Chapter 7

Question 4 asks what solution Wheelan proposes to the problem presented in this chapter. I would say that one problem is people's desire to "get rich quick."  Americans are notorious for coming up with new ways to solve our problems, and do it faster than ever before, yet most of the time what ends up working the best is the fundamental and basic methods. Towards the end of the chapter Wheelan proposes some economical advice: Save. Invest. Repeat, Take risk, earn reward, Diversify and Invest for the long run. These things are what we already know can pay off. We've been told our whole lives to save our money, set up a savings account (a Wells Fargo lady scolded me about this not to long ago...) and never put all our eggs in one basket, but I was caught off guard on Wheelan's second piece of advice, "Take risk, earn reward." This is something that confused me a bit. It seemed like Wheelan is saying to take risks, yet I felt like throughout the chapter he supported the "safer" economic choice. I'm sure there is a fine line between taking risks and being profligate with your money. On the other hand, what good does it do to keep certain capital locked up? Anyway, his main idea seems to be that there really is no "get rich quick" plan that will make you a millionare over night, and you'll rarely choose the shortest line at the grocery store.