From Rags to Riches to...Broke? The Surprising Impact of Self-Sabotage on Wealth-Building | INVESTEDMOM
While the thought of winning the lottery may seem like a financial dream come true, the reality is that it can quickly turn into a financial nightmare. Imagine going from rags to riches overnight, with more money than you ever dreamed of. You could finally buy that dream car, take that dream vacation, or even quit your day job. But with great wealth comes great responsibility, and many lottery winners find themselves facing more financial challenges than they ever could have imagined.
The National Endowment for Financial Education found that a whopping 70% of lottery winners end up broke within a few years. That's a staggering statistic that highlights the impact of self-sabotage on wealth-building. The excitement and thrill of sudden wealth can often lead to reckless spending, poor financial planning, and a lack of financial education, all of which can quickly lead to bankruptcy.
But it's not just lottery winners who fall victim to self-sabotage. Anyone can experience it, regardless of their financial situation. Whether it's procrastinating on saving for retirement, making impulse purchases, or not having a financial plan, self-sabotaging behavior can be a major barrier to building wealth.
Related Reading: The psychology behind why you’re broke, and how to fix it
To overcome self-sabotage and build wealth, it's important to practice self-awareness, develop a financial plan, seek out education and guidance, and take action toward your financial goals. By doing so, you can avoid the pitfalls of impulsive spending and poor financial planning, and set yourself up for a brighter financial future.
So, while the idea of winning the lottery may seem like a ticket to paradise, it's important to remember that sudden wealth can bring its own set of challenges. By staying grounded, seeking out guidance, and being financially responsible, you can overcome self-sabotage and build a solid financial foundation for the future.
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Meet the Author:
Inge was born and raised in Cape Town, South Africa, and moved to Canada in 2010 looking for a better life. She always had an entrepreneurial spirit and started her first side hustle when she was 9 years old – selling fudge at school during lunch breaks.
It wasn’t until much later that she realized that saving isn’t enough to get ahead. She was always very interested in real estate, but saving up for a down payment was grueling and slow, and the demands of life kept getting in the way.
She started investing in herself and upgrading her skills while learning how to invest. She quickly became debt free and compounded her money at a staggering rate.
It wasn’t until she became a coach that she realized how significant an impact she can make in people’s lives by sharing her journey, learnings, and processes.
So here she is, advocating for everyone who is invested and wants to build their wealth, especially the mommas!