By Michelle Durham
PHILADELPHIA (CBS) – As the lottery craze hits a fevered pitch and folks are standing in long lines to get their coveted MegaMillions tickets, one financial expert who works with the wealthy offers advice on how his clients got so rich.
“Wealth is really about having the amount of resources that are proportionate to your needs,” Grant Rawdin, President & CEO Wescott Financial Advisory Group, said. “So it doesn’t mean that you need to have millions of dollars. You have to have the amount of money sufficient to supplement your income today and in retirement.”
And the path to wealth is not paved in lottery tickets.
“Buying lottery tickets is really a pipe dream because the odds are so far against you,” Rawdin recommends an employer funded pension plan, 401 K or 403-B. So how do wealthy folks get so rich?
“Entrepreneurs get rich because they take risks. Successful investors similarly allow that risk to compound their money over time.”
He says it all begins by paying yourself first.