Have you ever wondered why pro athletes, lottery winners, and those who receive large inheritances have often become penniless after a few years with nothing to show for the millions they received? Most of these individuals did not have good money habits or skills; instead, they only knew how to mismanage money. One of the biggest differences between financial success and financial failure is having the knowledge of how to manage money. That is why rich people manage their money well while poor people mismanage their money.

A study by the Center for Retirement Research at Boston College found that households in which someone thought "a lot" about retirement had twice as much wealth heading into retirement as households in which there was little or no planning.

Similarly, research for "The Millionaire Next Door" by Richard Tyson, revealed that more high-wealth accumulators say they spend "a lot" of time planning their financial future, and place the management of their assets before other activities. In this case, "a lot" means 8.4 hours per month, or just about two hours a week.