A retired financial consultant publishes a weekly advice column. I condensed a portion of his Monday Morning Message for publication here below. See what you think.
* * *
The casino sign at the entrance read: We Need Winners!
Truth is they need 35 losers for every winner. So what do you think they really need?
One of my favorite clients was my ENT doctor. A world traveler, he was born in Austria, educated in Hong Kong, and lived for many years in Europe before starting a practice in Cleveland, Ohio. Upon his return from a trip to a Caribbean hotel/casino, he asked my investment advice about one of the hottest tips of the 1970s for a company awarded the first casino outside of Las Vegas.
I had never heard of the company, but checked it out for him. The financials were among the worst I had ever seen.
He bought the stock anyway. Clients do often make money on such transactions . . . for a while.
Casinos need 35 losers for every winner in order for them to be profitable. When they run out of losers, they have no profits. Eventually they go out of business.
The lessons should be obvious. Avoid the pitfalls of so-called easy money and get rich quick schemes. Work for a living.
What continues to amaze me is that politicians and community leaders are still hypnotized by the potential profit of gambling. Politicians—with a straight face—talk about the wonders of funding schools, hospitals, and safety with the money derived from such activities.
The fool’s gold that politicians and taxpayers think they have discovered in casino gambling eventually gives way to other forms of entertainment or industry. There aren’t enough losers to go around.
Proverbs 14:11-12 (RSV) The house of the wicked will be destroyed, but the tent of the upright will flourish. There is a way which seems right to a man, but its end is the way to death.
* * *
My thanks to the Monday Morning Message for allowing me to post some of this week’s column.
Travel Light Humor
Remember how some grocery stores had/or have lottery tickets available for sale? At one time, they were $1.00/each.
A few years ago when my kids were younger, we waited in the check-out line.
The cashier tallied the grocery bill for the lady in front of me. “Anything else?” she asked.
“Give me two of those scratchers,” the customer said to the clerk. “I feel lucky.”
The sacker had already bagged her groceries, but the lady didn’t care. Feverishly, she scratched off both her tickets right there at the check-out stand. “Yeah! I won a buck.”
My kids stood wide-eyed beside me. It was a great teaching moment.
So, the lady spent $2.00 to win $1. Some luck.
What do you think? Tell me in the comments below.
Until next time . . . Travel Light,
© 2022 SuZan Klassen. All Rights Reserved.