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33% of millionaires have never earned more than $100,000/year
70% of lottery winners are broke again within 7 years
Why does this happen? Education.
The millionaire making $100,000 per year understood how to save and grow their money. At a certain point their money makes more than they do, and they can retire.
The person who won the lottery likely did not have any financial education, evidenced by the fact that they purchased the lottery ticket in the first place.
Sure they won millions of dollars but do you know how quickly millions can be spent? Especially with luxury items like large homes, foreign cars, and jewelry.
The lottery winner never put their money in an asset that would continue to grow because they just don’t know they should.
They would have been set for life if they had taken just a fraction of that money and invested it properly.
The millionaire making $100,000 per year understands that it’s not about how much you make but how much you keep and how you get your money working for you.
Related: Why Should You Start Investing for Retirement in Your 20s?