Thanks for the answer. And don‘t get me wrong, I know it‘s hard work. If you start from zero (which I also did), you need all the mental tools for success. But still, I know many guys who worked just as hard, were just as determined and clever and still got nowhere. You need a certain amount of luck in your life to make it from zero to financial freedom IMO.
You are welcome. Yes I’ve thought about the element of luck in the past. Even warren buffet acknowledges he was lucky to born in the US, as a white male, with a good brain. So yeah, if I had been born in India or Africa would I have been as “successful”’(or “rich” if that’s your measure of success)? Probably not. Also on the other hand possibly I might have been even richer! Hard to know. What about if I had been born not as a human but as a cow to be reared for slaughter. Or a homeless dog. One can get quite philosophical...
So perhaps whilst my overall circumstances were somewhat “lucky”, its true others also work very hard but have “much less to show for it”. For me what has been key is the discipline to save. I started saving literally from age 5 with a piggy bank. I bought my first stock at 9 (dragged my mother to the broakerage and asked her to help me open an account). Im not really into those “self help books” but I read Rich Dad poor Dad out of interest a while ago and found it summarizes all the basics of how I think.
But the single biggest factor has been learning how to value an investment. Learned the basics with property (initial investment, income minus cost of loan and other expenses etc) and then over time graduated to stocks, first just looking at key financial metrics but now reading entire quarterly reports and any relevant announcements. I think seeking value and seeking opportunities is now hardwired into me. Oh and another thing - avoiding losing money- learning how to avoid people who want to borrow from you, scammers, people seeking business investments, “financial advisors”’ etc. Buffet rule number 1 - dont lose your underlying capital.
