Profile of 8 Lottery winners who have LOST THEIR MILLIONS
 

Here's an interesting article about people who've come across millions only to lose it. By sharing their stories, we get some perspective and learn some key lessons: http://articles.moneycentral.msn.com...rMillions.aspx

Excerpt:

"Bradley, who authored "Sudden Money: Managing a Financial Windfall," says winners get into trouble because they fail to address the emotional connection to the windfall.

"There are two sides to money. The interior side is the psychology of money and the family relationship to money. The exterior side is the tax codes, the money allocation, etc."

"The goal is to integrate the two. People who can't integrate their interior relationship with money appropriately are more likely to crash and burn," says Bradley."

The bookend to this article is:http://www.success.com/articles/1591..._a_millionaire

7 Traits Millionaires Have in Common

1. Millionaires rise early, show up, and keep their promises. Hard work doesn’t scare them.
2. Millionaires invest time in motivational activities and personal development.
3. Millionaires keep a regular routine — one they know keeps on their “best game.”
4. Millionaires keep their heads and hearts point toward their destiny.
5. Millionaires see opportunity, not obstacles.
6. Millionaires know how to say “no,” to a negative influence.
7. Millionaires are people other folks want to do business with, or they could never have become millionaires.

Whoever wrote #1 is an idiot. Millionaires are most definitely afraid of true hard work. To them, hard work is trying to decide which interior decorator to use or which PAC to give their money to. Nearly all self help advice is bullshit. All this "Don't worry, be happy" crap is just that.

You maybe know people born with money. People who make it themselves are a lot more down to earth.

There is a huge difference between self-made millionaires (who are usually the type that work smarter, not necessarily harder) and those who become millionaire due to a lotto win. The latter group usually doesn't know how to manage that kind of money thus a good portion of them end up broke eventually.

I think the actual solution is simple rather than throwing a lot of phsychobabble about "integrating interior and exterior phycology" etc. A true millionaire would take that large cash win and invest it so as to preserve it and grow it. You live off the avails of what the principle earns, you do NOT reduce the principle by going on idiotic spending sprees and squandering it by giving people gifts, most of whom aren't your real friend nor do they appreciate your kindness but just think you should have given them more.

Win millions --- invest it. Use the interest to buy stuff but always put a little of it back into the investment to grow the principle (so that you make larger amounts of interest every year). There are so many great investment strategies out there that with some wise moves there's no reason to end up broke like some of these lotto winners do.

I would say there is 2 categories of millionaires. Those who worked hard for it and those who didn't (heritage, lottery, luck, etc.). This article depicts the 1st category of millionaires. They might be afraid of hard work now that they have lots of money in the bank, but they once worked very hard and I respect that :)

Interesting.

that's a pretty cool read thx $5

no use arguing with this guy, he doesn't know a true millionaire if it slapped him in the face, hell he has to jew the electric company because he couldnt afford to pay for his $20 electric bill :2 cents:

Being born into money or not has no relevance, or even coming from a middle-class family (if that even really exists anymore).

If you win the lotto or whatever that makes you a shit load of money, if you go broke you are an utter fucking moron. Barring total economic collapse of course... :2 cents:

1. Believe in God
2. Believe in yourself
3. Work hard
4. Give generously to charity

Good point.

cool read, thanks!

some interesting stories there