All net worth statistics published on Inside Billionaire are from wealthygenius.com. Net worth information may not be accurate.
Never think you know it all going in.
Yet don’t be afraid to go in just because you don’t know everything.
Accept not knowing.
The more you are so 100% sure that you know everything and what you are doing is definitely completely right, the more chances something like that could really mess up your position.
If it involves money too then be even more cautious.
Time and energy are definitely very important assets, yet if you don’t have much money better to invest time and energy while learning the ropes.
Jumping into a speculative investment or starting a risky capital intensive business should be avoided.
Wealth, prosperity and success emerge through a process of trial and error.
There is nothing wrong with being wrong, or not knowing all the answers when you are first starting out.
Accept not knowing. Experiment and see what results come back.
From there stop doing the things that don’t work and double-down on your efforts in the areas that are producing results.
There’s nothing wrong with that way of working, in fact billionaires like Elon Musk use this trial and error approach everyday.
There is something very wrong however with not looking at the true reality and having false confidence and unrealistic expectations.
You can’t know everything going into a project, accepting not knowing and learning from experience as you “become less wrong”, can be a better strategy.