Yes, it is very easy to imagine those kinds of windfalls, but how realistic is the chance for success? Slim to none doesn’t quite cover the millions to one shot when undertaking such an adventure. Even so, we are often enticed to compete for the bucks – no matter what the chances for winning.
Recently, I received an invitation from Publishers Clearing House to compete for $5,000 per week for the rest of my life. After my demise, my designated offspring may pick-up where I leave off and continue to receive the dollars for the rest of their lives. Now, which of my sixteen grandchildren should I endow with all those dollars? I am aware that someone will have to win that challenge. I have seen with my own eyes the winners announced on television.
I would strongly recommend that it’s a waste of time to take a flyer on such an adventure unless you just like to receive envelopes with “Your Prize Number Is On The Winner Section File,” or “Official Notice of Imminent Winner Selection,” and you just know that you are the one to be selected.
Some time ago, I received a notice that I had almost $2 million awaiting my signature and a check covering mailing for $24.95 was all that was needed. GREAT! No thanks! Why would I expose my checking account along with other information to a source that could then play havoc with my money resources from now until forever?
There are few, if any, legitimate shortcuts to success and financial security. We still have to earn our livelihood the hard way – EARN IT! Investments are certainly a way of succeeding in that search for financial security, but there are no sure bets. If you were fortunate enough to secure gold when it was at thirty dollars an ounce, which a former employee of mine accomplished, then you are no doubt extremely happy with the gold today at around $1700 per ounce and projected to go much higher. My former employee retired some time back – comfortable in the realization he made the right decision for his future. How many do you know that accomplished that feat? Not many, I would assume.
Even the stock market offers a more comfortable opportunity for success even though it can be volatile to extreme at times. If your investing sense told you four months ago that the time is right to drop some cash in the market, you could be showing a net profit of several hundreds of dollars at least. Dow Jones Industrials has shown a strong surge since the beginning of summer and now rests in the mid-range of 13,000 plus. Certainly it will move up or down, but it is still better than guessing when your numbers will come up in the lottery. Just pay close attention, and you should be okay.
Whole Life Insurance is still one of the safest ways, I know, to accumulate wealth over a period of years and not set yourself up for disaster. The earlier you start the policy, the better. An annuity paying dividends will continue to pay-off with regularity and not jeopardize the farm. And, speaking of property, they are not making more terra-firma. An investment in land, a home or farm, is a safe hedge against inflation even though the housing market has not recovered from its downturn a couple of years ago. It will come back, you can be sure of that. There is a limited amount of the stuff to go around. Hang on to the property, and when you are finished with it, pass it on to the kids.
Reverse Mortgages are becoming more popular every day. If you have paid your home investment down to a point where it makes sense to investigate a Reverse Mortgage you will save money, and wear and tear on nerves. A lot of folks in their later years have found this is a wonderful way of maintaining home ownership while skipping the problems involved in the same.
As I mentioned, there is no real shortcut to success and financial security. Hard work, using your brain and powers of reasoning, make up for a lot of enticement from the folks who say, “You may already be a winner.”