When I was 20 years old I had a business that failed, not because I couldn’t get clients, but because the tax laws were too harsh. It took me years to pay back the money I lost and I was so angry at the world. But yesterday after getting an offer to invest I noticed that there was an upside after all.
First of all, I learned how to poke holes in any idea I hear, and to calculate the odds of making a profit off an investment. And secondly, I’m not afraid to lose. That doesn’t mean the I’m going to run around investing in anything I can arrange the money for and cross my finger hoping it will work. But it does mean that when I choose an investment I can let go of the fears I have about how well the investment is doing.
Realistically only 10% to 12% of investments are going to work out. So having the ability to cut and run is important for all of our futures. I see people working in a field they hate just because they spent a lot of money on education. You need to accept the loss and move forward or you will be miserable your whole life.
Never fear the loss, it’s just money after all. And if you don’t take a chance? What chance will you have to change your life?