Wealth Lesson: Bill Gates and Luck

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I have a super fun topic for us today.  

I want to use this quote as the starting point, a quote by Bill Gates: 

“Success is a lousy teacher; it seduces smart people into thinking they can’t lose.”  

So today I want to pull this apart and explain to you why I think it’s 100% true, and what you need to do to adapt if preservation of wealth really matters to you.

We cover:

  • the two common issues investors experience,
  • why failure is a lousy teacher,
  • acknowledging luck in your successes,
  • asking, did you make a mistake or experience the reality of risk, and
  • my final warnings on risk, luck & hindsight.

Show Notes:

00:00:00 – Intro
00:01:11 – The Two Common Issues Investors Experience
00:04:02 – Failure is a Lousy Teacher
00:06:26 – Acknowledging Luck in Your Successes
00:08:57 – Did you Make a Mistake or Experience the Reality of Risk?
00:12:04 – Salena’s Final Warnings on Risk, Luck & Hindsight
00:13:31 – Outro

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