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A FOOL AND HIS MONEY SHALL SOON BE DEPARTED

Free image of “Man Chasing Money” by mohamed mahmoud hassan https://www.publicdomainpictures.net/

A FOOL FOR A CLIENT

There is a famous quote but I can’t remember who stated it:

He who is always his own counselor will often have a fool for his client.

The world as you know it will change forever. Will you embrace it or will you condemn it? If you are reading this, then you are on a mission. That mission is to set yourself separate financially more than you have ever been. For some of you, there has been several months if not years of struggle to make things happen in your life to see this thru.

Some of us have had to pleasure of being advised to seek a higher level of learning. We have often been told to: seek professional advice!

Are you at all serious about earning money online? If you are, do you know what you will do with your money once you earn it? This is a question most people do not ask themselves. Partly because they do not even believe they will succeed.

SEEK PROFESSIONAL ADVICE

This can never be understated. Recently, I have heard this from a number of people that I am working with. WHY? Because there are some very very bad people out there and they want to take your money.

A fool and his money shall soon be departed!

I have been talking to my bankers, accountant and lawyer so I can get the best advice I can. I absolutely love this quote by Will Rogers:

“I’m more interested in the return of my money than the return on my money.”

I can not stress the obvious more. If you are going to all the lengths to earn money online, then go to the extent of protecting what you earn. Take responsibility like you have never done so before! Too often, we look for someone else to take the burden of responsibility off our shoulders. We rely on the bank to protect our deposit, we rely on insurance to replace what is broken or stolen or we look to the Government or a lawsuit to make us whole again.

We need to seek professional advice and not just from one source. We need a team of advisors. Ultimately, we need to be totally responsible for our Financial Success.

To start your own online Financial business, visit us here at COMPUMATRIX.

About the author

Stephen Sampson is among the founding members of the Compumatrix Bloggers' Network and writes various topics about life and business.

Comments

  1. love it, even though this is old post, still new to many. Many years ago one wise man said that becoming wealthy is inside one’s own head, the attitude and ability to Attract wealth. if he/she loses all the wealth and becomes pauper , still they will/can become wealthy again in no time,because the attitude and charisma to attract wealth is very well known to them.

    1. For many, we work hard in a variety of ways to make additional money – then BAM! We have success. The first question is what do we do now??? It is hard not to panic – suggestions like seek a professional but that can be wrought with challenges – where does one start – who can be trusted – are they in business to help you or themselves? So many questions!

  2. Anil, I was talking to someone the other day about a well known scammer back in the day. I heard from another that had the opportunity to meet him that he was a rather nice guy. He just had a pension for getting over on others. Some people just can’t help themselves but we don’t have to be their prey. Being aware (and secretive) will do more for financial safety as well as personal safety.

  3. I totally agree with you Stephen, For a person to just jump in without seeking advise is almost certain to create a loss for that investor. It pays to drop the self-pride and ask someone! This will save the investor a log of heardache. Cryptocurrency is a tool presently to achieve great wealth, but play it safe and always seek advise and training!

  4. The World as we know it will never be the same. To enter the World of Cryptocurrency is no different than taking a course in computer science. I would not have bout any Bitcoins before I studied how everything worked. If you think you can just pick up a new idea and run with it, SEEK counsel. As you said Drew, “drop the self-pride and ask someone”.

  5. The phrase A Fool and his Money are soon parted” has been around for many years and true. Just ask a wife whose husband is insistent on purchasing a yacht instead of building a guest house for her mother on their property. (Something to think about).

    He is looking at the prize he always wanted and of course all of his buddies have 50’ fishing boats (the fancy and expensive kind). She is not happy. No doubt he has invested in programs that did not go well (profitable).

    When I joined our group a few years ago I followed the light. At that time the company was ready to go and like so many I saw money flying towards me. Well, still here watching the skies. As I got into being a Hodler, the smile returned. This business is fun!

    It’s easy to get fooled by slick salesmen who want to make the quick buck and don’t want to get into the darker side of investing. To be successful, YOU MUST do your homework followed up by staying ahead of the pratfalls that are bound to come your way. And most important: believe in the program! Thanks to Mr. Sampson for his foresight and guidance.

  6. Another great quote to post on the wall – ““I’m more interested in the return of my money than the return on my money.” I remember that Warren Buffet once said that never goes after the super risky and potentially super high return investments. He learned young that if you lose your entire principle on just one investment your other investments will have a difficult time making this up even if they are a bit above the average market return. So slow and steady does the trick. Also, it states how you must seek out advice from others. It doesn’t mention how books can do this as well as direct interfacing, but I think that should be part of the equation as well.

  7. Catchy blog post title… “A FOOL AND HIS MONEY SHALL SOON BE PARTED” is indisputably true. The wisdom in this post is on target with urging one to seek the advice of professionals. That brings to mind the quote, “You don’t know what you don’t know.” That is at the core of the reason for getting professional advice from others.

