Wealth, vice and being broke.

Many of us are more thoughtful and philosophical as a new year beckons. It is in this context, that I was speaking to an ex colleague a few days ago.

He commented about the fact that “many people I know are broke, despite having earned a lot of money”. The follow-up question, is what causes this?

There are 1001 reasons for people living beyond their means, but a key commonality is vices…………….getting out of control slowly but surely.

During the conversation, we both “reminisced” about an ex colleague that would go on gambling trips to Las Vegas and Macao, every time he had fresh money.

Those trips probably involved excessive alcohol and other vices, which all contributed to his perpetual cycle of having money and then being broke again.

He might be an extreme, but we all know somebody that has let gambling, alcohol and other vices get out of hand. What started out as a moderate activity, often indirectly lead to divorce and other unintended consequences.

Both Bill Gates and Warren Buffett agree that focus is the biggest component of success. More important than skills, relationships or income.

Perhaps we should all remember that more. The old saying speaking about stability being key to success and “behind every great man is an even greater women” , is still applicable today.

I have seldom met a wealthy person that has been divorced multiple times and had other vices on the side! Nobody likes a killjoy and moderation is important in life, but vice taken out of control, can be disastrous.

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