Earning more is not the answer to your money woes

Saturday Fresh 24/02/2018

Everyone thinks all they need to get their finances on track is a pay rise, a nice big commission, or preferably a lotto win - right? But that’s just not true.

Hannah McQueen from EnableMe joins Carly Flynn on Saturday Fresh.

There’s a reason 70% of American lotto winners end up broke after seven years, Ms McQueen explained. There’s a reason why 70% of wealthy families lose it by the second generation, and 90% by the third.

It’s because more money doesn’t change your relationship with it, it doesn’t teach you how to manage it, grow it, or hustle for it.

15% [of our wages] we spend on stuff that doesn't even make us any happier.

That’s why so many people are earning the most they’ve ever earned, but they still don’t have any more money left over at the end of the month. 

Listen to the full interview with Hannah McQueen above.

Saturday Fresh with Carly Flynn, 10am - 2pm and streaming live on 'rova' channel 9 - available on Android and iPhone.