He told Tribalfootball.com: "It is a big gulf between the Premier League players and the Championship. You need a bit of luck along the way. You need momentum if you can get a few results back-to-back.
"I think when I look at the promoted teams, none of them have been able to get two or three wins. That gives you that belief, that momentum and confidence to say, 'right, yeah, we belong here'.
"You're always maybe taking one step forward and two back because the results don't quite happen for you. So it is the finances certainly do play a part, but it is always, I always feel, and when we were promoted at Leicester twice, if you can get through the first year, it gives you that extra opportunity.
"The second year to maybe stay up for the third, fourth and fifth year because you get used to it, you've got the extra money, you feel that you belong there.
"And I get sometimes people talk about the second season syndrome, that's not always the easiest, but certainly if you can get through the first season, it gives you maybe that extra belief that you do actually belong there, as a club, as a manager, but as a player as well."
Simon Grayson was talking to Tribalfootball.com on behalf of Sevenjackpots.com