Typical Get-Rich-Quick Pitfalls Of Young Adults

Ever since leaving high school and entering college, ditching my part-time job from the city because of school left me pondering for ways to make money. I was determined to get into dental school but like any young adult, I wanted money and I wanted it fast. By the way, this was before I became conscious of my personal finances. Everyone wants to get rich quick and being young just gives me more guts to go and try to get rich fast.

I’ve gone down the road of the typical ways that young adults go about to become wealthy. What I also learned that many other college students venture down the same path in hopes of getting rich with as little work as possible. We want to be wealthy now, when we can enjoy it. Not when we are old with chronic pain. But, these dreams are not realistic for the average college students and the get-rich-quick methods can end up doing more harm than good.

Poker
I learned how to play Texas Hold’em Poker in college and was hooked immediately. Soon after, I watch the World Series of Poker on ESPN and see all the money that these people win. Millions go to the first place finisher and even runner-ups get payouts in the millions. With a $10,000 investment, winning the tournament might seem like a very nice ROI. Though going to Las Vegas is pretty much out of the question, the Internet has opened up the easily accessible portal to gambling.

It is easy to start. With just $25, I was playing poker only for real money. I have to say, the rush is great when you win. My conservative personality wasn’t made for poker. I doubled up to $50 after one week and I just quit. The time put into playing is not worth it. Other people are not as lucky as me. Some put hundreds and lose it all. Some become addicted and end up in a bottomless pit that gets them broke while ruining their college education. Now, I just play for fun.

Day Trading
Next, I got into investing and the thought of seeing my brokerage account balance on a steep vertical slope was tempting. Many people take their student loans, scholarships, and credit cards to fund their capital for this trek. I messed around with Investopedia for a practice run before I began to do it for real. While I did quite well, it seemed to be too much of a hassle. Firstly, I had very little money to start. Commissions will eat me up. Taxes will be off the charts and I’ll have to do a lot of work come tax reporting season. Day trading is risky since even the most seasoned investors cannot day trade for a substantial profit. What makes you think it is easy for a rookie? This type of investing can easily put someone into a bunch of debt. I’ve seen it in action and I prefer the buy-and-hold route.

Drug Dealing
I’m not going to shy away from this topic because it is something that I do not do. Drugs are not my thing, neither are cigarettes. I cannot stand smoke period. Nevertheless, drugs are ubiquitous and their high demand makes it worth the while to get into such a risky business. Simply put, don’t do drugs nor participate in drug trafficking in any way. If you get caught of legal age with such substances, you are screwed. It goes on record. I’ve seen college dorms raided by drug sniffing hounds and students become expelled. These things stay on records and everyone will know. Prospective futures are ruined.

Photo credits: larrykang, stefan, and Noranna

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