It happens to us all. We hear a rumor about a get rich quick scheme. Or we stumble into a guy on the street corner trying to sell us a business opportunity that ends up being a multi-level marketing scheme. The media and people around us are constantly bombarding us with financial fantasies that don’t exist. I’m not saying that shooting for the stars is bad, but one has to be realistic at the same time. There’s no such thing as a “free lunch.” That’s actually some of the best advice I was ever given during my college years. Dreaming is healthy, but expecting some sort of good fortune to fall on us is not realistic or healthy for our financial lives. Let’s take a look at some common financial fantasies that plague people all around us. 1. Making money with a website with little to no effort. I’m here to tell you, making money on the internet isn’t easy! Although I have a blog that is pretty successful, it took around 6 months to make the first few dollars! Anyone trying to strike it rich within the internet arena is in for a rough surprise. The only way to make it big online is to devote a large chunk of your time and dedication. It will take time and tons of patience. Making money online is not for the faint of heart, and it’s definitely not a way to make money fast. It’s a fantasy to think that an online business will get you rich quick. However, if you’re willing to put the work in, then yes, you can reap the rewards, but those will come with time! 2. “The chances aren’t that bad, I’ll win the lottery!” It’s flat out stupid to think you’re going to win the lottery. You’d probably get more satisfaction out of buying candy instead. I’ve seen the financial devastation in people’s lives by placing their hope in the lottery. I’ve seen some people spend an entire week’s paycheck on the lottery. It’s a losing strategy and you should avoid this fantasy at all costs. Even if you did win, studies show that most who win the lottery lose it all anyways and aren’t happy. Lesson here is this: if you can’t budget and manage your money now, how can you expect to be responsible with winning the lottery? 3. Banking on an inheritance. I used to think about this one as a kid. How cool would it be to receive an inheritance when your parents passed? As I’ve grown older, I have seen people keep this mentality within their financial lives. I’ve seen people spend recklessly thinking that an inheritance is around the corner. How do you know if there is as much as you think? And what if your parents decided to give the money away? You should never put your eggs in one basket. This fantasy is not only selfish but can be a real downer when it never happens. 4. “I will make a killing with an IPO!” Oh boy, this one sends shills down my spine. You’ve seen it in movies and TV shows. An excited husband gets word of mouth about a new and up and coming company. He takes his entire fortune and puts it all on one company’s IPO. The IPO goes sour on the first day and the husband loses everything. This fantasy is beyond flawed. It may seem like a logical way to make a killing, but you’re just playing with fire. First off, you need money to invest with. Even if you have the money to do so, it’s hard to made a lot off an IPO. For example, if you have $50 and it doubles, now you have $100. Depending on how much you invest, this is not a quick way to make money. Also, you risk the IPO flopping and losing all your money. It’s a much better decision to take your money and put it in a Roth IRA or 401k account. The overall lesson here is to remember that making money requires hard work and lots of sweat. Financial fantasies have destroyed people’s lives. Don’t be one of those individuals. Work hard and the money will come slowly, but it will come! What are some of your financial fantasies that turned up unsuccessful? Meet us in the comments! Photo by DaGoaty Related Articles: If you want to be wealthy, act like it! Is Money Talked About In The Bible? How to Avoid ‘Work from Home’ Scams Money Mentors: Who Should Influence Your Financial Life and Where To Find Them Dreaming of winning the lottery? It’s a No-win bet! Should college students be issued credit cards? 7 Tips on How to Avoid Financial Scams Jon is a Christian personal finance writer at Free Money Wisdom . His mission is to help you succeed in your personal finance life with the Bible as your compass. When Jon is not writing on personal finance, he spends time with his girlfriend, lifts iron at the gym, and plays Scrabble. You can subscribe to his site through EMAIL / RSS or you can also find him on Twitter and Facebook . As a thank you for subscribing to our newsletter you can download our quick eBook ” 25 Ways To Save Money in 2011 ” for FREE! The articles on this site are for entertainment purposes and should not be taken as financial advice. 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4 Financial Fantasies to Avoid