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He’s the richest man in the world and therefore one of the best people to turn to for advice. Thankfully, Bill Gates has more than just a few things to say about issues of business, technology and ambition, so in this two-part blog series are 10 famous quotes, all of which are wholly applicable to personal wealth management.
“It’s fine to celebrate success, but it is more important to heed the lessons of failure.”
No one enjoys failing, but the lessons learned during times of adversity are so much more valuable than those learned during times of success. Some Del Mar residents celebrate becoming debt-free by buying a new car, which is merely history repeating itself. Learn from your mistakes, so that you don’t make them twice and use success as a motivator to achieve greater heights of success.
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10.”
It might be hard to imagine that your 401(k) contributions will ever amount to much, but if you keep saving, you might be surprised at the impact 10 years (or more) can have on investments.
“Patience is absolutely key,” says JKL Wealth Management LPL financial advisor, John Lohrenz.
“Your most unhappy customers are your greatest source of learning.”
You may not want to hear that you’re living beyond your means, relying too much on debt or making other financial mistakes, but it’s better to listen to well-meaning advice than to continue bad financial habits.
“We’ve seen the full spectrum of mistakes and can almost always predict where clients are headed should they continue along their chosen path,” says the Del Mar financial advisor. “The advice we provide is tailored to steer clients to a wealthier and more successful future.”
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
If you want to automate your finances, make sure you’re not unknowingly overpaying or keeping a defunct gym membership alive. Automation only helps if your bills were in order to begin with.
“We provide a full financial assessment of every new client to identify areas that require fixing and/or improvement. This high resolution financial picture is essential in the design of a new and far more successful investment and wealth management plan,” explains the LPL financial advisor.
“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
People who buy high and sell low are notoriously those who think they can’t lose. When the market is up, realize it’s only a matter of time before it goes down again.
Stay Tuned for Part 2, Coming Next Week
If you have any questions at all or would like individualized investment advice from Del Mar LPL financial advisors, please contact John Lohrenz at:
Phone: (858) 535-1705
Fax: (858) 535-1701
Alternatively, fill out the Contact Form and we’ll get back to you shortly.
731 S. Hwy 101, Suite 2K, Solana Beach CA 92075