The long run.

Yes, some lottery winners squander their winnings in spectacular fashion, but not as many as you might think. A working paper out of the National Bureau of Economic Research surveyed a large sample of lottery players in Sweden.

Researchers said they “found little evidence in support of the hypothesis that winners often consume frivolously following a win. Large-prize winners appear to enjoy sustained improvement in economic conditions that are robustly detectable for well over a decade after the windfall.”

In fact, the National Endowment for Financial Education (NEFE) issued a release earlier this year disputing that it’s the source of an often-quoted statistic that 70 percent of lottery winners end up bankrupt just a few years after receiving their windfall.

“This statistic is not backed by research from NEFE, nor can it be confirmed by the organization,” NEFE said.

The reality is you’re more likely to waste the increases in your income over the years. Many working adults are living on the edge and unable to cover a $400 financial emergency, according to a recent study funded by NEFE.

Financial fragility is linked not just to having too few assets but also to having too much debt and low levels of financial literacy, the report said. And no demographic group escapes this tenuous situation. It “affects all ages, income levels, genders and education levels,” the report said.

We like to say it doesn’t cost you to dream. But it does if your fantasizing about instant wealth robs you of a realistic plan to create financial stability for yourself and your family. Readers can write to Michelle Singletary c/o The Washington Post, 1301 K St., N.W., Washington, D.C. 20071. Her email address is michelle. singletary@washpost.com. Follow her on Twitter (@ SingletaryM) or Facebook (www.facebook.com/ MichelleSingletary).