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I was watching the news, and I learned that people are now swarming to play the Lotto (lottery) because the grand prize now reaches to whopping ONE HUNDRED SIXTY THREE MILLION PESOS!! (PHP 163,000,000.00).
The reporter went around to ask Lotto players what are they going to do with the money in case they won the jackpot:
Player 1: “Take my kids to school and will buy a house.”
Player 2: “Buy delicious foods and relocate my parent’s grave.”
Player 3: “Enroll my kids to school, celebrate, and give some (balato) to my neighbors.”
I was surprised that none of them answered that they’re going to invest their money or put up a business.
Perhaps there’s a lot of factors why most Lotto winners or instant millionaires loses their money, but I think it all boils down to 2 things: lack of education and bad attitude towards money. Read some of their stories here.
“For many people, sudden money can cause disaster,” says Susan Bradley – a certified financial planner in Palm Beach, Fla., and founder of the Sudden Money Institute.
Lack of education or, more specifically, lack of financial literacy tend to lead instant millionaires astray. Most of them will not have any idea what to do with their sudden gush of cash. Investing and putting up a business may intimidate them and make them feel unsecured. And that paying dept, buying houses and cars are the most rewarding or, shall I say, safest thing to do with their money.
Another thing is instant millionaires have this bad attitude toward money. After winning the lottery, they tend to have this “I should enjoy my money first” way of thinking. There’s nothing wrong about enjoying your luck money, but I think “over” enjoying it is another story. They’ll spend like crazy as if their money is unlimited. Then at the end, their adversary is Contentment.
But there’s an even worst attitude towards money: Those who gamble their money. Well, perhaps what they say is true: “It’s easier to spend the money that you didn’t work for.”
Read Matthew 25:14-30 of the Holy Bible for a guide on the right attitude towards money/resources.
Before ending this post, let me share you a very old but very inspiring quote about lottery:
“You are 6 to 45 times more likely to die from a lightning strike than you would be to win the lottery.”
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