Most people link money and trust by considering both as something valuable. And the funny thing is, most wouldn't trust somebody with their money! Other than both being things most people value, what do money and trust have in common?.........
Both (money and trust) take years to earn and only seconds to lose! Since this is a financial blog, I won’t focus on the trust part right now. So here are some things to think about to ensure you don’t lose your money in seconds:
1. GAMBLING - Don’t risk your hard-earned money by gambling. Remember, “Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.” – Proverbs 21:5. There is a reason why Vegas has beautiful buildings. It isn't because people win at gambling. Don’t help Vegas grow through your gambling. Just donate the money if you are feeling charitable!
2. INVESTING - Take your time. Research your options. Don’t turn investing into gambling by tossing your money into risky ventures. It took years of sweat and tears to earn your money, don’t throw it away in seconds by speculating. Anybody heard of Madoff? Enron? Enough said!
3. INSURANCE - This can apply in a couple different ways. One is to ensure your life savings isn't lost in disaster. Make sure you are adequately protected against loss from car accidents, home fires, disability, death, etc. Any of these events can cause your life savings to plummet faster than the stock market during the Great Depression! On the other hand, don’t over-insure and go broke in the process. Insurance doesn't exist to make beneficiaries rich. It exists to protect them. Use insurance to protect yourself and your beneficiaries. But don’t blow your budget doing so.
Remember, it takes years to make it and only seconds to lose it. Handle with care!
Can you think of any other ways you can lose your money in seconds? Please help others and leave a comment.