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Episode Info: “If only I had more money...then everything would be better!” How many of us have heard/said this before? I think the vast majority of us probably have. It’s natural to assume that having more money would improve our lives. It can, but doesn’t always. Lottery Winner Stats: Nearly ⅓ will declare bankruptcy-CFP Board 44% have spent all the winnings w/in 5 years 90% chance that new family wealth will be gone w/in three generations A couple of lottery winners stories: Jack Whittaker Jack Whittaker was already a millionaire when he won a $315 million in a lottery in West Virginia in 2002. The then-55-year-old West Virginia construction company president claimed he went broke about four years later and lost a daughter and a granddaughter to drug overdoses, which he blamed on the curse of the Powerball win. Whittaker was also robbed of $545,000 sitting in his car while he was at a strip club eight months after winning the lottery. Abraham Shakespeare Abraham Shakespeare was murdered in 2009 after he won a $30 million lotto jackpot. The 47-year-old Florida man was shot twice in the chest and then buried under a slab of concrete in a backyard, ABC News reported. His brother, Robert Brown, told the BBC that Shakespeare always said he regretted winning the lottery. Behaving Badly Why all these bad results? A lot of it can be chalked up to bad behaviors with money… It’s our behaviors that usually determine how things will turn out. If we have the correct behaviors our results will be good. If not, then the results will be less than optimal (a nice way of saying bad). Our natural inclination is to assume that those with money are “living the dream” and make sure everyone knows it. The reality is that many people who have achieved success in life would never be pegged as super-successful. Research To The Rescue Thomas J. Stanley and William Danko, released “The Millionaire next Door” on the world back in 1996. The research showed success wasn’t because of being born with a silver spoon in their mouth, etc., it was because of specific behaviors, namely hard work, frugality and diligence in saving and planning. The Millionaire Next Door The Millionaire Mind Since the release of the books, much more work has been done in the world of “behavioral finance” and the knowledge of how people relate to money (and as a result interact with it) has increased dramatically. The Keys Six Key behaviors that help determine our ability to be successful w
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