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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MORE IDEAS FROM THE ARTICLE

  • 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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RELATED IDEAS

What made the Great Depression so different from other crises was the fact that in the very same period when the Wall Street stock market fell, farmers also started having big issues with their harvest, due to a string of dust storms.

The storms eventually led to many farms drying up. Therefore, unemployment increased and even families with workers began having difficulties with money.

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IDEAS

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.

According to John T. Reed the famous book is filled with bad advice:

Dangerous advice

  • "If you're gonna go broke, go broke big"
  • Convinces people that college is for suckers

Law-breaking advice

  • Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
  • Recommends tax fraud by deducting vacations and health club dues
  • Brags about using a partner weasel clause in which his cat is his partner

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