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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.
Example: Netflix was a DVD rental service before pivoting into the world's biggest content streamer.
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.. was a devastating economic collapse which started in the US in 1929, lasting a decade. Europe was already struggling post the WWI recession, while the US was thriving. As borrowings and stoc...
On 29th October 1929, the infamous crash of Wall Street happened, where 30 million dollars were lost in a week, leading to customers rushing to withdraw their money, known as the ‘bank run’.
The entire world felt the capitalistic fall and realized that a boom leads to a bust, eventually. The disastrous effects felt around the world showed how economically interconnected the world had become.
In 1933, then-President Franklin Roosevelt promoted his recovery path of Relief, Recovery and Reform, to give shape to the slow and arduous reform process that will take decades.
Since the WHO declared the new virus a pandemic and officials have urged people to stay home as much as possible, many Americans have suddenly found themselves with more free time and limited ways ...
William Shakespeare was an actor and shareholder with The King's Men theater troupe when the bubonic plague forced London theaters to close.
The theater industry was out of action for much of 1606. After suddenly finding himself without a steady job and lots of free time, Shakespeare wrote King Lear, Macbeth, and Antony and Cleopatra before the year was over.
In 1665, during one of the last major outbreaks of the bubonic plague in England, classes at Cambridge University were canceled, and Newton had to retreat to his family estate.
With zero structure, the young mathematician produced some of his best work during his year in quarantine, writing papers that would become early calculus and developing his theories on optics while playing with prisms in his bedroom. The theory of gravity also germinated during this time.
You have no control over things like the place you were born, your biological sex, the situation of your family or your skin color. These things will obviously impact your life in major ways.
"Inspiration is for amateurs. The rest of us just show up and get to work. Every great idea I’ve ever had grew out of work itself.”
Most people's approach to work motivation goes like this: they wait to be inspired, then they get to work.
But successful people don’t sit around and wait for inspiration. They just show up and get to work.