If you want to be rich, first stop being so frightened

[timmyz]

and they love to use people like you. a fool who still believes hard work will eventually be rewarded. bye.

Quote from coolweb:

classical thinking of a piker for life.

"Everybody who is rich stole it , poor people are the most honest fellas"

 

[timmyz]

and btw, for every 1 person who succeeded by not being afraid, there are probably 100 others who did the same thing, worked just as hard, but failed.

 

[coolweb]

Quote from timmyz:

and btw, for every 1 person who succeeded by not being afraid, there are probably 100 others who did the same thing, worked just as hard, but failed.

considering 1 out of 37 americans are millionaires,

I suggest you to , stop hanging out with losers.

 

[Guile]

I agree with you and I just wanted to add one thing. There are great ideas that make execution and implementation much easier. Think of ideas like Millenium arbitrage, cross border arb, merger arb around 98-2000, ECN arb in the same era, etc..
Ideas are a dime a dozen but I'm not sure great ideas are so easy to find. And they do make a difference.

Quote from Cheese:

This is an excellent point.

Ideas are a dime a dozen. They can be good but are not important unless you are going to test, research and work at implementation. Often just a little rigorous thinking and actual checking will show up the hurdles and difficulties attending faulty ideas. Even if do-able in some fashion, no success or no big success can be guaranteed.

Ideas for most individuals don't do much more than feed the dreamworld of their imaginations.

 

[rimshaker]

Quote from myminitrading:

The key to success, is to stay out of debt. Why is the suicide rate higher with the affluent, then the poor.

Wealthy people have nothing to look forward to, how many jets or diamond rings can you buy.

Poor folks have much more to look forward to.

So what you're basically saying is that if you had a choice, you'd rather be poor and STAY poor? Talk about ambition.

Homeless people don't have debt. As a matter of fact, they don't have anything. But I suppose they sure are happy.

 

[HolyGrail]

I walked away from a good 6 figure income to start my own business. Fear of failure made my business a success. Nothing worthwhile is ever accomplished without risk. Needless to say, there is no reason to take careless risks. Fear is a great motivator when it is self-imposed.

 

[TSGannGalt]

This thread sounds like a bum talking about how to become a millionaire.

Well...

It's more like a newbie trying to teach me how to trade...

 

[Susukino]

Quote from timmyz:
and btw, for every 1 person who succeeded by not being afraid, there are probably 100 others who did the same thing, worked just as hard, but failed.

Failed in what way? To become super-rich? Or failed to achieve anything at all? There are degrees to "failure". I would rather try and succeed only in part - which in absolute terms would be "failure" - than not try at all and not achieve anything. If you assume that every man's hand is against you and the game is rigged from the start (which I don't) then of course you will believe differently.

Suss

PS and as for those with ambition being "used", what do you say to those "used" who do earn a ton of money? Because there's many people like that out there.

 

[maxpi]

My younger bro got an idea in his head that he was going to die when he was 40. He was 25 at the time and still has no idea where it came from. He felt that he had to have everything taken care of by age 40 so he worked 70 hour weeks in his shop and at 40 he was retired. Fear made him do it, and irrational fear at that.

 

[maxpi]

Quote from inflector:

He's spot on with two of the most important ideas about becoming super rich. First, that you need to be willing to take risks that expose you to potential failure and ridicule to make a lot of money, and second that it is execution not ideas that count.

I'm always amused by people who look down on others who have made a lot of money and then stumbled at something else for a bit; as if it were possible to have success without the possibility of failure along the way.

These are the same guys looking for the 90% success rate trading systems that have no risk and return 1,000% per year. The "critics" of Teddy Roosevelt's famous quote on risk and failure:


Very few billionaires have not taken large risks to get there. Its not a coincidence that many of the richest billionaires have been college dropouts. They believed in their own success enough to leave the traditional path, a risk most would not take.

I've seen a lot of well executed mediocre ideas make money and many very good ideas crash and burn in my days in high-tech startups. Microsoft is a great example of mediocrity well executed. Apple pre-jobs-return was an example of great ideas very poorly executed.

Any failures in my own startups were invariably failures in execution not ideas.

- Curtis

I don't think Rockefeller Sr. was a risk taker. He was known for avoiding risk by relentless spying on competitors. He was good at improving efficiency. He replaced oil shipping by wooden barrels with oil lines. There might have been some risk in some of his deals that were less than legal, but I feel sure that he balanced the risk with the reward before embarking. Remember, the more money you have the less chance of being punished so your risk goes down as your net worth increases.