Winning The Lottery Is Not A Plan

There is an alarming survey that reports one-third of Canadians are counting on winning the lottery as part of their financial plans. This was confirmed two years later in a BMO study. When you consider that the population in 2014 was approximately 35,000,000, this means that 11,666,666 Canadians want to win the lottery.

There are about 5,100,000 receiving benefits from the Canada Pension Plan and 6,800,000 on Old Age Security. There are 7,300,000 seniors in Canada representing about one-fifth of the population. Just under 10% of Canadians live below the poverty line and this includes 438,000 seniors.

Social support services are wonderful benefits to supplement income, but it should not be relied upon as the sole source of income. This can create a false sense of security when you think the government’s got your back. If you think winning the lottery or receiving an inheritance is going to solve all your problems, here are 24 lottery winners who lost it all and ended up worse off. Why? Because money is energy and it magnifies your financial habits, whether those habits are good or bad. Good money stewards are financially literate. They have the knowledge and discipline to grow wealth. Otherwise, if you don’t know how to invest wisely, most people end up squandering their newfound wealth.

My mentor T. Harv Eker gave this warning about financial advisors: they can only manage finances according to their money blueprint. There are those who look wealthy on the outside and drowning in debt on the inside. You would be surprised at the number of millionaires that live next door.

Here is a Financial Basics handbook created by the Financial Consumer Agency of Canada to get your started. Everyone has a unique learning style. Find the teaching style that works for you.

Remember this proverb? How do you eat an elephant? Answer: One bite at a time. Financial literacy may seem overwhelming at first thought, but everything starts with what you don’t know. Every master was once a disaster. Make learning a lifelong journey of discovery and delight.