There are numerous stories told about some individuals saving their money for 10, 15, and 20 years losing it in some grand scheme perpetuated by some unscrupulous person, or even some well meaning individual. They will risk their life savings and work on a promise to multiply investments to a point that guarantees wealth. Never invest in a highly suspect venture, or with an individual or institution with no track record of being successful in that area. When in doubt, seek professional advice from those with the proper credentials.
Obviously, this strategy dictates that you should insure your assets. More small fortunes are lost from people putting money in unsound investments that promise "chance of a lifetime returns." That's because human nature contains a little greed, and it's easy for someone to convince us that he can take our $10,000 and turn it into 10 times, or 15 times, what it is worth.
If you are not careful, your savings can be lost. Not only will you not benefit from the interest or income from your principal, but once guided by greed, it's a strong possibility that the principal will be lost too, and you'll have to start over with few or no working years remaining.
Once your assets are lost, starting over can be traumatic and extremely painful, not to mention the economic and physical difficulties.
Share your wealth and knowledge to help others that are in need. There are those who are hungry, sick, or just need a helping hand. This is important because the schools, hospitals, and various institutions that are designed to help people never have enough money. It is our responsibility to pay into those reputable institutions. From the churches to the hospitals, there are numerous institutions and individuals that need our help.
By Alfred Herron
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