For those who don't know I recently became my ward's Assistant to the Scoutmaster. We have been working on the Personal Management Merit Badge and had an accoutant come to a meeting to teach the Boy Scouts about money management, stocks, savings, investment etc.As he explained the concept of stocks he used a variety of phrases to explain the idea. For example he said, "the more you put in the more you get back," and "you could earn a lot of money or you could lose it all," and "the important thing is to know when to get your money in and when to get it out," and "but be careful, it is possible to cheat and if you get caught cheating you can go to jail." After hearing all of this one of our astute Scouts exclaimed, "Oh, so it's just like gambling."
And that is where I struggle because it does sound exactly like gambling and were taught that gambling is simply wrong so what's the difference? I mean come on, some of these investments are in companies whose business are in areas that Mormons wouldn't touch with a pole in their private lives yet are more than willing to invest their cash. And don't give me the excuse that gambling is dishonest while business stocks are reputable because we all watch the news and know that frequently that is not the case.
I went to my church website for some guidance and this is what I found:
"Gambling is motivated by a desire to get something for nothing. This desire is spiritually destructive. It leads participants away from the Savior's teachings of love and service and toward the selfishness of the adversary. It undermines the virtues of work and thrift and the desire to give honest effort in all we do.
Those who participate in gambling soon discover the deception in the idea that they can give little or nothing and receive something of value in return. They find that they give up large amounts of money, their own honor, and the respect of family members and friends. Deceived and addicted, they often gamble with funds they should use for other purposes, such as meeting the basic needs of their families. Gamblers sometimes become so enslaved and so desperate to pay gambling debts that they turn to stealing, giving up their own good name."
Well...I'm just as confused as when I started. Thankfully I am poor and have no money to gamble away or lose it the stock market. At least I have that going for me.
4 comments:
I can see your comparison, but I'm not convinced that gambling and investing in the stock exchange are the same thing.
When you gamble, you are leaving everything up to sheer luck or chance (which cards you get or how the dice falls), and the choices you have in the game are simply how much money you will bet and when you will quit, everything else is decided for you, or left to fate.
When you invest, you have choices (though I'm not arguing that the stock exchange is totally predictable). You can follow trends, charts, studies, markets and at least make informed decisions of what you will put where and when.
Definitely something to think about though.
I think that, like the message from the church website said, it comes back to motive. In addition, I think that we should be very careful about where we invest our funds, ensuring that these companies follow strict ethical codes and that the projects in which they invest are based on ethical motives as well. Problem is that it's hard for the layman to learn the savvy needed to invest so wisely.
At any rate, I know the church is big into investing, so it sure can't be all bad.
I have a 401K, but I am a small time gambler. With no money I invest in Carl's Jr. A payoff for my hard earned dollars, not to mention the hardened artieries ;)
Isn't it Assistant Scoutmaster and not Assistant to the Scoutmaster.
I don't think Gambling and the Stock Market are the same, some people treat them the same though. The point of the stock market is to invest in businesses to help them grow and succeed. Stock holders have a say in the companies practices, but I don't think gamblers can tell the casinos how to conduct business.
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