9/25/2017

MoneyMatters101.com Home
Information About Financial Health

Accumulating Wealth
A Family Affair
Are You Okay
Bad Decisions
Cash Flows
Co-signing
Co-sign Consequense
Don't Lend To Family
Economic Cycles
Economic Difficulties
Emergency Funds
Financial Health
Gambling
Getting Laid Off
Low Cost Living
Make Good Decisions
Making Changes
Managing Money
Money Managing Tips
Pennies Do Add Up
Read The Fine Print
Reel In Bad Habits
Resurrect Nest Egg
Search For Stability
Secrets To Security
Start Saving Now
Starting A Budget
Stop Blaming Others
Streams Of Income
Surviving A Layoff
Tear Down Barriers
The Middle Class
The Good Ole Days
Why Am I Broke
Your Financial Future

Links

Email Us

Estate Planning
Internet Job Search
Your Credit

MoneyMatters101



 

Gambling

What are the odds of getting rich overnight by gambling away your hard earned money?

Most people have dreams of getting rich, living comfortably, and not having to worry about how they are going to pay their bills, but for most of them, it’s no more than a dream. They get up and go to work every day to earn a modest living. 

After a while, you grow to learn that getting rich is not going to happen overnight unless you win the lottery, and the odds of that happening are slim to none, maybe one in a million or more.

Yet, there are still some who believe that they can get rich quick.  They get involved in every get rich quick scheme that comes along.  They play lottery games, get involved in pyramid schemes, bet on sporting events, frequent casinos, play the horses, and invest in the latest fads in hopes of hitting it big.

Get rich quick schemes are found everywhere you go. They are offered in ways to get you excited, but honestly, they don't usually pay off big.  They are not solid investments and most people who get involved in them end up losing most or all of the money they invest. In other words, all you are doing is gambling.

(1)  Playing the lottery:  Most states have at least one lottery and many have several.  If you play on a regular basis, over time, you will lose a substantial amount of money.  If you play twice a week at $5.00 per game, that adds up to be $40.00 per month and $480.00 per year. Many people play much more than $5.00 per game, especially if there is a mega million dollar payout.

(2)  Betting on sporting events:  Almost every day of the year there is some type of sporting event being played. Betting on baseball, football, soccer, basketball, horse racing, auto racing, boxing, hockey, boating, fishing, hunting, billiards, and other sports is a billion dollar a year industry and many people bet heavily on them in hopes of winning a lot of money.

(3)  Going to casinos:  More and more casinos are sprouting up on around the country and there is probably at least one or more in driving distance from where you live.  They are advertised on television, radio, the internet, and billboards along roads and highways.  They attract everyone from young people to senior citizens and in many areas, casinos offer free transportation to their locations.

(4)  Investing in fads:  Fads come and go and if you are one of the lucky ones who either start the fad or get in at the right time, you can make a nice profit.  But most people get involved when the fad has reached it's peak and is no longer making money.

(5)  Getting involved in pyramid schemes:  Every few years or so, pyramid schemes become popular.  They usually appear when the news of the last pyramid scheme has died down and forgotten.  Pyramid schemes are basically illegal but they attract a lot of people who think they are going to make a lot of money fast.  Usually, the ones on the top of the pyramid make out like a fat rat while the rest come away big losers.

Most people who get rich don’t make their money overnight.  They start their own businesses, get up and go to work every day, set financial goals, and work hard to for their success.

The funny thing is that people who become wealthy appear to do it quickly.  It seems as though they have the midas touch. Everything they touch turns to gold.  It appears that the investments they made, made them very wealthy overnight. 

But that’s not always the case.  What you don’t see is the struggle.  You don’t see the many nights of worry.  You don’t see the time spent trying to figure out how they are going to get the money to pay their bills.  You don’t see the time they spend in bankruptcy court trying to save their businesses, their homes, and their families.   

When looking at rich people, all you see is the nice home they live in now, the nice cars they are driving now, the nice clothes they are wearing now, the nice restaurants they are eating in now, and all the wealthy friends that associate with them now. 

But if you get a chance to ask rich people how long it took them to get where they are right now, and if they are honest with you, they will tell you that they didn’t get rich quick.  They will tell you that it was a long, tedious process that took many years.

In all honesty, some rich people made their money by gambling, but most didn't. Those who got rich by gambling are the lucky few.

Gambling can become an addiction that can ruin you emotionally, financially, and physically. Gambling addiction is especially hard on the elderly. They get hooked on gambling and many end up losing their life's savings, their homes, and their mental stability.

 

Book of the Month

Book about investing

Advertise on MoneyMatters101.com

 

Share


Accessibility Policy| Terms Of Use| Privacy Policy| Advertise with Us| Contact Us

Use of this web site constitutes acceptance of the Terms of Use.

We are looking to create more mutually beneficial partnerships. If you are interested in partnering with MoneyMatters101.com, send us your proposal.

MoneyMatters101.com™

Link to MoneyMatters101.com