The idea of quick riches
- Dobromir Risov
- 2 days ago
- 5 min read
by Dobromir Risov April 2026
How do I make $ 10,000 in three months? You can´t. This is a too ambitious goal. Questions like this however are often asked by those interested in personal finances. The blog´s content is going to be serious and a bit of fun. I will cover four strategies - cryptocurrencies, betting, lottery and investing. Let´s get started with a topic advertised often: Cryptocurrencies. Bitcoing in particular, to which several friends of mine are drawn to. Probably many more. So, let´s look at the numbers.
Cryptocurrencies - are you the one successfully riding the wave?
If you are like a taxi driver whom I recently talked to you have bought cryptocurrencies. And you probably were burned. Or you are like a friend who waits for Bitcoin to drop a little more and then yes then. He buys and makes a lot of money quickly. That´s the idea. Let´s assess it.
Let´s have a look at the Bitcoin Price Index and talk some numbers. I picked a chart showing the price movement for the last three years. I further looked for a low point during this period. This is September 8, 2024. The quote was at $ 54,405. Three months later in December 8 2024 the quote of the index was at $ 100,728. The index rose by 85% during this three month period. You would have had to buy Bitcoins for $ 5,500 and three months later, not any three months but this particular one and before tax you had your desired amount of $ 10,000. Bear in mind, I chose the period with the highest incline as you see in the graph. Other periods during this three year period have a smaller incline or even a decline. When the incline is smaller, that means the pace of appreciation is slower, that means: you would need more than three months to reach your goal.
Further it is impossible to find that lowest point ex ante and to exit at the highest point. When you want to read more on Cryptocurrencies, read: Crypto (pt.2) - an investment?
Playing the lottery or the dimwit tax
I heard once this term from a woman who was buying lottery tickets. She said she was paying the dimwit tax. So, she knew herself she is not going to win and yet she tries. Even if you were to buy more tickets, your chances don´t go up by much. I have heard of more strategic approaches where people pool money: there are villages in Spain who do that: the population of an entire village pools money to buy as many lottery tickets as possible. That increases their chances of success. In some cases they had won the jackpot. Playing lottery allows you to reach your desired goal within three months but the chances are close to certainty you will lose all your money. By and large the idea when you participate in the lottery is: "It could happen. But it doesn´t." To win any prize not the jackpot, the probability is still very low: it is between 2% and a 4%. Still not convincing to me.
Betting on horse racing & basketball
I attended once a horce racing event with a friend. The event was in the United Kingdom. We had a lot of fun. The horse racing event was stylish, most people were dressed to impress including myself. Races took place all day long. Me and my friend were both new to horse racing and yet we bet. Small amounts, maybe a couple of pounds per race. At the start I was winning, several times in a row. Later however, I lost my bets. I don´t remember about my friend. At the end of the day, we had a lot of fun. Financially, we left with as much money as we arrived minus costs for food and beer.
I played and followed basketball closely when I was a teenager. I had the idea to apply my knowledge and make some extra money. I knew about basketball, I will place some bets. The return on betting on single games was very low, so I decided to do combined betting: betting on the outcome of 4 - 5 games at once. That is I had to get the winners right of all games. If I had one forecast wrong, the money was lost. I did combined bets maybe three or four times. Then I stopped. The reason being, I always had one game wrong. In spite of me being knowledgeable about basketball, I was not able to capitalise on that knowledge.. My conclusion is whether I was knowledgeable (basketball) or not (horse racing) that did not have an impact on my success in betting. Betting is a bad idea when you want to make money. If anything you might consider investing in a betting company. So, let´s go to option four:
Personal Investing - do you like turtles?
Going back to that taxi driver who tried to make a lot of money with cryptocurrencies, when I mentioned to that taxi driver the term "portfolio allocation" or "asset class" this was entirely new to him. He was not knowledgeable in the basics of investing. The news about potential riches to be made in cryptocurrencies had reached him faster and left him poorer. Investing is an avenue which will take you where you want. But, it will take you more than three months. Getting there is probably 3 years (not months) or more. That´s a reality check. I read some time ago an article about an executive at Berkshire Hathaway. He had started with an initial capital of $ 70,000 and applied security analysis. He invested for 30 years. At the end of this period his portfolio was worth north of $ 200 million. You are reading right. But, hold your horses right there. You are not going to be like him. Let that sink in. Instead it is about you adjusting his example to your own situation, not copying it. For starters he is a professional and you are not. You cannot make this up in a year.
You will start with less capital. You can do so with $ 50 per month. That is good news. Find a strategy that fits your motivation and discipline. Check out Courses (Item) for a suitable approach.Then you can repeat for 30 years like he did. Your results will be very good. So, between doing nothing or dreaming about what he has done, there is enough space for you to do your thing.
Frequently Asked Questions (FAQs)
1. Is it realistic to make $10,000 in three months?
In most cases, no — at least not in a reliable or low-risk way. To reach $10,000 in 90 days, you would need some capital and exceptional luck.
2. What is the difference between saving $10,000 and making $10,000?
Saving $10,000 means putting aside money from your income by cutting expenses. Making $10,000 includes increasing your monthly income and investing.
3. Can buying Cryptocurrencies help you make $10,000 quickly?
Yes, at the cost of high volatility which usually takes a toll on your sleep. Crypto has risen sharply in short periods in the past, but it also fell fast. It is impossible to buy at the exact low and sell at the exact high, something called "market timing".
4. Is gambling a good way to reach a financial goal?
No. Lottery tickets and sports betting offer a dream of quick and big money, but it remains a dream. If anything it is entertainment, not a financial strategy.
5. If quick money is unrealistic, what need people to focus on instead?
They need to focus on long-term investing. Good personal finances are built over years, not months.
Comments