A recent study from the Federal Reserve Bank of Philadelphia looked at the effect of (small-to-medium-size) lottery winnings on the neighbors of the winners. They found that, on average, neighbors of the winners increase their spending and are more likely to become bankrupt the larger the size of the winnings. It’s hard to ignore the spending of the people around you.
- Keeping Up With the Joneses: Neighbors of Lottery Winners Are More Likely to Go Bankrupt from Peter Coy
Other Recommended Reading
- Social Security Claiming Calculators, Compared from Harry Sit
- The Most Important Factors in Retirement Withdrawal Plans from Jim Dahle
- Five Warning Signs When Examining a Variable Annuity from David Stone
- Customer Rewards from xkcd
- Can You Replicate the Results of Top Endowments? from Fran Kinniry
- The Importance of Your Savings Rate from Bob French
- Boring Municipal Bonds Can Be Exciting for Investors from Mark Hulbert
Thanks for reading!
What is the Best Age to Claim Social Security?
Read the answers to this question and several other Social Security questions in my latest book:
|Social Security Made Simple: Social Security Retirement Benefits and Related Planning Topics Explained in 100 Pages or Less|
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