What is the best way to build resilience?

Start achieving results: from the smallest task during your daily life to gradually the bigger goals you set up for your journey.

As soon as you will achieve (small and big) results against the adversities (downfalls, lack of motivation, adversarial circumstances, lack of support, etc.) you will grow more confident of your incredible strength and ability to pass above those obstacles. Continue reading “What is the best way to build resilience?”

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How do rich people who came from poor backgrounds handle the relationships with their still-poor friends? Do they get approached for money a lot? How do they handle these requests?

I once had a friend who, coming from a totally normal background, made a career as a very successful finance lawyer and eventually his picture ended up on a specialized magazine with a list of his highly prized clients.

Nowhere in the article it was stated specifically that he had become rich but that could be inferred even from a baby and as soon as the news spread in the business world, my friend told me the following happened:

  1. His inner-circle of close female friends started expecting him to pay dinner for them whenever they went out. This attitude changed immediately and automatically (once the bill arrived at the end of the dinner, they did not take their wallet and simply waited for him to pay, smiling) even if there was nothing more than just a good friendship between them (i.e. they were not dating): he paid them for dinner regularly as otherwise he would not be able to go out for dinner with them anymore; Continue reading “How do rich people who came from poor backgrounds handle the relationships with their still-poor friends? Do they get approached for money a lot? How do they handle these requests?”
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What do rich people who have lost everything miss most about having money?

My 68 years old uncle lost his job as a top manager in a British company in his 40s and was unable to find any job since.

When he was fired, he had accumulated quite a fortune that he estimated would have lasted him for all his remaining life (he never had kids or a spouse).

Due to medical emergencies, depression, bad friendships and decisions, he depleted his fortune in less than 20 years and he is now completely money less and lives an extremely frugal life as a retiree.

He is still resilient and upbeat, and I speak frequently with him about his life, what he would have done differently and what he misses the most of the good years.

Here is a short list of what my uncle misses of his “good years”:

  1. Girlfriends: as long as my uncle was rich he always had an amazing touch with women. He maintained a bit of this touch even after he was not rich anymore but obviously now he cannot do with these girls all the things he did before. In particular, when he was rich he was traveling a lot with a series of girlfriends scattered among Europe. These trips started in the 70s and he still remembers amazing hotels in Capri, Venice, London, Prague, Budapest, Paris which he visited with these girls and made amazing memories with. Continue reading “What do rich people who have lost everything miss most about having money?”
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Why are some wealthy people so frugal?

Being frugal is awesome.

Learning to love being frugal has been a life changing experience for me for the following reasons:

  1. You must realize that you do not need 90% of the stuff on sale out there: the vast majority of the stuff advertised in front of our eyeballs 24/7 is completely not necessary. Except for extremely rare exceptions related to our basic needs, buying stuffy only adds complications to our lives and worries to our brains, while reducing our savings in the banks. This has nothing to do with being frugal, but rather with being merely rational. If you do not need something, you must not buy it, regardless how frequently you are bombarded by ads, recommendations, etc. Continue reading “Why are some wealthy people so frugal?”
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