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The speaker realized wealthy people don't chase big wins through risky bets. Their first rule is never lose money. They defend what they have instead of gambling on the next Uber.
The speaker realized wealthy people don't chase big wins through risky bets. Their first rule is never lose money. They defend what they have instead of gambling on the next Uber.
What do actual rich people do? What I was doing was what I thought rich people do, and it turns out the way they think about money is completely different than most of us think. Most of us take on a lot more risk than actual rich people do. The number one rule of the wealthy is to never lose money, and what I was doing was going out and praying and praying and shotgunning my capital everywhere and hoping that I was going to strike it big and invest in the next Uber, when all I should have really been doing was transitioning to be a defender of wealth and protecting what I had already built.
