Poverty and Gambling Linked Together in New Study

I was talking with a buddy of mine who owned a landscaping business about the Rich Habits and the Poverty Habits and mentioned to him that my study showed that poor people played the lottery more than rich people. He became very animated and told me how he pays his employees at the end of the week, every Friday, and then watches as they run to the convenience store to buy lottery tickets. “I’ve seen them cough up as much as 20% of the money I just gave them for lottery tickets.” He was dumbfounded by it. I asked him if he ever confronted them about this Poverty Habit and he confessed that he hadn’t. I explained to my friend that most poor people learn these Poverty Habits from their parents and their environment and that it is important to shine a light on a Poverty Habit when we see someone engaged in it. I told him he was not just an employer but a mentor to his employees and he promised to share the following stats with them:

  • 77% of the poor in my study regularly played the lottery while only 6% of the wealthy engaged in this activity.
  • 52% of the poor gambled on sports at least once a week vs. 16% for the wealthy.

I am often told by T.V. and radio hosts that breaking an old habit is hard to do. They’re right. Old habits are hard to break. But you don’t have to break any old habits. All you need to do is add a new Rich Habit. Rich Habits are trigger habits. They trigger the change of other conflicting habits. For example, drinking too much beer is a Poverty Habit. So is over eating and not exercising. Suppose you decide you want to lose weight and add the Rich Habit of exercising aerobically every day for 20-30 minutes as well as eating right and reducing the number of calories you consume every day?  In a few weeks people begin to see the weight loss and compliment you. This makes you feel good and affects your thinking. You begin to think about your excessive beer drinking Poverty Habit. The Rich Habits of aerobic exercise and healthy eating is competing with your beer drinking Poverty Habit and eventually you will reduce your consumption of beer. Adding just one Rich Habit acts as a trigger mechanism that affects your Poverty Habits. It’s a domino affect. Adding one Rich Habit knocks down other Poverty Habits.

So how do you eliminate the gambling Poverty Habit? You add the Living Below Your Means Rich Habit. You begin to save 10% of your net income every pay period and live off the remaining 90%. Since you can’t do both at the same time – gamble and save – one of the habits has to go.

The key to getting on the right track in life is not focusing on eliminating your old Poverty Habits but, instead, to focus on adding one or more Rich Habits. It may only take one Rich Habit to trigger the elimination of numerous Poverty Habits. Habits that have been holding you back your entire life.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
Phone Number: 732-382-3800 Ext. 103.
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