Fred J. Young: Make Money & Preserve It
on Wednesday, February 7, 2018Fred J. Young Money Quote saying everyone knows how to make money, but few know what it takes to keep it once in your bank account. Fred J. Young said:
“Lots of people know how to make money, but are not gifted in the art of preserving it. Frequently the same risk that was involved in making you rich is the same risk that can make you poor again” — Fred J. Young
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In this quote, Fred J. Young seems to be saying that while many people possess the skills and abilities to earn a lot of money, not everyone is equally adept at keeping and maintaining their wealth over time.
He suggests that the same risky behaviors, impulses or lack of financial discipline that helped amass riches in the first place could potentially cause those same individuals to lose their fortune again if not properly managed.
The best interpretation is that Young believed preserving one’s earnings long-term requires different skills than acquiring wealth initially, and that unless risks are mitigated, the same tendencies that led to wealth accumulation could enable loss of that wealth as well.