Humility And Fear - Deepstash

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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MORE IDEAS FROM 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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The Great Depression

.. 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 stock purchase increased, Wall Street went into a meltdown as soon as the share prices nosedived. This led to the failure of all the major banks and 15 million people losing their jobs.

Sandwiched between two World Wars, The Great Depression affected the entire world in its 10-year run.

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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 to spend it.

If you want to use this time to be productive, you have many historical role models to choose from.

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John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:

  • The Rich Dad is most likely an invention. It's unlikely for an entrepreneur to succeed in construction, restaurants, and convenience stores. Authors history also doesn't match up.
  • Previously Kiyosaki named at least 2 other people as "the best teacher I ever had", making the same claim about the "Rich Dad" sound false.

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