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(Precious) Words of Wisdom : "Never spend your money before you have earned it." ~ Thomas Jefferson

Money and Human Psychology - Part 4 of 4

Get-rich-quick syndrome
The main reason for people losing money is the ‘get-rich-quick’ syndrome. If any investment is made with a gambling mentality – doubling money in quick time
the result is normally disastrous. Gambling never made anyone rich. Even if someone was lucky enough to make 'quick' money, it was spent and gone also in 'quick time'.

We have to be realistic about our expectations.

When we plant a seed, we give it time to grow. And when it grows up it gives us lots of fruits. Of course, the seed has to be of good quality.

The same principle holds true for investments too. If we invest in good quality schemes and give them time to grow, we shall reap good and consistent returns in due course of time. Our heads must rule our investment decisions, not our hearts.

We must be patient.
There are very few who would have lost money by being patient. Life is not a T20 cricket match; it’s not even a one day match. It is a test match of good old days...when there was no restriction on no. of days. The matches were played till a result of achieved.

And starting early helps – we benefit from the power of compounding and are not forced to take any undue risks.

Be purposefully greedy
Greed is bad. Mindless acquisition of materialistic wealth does not translate into happiness. There is no end to greed. No one is happy with what he has got. A person always desires for more and more. We may become rich, but the fear of poverty remains.

However, this doesn’t imply that living in poverty and scarcity is good.

It is good to have desires. But remember money is not a panacea. It may buy us all the food, clothing, shelter and luxuries, but not the enjoyment. That comes from our mind.

We must take the middle path. We have to get our priorities right. We have to make a clear distinction between what we ‘want’ and what we really ‘need’. Yes, money is important, quite important in fact. But more important is to have good and genuine desires, which will make their fulfillment purposeful and satisfying; which will give joy and meaning to our money.

An Investment In Knowledge Pays The Best Interest ~ Benjamin Franklin

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