Hey, welcome back to Limitless TV. Why do lottery winners always end up blowing
their money? Hey friends, Stephen Michael Miller here.
Why do lottery winners often blow through their earnings? Well, it really
comes down to who they are as an individual when they receive their money.
I mean, let's talk about this real quick and we're we're talking about
financial freedom and financial abundance or creating wealth in a number
of different ways, real estate and so many others. Most of us are programmed in
a very specific way, right? You've got your parents. Your parents had a very
specific way of going about life and talking about financially, they had a
very specific way that they approached their financial lives. Most of us as kids,
we didn't necessarily sit down with their parents and they
didn't necessarily teach us the ins and outs of how they manage their money or
how they spent their money or how they budgeted or didn't budget. Most children
don't go through that type of an education. And because of that, we just
kind of receive through osmosis, through observation and learning that way, what
they do. Oftentimes, that's what we'll do as well. We'll take what we saw, what we've
observed, what we are learning from them and we'll implement it in our own lives
not really even thinking about it. It's just, it's kind of little things we do on
autopilot. So, we get to the situation where we're just implementing the same
things that we've observed and learned. Lottery winners are just like you and I.
They've learned from their past, they've learned from their experiences,
they've learned from their parents. And just because you get a large influx of
money doesn't change your programming. It doesn't change what you learned from the
past. In other words, this would be kind of like, taking a Commodore 64 and trying
to run Adobe Photoshop on it. Now, hopefully you know what a Commodore 64
is because if you don't, go look it up on the internet. It's one of those old, old
computers, right? Those blocks computers. They... You had to type in commands, you had
the floppy disks. If you ever remember those. If you're in my generation, you
might member those, if you're a little younger
you may not. But Commodore 64, I mean , my phone right here which is a lot
smaller than a Commodore 64. My phone has probably a hundred thousand times the
computing power, maybe a million times the computing power as a
Commodore 64, right? So, the problem is we're taking these old systems and we're
trying to run sophisticated programming on it, right? We're taking our old
financial beliefs, our old financial make up and when we, all of a sudden get all
this money , we're trying to run a new program on an old antiquated system.
It just doesn't match, it won't even run, right? If you try to think of Photoshop
and put it on in a Commodore 64, no image will come up. You can't even put the disc
anywhere or download it from the internet because the Commodore 64 didn't
have internet capabilities and it didn't have a cd-rom, right? None of those things
were even part of it. And so, when someone wins the lottery, that doesn't
have the financial aptitude. They haven't been taught financially how to excel in
life, how to create true wealth. They'll take their current programming, they'll
take all of those funds, all that money that they're now getting and they'll do
with it the same as what they did with their paycheck that they got
week-to-week, right? So, whether it's a hundred dollars or a thousand dollars or
a million dollars that you're earning a week, it doesn't really matter. You're
going to act with it based on your current programming, your belief system. What you
learn of how to deal with finances with your parents. So, if you're paid paycheck
to paycheck with a thousand dollars a week.
You're going to be paycheck to paycheck with a hundred thousand dollars a week,
alright? If you're paycheck to paycheck with forty thousand dollars a
year, you'll be paycheck to paycheck if you win the lottery and you know, and
you've got five million dollars in your bank account.
You're still going to act as though your paycheck to paycheck. We see this all the
time and the lottery mentality isn't one that's just had in the lottery. You often
see the lottery mentality in sports, right? Professional sports think about it.
You've got these young kids who grew up and they've worked their
whole life, works really hard in a specific sport. Let's say, basketball or
football or or baseball or whatever that sport may be. And they've worked their
whole lives at that sport really, really hard but oftentimes they come from poor
backgrounds, right? I mean, I came from poor background. I get it, right?
Were often told we can't, we can't afford it. And oftentimes, to our mind we think to
ourselves, "Man, if I never run into money, when I get that, I'm buying my
house, I'm going to get my car, yeah? I'm going to hook my friends up and my buddies
up and get them things that they need. I'm going to buy my mom a house." You know, we
all have that kind of those desires and those wishes and goals. And if you jump
from that mentality all of a sudden to having a whole lot of money to back that
up, what do you do? Well, you do all those things without thought of what it could
mean, without thought of the tax implications, without the thought of how
can I continue to grow this and leave a legacy for my children because it's not
part of your thought process. And so, you see this with oftentimes, these young
individuals who get into these professional sports, all sudden they sign
a contract for twenty-one million dollars over to the next five years or
80 million dollars over the next you know, five or six years and they come
into all this money and they start to fulfill a lot of these dreams which
don't have a whole lot of substance and they have no true backing or ability to
grow them, financially into, to grow their wealth. And they don't even realize that
they'll actually be able to help a whole lot more people down the road and even
in the immediate, if they will take that money and do with it what they don't
even know how to do because they've never been taught. And so, it's this
eternal round, right? In order to really be able to handle those lottery, those
lottery winnings. In order to be able to handle coming into wealth. Whether it's
an inheritance or a lottery or whatever or even beyond a handle, you earning more
money in order to be able to do that, you have to change that programming. You have
to swap out the Commodore 64 for a brand new, upgraded, top-of-the-line computer
that can handle those functions. You have to learn those things, learn how to
manage your money, learn how to grow your money in order to be able to actually do
it once you get there. So, why do lottery people squander their money? Well, if
they're squandering their money and their paycheck to paycheck right now.
Whether they're... like I said, even if they're... but if they're only earning a
few hundred dollars a week. If they're squandering that all and they're living
paycheck to paycheck, they're going to do the same thing until they learn how to
function in that sphere, until they learn how to save
money with a few hundred dollars they're making a week right now. They're not
going to learn all of a sudden to save that money when they come into a whole lot
more of it. So, it's all about who you are, what you've learned and the
principles that you're enacting on a daily basis. If you were to come
into the lottery and you find yourself in that situation ever, my recommendation
for you would be, get a financial mentor as fast as you can. Don't even spend a
dollar. Like, put a put a stop on it, get something in place so that you don't
spend a dollar until you get yourself educated to a point where you can act
responsibly for it. Otherwise, you may find yourself in the exact same position
that everyone else does and by the way, everyone says, "they won't do that", right?
Everyone says, "Man, if I won the lottery tomorrow, I would do so many
amazing things". And a lot of people say that but they haven't put that plan in
place, they haven't gotten properly educated. So, that's really the reason why
people blow through their money who win the lottery is because they don't have
that financial underpinning. They don't have that foundation, they haven't
learned how to handle that, how to... what to do with that money, how to properly
invest it. How to grow it for themselves, how to leave a legacy with that amazing
windfall and so, they they blow it all. Alright friends, if you have other
ideas of why maybe lottery winners blow their money, please share it in the
comments below, subscribe, click on the little bell, ring the bell. We'd love to
hear from you and have a fantastic day. We'll see on the next one.