Rich people generally have more influence than others. Their successes are often noted and envy by many. As a result, those aspiring to be like them in the future seek to emulate their decisions and character in the hope to attain similar levels of success. There is nothing wrong with wanting more and working hard however, does copying the rich make you rich? Evidently, no, because the rich are simply at another league altogether. In other words, their wealth enables them to make certain decisions that might put their capital at greater risk simply because they can afford to do so thus if a normal person copies wholesale, it might lead to dreadful outcomes when the outcome is an undesirable one. In today’s post, we will be learning more about the three main types of rich people, how they invest and whether it will be wise to learn from their footsteps.
People who appear rich and successful
Social media has given many scammers and self-proclaimed messiahs the ability to trick and deceive others into believing that they hold the key to success today. Not only are they are lying, but they are also tricking others to pay hefty fees for their guaranteed success seminars and talks. These fees that they collect are usually large enough amounts to make a one-off scoop from their students and followers. Often the talks will lead to a heightened sense of euphoria fueled by false testimonies and scripted success stories about their secret formulas and strategies.
Following those who appear to be rich and successful
Let’s face it, success does not come easy. if there is such a formula, then it would have been well known and widely shared. The short answer, do not fall prey to predatory schemes and just accumulate your wealth the most earnest way possible before considering to grow your wealth through investments.
People who are born into Wealth
Wealth as defined by having a substantial amount of capital creates a bubble for those who did not earn it themselves. This bubble shields those individuals with the reality of how difficult is capital amassed in the first place. As such, the value of capital might be grossly undervalued thus causing them to make extra risky decisions or what we call having an “All IN” mentality when opportunities arise. Although they might be right once in a while, they are also prone to making poor decisions however, only the good news is broadcast to their peers, creating a false sense of “good luck” and intelligence.”
Following those are born into Wealth
Following such people often leads to high levels of uncertainties and fear because they will simply disappear the moment things go south. What’s worse is that you are not going to come out of that blunder the same way as your wealthier advisor/coach because they will most likely move on from it faster than you. That is why we need to stay clear of people who are born into wealth and are always announcing their successes. These people lure you in with envy and leave u in a lurch once things do not go as planned.
People who have attained financial success themselves
Contrary to popular belief, financial success is not what you see on YouTube and Facebook when a “successful” person shows you his or her lavish apartments and luxury cars. (Most of which are rented Or borrowed) Real financial success is often invisible on the outside, as people who have “made it” do not willingly flaunt or reveal their wealth to the public. Therefore, when you have met one who has earned it himself or herself, be sure to note that they have been through a tonne of stressful situations before they arrive at where they are. Therefore, do not expect them to drop you a golden bone regularly. Most of the time, they are more willing to put you through similar learning processes to train you to think and have the right temperament as them rather than prophesying about the next big opportunity.
Following (self-made) successful people
Well, usually people follow others for shortcuts but rest assured that real self-made people are not going to go easy on you. However, if you persist and make informed choices after consulting them, you will be able to invest your time and resources with a rational objective in mind. This will help increase your chance of success over time.
Closing Thoughts
Bear in mind that there are many kinds of rich people in this world so stay vigilant as much as possible when looking for a mentor or coach who can help you achieve your goals. One of the best ways to know if that coach means you well is a simple principle which we have shared since the first few posts on this blog. And that is, “You Can Easily Judge the Character of a Man by How He Treats Those Who Can Do Nothing for Him” (many famous people have claimed this as their saying so I am not sure who created it). Once you have found one who is self-made and is willing to help you without expecting you to “pay back”, stick with him or her, learn and help others in the future. Thank you all for giving Loopholes Singapore to do just that and we hope to continue helping others to help themselves in the area of finance.
