The 7 Remedies for an Empty Pocket – #4

4th Remedy: Guard Your Fattened Pockets From Loss

When your pockets begin to fatten, you will be tempted to invest in opportunities through which you may think you can make large sums of money. Often your family and friends will be eagerly entering these investments, and they will urge you to also do so.

The first sound principle of investment is security of the money from your pocket. It’s unwise to be intrigued by larger earnings when the money from your pocket may be lost. Before parting with your money, study all the assurances that your money will be safely returned to your pocket. Don’t be misled by your romantic desires for quick wealth.

Before you loan the money from your pocket to a person, assure yourself of the person’s ability and reputation to repay.

Before you invest the money from your pocket in any business/investment, understand the risks that may prevent your money from safely returning to your pocket. If you are inexperienced at business/investment, don’t trust your own wisdom in assessing the risks. Consult with someone who has experience in investing for profit.

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