I know for a fact that I will never win the Lottery (or Lotto as we call it in NZ).
This is mainly because I never buy tickets! I never buy scratchies either. I wonder how much I have saved over the years by not frittering away $10 here or $20 there?
I do not believe that gambling is the way to achieve financial freedom.
Did you know that the chances of winning the lottery are about 1 in 135,145,920? You actually have a better chance of finding a pearl in an oyster, dating a supermodel or winning an Academy Award!
Read more in this great article: Financial Freedom Goals vs Winning the Lottery by Kim Kiyosaki (Kim is Robert Kiyosaki’s wife).
It is interesting to see what people do with their new found riches if they do win! So many of them seem to blow the lot and end up being in just the same financial situation or even worse off than before!
They are so out of their ‘comfort zone’ that it doesn’t take long for their subconcious mind to return them to what they are used to. Financial education should be compulsary for all lottery winners!
Tip: If YOU have just had a financial windfall; pay off your mortagage, buy a doodad or two (depending on how much you won), then invest the rest in educating yourself financially and buy cash producing assets e.g rental property which returns positive cashflow, and your lump sum can become a steady flow of income forever. Wouldn’t that be a happy end to the story?