What causes financial success?

[$tyli$h Executive]

Some people believe that financial success in life comes from taking risks or chances.

Others believe that success results from careful planning only.

What do you think?

I think risk has a much greater importance in this. But it must be combined with a burning and red hot desire for real success.

[astarmathsandphysics]

The cause of financial success is money

[nid404]

hahahaha....yes yes money !


I think it's a combination of both risk taking and planning...
But liquid money is not the key ....planning of investments in shares,property,etc(which also involves a lot of risks) helps the money to grow...Assets have more value according to me.
Being Street Smart helps

[$tyli$h Executive]

Street smart = risk taking.

Yes, ONLY money can cause success. Nothing else.

Property investments are relatively safe according to me. Shares are risky and you gotta get out of the market before the bears dominate. Currencies are relatively less risky, but still involves considerable risk.

BUT, few people became billionaires investing in property alone. Most of them (eg. warren buffet or george soros) are through investment in shares and currency (not to say that property is bad). Even Carlos' fortunes are largely due to his investments in Apple in 2001.

And yea, get rid of those bad attitudes about money!

[nid404]

Street smart = risk taking...
Being street smart is being aware of the current status of the economy.
There's no point if you simply invest in shares that are soaring....must invest after knowing what their new projects are going to be, analysing how people would respond, and how the shares would change..somethin like that
It's about how well you can analyse

[$tyli$h Executive]

Nid, the world has changed Use trading systems.

Those who invest in 'soaring' shares are just the common herd. You don't wanna be included in them.

Yes, it is true you must be aware of the economy. No pilot would dare to fly a plane without basic training.

BUT risk taking is the main cue of making money. No risk, no gain.

"Today, basically, on Wall Street, the big money is made by taking risks."

Bernard Madoff

[IGSTUDENT]

Sad ..but true.
Often not talent but insider trading has caused huge financial success!!

[$tyli$h Executive]

Now guys, see this. Easy way to get rich, isnt it? Buy the thing when you get the white arrow. sell at the red arrow. We have a broker house, so are quite experienced at it.

[$tyli$h Executive]

Sad ..but true.
Often not talent but insider trading has caused huge financial success!!

Its an opportunity.

[IGSTUDENT]

Its an opportunity.

At whose cost?

[$tyli$h Executive]

It doesn't matter at what cost. What matters is "Have I gained?"

[nid404]

That's the only thing we think about...Our profits! We r so greedy!

[$tyli$h Executive]

We are not greedy. Not at all. We should donate money too. Minimum 2.5% of our net worth according to our religion. Donating a portion of what you earn is also a key to financial success.

[astarmathsandphysics]

It is good publicity. If you can get publicity.

[$tyli$h Executive]

The donation is mainly due to religious obligations. Publicity is a possible bonus point. But not essential.

To gain publicity, better donate to a political party!

Personally, I like simplicity. Money and wealth is the topmost and the supreme priority. But this does not mean any lavishness or pride.

Now back to the topic. To gain financial success, risk is the most important factor.