Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
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Some rich and poor I know are poor, and some rich and poor I know are rich.
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Interesting, GB. So how do we discover the cause?While it's true that rich people aim high, that doesn't mean that if YOU aim high, that YOU will become rich.
While it's true that rich people dream of the future, that doesn't mean that if YOU dream of the future, that YOU will become rich.
While it's true that rich people use other people's money wisely, that doesn't mean that if YOU use other people's money wisely that YOU will become rich.
And so on...
All the points on the list are correct statements, or close to it.
All the points made give absolutely NO CLUES about how to become rich.
The list is completely useless because it's an observation of effect, not cause. The cause needs to be investigated. And the cause is hidden from view, because it always is. If it was as simple as following a list, don't you think everyone would have done it by now?
There's similarities in trading advice one reads here. "Just do this!!" "Know your R:R!!!" say the experts, as if doing those things makes any difference. The cause is always hidden, and people act as if the effect is appropriate advice to follow. If the game of trading was like fixing a car, don't you think everyone would be rich by now? You'd learn how to do it and you'd just damn well do it.
In social life, people make the same cause-effect error, and it's very obvious in young people. Young guys see someone having success with women, and they immediately start to mirror the successful person's *effects*. "If I dress the way he does, if I talk like he does, if I walk the way he does, if I join the football team that he is in, then maybe i will have the same success". They do this because they can't see the cause. Then one day the successful guy will suddenly change the way he dresses, and maybe even leaves the football team - but lo and behold, he is still successful with women, while his followers are TOTALLY LOST because they mistook cause for effect. So whom are YOU following like a sheep??? What will you do when he suddenly changes his approach?
Can you see the similarity with trying to mimic successful traders? You can't just do what they do and hope to be successful. It will not happen. Success is possible however, just not this way.
Most rich people bought property before about 2004 and that is what makes them rich.
Enough said.
@Tech/a, firstly thanks for noting your agreeance with 15. Given your indisputable accomplishments in matters pertaining to wealth and its acquisition, I'd love to know your thoughts (but please make sure you type slowly for me as I'm still very much a "wannabe")
I realise that I did ask you to type slowly Tech/a, but maybe just a little faster than that would be okay as the suspenseful wait for your response is killing me!
Sorry missed it.
I really believe that for most it's a matter of
Placing yourself in front of your perceived opportunity
As often as you see it.
When you know it's a no brainer put the damned house on it.
[ as an example in 1996 ANYONE could buy a 3 bed home at 20 % down and rent it for a profit
Over and above the interest being paid. The huge in balance lasted far longer than it should as
Prices needed to re balance and they actually over balanced.
Then with the gulf war Gold was way out of balanced at around $350 an ounce-- it has re balanced ]
If your 20 you'll see around 20 of these no brainers in a lifetime.
Even if you don't get the full ride
You only need 1 to change your life.
Learn all you can about risk and how to manage it.
You can have everyone of the 15 attributes but if you do nothing
That's the result you'll get!!
Call it luck as a lot of my friends do or call it the ability to take advantage of opportunity.
Go where the money is and go there often!
Interesting, GB. So how do we discover the cause?
Are some of us genetically disposed toward recognising opportunities and taking them?
Is it something we can develop?
How relevant is our early upbringing, place of education, peer values etc?
I believe much of the population never gives any of this a thought. The notion that their lives could be other than a daily grind of working in some job they largely dislike, or at the extreme, even the notion that there is a life outside of welfare, doesn't occur to them.
So do we have simple lack of aspiration as a fundamental factor?
... Placing yourself in front of your perceived opportunity ...
Yes. Agree completely!
Old saying, "Opportunity has a slippery tail !"
Failure can also be a result of being slapdash, not doing the appropriate due diligence before buying a small business, projecting its future trajectory etc. So, although I agree with your concept of fearlessness, I think that trait needs to be tempered with common sense and proper investigation.The less fear, the more success (in general). The wealthiest people I have met own their own businesses. But they were able to do that and make it work because - at cause- they were relatively fearless and free of guilt. Such negative emotions tend not to enter their heads. They just go for it. But if you tell an anxious, timid person to "just go for it and get that loan, be bold, open that store, buy the stock, market like crazy"......he will lose the lot. Most small businesses fail as you know. Small business failure is not about having a useless accountant, and it's not about cash flow issues.... it's about WHO YOU ARE. The accountant, the cash flow etc. are effects, not causes.
That seems to be rather a wide generalisation. I'm reminded of Rupert Murdoch's eulogy at the funeral of the late Dame Elisabeth, where he described the love and acceptance, encouragement, he received in his formative years.There seem to be quite a lot of very wealthy people who by and large are bold and relaxed and confident in business, but their intense desire and drive for material wealth is a compensation for never feeling loved as a child. That's their particular fear. If you were to negotiate a deal with them or watch them set up a factory from scratch, you'd marvel at their power, ingenuity and confidence. But ask them to speak gently and intimately with their children about school, friends, life, and you'd trigger intense fear. They'd run a mile to avoid it.
Agree essentially on this. There was a great book, probably now entirely passe, called "Feel the Fear and Do It Anyway" many years ago. The essential message was "give it a go". That's great advice, but only on the basis that you thoroughly investigate the potential downside of any venture.So fear is the enemy. And it has a million faces.
That seems to be rather a wide generalisation. I'm reminded of Rupert Murdoch's eulogy at the funeral of the late Dame Elisabeth, where he described the love and acceptance, encouragement, he received in his formative years.
Yes. Agree completely!
Old saying, "Opportunity has a slippery tail !"
Placing yourself in front of your perceived opportunity
And that goes back to my point; stating the commonsense.
Do you really need someone to tell you that's how you make money?
Finding the opportunity is a whole different ballgame. And where most fall down.
So what do you think it is that stands in the way of most people finding opportunity?
(Please don't insult my intellect by telling me it's because they spent too much time in church, I've known several high wealth churchgoers in my time.)
Many people can "see" opportunities in all sorts of things. It's just that most don't do something with them.So what do you think it is that stands in the way of most people finding opportunity?
The minister and parish for starters!
Opportunity right there!
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