access to their inheritances (Jaffe & Lane, 2004). He, too, was one of the richest men in the world at his death. 120 of the Commodore’s descendants gathered at Vanderbilt “When University in 1973 for the first family reunion there was not a millionaire among them” (Vanderbilt II, 1989, p. ix). It appeared that family members may have been raised to expect a certain lifestyle that can quickly deplete a family’s wealth-producing assets. Government agencies routinely distribute large sums of Gambling and lottery winners. money in a windfall manner to those who purchase lottery tickets. In effect, lotteries constitute large-scale non-contingent (i.e., independent of performance) processes that provide unearned largesse (Doherty, Gerber, & Green, 2006). Individuals who obtain big winnings in various state lotteries often suffer a ruinous set of circumstances. Individuals who win big time usually lose big time too as the web of their social relationships is ripped apart by greed. Money is a form of power, and any time one’s power exceeds one’s understanding the result is chaos and destruction. Persons who have wealth because they have earned it are not as likely to be harmed by it because they were able to exercise the discipline and restraint needed in order to accumulate capital in the first place. It is when big money falls into one’s lap (i.e., non-contingent) that real problems are most likely to occur. Lottery ticket winners do not necessarily end up wealthier. Many end up bankrupt or within a short period of time. Hankins, Hoekstra, and Skiba (2011) found that more than 1,900 Florida lottery winners went bankrupt within five years, suggesting that lottery players were twice as likely to file for bankruptcy as the general population. The study also found that large lottery winners were less likely than small lottery winners to go bankrupt within the first two years, but the odds of bankruptcy were equal after five. It was as if the additional funds just
access to their inheritances (Jaffe & Lane, 2004). He, too, was one of the richest men in the world at his death. “When 120 of the Commodore’s descendants gathered at Vanderbilt University in 1973 for the first family reunion there was not a millionaire among them” (Vanderbilt II, 1989, p. ix). It appeared that family members may have been raised to expect a certain lifestyle that can quickly deplete a family’s wealth-producing assets. Gambling and lottery winners. Government agencies routinely distribute large sums of money in a windfall manner to those who purchase lottery tickets. In effect, lotteries constitute large-scale non-contingent (i.e., independent of performance) processes that provide unearned largesse (Doherty, Gerber, & Green, 2006). Individuals who obtain big winnings in various state lotteries often suffer a ruinous set of circumstances. Individuals who win big time usually lose big time too as the web of their social relationships is ripped apart by greed. Money is a form of power, and any time one’s power exceeds one’s understanding the result is chaos and destruction. Persons who have wealth because they have earned it are not as likely to be harmed by it because they were able to exercise the discipline and restraint needed in order to accumulate capital in the first place. It is when big money falls into one’s lap (i.e., non-contingent) that real problems are most likely to occur. Lottery ticket winners do not necessarily end up wealthier. Many end up bankrupt or within a short period of time. Hankins, Hoekstra, and Skiba (2011) found that more than 1,900 Florida lottery winners went bankrupt within five years, suggesting that lottery players were twice as likely to file for bankruptcy as the general population. The study also found that large lottery winners were less likely than small lottery winners to go bankrupt within the first two years, but the odds of bankruptcy were equal after five. It was as if the additional funds just