I’m going to share with you a little story that demonstrates the power of compounding, and the impact it could be having on you right now.
What most of us have been taught about risk is wrong, and it’s probably holding you back from obtaining real wealth.
What are you prepared to give up to stand out from the crowd?
When we are young, we do all sorts of silly things.
We don’t think too far in advance, are susceptible to pressure from friends and like to push boundaries.
In most cases, this is all pretty harmless stuff, and it’s something that most people grow out of.
Yet, the financial mistakes we make in this period can set us back for many years to come.
There’s a saying that happiness is somewhere between having too much and having too little.
But the concept of “happiness” can be pretty ambiguous, because happiness to one person could be misery to another.
However, we can arrive at some reasonably consistent understandings when looking at modern human life within a monetary economy such as ours.
Money regrets – we all have some. We’ve all made financial decisions we would ‘undo’ given half a chance. It might be the under-performing property we wished we’d passed on or that great property we wish we had really chased.
Given how important financial skills are to navigating life, and the fact that schools don’t teach children about money, as a parent here’s a few important financial lessons you can teach your child as he or she grows up:
In a world where literally everything we could want as consumers is at our fingertips, it’s difficult not to expect instant gratification.
At the touch of a button we immediately receive all sorts of things.
But the problem with all of this ‘on demand’ availability is that we are evolving into a race that acts with expectation, rather than taking the time to nurture ourselves as responsible human beings.
Everywhere you look these days, people’s achievements are being celebrated, whether it be in the papers, among our family and friends, or on social media.
And why not? Success is a wonderful thing and worthy of celebration, but so to is failure.
OK, so hear me out on this one. Failure gets a bad rap and most of us go to great lengths to avoid messing up.
But here is the thing: we are all going to fail at some point — whether it be a succession of small errors or one monumental disaster.
The sooner we embrace failure as inevitable and arm ourselves with a few tricks to handle it, the better off we will be.
Here are four good reasons to celebrate failure: