Winning the Lottery - Financial Peace or Pain?
Posted on April 02, 2012 by Lynn Telford-Sahl, One of Thousands of Money and Finance Coaches on Noomii.
If I just WIN the lottery, then all my financial problems (and all others too) will be solved. But the reality is far different for most winners!!
Imagine it – you’ve just won the Super Lottery. Your share is one third of 640 Million dollars! Whoo-Hoo!! The question is will this win bring you financial peace or pain?
Unfortunately for too many it’s pain. For most people who win the lottery are broke or bankrupt within 5 years. That’s because winning and financial wisdom don’t necessarily go hand in hand.
I was making a deposit at the ATM Thursday March 29th and there was a big line of people buying tickets for the lottery. A few years ago I might have been in line also. But since I’ve been trained as a Money Coach the “money fool within” is less likely to take charge and imagine I’ll beat the 175 million to 1 odds of winning.
Yet, of course, people do win the lottery. I say good for them, IF they can quickly learn how to manage their instant wealth. Unfortunately, that doesn’t often happen. In fact “*…70% of all lottery winners squander away their winnings…” in less than 5 years. This is the same problem that NFL players are notorious for having. Most are broke a few years after leaving professional football.
Why is that? The simple explanation is that when someone’s networth takes a radical leap upward their self-worth doesn’t necessarily change as well. We all have a financial comfort zone we operate within. Too many people will get rid of new money in an unconscious way to stay in their old financial comfort zone. What I want for new lottery winners is for them to educate themselves immediately about what’s happened to other winners so they can avoid the heart-ache of financial destruction. The key to financial peace whether you’re a lottery winner or not, is to learn about your relationship with money, your money strengths and weaknesses and the hidden pieces that create money problems so that you can make the best financial choices. (*Read referenced article here: http://tinyurl.com/88zfryt)
To start educating yourself read Money Magic by Deborah Price or The Secret Language of Money by David Krueger.Lynn Telford-Sahl, M.A. Psychology, Certified Money Coach, helps women in business achieve their dreams by getting their money house in order. Lynn has been coaching, speaking & conducting workshops for 8 years and has a 20+ year background in counseling. Lynn is also the author of two books: Intentional JOY: How to Turn Stress, Fear & Addiction into Freedom & The Greatest Change of All. Both books are available online at www.coachingmodesto.com. As an experienced money coach for women in business, Lynn offers a FREE 15 Minute phone consult for any Money Challenge you are experiencing. (209) 492-8745 orlynntelfordsahl@gmail.com
