Many people think that winning the lottery is the best thing that could happen to them.
After all, who would not want to suddenly have lots of money?
Mega millions winners might assume they have financial security for life, and can stop worrying about bills and start buying new stuff.
The appeal of that type of windfall is clear. No wonder so many people play the lottery.
However studies show that 70% of Lotto winners end up bankrupt within 5 years.
If you don’t have good money habits, winning the lotto will not solve your money problems.
People who get a financial windfall such as a huge payout from a life cover due to the passing of a close family member, or getting a huge payout from winning a lawsuit, often lose their fortunes over a short period of time.
Sportsmen, musicians and entertainers, once they retire, lose their fortunes over time.
Why is that?
I’m willing to bet that it is because of habits.
If you don’t have habits of being a producer, but of being a spender, irrespective of how much money you get, you will always spend it until you are bankrupt.
If you have producer habits, a mindset of building, irrespective of how much you get, your producer habits will continue to build upon what you already have.
It is about habits.
Success is not a once off thing, it does not happen by chance, it does not happen ad-hoc, it happens over good habits consistently developed over time.