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Originally Posted by Xist
I think I mentioned here a few years back his company filed for bankruptcy. I felt like I had gathered everything useful I could from Kiosaki was completely empty-handed... My supervisor says that bankruptcy is a rite of passage for rich people. I tried explaining that writing off millions of dollars worth of debt is a good way of boosting one's finances.
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Bankruptcy is an important tool our economy depends on to innovate. There is a reason the US is among the most innovative countries, and that is how we have structured our risk.
Investors are free to make bets (investments) in risky new ideas, and the most promising ideas get funded. Since innovation is the process of failing often, there has to be a means to protect individuals from permanent catastrophe, otherwise they won't take a risk in the first place. Bankruptcy is the mechanism of spreading consequence over a larger group of people who are more likely able to bear it.
Lack of failure tends to indicate a lack of pushing limits and taking risks. An entrepreneur who has never failed is likely a poor entrepreneur, or extremely lucky.
You'll never see a successful race car driver who has never crashed, for instance. Winning is risky, very risky.
Quote:
Originally Posted by freebeard
How about the #1 book on Amazon?
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I've recently discovered Jordan on a most excellent podcast with Dave Rubin and Ben Shapiro. Now I'm working my way through his podcasts and fully intend to read his book.
I'm impressed with his level of thinking, but can barely follow with him as he sometimes assumes your familiarity with basic philosophical/psychological concepts.
Not sure how that is related to personal wealth and finance, but then I haven't read the book yet.