Answer: Why do people who win the lottery or receive a massive windfall so often end up bankrupt?

For context, this is a question I answered on Quora

High time preference and low impulse control people are the most likely to gamble in general and play the lottery in particular, and these people tend to be poorer than the general population. This is the poverty mindset that only cares about immediate gratification without the sacrifices necessary for long term growth. Financial illiteracy isn’t a valid excuse these days with the abundance of information everyone has at their fingertips. Even if a poor lotto winner knows nothing about the stock market or investing they can always put the money in Roth IRA or brokerage account and have a professional manage the money for them. However, even the wealth of information available on our pocket computers can’t change a mindset hellbent on prioritizing status signaling and pleasure over long term stability and growth.