Yep. I think one of the defining characteristics between those who are financially well off and those who aren't is there willingness to take many calculated risks. Even with some losses, rational, logical risks done over and over again with resources they can afford to lose eventually pay off in a positive way. The challenge, I think, is those who have no extra resources don't have the opportunity to safely take those risks, so they have to be overly conservative which keeps them from ever being wealthy. It's a feedback loop either way... towards more wealth or more poverty.
Very well-put! I think that goes beyond finances, talking about general success. Those who are willing to take many calculated risks, even though they might incur significant losses have a way better shot than those who sit idly by. A feedback loop is right. No one would ever get to somewhere they want if they don't take that crucial first step. Very insightful of you, Luke! :D
Yep. I think one of the defining characteristics between those who are financially well off and those who aren't is there willingness to take many calculated risks. Even with some losses, rational, logical risks done over and over again with resources they can afford to lose eventually pay off in a positive way. The challenge, I think, is those who have no extra resources don't have the opportunity to safely take those risks, so they have to be overly conservative which keeps them from ever being wealthy. It's a feedback loop either way... towards more wealth or more poverty.
Very well-put! I think that goes beyond finances, talking about general success. Those who are willing to take many calculated risks, even though they might incur significant losses have a way better shot than those who sit idly by. A feedback loop is right. No one would ever get to somewhere they want if they don't take that crucial first step. Very insightful of you, Luke! :D