My Friend Lost $9,000,000…

Summary

• Money loves speed, but wealth loves time. It's crucial to understand this difference when managing finances.
• I had a friend who sold his business for $10 million. He was quick to invest but lost $9 million in four years, leaving him with only $1 million.
• The skills to build a business are not the same as those needed to build wealth and invest wisely.
• Making money requires speed and power, while accumulating wealth requires patience and time.

Video

How To Take Action

I would suggest implementing a strategy that emphasizes patience when it comes to building wealth. Start by recognizing that the skills for making money and building wealth are different. Focus on developing a solid understanding of investments before jumping in. Take your time to learn about different investment options and what fits best with your financial goals.

A good way of doing this is by setting aside a small portion of your earnings to gradually invest in learning resources, like books or courses, about finance and investments. Dedicate some time each week to study and understand how wealth accumulation works over time.

Additionally, I would recommend starting with low-risk investments. These might not offer quick returns, but they do provide stability and are a great way to develop your investing skills without risking too much. This can include savings accounts, CDs, or index funds, which usually require minimal time or money to maintain.

Focus on building the habit of saving consistently. Even small, regular contributions will grow over time, impacting your wealth positively. Remember, the goal is not to get quick returns but to see steady growth over long periods.

Finally, practice patience. Understand that wealth growth is a long-term journey, and it’s okay not to have everything figured out immediately. Give yourself the time and space to learn, grow, and adapt your financial strategies.

Full Transcript

money loves speed and wealth loves time so an example of this is I had this friend uh he sold his business and got about $10 million and so he immediately was like I need to invest all my money four years later he has 1 million left out of that 10 million so he lost $9 million all on bad Investments what I don't think he understood is that the same skills that you use to build a business are actually not the same as what you use to build wealth and invest and the reality is is that to make money you need speed and you need power to accumulate wealth you need patience and time