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A lot of people winning lottery end up broke several years later because like you mentioned they have no financial knowledge. They buy liabilities instead of assets and I'm sure family members and friends were calling at all hours for a piece.Family
No financial knowledge
Finanial managers (swindlers)
Living for today
Stupidity
I remember I read something about a dude winning the lotto (not even that much honestly) and he did something foolish like build a one bedroom house with like a 6 car garage. His mom lived a few states over, and he would regularly fly her over in a private jet.
Then wondered how he was broke just a few years later...
Agree. Modern day athletes are a lot savvier from the mistakes of the previous generation.I think we're gunna see a lot less of these stories going forward at this scale
I'm sure it's not net $100M. It's about half that after taxes. Houses, cars, travels, etc. it goes real quick. The classic case with be Antoine Walker to me.