3 ms·
>>What's the saying? Going from $0 to $1M is almost impossible--going from $1M to $2M is almost inevitable. For the very same reasons going from $2M to $0 is e
by kamaal 10y ago
>>What's the saying? Going from $0 to $1M is almost impossible--going from $1M to $2M is almost inevitable.
For the very same reasons going from $2M to $0 is easy.
It takes a lot of character to handle money and power, if you don't understand the work that goes behind it or it value. You will lose all of it soon.
Edit: Why the down votes?
- aninhumer 10y agoI don't think it takes "character" to handle money. It's a skill like any other, and people who grow up with wealth have more opportunity to learn that skill.
- dismantlethesun 10y agoWhat's meant by character is that your skills with money management won't tell you where to spend money when its discretionary, and what level to set your discretionary shares at. Some people will fritter away their wealth on useless things, even if they know that they can make guaranteed returns by investing in X. Some people will continually reinvest in bad ventures, each time thinking the risk is worth it. There's no skill to say what is too much risk. That's a judgement call that everyone has to make for themselves.
- aninhumer 10y ago>your skills with money management won't tell you where to spend money when its discretionary, and what level to set your discretionary shares at. Yes they will? That's an aspect of money management. >There's no skill to say what is too much risk. That's a judgement call that everyone has to make for themselves. By even framing the decision in these terms, you're already displaying far more experience in money management than many people have had opportunity to acquire.
- Godel_unicode 10y agoIt's not about opportunity, you could learn that much in an hour on /r/investing, or an afternoon of Googling "money management". It's about inclination to learn it, which requires a (very) little discipline.