Does Money Make You Rich?

The answer is No. Money alone does not make you rich. We all know people who go to work every
day, working for money, making more money, but fail to become richer. Ironically, many only grow
deeper in debt with each dollar they earn. We have all heard stories of lottery winners, instant
millionaires, who are instantly poor again. We have also heard stories of real estate going into
foreclosure. Instead of making homeowners richer, more financially secure, real estate drives
homeowners out of their homes and into the poorhouse. Many of us know of individuals who have
lost money investing in the stock market. Maybe you are one of those individuals. Even investing in
gold—the world’s only real money—can cost the investor money.
Gold was my first real investment as a young adult. I began investing in gold before I began
investing in real estate. In 1972, at the age of twenty-five, I began buying gold coins when gold was
approximately $70 an ounce. By 1980, gold was approaching $800 an ounce. The frenzy was on.
Greed overtook caution. Rumors were that gold was going to hit $2,500 an ounce. Greedy investors
began piling on, buying gold, even though they had never done so before. But instead of selling some
of my gold coins and making a small profit, I hung on, also hoping that gold would go higher. About a
year later, as gold dropped below $500 an ounce, I finally sold my last coin. From 1980, I watched
as gold drifted lower and lower till it finally bottomed out at $250 in 1999.

                 " It is information, knowledge, wisdom, and know-how, a.k.a. financial intelligence, that makes one wealthy."👍