Why Winning the Lotto is a Bad Way to Get Rich

I have worked a part time job in a local newsagency selling lotto tickets for over 3 years and I have seen thousands of people pour their money into lotto in the hopes that their number will come up and that they will be set for the rest of your life. I have observed these people and I have also studied with some of the richest men in America and I can tell you now that even if you luck it and you win the lotto that winning the lotto is one of the worst ways to get rich. I am going to explain to you why winning the lotto is a bad way to get rich and why you should learn to invest your money instead of simply gambling it away.

You Are Trying To Beat The System
Firstly, by trying to beat the lotto you are trying to beat a system that is designed for you to lose. Lotto only pays out half of the money that is put into it and the odds of winning vs. the cost of playing is outrageous. Winning the lotto is like trying to make 1+1= 3.

You Need To Know How To Invest Money
A lot of people who have won the lotto have ended up worse off in the years that follow. This is because they don’t know how to invest. Instead of investing their money wisely they buy things that increase their expenses. Expensive cars increase your expenses through excessive insurance fees. It is better to learn how to invest than to win a lot of money but not know how to invest it and end up worse off than before you won the lotto.

You Don’t Learn How To Become Rich
Even if you do strike it lucky this is the main reason that winning the lotto is a bad way to become rich. I don’t play the lotto because I want to learn how to become rich. Because if you can learn how to become rich then you can repeat it time and time again. But if you win the lotto you can’t repeat it time and time again because it is extremely difficult to win in a game that is designed for you to lose.

Your financial intelligence is your number one asset. It is not money that makes you rich, but what you do with your money that makes you rich. By winning the lotto you don’t learn how to invest, or how to make your money work for you. This means it is likely you will get poorer over time instead of richer.

You Can’t Get It Back If You Lose It
Because you have just come into a lump sum of money by chance you have never learnt how to earn and invest money in order to become rich. So if by some unfortunate circumstance (stock crash, theft, bad business venture) you lose all of your money then you will not be able to get it back easily. But if you decide to learn how to become rich then if you lose your money you can make it back quicker and easier than before.

You Have Nothing To Pass On
Wealth is not always the best thing to pass on to your children. They say by the third generation the wealth is gone. Financially intelligence is a much better gift you can give your children. Because then, no matter what life brings, they will be able to accumulate large sums of wealth. So why waste you time and money playing the lotto when you could learn to become rich and guarantee your success. Instead of trusting your lucky numbers trust yourself and begin to learn the intelligence you need to become wealthy.

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