When last have you heard of someone in our community building wealth, real wealth, from winning the lottery?
Almost every week I question the mentality of my people who somehow or the other do not know where it’s all at. I’m referring of course to habitual loto players, gamblers…
My frustration level rises every time I happen to be behind one of my people and see them carelessly purchase at least $40 worth of lottery tickets.
Lotto Quebec certainly has us convinced that it may be the avenue out of our existing financial morass. I oftentimes wonder yes, and also ponder how any sane, thinking individual could even rationalize that buying lottery tickets is a sound financial strategy, especially being fully aware of the odds against the likelihood of winning.
Rather than spend (not invest) money on something that may or may not give any returns, why do we not take all the money that we would spend on tickets and put it into a savings account. This account is a sure guarantee that the money that is put in there would be there, if and when- ever withdrawal is required. If you take $40 a week spent and do that for four weeks, you have just improved your net worth (the true indicator of your wealth) by $160. Simple, one may say, but underpinning all this are some deeper psychological principles at play.
Sad but true, lottery players possess a very imbalanced way of thinking. A lottery ticket mentality means that you think that all your money issues and life problems would suddenly be solved if you could just lay your hands on the million-dollar prize money. It also means that you have reached the conclusion that wealth is merely a matter of chance rather than a series of disciplined decisions; worse yet you have allowed avarice to cloud your decision.
You have become part of the nation of instant gratification where you want everything now.
Permit me to usher you into the door of reality and consequent wealth. Figure this one out: if lottery tickets were a means of becoming wealthy, then why don’t the rich and wealthy buy them? You may be tempted to respond, because they are already rich, but not so fast. The rich believe in delayed gratification and assurance that wealth is acquired overtime, and that wasting money on lottery tickets is for people who do not want to invest the time to build their wealth.
They also know that lottery depends on an element called CHANCE. There is a chance (slim though it always is) that you may strike it rich, but there is a greater chance that you will continue to waste money that could have been saved.
For them, also, is the knowledge that the foolproof method of relying on chance with their money is by investing in businesses via stocks, bonds, mutual funds, etc. that will make more money in the future. So, in essence and reality, the rich have their own form of lottery, but their form has proven to be effective over time.
Now back to the real world and talk about the real deal—when was the last time you heard about someone in our community winning the lottery, or of someone winning the lottery and becoming mega rich off their newfound wealth? You have difficulty coming up with a response? Well, the reason is obvious, there are probably none, or very few.
The wealthy have developed some winning key principles where money is concerned. The very same principle used to manage $100 million is the same principle that must be used to manage $40. Once you master the little, you can handle the big.
Now for the winning ticket, if you want to continue the cycle of poverty, then continue to invest in lottery tickets. If you truly want to become wealthy, then give serious consideration to investing in the lottery of the wealthy: the stock market.
Already, you possess the mindset of taking risks with money; why not try it out in the stock market?
Ask yourself this question before spending your money: Will it increase or decrease my net worth?
Aleuta—The struggle continues…