Why Did Almost 2,000 Lottery Winners Go Bankrupt?
A recent study of 35,000 past lottery winners in Florida uncovered a profound statistic: More than 1,900 of those winners were bankrupt within five years.
I know you’re thinking that would never happen to you—and you’re probably right. Nevertheless, whether you’re a dentist or a team member, it’s a common fantasy to think that an increase in income would make most of your worries disappear. I know from extensive experience that it usually doesn’t.
Over the years, my team and I helped countless practices achieve increases of 30-60 percent over a relatively short time. And you know what they did with most of that economic growth? They spent it. It became absorbed into their lifestyle. The increase didn’t relieve their stress; it just had them running in a more expensive hamster wheel.
That’s something to think about when you’re creating a vision. It’s important for every practice (and every person) to have a plan that integrates growth, and re-sets the context as you improve, so you are prepared to deal with success at each level.
