What is Lottery Mentality?

At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.

Do you find yourself wishing for money? Not planning? You might have a lottery mentality.

Here are five ways to identify if you are currently suffering from a lottery mentality.

What is lottery mentality?

One of the things we see a lot of is people finding that they never have any money. But they don’t change what they’re doing and they have it in their mind that something big is gonna happen in the future.

Like a big pile of money will magically arrive somehow. Or an uncle with a castle from Scotland is going to save me and I am therefore gonna continue doing what I’m doing and always have done, because something’s gonna happen and it’s gonna save me.

That is a lottery mentality.

You find yourself drawn to get rich quick schemes

The act of gambling is a get rich quick scheme if you do it to a point where you think that’s the thing that’s gonna save you. I mean the lottery is gambling. So lotto is a classic example. Why don’t you add up all of the money you’ve spent on lotto over the years, how much do you think that is versus how much that you’ve got back? You are very unlikely to win. However a little on lotto is okay. I prefer to put that money into something like Shareses, and it grows incredibly.

If you find yourself drawn to get rich quick schemes, perhaps you might be suffering from a little bit of lottery syndrome.

You don’t want to develop financial discipline

Do you find yourself wanting to develop financial discipline?

Because if you don’t, same as what I said before, you’re just rolling along like you always have, thinking something’s gonna change, so you’ve actually gotta do the work. Just get an understanding of how much money comes in on payday and how much money goes out with your bills, and if there’s any leftover and the goal is to get more left over. Understanding money coming in, understanding money going out, maybe changing the money going out so there’s more left over. It’s gonna mean missing out. It’s financial discipline and it’s a hundred percent necessary to get ahead. And if you don’t do any of that, maybe you are waiting, like someone with a lottery mentality would be.

Not Investing in yourself

Invest in yourself. If you’re doing the same old, same old, waiting for that magical thing to happen – that’s classic lottery mentality. If you are taking charge and saying, I’m gonna be better at this and I’m gonna be better at that, and because of that I’m gonna earn more money and because of that I’m gonna have a bigger surplus, et cetera, et cetera.

You get it? If you are not working on yourself, you are waiting to be saved.

You need to practice gratitude

Finally, I want you to practice gratitude or have a look at your life. Are you practicing gratitude?

Because if you are not, you should. It is the ultimate motivator to look around and be thankful for what you’ve got, and then you sort of realise how you got there. You know, the people in your life, the opportunities that you’ve been given the job that you do, the people that you work with.

If you can practice gratitude, I’m happy with what I’ve got. And you know what? If I want more, I’m gonna do something about it. It comes down to that, the “doing” something about it, which means that you’re not just sitting back waiting to be saved.

That’s a wrap

So what do you think? Has this helped?

If you need any financial help or advice please get in touch with us at Super-Advice.

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