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It’s too good to be true

It’s too good to be true

When I was a kid and came to my mom with some great idea to earn money she would say, “If it’s too good to be true, then it probably is”.

In  watching Thrown for a Loss on 60 minutes this Sunday, I wished Vernon Davis, Fred Taylor and others in the NFL had had that same sage advice.  They either did not receive this advice or refused to listen because dozens of players lost over $40Million dollars in a bad investment of a Bingo casino in Alabama.

Here is a list of what needs to be done before you go forward and invest:

  1. The numbers. What is the ROI in money, time and ethics. Remember most people lose in large bets.  Just take a look at the casinos in Vegas.  How often do you think they lose?  If you are investing in a high-high risk venture it is not an investment, it’s gambling, it’s gambling to lose.
  2. It has got to align with what you stand for. A gambling house is what a premiere NFL player should work with?  Really?
  3. Research the investment. Take responsibility for your money. The history of gambling in Alabama is a long and rocky one. Basically Alabama does not allow gambling on games of chance. This information was not hidden!
  4. Remember, there are no short-cuts in professional sports, same holds true with any other endeavor in life.

Probably the biggest lesson of all comes from Vernon Davis himself, “I think we should take the blame because we can change it.  We just gotta wake up.”