Why Most Rappers, Pro Athletes & Lottery Winners Go Broke ASAP!
Wanna know why most rappers🎤, pro-athletes⛹️♂️, and lottery winners💸 go broke ASAP?
Let me tell you the main reason right now!
It's due to lack of financial IQ!
What do I mean?
Your level of income will always try to match your level of financial IQ.
And one of my favourite speakers of all time, Jim Rohn once said;
‘If your income grows but your mind don't grow, your income will soon be back to the level of your mental growth'.
(It might not be today, but soon down the line)
And that’s what happens with most of these rappers, pro-athletes & lottery winners i.e.,
Their level of income grows drastically but their minds remains constant.
Thus, they fail to handle that sudden rise in income.
So what do they do?
In most cases, they'll try to live an extravagant lifestyle – because their minds confuses the concept of ‘looking rich' vs ‘being truly wealthy'.
So they buy all those depreciating assets like fancy cars🚘, jewellery📿, designer clothes🧥, etc. – in order to look cool on social media.
But in reality, they wont be truly wealthy – because they wont have any long term investments like stocks & real estate – which helps to generate long term passive residual income.
But the main problem comes after retirement, or when their main source of income has dried up.
That's when most of them starts going broke.
And in most cases, they'll start selling all the ‘flashy items' which they bought when they were still up – whilst trying to figure out how to get another source of income.
And in no time, all those items will be gone – leaving them with little or nothing to show up for all the money that they previously had.
And before they know it, they'll be bankruptcy i.e. going back to square zero.
And it's sad to see how the lives of these people turn into a major turmoil i.e. within a short space of time.
And most of them will start regretting their past choices – but unfortunately, it’ll be too late at this point.
And it might be difficult to get another huge money making opportunity like that again, so they'll just be stuck with their own regrets.
But the thing is, it's important to work on your mental game – and also, your financial literacy skills.
So that if a big money making opportunity comes your way, you'll know how to handle that money.
Because if you don't, you'll repeat the same mistakes which most of these people makes, and you'll be the next tragic story of ‘rich to broke overnight’....✍
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