Now is not the Time to Gamble

What really hurts is when we quickly lose large amounts of money for a stupid reason, that could have been avoided. Like the Gamestop fiasco or like not having resources to handle financial or medical emergencies. People have been obsessed with bitcoin, shorting and trading options, while ignoring the basic fundamentals . Sounds like gambling.

Many Americans have been able to save money and pay off debt since lockdowns. Reducing travel, spending less on entertainment and less eating out have enable some Americans to save money. For those people that have been fortunate enough and able to save hold on to your money. If you are one of those people that have been able to save, then set up an Emergency Fund, hold on to your cash and spend your money wisely. Some common sense, timeless and simple strategies are, avoid all forms of gambling including risking investments in the stock market, find a way to buy health, umbrella and disability insurance, don't keep up with the Jones's, marry the right person, hopefully, not a big spender. I recognize the last two options may be out of your control.

Now that stock market is all over the place and Stimulus Checks are about to be cut, money should be preserved more than ever for that rainy day and spent on necessities. This article as written, clearly explains some bad investments, in a way that sounds like something our grandparents would have followed. Bottom line, if you have money now is not the right time to gamble, in fact, there is a never a right time to gamble with your savings.