Wednesday, 2 March 2016

RULE 79: Don’t Follow The Same Route As Everyone Else


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Dr. Alistair Soyode, Founder, BEN TV, London

Obviously you can follow whatever route you want, but you might end up in the same place as a lot of other people. If that is a good place, you’ll have to share a lot. And if it’s a bad place, why be there at all?
Being creative is a brilliant way to make money. Look at all the best moneymakers and one of the things they share is the ability to be one step ahead, to think creatively (out of the box if you like), to come up with schemes and ideas that other people haven’t thought of. This doesn’t mean you have to be reckless or a gambler. It just means thinking differently from other people.

But that’s the problem most people have. Following the herd is terribly comforting. If it all goes wrong, being in a herd gives a collective feeling of shared grief and the opposite of shared blame. Be a loner and going wrong is a tough cookie to swallow. And the converse is true. If it all goes well and you are in a herd you can celebrate together - shared joy. A bit like, being at a foot- ball match; it’s a good feeling.

“It takes a person of real courage, confidence and maturity - not to mention creativity and drive - to stand up and go your own way. You’ve got to be pretty confident to turn your back on shared joy and shared grief”

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It takes a person of real courage, confidence and maturity - not to mention creativity and drive - to stand up and go your own way. You’ve got to be pretty confident to turn your back on shared joy and shared grief. In the great stock market crash of October 1987 an awful lot of people lost an awful lot of money.
Two who didn’t, and got out of shares and into cash in August, were the billionaires Kery Packer and Jimmy Goldsmith. And remember that the closer you get to becoming, a winner; the less risk you want. And the nearer to losing you get, the more you are inclined to gamble. I saw a website the other day – an investment broker’s one - which claimed to show the five most popular stocks and the reasons why you should sell them now no matter what your friends, neighbors or family say. These stocks have been so high for so long that they must crash soon. Sell now and get out ahead of the crowd. I was thinking that real moneymakers wouldn’t have been there anyway but would have been out there investing in something none of us had even thought of.
Lots of people invested in ostrich farms. Where are they now? Lots of people invested in worm farms. You bought eggs and turned them into worms and the big worm farm would buy them back. Loved that one. Yeah, right.
Of course they’ll buy all your worms back off you. One of my sons invested £10 to start his own giant snail business. He bought two giant snails to breed with (or should that be from?). He fed and looked after them for about six months when I had to break it to him they were snails out of some one’s garden he’d bought. He wasn’t alone. Loads of kids at his school were sold the same dream and the same snails.

 From The Book; The Rules of Wealth by Richard Templar
(Read Rule 80 of Rule of Wealth tomorrow on Asabeafrika)

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Gbenga Dan Asabe

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