I recently had one of those rare heart to heart talks with my 19 year old son who had started attending the Star City Casino with friends on a regular basis. (Just when you think you have covered sex, drugs, rock and roll they think of the vice you have forgotten!) He came home a few months ago telling me proudly how he had won $300 on the pokies. Now, I am the daughter of an SP bookie. I KNOW who makes money from gambling. So I smiled quietly to myself. It took him a couple of months but at our heart to heart he said "Mum, I've decided to stop gambling. I realised I was losing significant amounts of money from my pay packet and have seen what the same amount of money does when you save it - he's pushing $12k after 3 yrs.
The "miracle of compound interest" is slow to start but really kicks in after about 3 yrs. It's just so boring. In the end, I think it is just about "getting out there and doing it". If you can tart it up with renos and be in the right place at the right time and have the economic cycle go your way or see some patterns emerging etc. that's great but whatever your thing is there is still just the underlying dogged determination to follow your plan religiously despite the threat of doom and gloom, of crash and boom, frustration, disillusionment and derision. Along the way you learn from experience "when to hold them and when to fold them" but at least you have held the cards in the first place and been in control of your own life.
The "miracle of compound interest" is slow to start but really kicks in after about 3 yrs. It's just so boring. In the end, I think it is just about "getting out there and doing it". If you can tart it up with renos and be in the right place at the right time and have the economic cycle go your way or see some patterns emerging etc. that's great but whatever your thing is there is still just the underlying dogged determination to follow your plan religiously despite the threat of doom and gloom, of crash and boom, frustration, disillusionment and derision. Along the way you learn from experience "when to hold them and when to fold them" but at least you have held the cards in the first place and been in control of your own life.