    I like this quote from the post very much: “He who is always his own counselor will often have a fool for his client.” I don’t think I had seen that one before, or perhaps I did and forgot that I did… LOL

  8. Thank you for your comments. If I had to summarize the entire post in just one sentence, it would be this line: “We need to seek professional advice and not just from one source. We need a team of advisors. Ultimately, we need to be totally responsible for our Financial Success.”

    I study this business every day. I follow several people to see what shining piece of information they may bring me today. This isn’t a job with a pension. (do you know what has happened to most pensions?) I am definitely not talking about walking into a Financial Advisors office and turning over my money and telling them to do “what they think is best”! They will do WHAT IS BEST FOR THEM FIRST and what’s best for you second. (If you don’t believe me, ask them if they get paid whether they make money for you or if they lose your money!)

  9. Many of us have tried to make money online for years. I started around 15 years ago, and am still learning to find my way in the online finance world. Cryptos seem to be the real answer for those how want to invest online, and be able to move funds back and forth with very little “middle man” involvement. Compumatrix has been on the crypto stage for over 14 years now. Longevity means everything in this space.

    1. In reading this post I again see a statement much familiar to a saying from my past which was to try to become wealthy or just even comfortable in fact is like trying to catch your own shadow. You were wither born into it or it was virtually impossible. Now Compumatrix has provided a way for us to trump that statement. All needed is the opportunity which is being provided and then to take advantage of it

  10. This article should “hit home” for anyone who has ever had to work for money. People work 9-5 jobs for their hard-earned money. Now that they have the money, how are they going to keep it safe and have that money make them more money? Financial advisors and lawyers are there to help you make money and keep your money – that is how they get paid. People should trust financial professionals with their money because too often people lose their money, as stated in this article. If not for financial professionals to help you out, at least do some reading on protecting your assets and research before making any major decisions.

  11. Be careful, be very careful who you entrust your money to!

    When you find a good financial advisor, keep him/her close to you. Keep earning more money and find another good financial advisor. Keep them close to you as well. This, I call diversity. Keep diversifying your income and keep diversifying your advice.

    Keep your eye on your expenses as well. If your advisor is losing your money, he/she should not continue to get paid! Keep that in mind. They will always pay themselves a fee whether you win or lose. So, if you lose, be sure they lose you as a client!

    1. Thank you for this excellent advice Stephen Sampson! I hope to be a trusted certified financial planner when I get older so I will keep your thoughts in the back of my mind when I am dealing with my future clients. Yes, I do believe in tracking my expenses – I am thinking about using the 20/30/50 Rule when I get older: 20% diversified savings, 30% wants, and 50% needs.

  12. what an awesome read through here such good no great interpretations of good business principles and good help — and as stated before I myself have always sought professional legal and accounting partners in my businesses of the past -p I am decently rewarded with good math sense and common sense but that in this age of PaperWork and hidden clauses is only good for a moment — if you want success to last you better cover all your bases — jmho rj

  13. I guess I’m the fool in the story! Never seems to be enough money, but when I look around, I don’t even see what I spent it on. My life sees too much month left at the end of the money…lol. This is why I joined Compumatrix to improve on my families financial situation. I can’t see working for someone else being able to help me save and put back enough for my “golden years” much less leave a legacy for my kids. I believe if we apply good sound business principals and seek the advice of someone already successful it will go a long way to helping us become successful too!!

  14. it is a great synopsis — many or maybe most of us have the issue of to much month at the end of the money — lol yes I know not a laughing matter but a true story for most — I do hope that sooner than later we here at Compumatrix will be able to smile a bit more at the end of our months and maybe even see a bit left over in our monthly ?? whatever you want to call it ?? — i have and hold out Hope —

  15. This article proves the well known quote, “if you do not find a way to make money when you are sleeping, you will be working until the day you die”. Yes, some people are satisfied with going to work everyday of their lives, but why do that when you can invest properly and be smart with your money. I have learned from a young age how to be responsible with money in ways such as saving, investing, and giving. Most people do not become wealthy from just their jobs, but by what they do with their money.

  16. If one does not understand how to properly protect their money, they will not have any money left to protect… It doesn’t matter if a doctor is making $300,000 a year and an accountant is making $180,000 a year. If the accountant manages to save more money per year than the doctor, the accountant has a higher net worth than the doctor (crazy right). Diversify. Save. Invest. Put your money with trusted people and companies. Study.

    1. Thank you Kami Nicole Celino for your stark contrast of how two people with completely different occupations and wages can differ in net worth so significantly. I cannot believe the higher paid person did not end up having a higher net worth than the lower paid person. This is the beauty of compound interest – even if someone does not have a lot of money to invest in the stock market, they can still put a few hundred dollars into VOO and compound their money.

