Have you ever gotten impatient with your investments and wanted to get some immediate results? Or maybe you’ve set aside some money into a slush fund that you’d like to speculate with? Whatever the case, every now and then there comes a time when speculating with your money seems like the right thing to do. Or even if its not the right thing to do, it definitely provides entertainment, which is also worth something in and of itself.
The bad news about trying to get quick returns on your money is that in almost every case you need to take on extreme risk to do so. And in many of the cases I’ll discuss you are also put at a disadvantage because of large transaction fees or house costs. The good news is that there are many easy ways to do this and many of them are easy to do.
Let’s start with the most common way people look for big returns, despite the terrible odds – lotteries. If you look at the total payouts on a lottery they are usually less than 50%. That means that for every dollar “invested” in a lottery ticket, only a small portion of that will be paid out. And then there’s the odds. The odds are very low that you will get anything back. However, the fun part is that buying that lottery ticket gives you the feeling that there is a chance you could win big dollars. So the entertainment value helps push people into this type of transaction.
If you are looking for even quicker returns (or losses) but better odds, you can look into gambling. If there are no casinos, racetracks or sports betting facilities near your home, you can easily find an online gaming source where you can wager your money and find out the results almost instantly. While the odds are much better than playing the lottery, and the entertainment value of gaming is also very high, remember that the longer you play the more likely you will lose. And also, remember that while the odds for some of these games are close to 50% payouts, the house is always favored (that’s how they pay to stay in business).
If gambling is illegal where you live, there are still plenty of legal ways to get fast returns. Day trading stocks is a good example. Trading in stock options is another example. And with either of these methods you can use leverage (borrowing to buy more) to even further intensify your returns or losses. You can make large bets on stock prices that will pay off in a few minutes or hours. Of course you’ll have an equal chance of losing each bet, and the transaction fees charged can sometimes stack the odds against you. The good thing about betting on the stock market is that losses are fully tax deductible (against any gains at least). Also, it does provide some excitement and entertainment. But be careful not to get addicted.
In many of these situations, people tend to make bigger and bigger bets until they cause themselves harm. It’s important to stop yourself from doing this by looking closely at your tendencies each time you look for your quick returns. Put some stop limits on your actions and you can still have fun while having a decent chance of getting a quick return on your money.