A Fool and Their Money are Soon Parted
I once knew someone who came into significant money while quite young. I believe it destroyed his life.
The world of lottery winners is replete with tales of lives turned into chaos, ruined by receiving the tool without the training.
It is like giving a Lamborghini to a 10 year old. They will be thrilled and excited. And they will probably hurt or kill themselves and others.
Managing wealth is a skill. Most people think money is simply for spending on things. Not so.
Money is a tool used to achieve other ends. To provide you with food, shelter, and security. To buy your freedom perhaps.
You must learn at least the fundamentals of investing. It is due to our own ignorance that most of us allows banks to borrow our money and lend it back to us at higher rates. A few lessons in the fundamentals of dividend investing would allow people to get higher returns without significantly higher risk. It’s really quite easy these days.
With money, as with a great many things in life, it is best to choose the slow path. Be patient. Learn the lessons.
Enjoy the process.