Small Business MBA

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Think your life would be better off if you won the lottery? Think again, most people who win the lottery end up in worse financial shape than before they won the lottery. Don’t think that could ever happen to you? Can’t imagine how someone could blow all that money?

Having a lot of money does not mean that you suddenly know how to manage it, just look at all the couples making over $100,000 per year and are broke at the end of every month. Proper money management starts with the first dollar you make and if you do not have that fiscal responsibility it doesn’t matter how much you make you will always be broke.

You can win the financial lottery the very second you make the decision to take control over your finances. It absolutely doesn’t matter how much you are earning, you can start to build your wealth right now by doing a few simple things.

• Decide to become financially responsible – this is actually the hardest part
• Create a proper budget for your income – suck it up and go see a financial planner
• Pay off debt as quickly as you can – consumer debt is wealth cancer
• Educate yourself on the truth about money – stop listening to myths and urban legends
• Stick to your plan – those unexpected bills will still happen but stay the course

Do this for a minimum of two years and not only will you have more money than you’ve ever had before but the best part is you won’t be able to go back to your free spending ways. After two years your mind will have changed your buying habits and you will start developing a wealth seeking mindset.

Callie Rogers won £1.9 million (about $3 million at the time) in a UK lottery.

The ecstatic 16-year-old spent her winnings on vacations, homes, shopping, friends, and even a couple of breast improvements. Six years later, Rogers is a 22-year-old single mother of two. She now works as a maid to sustain herself and her family. She is paying off debt induced by her spending.

[Source: Business Pundit]

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