Explain the Difference Between Investing and Speculating

Most people who are speculating think they are investing. The two are genuinely different and the difference matters for how you think about the risk. This explains the distinction, covers the common situations where something feels like investing but is not, classifies what you are considering based on what you describe, and explains why it matters which one it is.

Explain the difference between investing and speculating in plain English, and help me classify what I am considering.

Cover:
1. The distinction: what makes something an investment versus a speculation (not a definition, a real difference in risk, time horizon, and basis for the decision)
2. The common situations where something feels like investing but is speculating
3. What the thing I am considering actually is, based on what I describe
4. Why the distinction matters for how I think about the risk involved

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[describe what you are considering: the asset, how much you are thinking of putting in, your time horizon, and what is making you want to do it]
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Note: this is a general explanation, not investment advice.