The struggle to get it right
I watch the English Premier League, am a football fan, and support Chelsea FC. This club was previously owned by Russian billionaire Roman Abrahamovic, but the English government forced him to sell it because they believed he had ties to the Russian government and was funding the war against Ukraine.
This was all rumors with no truth, but then the man was forced to sell a football club that he had built from the ground up and turned into a powerhouse in terms of success and revenue.
However, the people he sold the club to did not want to continue with his business model. The club already had a traditional blueprint that had proven successful, but instead of adhering to it, the owners chose to incorporate their own philosophy.
After about two years, the new owners have not only devalued the club in terms of value, but they have also destroyed the football club through their business practices.
They first realized they had made terrible mistakes in the past, then tried to correct it with other decisions, which they also messed up, and now they are left with making one brilliant decision.
If they fail on their third attempt, they will not only destroy the football clubs, but they will also leave a questionable dent in their portfolio and raise doubts about whether they truly qualify to be called mega investors.
Unfortunately, these guys are not that smart.
They have wasted a lot of money doing the wrong thing, and when they tried to fix it, they ended up making bigger messes, so they are not very confident in themselves right now because they seem to have failed as business owners.
They can only spend so much money trying to fix their mess, and there may come a time when they say, "You know what, this is a lost cause, and we can not salvage it."
However, because they are billionaires, they have more leeway to try new businesses.
How many billionaires does the world have?
For the regular person, multiple failures means checkmate and will likely send them into bankruptcy.
It's over
We cannot outperform what is already good. This is because it takes time, money, and experience to make something functional.
When it comes to financial decisions, you must hit the ground running. The more you make mistakes, the lesser chances you have of salvaging it. One mistake can be overlooked, but two means you should probably make sure you get the third decision right, and here's the thing about money decisions: the more you fail to get it right, the less confident you will become.
Confidence is consistently underestimated. Taking risks requires confidence, and someone who has failed too many times in life will always lack the confidence to make decisions, especially when the circumstances are life-changing or life-threatening.
Most of the time, we lose confidence due to uncertainty.
This is because the more we fail, the fewer our chances, and when we are under pressure to get it right, we can become overly cautious, overly careful, or overly timid, which can even kill our chances of getting it right.
If you have failed a lot before, you will struggle with confidence because you are constantly thinking about uncertainty. A lot of human beings struggle with the thoughts of uncertainty. Sometimes we wake up every day with it, and it affects our outlook on life.
For example, a careless person will learn to be extra careful, and as a result, they may live with chronic inaction.
Many of us have suffered as a result of previous mistakes; however, regrets do not motivate us to be proactive; instead, they make us sad, timid, and unsure. The struggle to get it right is real.
We do not have nine lives like the proverbial cat; instead, we have only one, and if we mess it up, it is over. It is the same with money. Sometimes we wonder if the things we do in the hope of becoming financially independent will actually result in that outcome. Sometimes we wonder if we are wasting our time, and other times we want to give in to the pressure of our fears and take a safer path.
Conclusion
Personally, I believe that having or seeking more knowledge helps to cope with feelings of uncertainty. Knowing where you are going means you will not get lost; however, you may die as a result of something you do not know, but at least you have one knowledge about a subject even if you do not know anything else about life.
Unfortunately, we have no control over how many times we can fail; however, the more we fail, the more likely it is that we will never succeed. Aside from confidence, opportunities and resources are scarce.
The more we fail, the more it seems like a gamble. If you have the opportunity, try to learn as much as you can before making any decisions. Of course, this does not make you completely safe, but it does play an important role; the more you acknowledge the possibility of failure or attempt to deal with it, the more confident you will become.
Look at crypto for example, the price we currently have makes it feel like it's the end. The twitter space makes it look like January was the end of the bullrun, and these sentiments are why people will rather choose to keep stable coins because of the lack of confidence in the market.. why?
The market has seen chronic dumps and sometimes it just takes away that ability to go all in.
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You are absolutely correct. I made a very bad financial decision at the very beginning of this year, and it caused me a lot. I thank God I am gradually picking up from where I stopped.
Yeah, picking up is very good, especially after the lessons learned
Absolutely 👌
It sounds like they were trying to change something that was already working. I think small changes would have been fine as they could have fixed them slowly, but I guess they were just overconfident. The billionaires have more money than they know what to do with. Sure, they might lose some money, but it won't affect how their bottom line. Maybe that is why they think that they are always right.
As for failing, it is a part of life. I think we all grow as we fail and learn from the mistakes. The billionaires mistakes are quite costly, but I don't think it affects their bottom line much at all.
Your comment is upvoted by @topcomment
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It's definitely time to be going all in, it's a great gamble. Yes, it could be a mistake, but probably not. We don't have billions to play with, so we have to take all the gains we can. I personally have seen that very story before in industry after industry, rich guy buys a company because it's very profitable, then starts cheaping out on everything. Next thing you know the business is struggling because the new owners are to stupid to realized the quality is why there were customers in the first place. Let them play with their billions and lose them if they will. We don't have the option to blow a billion! lol
Hahaha yes. I think some billionaires wants to do things their ways, and sometimes they forget what made them billionaires will not always work for every sector they have. The safety for them is that they can always recover from one or two mistakes and the other losses they've incurred, for us, we can't when we make major financial mistakes it's mostly difficult because we don't have the luxury of safety.
It's time to be going all in on crypto, I don't think we're wrong, the timing seems to be right at the moment.
If I sell my car and the new owner treats it like crap,
there is nothing I can do about it.
If my car was stolen and they totaled it,
then I am pissed,
but at least I can get insurance money out it.
The ironic thing is that there is actually is insurance for shithead CEOs.
It's called chapter 11.
Yes, I guess this is why they can afford to create messes and make terrible decisions and still get covered. The regular man don't seem to have that luxury.
It is true, when you have a safety net, it is easier to recover after failing (multiple times). On the other hand, I wonder how many of the billionaires, enter a wealth-protection mode after they made their wealth, rather than taking on more risks. I'd say their risks are in many cases at least partially covered somehow, either because they use other people's money, or because they use non-public information that give them a leverage or because they go into 99.99% no-lose deals.
These billionaires that owned this football club have multiple businesses, and they tried running the club in a financial way to see if they can make quick cash, but they've made a lot of mistakes. I want to think they feel confident because of their other businesses and wealth. Perhaps they have some sort of insurance, but they pretty much feel confidence doing the garbage they're doing and it feels really crazy.
My comment didn't refer to these new owners of Chelsea FC, in particular, but more in general. I don't even know them. I knew (of) Abramovic before them. He may have links to Moscow, but likely did good things for Chelsea.
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What exactly are they trying to achieve changing the entire mood of chelsea from what it was successfully use to? since its already successful why change anything from it that was their mistake maybe they want to claim the title of we made it so and not the previous owners.
Yes. I asked the same question; why change what previously worked?
exactly guess some people love taking credit
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STOPI totally agree, past mistakes can really affect our confidence. It's hard to take risks when you're unsure. But learning from those mistakes and gaining knowledge can help us make better decisions and feel more confident.