Saw this article at Huff Post money section. Here are some highlights
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Eight years after they won a $20 million "popcorn lung" lawsuit against the makers of a toxic butter flavoring used in microwave snacks, a Missouri couple has filed for bankruptcy and is being forced to sell their $3.9 million home in order to satisfy creditors.
According to the Joplin Globe, Eric and Cassandra Peoples of Carthage filed for Chapter 7 bankruptcy last month in U.S. District Court in Springfield. Among the claims against the couple, who have two children, is a bill for $107,147 that the builder of their palatial home on 10.5 acres says is still owed to him.
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This is an example of the house-money effect, or people's propensity to take more risk and spend more money if the wealth gained was not earned through some form of work. By similar reasoning, it is also why investors are willing to take more risk when investing with what is perceived as gains.
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Eight years after they won a $20 million "popcorn lung" lawsuit against the makers of a toxic butter flavoring used in microwave snacks, a Missouri couple has filed for bankruptcy and is being forced to sell their $3.9 million home in order to satisfy creditors.
According to the Joplin Globe, Eric and Cassandra Peoples of Carthage filed for Chapter 7 bankruptcy last month in U.S. District Court in Springfield. Among the claims against the couple, who have two children, is a bill for $107,147 that the builder of their palatial home on 10.5 acres says is still owed to him.
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This is an example of the house-money effect, or people's propensity to take more risk and spend more money if the wealth gained was not earned through some form of work. By similar reasoning, it is also why investors are willing to take more risk when investing with what is perceived as gains.
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