“I know a guy like that, too. He’s only in university, but already made $400,000 in cryptocurrency. He doesn’t even bother training for a job anymore. He’s thinking about whether to put the money into starting a business or in real estate. I’m so jealous.”
You hear your friends talking. It piques your interest and you can’t help but quiver with excitement. “Whoa, twenty times? How much would that be if I started with $50,000? Should I put all my money in this?” Your heart pounds and your mind races.
A question. Could you make a lot of money by buying Bitcoin like these other people, or is there perhaps some other phenomenon that could bring you money? It’s hard to offer an immediate answer here, so let’s shift gears and look at two famous rich men: Warren Buffett and Donald Trump. If Buffett had invested entirely in real estate and Trump entirely in stocks, would they be just as wealthy now?
The answer to the second question is a distinct “no”. If Buffett had invested in only real estate and Trump in only stocks, they would not be as rich as they are today. Naturally, the answer to the first question is also “no”. The form and nature of financial luck are different for everyone. What’s good for others isn’t always good for you. Just as different jobs suit different people, so is financial luck suited differently for everyone.
Let’s take a look at real estate investment first. Some people gain fortune through apartments and others through land. Even the same building leads to different fortune depending on whether its purpose is for people to live or for companies to set up shop. Some people need to buy land and construct buildings to make money, while others need to buy and remodel old buildings to profit. The best location, the envy of others, isn’t best for everyone. Some make a fortune from real estate in a less desirable location. Some see considerable profit from real estate auctions.
It’s no different in personal finance. From people who personally choose stocks to those who prefer investment funds, equity linked plans, and over-the-counter stock, everyone is different, and you should choose a product suitable for your financial luck. Some people profit from high-risk ventures, while others capitalize on safer investments. Stocks, funds, futures, options, debentures, commodities, foreign exchange: what earns you more money depends on your own financial luck.
How much, then, will your assets benefit from investments that suit your financial luck? Analysis of the financial luck of thousands of wealthy people shows that the degree of growth itself varies. Growth may be anywhere from ten times up to hundreds of times. People who form conglomerates see patterns different from standard patterns as well.
If you want to know which investments match your financial luck, reflect on your own history. Thoroughly examine when, where, how, with whom, and what you have invested. Analyze the results to determine whether you have made or lost money and, if the former, whether it has been more than you expected. Discovering your own patterns in this way will indicate to you where your financial luck lies.
Don’t despair with the thought that you don’t have as much money as you’d like. There’s no need to be envious. It’s not that you’re unlucky; you just haven’t found the method that suits your own financial luck. Don’t gaze longingly at the gold in others’ hands, but examine carefully what you have in your own hands. You can turn the financial luck you were born with into gold or stone.
Suh Yoon's Quotes
“The form and nature of financial luck are different for everyone. What’s good for others isn’t always good for you. Just as different jobs suit different people, so is financial luck suited differently for everyone. If Buffett had invested in only real estate and Trump in only stocks, they would not be as rich as they are today.”“Don’t despair with the thought that you don’t have as much money as you’d like. It’s not that you’re unlucky; you just haven’t found the method that suits your own financial luck. Don’t gaze longingly at the gold in others’ hands, but examine carefully what you have in your own hands. You can turn the financial luck you were born with into gold or stone.”
