Going bankrupt or being wealthy are polar opposites of each other, however, there is one distinct factor that separates the two. To accomplish something in life, all it takes is repeated action, which is the truth for going bankrupt or for becoming wealthy. The only difference is, if you evaluate those actions.
How to go bankrupt: You make a small decision and that decision worked out in your favor. You think, I can do that again, so you make another small decision with a little tweak to it, however this time, the decision does not work out. You proceed to make these small decisions, some right some wrong, however, you reach a point where you are making more wrong decisions then right decisions. These bad decisions slowly begin to compound on each other and suddenly you become bankrupt.
How to become wealthy: You make a small decision and that decision worked out in your favor. You analyze the decision to see why it worked out. You find key factors you believe attributed to the decisions success. You then implement another decision based off of your findings and have little success. You begin to analyze again and find some discrepancies between the two previous actions. So, you enact a third action and this time it has more success than both attempts before. You go back to the drawing board and analyze what went well compared to the others. You find some promising data and proceed to make decisions and always follow up on them. These little actions you have evaluated time after time, begin to slowly compound on each other, then suddenly you become wealthy.
The key difference between going bankrupt and becoming wealthy is your feedback loop. Are you continuously evaluating your decisions, if you are not, you can slowly then suddenly become bankrupt. If you are continuously evaluating and getting rid of the negative actions, you will slowly then suddenly become wealthy.
Have you ever seen someone new on social media or tv and think, they came out of nowhere and had massive success? This tends to not be the case, however, we do not see the years of work prior to their success, where they were tweaking their actions based on their feedback loop. All we see is their instant success and wonder why they got so lucky.
To the contrary, have you ever been on social media or watching tv and you see someone famous who all of a sudden filed bankruptcy? You think, wow, could you imagine going bankrupt out of nowhere, their financial advisor or whomever is in charge of their finances should have warned them. Most likely there were signs but they did not listen or look at the feedback. They proceeded to make small poor decisions that made them go bankrupt, leaving us to wonder, how they could let that happen.
These things are by no coincidence, the majority of things in our life start out gradually and then suddenly become our new reality.
It is never too late to start, begin your evaluation of your actions and turn those little decisions into positive actions.
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