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Getting Rich vs. Staying Rich

https://www.collaborativefund.com/blog/getting-rich-vs-staying-rich/

collaborativefund.com

Getting Rich vs. Staying Rich
Abraham Germansky was a multimillionaire real estate developer in 1920s. He also loved stocks, betting heavily as the market boomed. As the crash of 1929 unfolded, he was wiped out. And that was basically the end of Abraham Germansky. Germansky disappeared on October 24th, 1929.

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Getting Rich Vs Staying Rich

Getting Rich Vs Staying Rich

The economy follows a cyclic path, with a different set of dynamics for getting rich, and for staying rich.

Nothing stays the same, and change is the only constant, with the very forces that cause things to go in a certain direction also planting the seeds to push them in the opposite direction.

In economic terms, the cycle goes like this: Recessions cause sentiments to go down, causing underproduction, which leads to scarcity, sowing the seeds for growth.

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Humility And Fear

  • Being successful narrows our vision, making us rigid and averse towards change. The people who feel invincible and 'bullet-proof' after getting rich, usually do not stay rich.
  • Humility, coupled with a healthy dose of fear, keeps us on our toes and prevents us from being complacent.
  • Being open to change can make one's shift its business model, and pivot towards even greater success

Example: Netflix was a DVD rental service before pivoting into the world's biggest content streamer.

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