Few people, including the wealthy, could claim a smooth ride on their way to success.
In fact, millionaires tend to make more mistakes than most people.
It’s what paved the way for success at various points in their life.
God knows I’ve made a handful!
But the trick is to make mistake, learn from it, and make sure to do better next time.
As you can imagine, their mistakes are often costly. But millionaires are no strangers to losing large sums of money.
ESI “Money’s John”, who goes by Mr. ESI, decided to interview close to 100 millionaires about their biggest mistakes.
Among the great variety of answers, there was one thing that all millionaires had in common:
Their biggest mistakes had to do with investing!
It’s not hard to imagine either. After gathering great wealth, they realised that they excelled at something. This made them think that they’d be great investors as well. But this wasn’t the case for most of them. They’d just end up losing a ton of money.
One of the millionaires interviewed admitted that they were too confident in their money management skills:
‘A few years ago I had $20,000 in disposable investment income in my registered accounts. I was managing it myself and made some silly mistakes with Blackberry and lost half of it.’
The stories are many and varied, but the pattern was the same. They made money, tried their hand at investing, and failed.
This is why it’s so important to get educated in all aspects of money management and growth.
I am big fan of Warren Buffett and have enjoy learning from his letters to Shareholders and the many books about him.
The secret to Buffett’s wealth is of course investing in and owning cash-generating businesses in relatively boring industries.
And, he’s big on minimising risk as he hates losing money – as do I!
That’s why when I test a new Amazon product, I keep my investment as small as possible – sometimes in the $100’s then build up from there.
And, then over time I snowball that into a much bigger business, if the product is a winner.
For more info about my system check this out – it’s on tonight:
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