Success can be a surprisingly bad teacher
I've been reflecting on an interesting idea recently.
Success can be a surprisingly bad teacher.
Not because success is bad.
But because success can quietly convince us that the rules don't apply to us.
When things are going well, it's easy to believe our judgement is better than it really is. That we'll know when to take the risk. That we'll avoid the mistakes other people make.
I've seen this show up in many areas of life, including money.
Most of the people I work with are intelligent and successful. They've built great careers, businesses and lives for themselves.
Yet money has a way of testing us differently.
Because doing well with money has less to do with intelligence than many people think.
And more to do with behaviour.
The challenge isn't usually knowing what to do. Most people already know the basics.
Spend less than you earn. Invest consistently. Avoid unnecessary debt. Stay invested through market ups and downs.
The harder part is doing those things consistently, especially when emotions, confidence or impatience tempt us to do otherwise.
That's why some of the qualities that help people succeed in life can sometimes work against them financially.
Confidence can become overconfidence.
Decisiveness can become impulsiveness.
Self-belief can become a reluctance to seek advice.
Because money has a habit of rewarding humility and patience more than intelligence.
And sometimes the hardest person to manage is ourselves.