10 Advice from George Soros for Young People Who Want to Be Rich & Successful
As one of the world's leading philanthropists with more than $32 million of his fortune
given to that cause, George Soros lived his life giving young people advice on how they
can be successful and wealthy.
In this video, we'll share with you 10 of the most inspiring advice from George Soros.
Advice number 8 is very important, so you need to watch this video till the end.
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Advice No. 1 "Once we realize that imperfect understanding
is the human condition there is no shame in being wrong, only in failing to correct our
mistakes."
In your quest for success never forget that you are human, you are not a perfect being,
so it is very natural that failure will happen as you try to achieve your dreams and goals.
Did it ever occur to you that seeking perfection doesn't move you forward, it actually holds
you back?
Yeah, it's those imperfections that really attracts others to your creations and make
your dream stand out When you understand that you are not perfect,
then you will not view failure as the end but as a stepping stone to achieving your
goals.
Advice No. 2 "It is much easier to put existing resources
to better use than to develop resources where they do not exist."
Ever heard of the force multiplier?
Simply put it means redefining available assets to improve overall effectiveness.
As a young person seeking success, you need to understand the idea of working with what
is available rather than chasing what is not there.
The funny thing with adopting an unknown or unfamiliar work process or strategy is that
it requires people to embrace strange ideas and visions of the results you want.
But trust me, this kind of approach will undoubtedly be met with resistance.
So instead of wasting time using trial and error, why don't you leverage on what is
already known, reconfigure it and multiply its overall effectiveness to achieve even
more outstanding results?
Advice No. 3 "The hardest thing to judge is what level
of risk is safe."
To be successful, you have to be a risk taker, but it is impossible to know the level of
risk that is required to be successful in whatever endeavor taken.
You might even be turned off by the concept of taking risks because really its more comfortable
to sit in a safe spot and wait for the right venture to gamble on.
But you see, that is what makes the difference between a successful person and a dreamer.
While others are still sitting and waiting for the best moment to act, the risk taker
has already reaped the rewards.
It is not a straight road, but hey you've got to take it.
Advice No. 4 "I'm only rich because I know when I'm wrong."
Are you the proud type that believes you have the answer to everything and assumes everything
you touch automatically turns to gold?
Knowing when you are wrong and thinking of yourself as a never-ending work in progress
means you understand that you don't know everything.
Do you know how this translates to success?
If you don't know everything, you will continuously strive to improve both yourself and the process
you use to accomplish your goals.
And then, voila, success is yours.
Advice No. 5 "To be successful, you need leisure.
You need time hanging heavily on your hands."
Consider the saying, "All work and no play makes Jack a dull boy."
Time management is very essential for success and but so is leisure, there should be time
for rest to be able to recuperate, refresh and think of new ideas and perspectives.
Advice No. 6 "Unfortunately, the more complex the system,
the greater the room for error."
There is a saying that "Too many cooks spoil the broth."
When there are too many variables in an equation, errors are bound to occur.
Complicated systems in any venture are more prone to break down than simple systems.
You want to succeed?
Keep your plans and executionsnice and straightforward.
Advice No. 7 "When a long-term trend loses its momentum,
short term volatility tends to rise.
It is easy to see why that should be so: the trend-following crowd is disoriented."
Young people always want to follow the trend; you might find yourself fixated on the thing
but to be successful, you have to be unique.
It is so easy to get caught up in the latest market craze and search for short term profits
which eventually lead to significant losses from risky investments.
Try things differently because following the short term trends do not bring about long
term success.
Advice No. 8 "If investing is entertaining, if you're having
fun, you're probably not making any money.
Good investing is boring."
Investing is a very essential part of success, and it is not fun because it requires discipline.
To be a successful investor means learning the ins, and out of the financial world and
to develop your personality…yes personality as an investor, you need a lot of time and
patience.
What does this mean, you ask?
Look at it this way, assuming you want to retire in about 20 years at the age of 50,
you need to consider how much money you will need to achieve it.
And how do you amass that money?
By coming up with a plan that depends on your investment goals of course.
To top it off, you need a lot of trial and error.
Who has ever found that funny?
And yet it must be done.
Advice No. 9 "It's not whether you're right or wrong, but
how much money you make when you're right and how much you lose when you're wrong."
It is very vital to make the right decisions to create success because good or bad decision
making can create success or break a dream.
Are you the type that puts all your eggs in one basket, the kind that doesn't or the kind
that sets your eggs in one basket but carefully observes the basket?
Either way, what matters is how many eggs you save as you watch your basket and how
many you lose if you didn't watch and the basket falls.
That is why it is critical to seek advice from mentors and advisors especially the ones
that have been successful in the same areas in which you are venturing so that you don't
end up with more loss than gain.
Advice No. 10 "It is better to do it right than right away."
Success is not determined by how fast but by how well it is achieved.
You should know that to build something that lasts takes time, work and patience because
success like any great enterprise is not built overnight.
This is something you need to understand as a youth.
I know there may be times when the pressure from the expectations of family members and
peers pushes you to desire a shortcut, but trust me that line of reasoning always ends
in failure.
In conclusion, if you want to be successful in life:
Imperfections are what make you human, and it's from those imperfections that success
is etched.
Use the resources available to you rather than wasting time on abstract ideas.
While it may be difficult to determine how much risk is safe to take, take it anyway.
Know that it takes a disciplined person to admit when he or she is wrong, and this is
a trait of a successful person Take the time to rest and recharge.
Let your operations be simple and straightforward.
Don't get lost in short term trends.
Investing isn't always fun and games, Always make more money than you lose.
Be patient.
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