Cheat Codes?

Are there cheat codes for getting rich?

I have two teenage boys at home. When they play computer games, they want to find the “cheat codes”—special keyboard tricks that allow them to advance to the next level without going through the steps of the game. Cheat codes often are put into a game by the developers to help them test their program, and are sometimes left there as a kind of “Easter Egg.”

People are often obsessed with finding cheat codes in their lives: interview tricks to help land a job; test-taking techniques to improve SAT scores; magic foods to help lose weight. When I was in college some students bought fully-written term papers to help them with their classes on Shakespeare or Aristotle. An entire industry has emerged around buying and selling various “cheats.”

Are there cheat codes to wealth? It’s tempting to think so. Lottery sales or casino ads play on this hope. But it’s deceptive. There are only three ways to get rich: marriage, inheritance, or savings. The first two approaches aren’t available to most folks. But the third is always there—you can usually find a way to control your spending.

Cheat codes are a feature of many computer games, but don’t expect to find them in the real world. Good grades demand study; good health depends on diet and exercise. And wealth is built through disciplined saving and careful investment. “Cheating” money is fleeting money.

Douglas R. Tengdin, CFA

Chief Investment Officer

By | 2014-03-10T10:31:59+00:00 March 10th, 2014|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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