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About this quote

What does it mean?
The author argues that the desire to appear rich leads to speculation, which is essentially gambling.
In plain terms
Wanting to seem rich makes people gamble with speculation.
What can you take from it?
Social pressure to appear rich leads to financial gambling.

Where it applies

  • financial planning
  • economic analysis
  • personal finance

Putting it to work

  • avoid status spending
  • view speculation as risk

Questions to consider

  • Is speculation always gambling?
  • How do you define wealth?

Another view

It ignores legitimate investment which is distinct from gambling.

More from William Cobbett

  1. As to the power which money gives, it is that of brute force, it is the power of the bludgeon and the bayonet, and of the bribed press, tongue and pen.

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  2. Women are a sisterhood. They make common cause in behalf of the sex; and, indeed, this is natural enough, when we consider the vast power that the law gives us…

    Permalink to quote #15
  3. Sit down to write what you have thought, and not to think what you shall write.

    Permalink to quote #12

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