  17. it really is not how much you quote make a year it really does matter what You Do with what you have — and what or how Frugal you are — and how often you are Wise with your earnings — there are a ton of options to us all here in the states but they are Options and Choices — You be wise and frugal and your finances will be a whole lot different than those who are not — thats a fact

  18. A very Timely post for all of us Members and Business owners of Compumatrix.Soon we will get the rewards.The question is how best to utilize ,save and grow wealthy.If we are rich then by definition it means a lot of money. But rich also spend a lot and at times more than they earn.Recent prime example is M C Hammer who had more than $30 million but because of his life style ended up with $ 13 million in debt. He definitely did not seek Advice from any financial planners or they did not give him good advice.
    As Mary Rose said about implementing 20/30/50 rule as per Senator Elizabeth Warren is going to be most rewarding for her and her clients in the future.Mentioned also above is that not only get a good and trusted guide and Financial planner but diversify.At the same time stay alert and on top of it.After Compumatrix starts rolling we would need guidance,help to take proper care and not end up like some lottery winners who are bankrupt after a year or two of recklessly splurging /squandering their wealth. so let us be be like a fool and our wealth be separated.

  19. One of the biggest mistakes when you are in possession of a lot of capital or wealth is you never think it can disappear and never to come back. It happens more often than one think and it happened to me about 25 years ago. Unfortunately I became too confident and made some of the biggest mistakes, I didn’t seek advise because I thought there was always going to be money and was too smart to lose it. It was lost in the lapse of 5 to 7 years and eventually I also lent money that was never returned. The lesson is to seek advise and manage it by a professional specially if you are not good at it.

  20. Thank you Stephen for the sound words of advice. Taking responsibility of one’s investments is the only way to ensure that you are aware of how your earned those funds. When approached by your tax department you will need to explain how you acquired your earnings. Getting the much-needed information from trained professionals is extremely necessary to protect any investments that you have. They can also be present at your side when answering questions if need be.

  21. just keep getting great info from reading blogs and the replies and obviously not everything in any part of this world is everything 100 % always — however having been on both ends of those spectrums thru out my time — still know the less you think you know it the better you end up because you keep pushing and seeking — and in my opinion that part of life is definitely worthwhile — great reading —

  22. My goal has always been to purchase a farm and raise hay and livestock. It is serving a need for my community and although it is hard work, it is really a fulfilling way to live. No one gets rich from farming. But a hard working farmer will never starve. He may never drive a fancy car…but I have no desire to impress others with what I drive. Now a hard working tractor….that is something I would spend my money on. I intend to get advice from my accountant, but I will keep control of my own money.

    1. I hope you accomplish that goal Gary. We don’t always need a flashy lifestyle but the drive to get up in the morning to provide for our families and community is what will work for me.

      I’d love to rescue some chickens and have a small animal education centre. Teach the youth the way forward hopefully!

    2. Gary, I enjoyed reading your comment, I think is rare to find people who after being financially well off or even wealthy, one is not tempted to spend it in expensive vacations, luxury items like a fancy car, bigger house and all the stuff you can put into it. The money can run out really fast and it was not “invested”, just spent. I like your approach not to impress others and I hope you get to buy your farm and raise livestock.

  23. So true that we need to seek professional help when it comes to protecting our assets. I live in a relatively small city in south Texas and I was surprised when I started my search for qualified tax advisers and/or accounts that are well-versed in cryptocurrencies. I had a very hard time finding anyone who had the knowledge and experience in this area. The closest I could find was someone in Houston. So when the time comes for their services, I hope I will find the right people to advise me in asset protection, taxes, etc.

  24. so much truth in the blog and replies here — i believe totally in finding professional help when you can not fulfill the issues at hand and despite possibly not needing because are not big enough perse’ in America anymore as much govt. has tried to take — it almost has to be looked at by Pros before I move forward with most businesses —

  25. I love your quote by Will Rogers “I’m more interested in the return of my money than the return on my money.” What a clever quote by him, but also I am not sure he knew exactly what he was talking about. Just having your money returned doesn’t do a lot for you. But getting some kind of compound interest on it sure does.

    1. Jeffrey, I think you need to put this in the context of not losing what you have invested. My perspective is that I would love to have the “return of my money” on all those ventures that I put my money down, “like a fool” and I was quickly departed from it!

  26. Thank you Stephen for this article, yes we are working hard for our money and need to be very aware what to do with it. It can go much faster than it comes in. Always need to be alert where to invest, so you don’t loose it to scammers…. It takes time, but we need to do our own research and have our eyes open, so we can learn from other peoples mistakes not from our own…. I agree with multiple advisers, don’t lean on your own understanding…

  27. We have seen many examples of people who suddenly become rich (in terms of money) but who after a few months or years are destitute. Some even have debts that are higher than before they won the lottery or got an inheritance or whatever it was that happened. You give good advice and we must think out our security strategy when it comes to our assets in Compumatrix.

  28. I agree wholeheartedly with your blog Stephen definitely go professional if you make enough money I personally like the LLC but no advice here. They have a show on cable where the lottery winners won millions and were bankrupt in just a few years and a good percentage were taken by the banks they had the money in, so beware do your research it will be worth it .

  29. Fools and money are common place. The school system is not teaching an appropriate developmental financial education to our children. Even in the colleges they are not teaching kids good financial literacy. I have met many doctors in my time that are brilliant in taking care of patients but are fools when it comes to managing money. Each of us needs to have a team to help advise/manage our resources as they come available. Be smart!!!!

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