“Yesterday is a cancelled check: Forget it. Tomorrow is a promissory note: Don’t count on it. Today is ready cash: Use it!” —Edwin C. Bliss, Author
I’ve been thinking on Bliss’s bit about the prom note, and to not count on it. I found this quote earlier today on Bob Proctor’s ‘Insight of the Day’. It was timely. Someone near and dear had asked me yesterday for my thoughts on a particular prom note investment. What immediately came to mind was that a lot of ‘life savings’ seem recently lost at the cause of promissory note ‘investments’.
Although this little ‘insight’ from Bliss via Proctor, may be more pertinently about the utility of living in the present it seems simple, pertinent, and valuable advice when weighing in on prom note investing. If it’s money you can’t ‘afford’ to lose, better think twice! Put whatever you want into a potentially higher rate of return from this vehicle as long as you “don’t count on it”.
Apply the cautionary Bliss view. Being cautionary truly means don’t lend money that you cannot afford to lose.