Losing Your Savings

We all have heard about the risk-takers, the entrepreneurs, who despite huge hardships, made it big in their career through their courage and tenacity. They are success stories we love to hear and which we draw inspiration from.

These people are not all politicians or celebrities or sports athletes. In fact, they were the ones we went to school or grew up with. They could be found right in our neighborhood and you, the doctor, most likely is one of them too!

On a daily basis, we see examples of such people. They work very hard and are willing to take risks to achieve their goals. While others are contented with an average income and career, they strive for the stars - they are usually the above-average performers in their fields.

But then, this is also what happens on their way up: they have accumulated some materialistic stuff, like a house, some money, reputation, etc. and they start to change their operating basis - big time!

What took their place is nothing but a fear of losing some of what they already have and a fear of looking stupid if they fail. Those fears paralyze them, making them inactive and pathetic.

Welcome to the rat race of the 95% of all people everywhere.

A client of mine was talking to me about a real-estate deal of about $500,000 which he could make right now, or perhaps $1,500,000 in about 10 years.

He was a bit confused and torn about what to do. When I told him that he should not worry too much and do what would indicate to him, he told me that his instincts in matters of real estate could not be trusted since he had made so many bad decisions.

"Hmm," I said, "tell me how much real estate equity do you own right now, about 2 million or more?" "Yes," he said, "more than two million."

I said, "Considering that with only real estates, not to count your other successes, you are in the upper 1% of Americans, you must have done really badly."

He was quiet for a few seconds and realized. "Yes," he smiled, "if you put it that way then I did do a few things right. I am actually quite well-off and should trust myself a bit more."

Dear reader, the most successful people, in any field and in any part of this world, at best are right about 51% of the time!

Some very successful CEO's of larger companies will tell you that only one in three decisions they make is any good.

If you want to win the "Formula One" car racing world championship you need not even have to win a third of the races.

We constantly elect presidents with barely, very barely 50 % of the votes, and that my friend are 50% of the people showing up for voting, which brings the real number he needed to become the most powerful man in this country to what? It is surely not half!

This story is about changing the successful action of being aggressive and taking some risk after having had some success to being careful and logical.

Some doctors told me they had so many bad experiences with vendors, consultants, buying new equipment etc, but in most cases I see those doctors having a far, far above income than the ones who made almost no investments, in new equipment, or consulting, or otherwise trying to grow.

The fear of losing is equal to having already lost it. Fear, as many a philosopher has said, is what you have to fear.

As Robert Kiyosaki in his book "Poor Dad and Rich Dad" said:

"I have never seen a successful man who did not lose a lot but have seen many poor people who never lost anything."

So please, do yourself a favor: if you have been aggressive and lost some or even a lot, keep being aggressive and keep losing some. And if you have been the careful one who wants to never lose and turns over every stone 3 times before embarking into something, start losing a bit.

Because you really lose by not reaching for all your dreams with all you got.