Reminds me of the quote from the famous English football (soccer to you americans) player,
"I spent a lot of money on booze, birds and fast cars. The rest I just squandered."-- George Best
According to this article, Nobel Prize winners spend their prize winnings, about $1M, basically like normal people would after getting a windfall, spending it on travel, clothes, family, housing or home improvements or just being generous with friends ... or just simply put it into their regular bank account.
I am not sure if this is depressing or encouraging. Depressing because you would hope that brilliant economists would be brilliant and able to make a fortune with a deep understanding of economics ... or encouraging because it shows they are people and human like the rest of us ... and since world renowned prize winning economists are not making millions or doing significantly better than the rest of us ... well then we can all say we are investing and saving just as well as any economics genius :) !
