on a "hedonic treadmill". Any happiness directly related to the new found wealth will be short lived and you will eventually take it for granted. While it may eliminate some problems, it could also create additional problems.
If you had psychological issues before you had the money, they will still be there and need to be addressed through therapy, self-help, etc. It really depends on the individual and what kinds of issues they had before they acquired the wealth.
If you have psychological issues before you gain a large sum of money, it's more likely than not that your issues will worsen.
As was said, and the statistic I recall, something like 3/4 of all lottery winners are worse off 5 years later after winning the lottery.
Picking the right numbers does not cause intelligence in dealing with personal finances. If anything, it relieves the person of any need for that. Until the money is gone...
And probably the money they had before the win will be gone too. Hm... What kind of shopping cart to "buy" and where to park it when you sleep outdoors...
Are you talking about wealth or consumption? There is a big difference between the stock of money you own (wealth) and the flow of money you spend, buying stuff (consumption).
This issue about the lottery winners is fascinating. I wonder if there are any studies that correlate one's success in life PRIOR to winning the lottery? Most of them were not financial successes before, were they? I am only guessing, based on who I see buying tickets. So it stands to reason they would not be successful with this windfall either.
I have never bought a lottery ticket. I don't "get it", nor do I "get" gambling. But that's just me.
I derive much happiness from my huge walk-in shower with a window to the beach. And from sitting here looking out my slider to the beach. Before I had a pre-fab vinyl shower cubicle I could barely turn around in, and hated taking a shower.
Money bought this place. Lack of money also dictated that we had to leave the U.S. to get it. I would not have done it otherwise.
We have "enough" but if we had somewhat more, we could travel, which is a biggie for retirees.
I don't care about more material possessions (our third-world kitchen sink and faucet excepted), but money can buy experiences, and the lifetime of memories they provide.
Are you talking about wealth or consumption? There is a big difference between the stock of money you own (wealth) and the flow of money you spend, buying stuff (consumption).
If your question is addressed to me, my consumption is low. I just have no interest in expensive stuff. I live frugally, cook most of my own food, dine out 1-2 times a month, and even then only to appease friends who would rather dine out.
By wealth, I'm retired. (I have all the money I'll ever have, outside of Social Security.) I just need to reach the point where I quit breathing before I run out of money. Got no kids to leave it to. My life would end well if I spent my last dollar on my last day.
If your question is addressed to me, my consumption is low. I just have no interest in expensive stuff. I live frugally, cook most of my own food, dine out 1-2 times a month, and even then only to appease friends who would rather dine out.
By wealth, I'm retired. (I have all the money I'll ever have, outside of Social Security.) I just need to reach the point where I quit breathing before I run out of money. Got no kids to leave it to. My life would end well if I spent my last dollar on my last day.
Our scenario is exactly the same as yours, LH. No more $$ coming in except SS and the meager interest on our so-called "portfolio". We just hope it lasts until OUR last breath too. We are frugal too.
This past couple of years we've had a financial windfall - an inheritance as well as a huge increase in my husband's salary.
We've also lost three of our four parents, which has created a ripple effect in both our families and totally upset the apple cart so to speak when it comes to family dynamics among adult kids, siblings, remaining parents as one and then another has fallen sick and then passed away.
I've bought a new car. We've remodeled our master bath. We added a hot tub and a fire pit and a huge patio outside. We've really shored up our retirement funds.
But am I really any happier? No. In fact, the past two years have been so sad for me that I've actually started going to some counseling to get through the grief and navigate the waters of the new dynamics in our families. Our marriage is still very strong, but we've had to adjust our expectations of each other and we've found strengths - and weaknesses - we didn't know existed in each other - and ourselves.
I'm very, very grateful that at least we haven't had to deal with financial worries on top of everything else, because financial problems can add significantly to stress. But I can tell you this - if I could choose to be back in the same financial situation we were in three or four years ago,but have all our parents alive and well and our adult kids happy and as involved in our lives and with each other, I'd definitely choose that.
It's relationships, not money, that make life worth living to me. Thankfully, I have several good, strong family relationships and in fact, this traumatic episode has actually strengthened several important relationships, but oh the grief and stress that we've all experienced. Money hasn't lessened that a single bit, and in fact, has been the cause of some of it.
Kathryn, I am sorry for all you've had to go through. I am assuming you had inheritance issues which can understandably cause grief.
Pardon me for saying, but is it realistic to wish your parents back at this point in your life? You've stated your age before. At our age, our parents are going to go. Ours did, all in their mid-80's but it seemed natural, so I didn't really "grieve". But I miss them.
If your parents had passed, but no inheritance, and no increase in your husband's salary, I don't think you'd be happier....those improvements you made will bring you joy, once this dark cloud has passed, don't you think?
I think having money helps, and if you're ready for it, big money can help even more, but if not (like lottery winners), mo money means mo problems.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
