poplath.blogg.se - What doesnt kill you makes you stronger

What doesnt kill you makes you stronger how to#

Kids grow up without role models of hard work and perseverance. Real (persistent) poverty is horrible and repeats down the generations via broken families. I’m not recommending drugs and hookers but I am recommending a taste of hardship in your younger years to spur you on to hustle and hard work. But before he got his first breaks in publishing Denis had been broke, lived in a squat and done a short stretch in prison (real prison, not an office job).

What doesnt kill you makes you stronger how to#

I recently read How To Get Rich by Felix Denis, who ended up making about $1 billion dollars (much of which he spent on drugs and hookers). As a result, I didn’t sell in the 2008/09 stockmarket crash (I bought aggressively) nor in the mini crash earlier this year. That felt awful at the time but the learning points stayed with me forever. For example, I fucked up in the 2001-03 bear market, capitulating and selling at the bottom of the crash. I’ve also made plenty of my own mistakes along the way. As Warren Buffett says: it’s OK to learn from your own mistakes but its better to learn from someone else’s. I was lucky that it was my parents that had the debt scare.

enough exposure to money problems to give them a wake up call.

a bad experience with debt early in life or.

People that are now good with money often had: That felt horrible at the time but turned out to be the making of my future financial independence.įast forward to today and this is a pattern that I often see in my financial coaching. Then there was the career crisis in my early 30s that prompted me to save 50% of each pay cheque to build a redundancy / retraining fund. My money blueprint got shaped and from that point onwards, I was an accumulator not a big spender. Let’s be honest it wasn’t a big deal but, as an impressionable child, that episode helped instill in me a lifetime fear of poverty and homelessness. My parents stretched themselves with a big mortgage to get up the housing ladder in 1981, just before interest rates went to 17%.Īs a result, holidays and newspapers got cancelled and belts had to be tightened. There’s nothing like an early taste of poverty for instilling a lifelong appreciation of money and financial freedom.