Look at what happens to people who win the lottery. It would be just like that.

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Dec 11, 2024
2:45:29pm

Jeff Spicoli All-American

Look at what happens to people who win the lottery. It would be just like that.

A lot of people would end up broke after a few years.

People who were dumb with money before receiving the $1MM would still be dumb with their money. People who managed their money well before receiving the $1MM would continue to manage their money well.

This message has been modified

Originally posted on Dec 11, 2024 at 2:45:29pm

Message modified by Jeff Spicoli on Dec 11, 2024 at 2:46:55pm

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Jeff Spicoli

Bio page: Jeff Spicoli
Joined: Feb 13, 2004
Last login: Dec 12, 2024
Total posts: 35,957 (205 FO)

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Messages

Author

Time

Assuming a fantasy world in which every American actually did get $1M suddenly given to them, what would be the result?

Byron McNertney Solid 6 (8 if you're drunk)

Dec 11, 1:57pm

Prices on everything would skyrocket. Rich would get richer.

Dec 11, 1:59pm

Prices would skyrocket, right. Net worth disparity would not grow.

Brandoblueblood

Dec 11, 4:17pm

Yes, for the first 3 seconds of the hypothetical, your math would be correct. After that, it's meaningless because all

Byron McNertney

Dec 11, 4:35pm

I would argue we would all would end up in the same place within the year

JohnnyC

Dec 11, 1:59pm

I think wealth disparity would increase significantly.

Dec 11, 2:01pm

I think this is right, because of the mortgage issue

Gustav

Dec 11, 2:06pm

Wrong. It would stay the same in terms of dollars and decrease in terms of %

Brandoblueblood

Dec 11, 4:12pm

A relatively small percentage would make wise use of the money. Most would blow it like the prodigal son.

SierraCoug

Dec 11, 2:00pm

Biggest effect might dividing the country between those who already had

Gustav

Dec 11, 2:00pm

An overnight shock to demand, leading to shortages of goods, and massive

TailgateU

Dec 11, 2:00pm

Knowing how to grow/make money is what matters. Without that you'll lose it all.

maYbe

Dec 11, 2:01pm

pay off house put the rest into retirement.

crimedog

Dec 11, 2:01pm

That's the smart thing but VERY few would actually do that

Dec 11, 2:11pm

if you have a low interest rate, then invest it all and continue paying off the

cwilke1

Dec 11, 2:17pm

They'd be worse off in a few years due to the initial hyperinflation.

Eddie

Dec 11, 2:05pm

I'd spend it as fast as possible on real estate before the spike

GfB

Dec 11, 2:08pm

Probably 90% would quit with immediately or with a couple weeks notice

Dec 11, 2:10pm

Yeah, labor costs would absolutely skyrocket

Still Blue

Dec 11, 2:15pm

it's pretty crazy to think about how many "poor" people are needed to run our

Mayor of Cougartown

Dec 11, 2:18pm

I’m gone to Costa Rica or Panama. Fly back to ski when I want.

Nakedbootleg

Dec 11, 2:15pm

The Dollar Store becomes The Million Dollar Store overnight.

KCFan85

Dec 11, 2:29pm

Massive inflation and a reduction in both debt and savings.

j20

Dec 11, 2:35pm

Look at what happens to people who win the lottery. It would be just like that.

Dec 11, 2:45pm

The problem is that it would be like EVERYBODY won the lottery.

Eddie

Dec 11, 3:06pm

People who quickly shove it into real estate or bitcoin or some other asset

YOHONOMOTO

Dec 11, 3:02pm

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