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I have heard thousands of times, “if I only had more money I would…” I have said it myself, and over the years have learned that more money can be great, but it all depends on what happens after getting the money that really counts.

You may have heard the statistics of lotto winners who go from earning $20,000 a year to overnight millionaires, only to lose it and be back where they were or farther behind financially within a short period of time.

Here is a great article I saw on the front page of Yahoo recently discussing how Scottie Pippen, Evander Holyfield, and Mike Tyson lost hundreds of millions of dollars and are now broke. As tragic as Michael Jackson’s death was last year, it was a good reminder that regardless of how much one earns, if more money is spent that brought in, the cash flow is negative and is not an effective long term strategy.

Enjoy the article, and remember, the next time you hear yourself say, “if I just had more money,” remember that managing money involves both the successful income and outflow of money.

http://sports.yahoo.com/top/news?slug=ys-investopediamoneyloss031010&prov=yhoo&type=lgns