The Hummingbird Blog

A Series of Insights Into Savings, Personal Finance and Behavioural Science

Part 4 - Saving Rather Than Gambling

As mentioned earlier, the biggest appeal of gambling is the possibility of striking it rich overnight. After all, the thought of making “easy” money is almost too hard to resist. But as we have also mentioned, there are no guarantees. As such, there is no way of telling how long you have to wait in order to hit it big. In fact, you may never hit the big one. This implies that gamblers spend their whole lives waiting for something to, which quite frankly, in highly unlikely to happen.

This is why saving is a sure thing, especially when compared to gambling. Saving requires patience.

Saving is not the most attractive way to build wealth. However, this is a sure-fire, winning formula.

Consequently, saving is a long-term approach the represents sacrifices in the short-term.  As a matter of fact, long-term saving represents an opportunity to take control of one’s financial future without having to make considerable sacrifices. All it requires is redirecting some funds from playing the lottery into your saving account.

Thus, a shift in mindset would go a long way from relying on the possibility of winning the lottery, or any other game as a means of building wealth. Ultimately, this shift in mindset begins with getting a grip on any gambling addictions.

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