In today’s episode, Karen asks the question: Is buying a lottery ticket the fastest way to becoming a millionaire or is there a better way?
Many people aspire to become a millionaire, but not many people are pushing themselves hard enough to reach that particular status. In a world where being a billionaire is now the new target for the rich, becoming a millionaire is a real possibility for many average people, and it mostly comes down to understanding money management, sensible thinking and occasional calculated risks.
These have been exciting times for people who dream of becoming millionaires. The Powerball and Mega Millions lotteries, after all, have recently seen their jackpots surge into the hundreds of millions of dollars.
Lots of Americans see the lottery as a reasonable way to try to become rich, but they’re deluding themselves: It’s not likely to happen by chance.
All of us could become millionaires, though, if you just try a different approach. And investing in yourself and your own future.
We have become and have been a society of consumption, so what that means is if we make a dollar typically we spend a 1.25 and if we get an influx or an increase in cash we spend it instead of continuing to live within our means and put money away for the future.
Making your first million starts with your understanding of money and your emotional disconnect with regards to it.
You must learn to let go of greed, fear and the poverty consciousness of losing money, but you must also understand how money works in general.
You must understand 3 fundamentals around money itself: the simple notion of supply and demand and how one impacts the other or correlates with the all markets across the board, meaning money markets, real estate markets, and consumers
How the credit markets work and their importance on the economy, and consumer spending and behaviors
Finally, that residual income and compound interest earning methods must be followed in order to make money beyond your capacity of working. What that means is; your money has to work for your instead of you working for your money.
It is very important to gain understanding of all these things because, without that simple understanding everything you read and hear online seems like a “one-off” miracle.
You don’t have to become an expert. But you do have to be willing to engage in the game of money and learning the basics.
Let’s first review just how unlikely it is that you’ll ever win one of these big jackpots. The odds of winning the Mega Millions jackpot are one in 259 million, while they’re about one in 292 million for Powerball.
So you can See? Even though, yes, some people do win these jackpots, it’s really, really, unlikely to be you (or anyone else). That’s exactly how these jackpots got so big in the first place, nobody one for several weekly drawings.
I must admit the fantasy of being that one winner is almost worth the small price of admission. I just wouldn’t bet my life savings on it. But psychologically if you want to dream big for a moment for a couple of dollars, that’s probably pretty cheap therapy. Just remember it’s like a sugar crash or burn out , that the thrill is gone when you don’t win.
So maybe let’s look at some alternatives ways that are more tried and true to becoming a millionaire. Listen to this episode to find out! This episode will be filled with value on how you can create simple actions that lead to happiness in a relationship.
I would appreciate if you found value in today’s show to share it with someone and leave a review on itunes and head over to the realwealthwhisperer.com and leave a comment in the comments section for this episode
If you haven’t already please remember this show is a fanarchy which means your questions are what drives this show, so keep’em coming and record your live question at the realwealthwhisperer.com just hit the record button and follow the script, it’s that easy
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