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Small Vices and Big Dreams
Written by Steve | Published: |
There is a song by Zach Bryan where one line of his lyrics says: “Where small vices kill your big dreams”
I don’t watch TV and see commercials very often but I can’t help but see the ads while I’m at the gym. Yesterday, with the SuperBowl upon us within an hour workout I saw over a dozen ads related to sports betting.
In fact, sports betting is projected to grow to almost $300 Billion by the year 2030. I’m not here to get on a soap box and share my comments on the morality of sports betting but I do want to comment on the mentality of most of those that are placing these bets.
Most of those that gamble in any form are looking to earn a lot from a little. They are looking for the easiest path and this goes along with the human condition. However, they are lured in by giant claims and left with very little to show for it.
The weird thing is, with the human brain it thinks it will be different next time, even though the empirical evidence is astounding that the odds are against you.
So how does this mentality affect you becoming a wealthy person?
It trains your brain to think that the only way you can get good returns is to risk your money.
And that is simply not true.
One of my hardest tasks that I have is to show my clients that you can actually create more cash flow with much less risk.
Sadly, most will continue to spin the wheels of Wall St. and hope to land on ‘red’. And you might win some, and I hope you do. But for most, their wealth will be at the whims of a machine built with the odds against your favor.
I don’t think you are a gambler, but this is a gentle reminder to not let market risks be one of your small vices that steal away your big dreams! 🙂