If you want to be rich, first stop being so frightened

Discussion in 'Psychology' started by Businessman, Jul 30, 2006.

  1. Cheese


    This is an excellent point.

    Ideas are a dime a dozen. They can be good but are not important unless you are going to test, research and work at implementation. Often just a little rigorous thinking and actual checking will show up the hurdles and difficulties attending faulty ideas. Even if do-able in some fashion, no success or no big success can be guaranteed.

    Ideas for most individuals don't do much more than feed the dreamworld of their imaginations.
    #21     Jul 31, 2006
  2. this list is the top .005% of wealth in the world....its funny how its broken down....ooooh the misery it must be to be on the bottom of that list
    #22     Jul 31, 2006
  3. He's spot on with two of the most important ideas about becoming super rich. First, that you need to be willing to take risks that expose you to potential failure and ridicule to make a lot of money, and second that it is execution not ideas that count.

    I'm always amused by people who look down on others who have made a lot of money and then stumbled at something else for a bit; as if it were possible to have success without the possibility of failure along the way.

    These are the same guys looking for the 90% success rate trading systems that have no risk and return 1,000% per year. The "critics" of Teddy Roosevelt's famous quote on risk and failure:

    Very few billionaires have not taken large risks to get there. Its not a coincidence that many of the richest billionaires have been college dropouts. They believed in their own success enough to leave the traditional path, a risk most would not take.

    I've seen a lot of well executed mediocre ideas make money and many very good ideas crash and burn in my days in high-tech startups. Microsoft is a great example of mediocrity well executed. Apple pre-jobs-return was an example of great ideas very poorly executed.

    Any failures in my own startups were invariably failures in execution not ideas.

    - Curtis
    #23     Jul 31, 2006
  4. Cheese


    Risk is misunderstood by many in the context of money.

    If risk is being taken larger than usual then it needs to be calculated risk with ALL outcomes assessed beforehand and with expected consequences understood.

    More generally and firstly risk frightens most. But secondly there are still many capable of outright stupidity where making money is concerned .. from utter crass stupidity in risk taking through to simple unnecessary risk taking.

    Look at trading where amateurs enter without barrier. How often will they start without the thorough preparation, research, relentless testing and acquired skilled of understanding the market? Answer: often.

    Look at size of stake or position size. Very important after knowing you have an accurate methodology. How often does an amateur or even longer term wannabe get the urge and hit the market hard to score big or better without a really accurate methodology? You put the answer.
    #24     Jul 31, 2006
  5. Ummm... ok. Now let's say for a moment that the family income is below poverty levels, or you have massive debts and relying on public services, or just flat out broke with no options.

    How can you provide a happy, successful, loving environment without the means to provide it then? How are you and your spouse supposed to spend more time with family when you both HAVE to work 2 jobs all week long?

    Having lots of money doesn't mean you have to flaunt it and turn snobbish. It's the fact that you have the means to provide what you said in the first place. Hell if it were the other way around, then the happiest places in the world would be all the 3rd-world countries! They all got tons of kids per family and all the time in the world to stay at home to "enjoy" them.
    #25     Aug 1, 2006
  6. Thats a great piece - thanks. I ordered the book already.
    #26     Aug 1, 2006
  7. This is off topic, but dont take out trading anger at your partner, or you may not have a partner anymore.
    #27     Aug 1, 2006

  8. The key to success, is to stay out of debt. Why is the suicide rate higher with the affluent, then the poor.

    Wealthy people have nothing to look forward to, how many jets or diamond rings can you buy.

    Poor folks have much more to look forward to.
    #28     Aug 1, 2006
  9. timmyz


    is the person who wrote that a rich guy? i think for every 1 person who gets rich doing it that way, there are 20 others who get rich doing the exact opposite. cheat, don't work hard, mislead, take credit for other people's work, politics, etc.
    #29     Aug 1, 2006
  10. classical thinking of a piker for life.

    "Everybody who is rich stole it , poor people are the most honest fellas"
    #30     Aug 1, 2006