I want you to FAIL. Preferably soon. - May 2024 (#21)

Welcome back dear readers. Your dude Brent is feeling a little nostalgic today. Reflecting has reminded me of some important wisdom that time has proved again and again.

Motivation

“If you want to increase your success rate, double your failure rate.”

-Thomas Watson

(Share this on Twitter)

Money

TLDR; Failure is the great teacher, ESPECIALLY with investments. It’s part of the learning process. So go do things you might fail at!

Many moons ago, I was jogging on a crisp Monday morning in Southern California. Striding along side me was a guy I’m still friends with to this day. This guy, who we’ll call Steve, was doing his best to explain to me what he knew about investments and financial markets.

You see, Steve came from a family that was really into investing. His dad had encouraged him to get started at a young age. During my time in Southern California I’d somehow become obsessed with all things investing so I was pumping him for information.

I asked Steve about the stock market and what the best way to learn was. I’d heard about paper trading as it seemed like a good route to me… as you didn’t risk actual money. His response really surprised me. He basically told me not to bother with it and to risk money from DAY 1! The idea of course scared me. I didn’t want to lose money… losing money was for losers right!?

He then told me I should EXPECT to lose money, that losing money was all part of the learning process when it comes to investing. Of course I should exercise appropriate caution, not be reckless or half-hazard, and not invest more than I could afford to lose, but I had to be OK with losing money as part of learning to invest. He flatly said, that’s just how you learn… this changed my ENTIRE perspective.

After that conversation, the first chance I got I opened up a brokerage account, made my first investment and… promptly lost money. I became a partner in a small business not long after that and lost a third of what I’d put in. I later bought my first investment property and proceeded to struggle with an eviction for nearly 6 months and HEMORRHAGED money. I’ve honestly LOST more money than most people will make in their entire lifetimes… but without those losses there’s no chance I’d know what I know now.

All of these experiences taught me valuable lessons that set me up for success later. Set yourself up for success NOW by doing things that you might fail at. Expect to lose and accept it’s all part of the process…

FINAL MEMES

_{WARNING: Below button reveals an offensive meme that is intended for you ONLY if you are a horrible person.}

That’s all folks!

Have a question? Reply on this email!

Copyright (C) 2024 Ann Royal Advisors All rights reserved.
The information contained on this Newsletter and any resources available for download through this newsletter are not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, CPA, or financial advisor, nor am I holding myself out to be, and the information contained on this newsletter is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

Question? Comment? Concern? Email me here:
[email protected]