Ep. #46 – How The Lottery Can Cost You Your Fortune

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“The parent who leaves his son enormous wealth generally deadens the talents and energies of the son,”
Andrew Carnegie

In This Episode

We’re going to skip by the obvious truth that playing the lottery is a bad investment, we’ve heard that time and time again, but we’re going to look at why the lottery can cost you a few dollars today, but even worse, it can cost you the mindset that will make you a fortune tomorrow.

It Trains Your Mind to Expect Something for Nothing

Those who have created wealth, not been given it or taken it, but created it, understand the importance of the process.

Here is a wonderful article from Wired magazine where Bill and Melinda Gates have made a commitment to do a couple of things:

  • Provide their children with a wonderful education which empowers them to have a sense of their own ability. and…
  • Give them enough freedom to do anything, but not sort of a lot of money showered on them so that they can go out and do nothing.

Bill and Melinda get it… they know what will enrich their children’s life and I have a suspicion their kids will be ok, because of what’s in their mind, not in their bank account.

Wealth Comes From Creativity and Service to Others.

We’ve heard it said so many times, including the famous quote from Zig Ziglar – “You can get everything in life you want if you will just help enough other people get what they want.”

Think about those who are richly rewarded in this world… innovators, risk-takers, entertainers.. which we willingly pay, they serve us with what we want and are willing to pay for. Yes, they market those things to us, but we decide to pay for them.

There is an even more appropriate quote from Zig Ziglar which is at the core of what I’m sharing today: “What you get by achieving your goals is not as important as what you become by achieving your goals.” We see the reward as the money, but the real rich reward is the change in our character, ability and belief.

A person who wants money is a person who doesn’t understand life and the purpose of living it. We are uniquely built to be creators ourselves, not just consumers of what what others create. This is what the lottery does, we consume what others have created.

The lottery jackpot is built of the money others have put into it, which they have gained through creative efforts.
Yes, we could say that about anything else in life where we’re compensated for our work or effort, but this is different, this isn’t compensation, it’s luck.  There’s no scientific evidence that other animals have an imagination… we are alone in that. This is what sets us apart. Let’s use that amazing gift for the benefit of ALL… and in doing so, ourselves.

You’ll Want More but Won’t Know How to Get It.

If you win $10 million in the lottery and meet someone who won $100 million, you’re going to feel poor again, but the only way you’ll know how to make more is to play more. Sure, you’ll have money to invest, but you’ve been conditioned to expect big windfalls of wealth and making 5% on a stock portfolio is going to leave you feeling frustrated. This will most likely cause you to make investments with a huge potential for massive returns, but we know along with that huge upside potential is an equally huge downside potential.

Forget the Lottery.

Seriously, I know it’s tempting and I know you think you’ll be the exception, but you won’t. Even if you are, you’re not enriching yourself, only your bank balance.

Decide what you’re going to GIVE to others which will address a pain they have and in return reward you with more than you could ever dream of having. This is the reward which transcends the physical world. This is spiritual reward… a truly eternal reward.

Resources

Wired Magazine article about what Bill and Melinda Gates are going to give their kids.

The lottery simulator I ran during the episode.

A quick 4 question survey.

 

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About the Author

A formerly frustrated entrepreneur who has learned how to go from dreamer to doer to done. I help you discover your purpose, explore your psyche, maximise your productivity, and grow your platform so you can bring your unique gift to the world and live the life you deserve.

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