Failures Can Be Your Best Teacher

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.

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

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