Practice makes perfect, right? We get frustrated when we fail but in the moment, we don't always understand that failures can be your best teacher. It's important to be open-minded and have a growth mindset to learn from failures so they aren't repeated. Tune in to hear about the lessons Tom has learned from failing and how he overcame them.
Highlights
01:01 Importance of learning from failures and how it applies to financial life
02:17 Examples from baseball players Babe Ruth and Ty Cobb and how their successes and failures highlight the importance of taking risks and learning from mistakes
04:49 The hierarchy of wealth, investing, and relationships with financial teams
06:15 Personal anecdote of a failed investment and lessons learned
09:14 Importance of understanding the purpose of your investment and how it fits into your overall strategy
11:44 Investigate the investment team and perform background checks on leadership
14:04 Speak to previous investors on their experiences working with the team
17:11 Consider the extended team and vendors associated with the investment group
18:20 Seek opinions from your personal network of advisors to gain objective insights on potential investments
20:03 Tom's personal investment experience in bankruptcy and the importance of due diligence
20:40 Importance of taking time to plan and reduce risk in investments and personal finances
Episode Resources
Call to Action
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