Andy Egwim explains Warren Buffett's two rules: don't lose money, and don't forget rule one. He shares a story about a senior GP who lost heavily in the dot-com bubble and stopped investing entirely. Among doctors, 83% have lost money investing, and only 29% are currently investing.
Rule 1: don't lose money. Rule 2: don't forget Rule 1.
83%
65%
29%
When it comes to investing, we often tend to focus on the wrong thing. We focus too much on making money. However, this is the wrong approach. If you focus on not losing money, you'll be fine in the long run. And that's why I subscribed to Warren Buffett's two rules of investing. Rule 1 don't lose money Rule 2 don't forget Rule 1 the senior GP shared a powerful lesson with me. During the dot com bubble, he had invested heavily, even taking an extra locum shift, only to see it all crumble when the market crashed. The experience was devastating, leaving him so shaken that he considered hiding the rest of his savings under his mattress. Have you ever lost money in the past and know someone who has? I do. You're not alone. A staggering 83% of medics revealed that they had lost money in investments. At some point, 65% of Medis considered investing too risky to touch, and only 29% were investing at all.
