Lesson 5: The Rich Invent Money
This is more of a mindset chapter and more of the character traits that one needs to develop to become financially independent. He reiterates over and over that financial intelligence is merely having more options, and who could argue with having more options. There are a lot of cliches in this chapter but some of them are used so often for a reason. One’s greatest asset is their mind. Winners are not afraid of losing. People who avoid failure also avoid success.
I would boil a lot of this down to one needs to practice practice practice. This seems to be like anything else, one will get better with more practice. Learning from mistakes is key because mistakes are inevitable. Failing though is how we learn. Practice something, put it to work, it may or may not work the way we thought, make adjustments, and try again.
He also gives a list of skills that one should strive to enhance to become a successful investor:
- Find an opportunity that everyone else missed
- Raise Money
- Organize Smart People