I read with amazement a story in my local newspaper this morning. It concerned a couple in their early 30's from Perth, Western Australia who won AUD $793,151.87.

Their lotto dream was realized just two years ago. Lucky people huh?

OK. Nothing too amazing about that - so far. Reading on I was shocked to learn that this story is news now because, despite their massive windfall, this couple had never stopped claiming social security benefits. Greedy huh?

That welfare money is meant to be available to disadvantaged people who are in financial difficulty. Essentially it is "survival" money.

But the story gets worse, much worse...

This couple spent ALL that money in just seven weeks! Gone. Vanished. Seven weeks! It hardly seems possible. So, what does that tell you?

The first thing that struck me was how utterly irresponsible this pair was. How do you spend $113,307.41 each week for seven weeks? I have great difficulty comprehending that.

What if this pair had spent just the $93,151.87 having "fun" and put the $700,000 into an interest bearing term deposit for three months at 6.00% interest while they got some decent financial advice? At the end of the three months they would have accumulated another $10,500 to play with (less tax, of course).

So many stories abound like this - people with no financial skills suddenly find themselves in possession of a large inheritance or a lottery win and zap! Just like these two, it is gone. How would you have handled it?

For anybody wanting to learn basic financial skills "The Richest Man in Babylon" by George S Clason is a great start. Had these people bothered to read such a book then they would still have a significant chunk of that money left. Maybe they would have even more. As it is they have nothing to show for it and there is a strong possibility of either gaol or massive fines for defrauding the Government.

It pays to educate yourself.

This article comes with reprint rights providing no changes are made and the resource box below accompanies it.

Gary Simpson

Gary Simpson lives in Perth, Western Australia.

His passions are writing (of course), reading, karate, body building, investment and growing tropical palms.

His website is devoted to helping people achieve greater success and self esteem through personal development.

Gary is a regular contributor to numerous magazines and newspapers. His articles and short stories appear in many forums. Thanks to the wonders of the internet, they are now being shared worldwide.

He has written eight books:

LARGE VOLUMES:

- "Journey,Life and Destiny" - personal development (2 vols)

- "How to Save $1000's and Increase Your Personal Net Wealth"

- "Brain Training - Affirmations to Strengthen Mind and Body"

- "Strike Back 1" - Self Defence Instruction Manual

- "Strike Back 2" - Self Defence Instruction Manual

SHORT VOLUMES:

- "The Power of Choice" (FREE e-book) - a popular story about a man looking back on his achievements from the hereafter. It is a poignant story that has received accolades from all over the world - from Iceland to Canada to Great Britain to Morocco to New Zealand to the Czech Republic to the USA - and dozens of countries in between.

The Power of Choice is a free resource and can be downloaded directly from Gary's website.

- "Using Motivation and Self Esteem to Excel in Everything You Do" (FREE e-book) - valuable resource to introduce newcomers to the wonders of personal development. This book is available on request. You can secure your copy by leaving your name and email address (no "hotmail" addresses accepted) at his Motivation & Self Esteem for Success website.

Gary's unique approach has been shaped by his 35 year pursuit of karate and his 15 year study of the principles of motivation. He has two personal mottos. These are:

"Excellence of Execution."

and

"Imagination is Infinite."

You can learn a great deal about all matters regarding motivation and self esteem at his website. You will find articles, interviews with achievers, motivational messages and other material. You can even opt to receive free material by visiting the "zenspiration" page.

The Motivation and Self Esteem for Success website was constructed by Linda Caroll who Gary has called the "Kyoshi of Website Design" (In karate terminology Kyoshi means "Polished Master"). Visit Gary's website to see for yourself.