Description
You can read what it was like to lose everything during, say, The Great Recession, but you will never bear the emotional scars of those who survived it and are now afraid to invest again. It’s important to remember, then, that until you’ve lived through a financial crisis and felt its consequences, you will never understand why people behave the way they do.
Every outcome in life is guided by forces other than individual effort. Bill Gates had a competitive advantage over millions of other students because he attended one of the only high schools in the world that had the cash and foresight to buy a computer. In finance, luck is as much a force as risk.
Rajat Guptas. Bernie Madoff. These are men that had everything— wealth, power, freedom—only to lost everything because they had no sense of enough. The lesson? There is no need to risk what you have and need for what you don’t have and don’t need. The hardest financial skill, it seems, is to stop the goalposts from moving.
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