Recently I read this quote from American economist Paul Samuelson: “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.”
For those of you who have been to Las Vegas, you know what he’s talking about. Being in the casinos is an absolute rush. There are sounds and lights and people and machines spewing out coins – it is quite an amazing set up! Let’s face it – gambling can be very exhilarating for someone who just hit their number!
And one of the reasons why it is so exhilarating is because there is so much risk involved. The odds of you hitting your number are never in your favor in a casino, so when you do, it’s a big win! But when you lose, it can be a big loss. Put ten dollars on red and watch the roulette ball land on black. Ouch. It does not feel good watching your ten dollars get taken away.
So while the thrill of gambling may be entertaining for a weekend with some disposable cash, this is definitely not the way to approach investing for your future. You work hard for your money—creating the assets needed for retirement requires planning and patience. This type of discipline is not part of the gambler’s creed! It’s OK to be boring with your investments. It’s OK that no bells or lights go off when you deposit money into your reserves or pay for training to improve your competence or the competence of your staff. You are investing in your future, not gambling with it.
Private Practice Millionaires know the difference. They see the value of good financial advice and training, such as attending the Private Practice Millionaire Academy.
Are you a Private Practice Millionaire?