The WORST Advice for Getting Rich! Financial Advisors Be Warned...

5 mo
LeoFinance
3 Min Read
559 words

Don't put all your eggs in one basket.png

I am about to disprove one of the WORST pieces of advice for building wealth.
💔WARNING💔 this post is going to offend your broke friends and their financial advisors...

This ONE sentence has been spouted to me from financial advisors and poor people my entire career and has proven to be the ONE thing that has kept them both BROKE.

Here Is the Worst Advice You Will Get When Just Starting

"Don't Put All Your Eggs In One Basket"

The first record of the phrase "Don't put all your eggs in one basket" comes from around 1710.
The English proverb makes a metaphorical comparison between eggs in a basket to a person's resources being focused on or contained in one thing.

The pundit's advice is usually centered around the idea of DIVERSIFICATION of your finances which is a wealth protection strategy. NOT A GROWTH STRATEGY.

Let's Talk About The Truth

The wealthiest people I know have focused all of their energy, resources, and money on ONE THING and done whatever it takes to ensure that stream of income or investment does well.

These are the same people who are able to buy the lows and sell the highs, because they understand their singular investment so well that they can actually sense what is over-bought or oversold.

These are the people who don't have distractions in their lives and are able to continually focus on one business idea for years relentlessly until it has become large enough to automate and scale.

Warren Buffet "the oracle of Omaha" is quoted as saying, "When you are just getting started, you have to put all your eggs in one basket and guard that basket".

Millionaire Wealth Principle #4

This famous quote by one of the greatest investors of all time is the original source of Wealth Principle #4

I will be breaking this principle down and working through how to implement this in your business, investments, and life to get extraordinary results.

I look forward to seeing you on the live call at 10am EST!

You can find the registration link at AlchemistNation.com

Join My Mission To Build 100 Millionaires!

As many of you know, I built my wealth through Real Estate and only now learning more about cryptocurrencies. I've found Leofinance to be a great place to share my insights and although I don't claim to be an expert in Crypto, I am considered a leading expert in small multi-family investing.

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Each week I share my hard-earned insights on wealth building with anyone who will listen! I call this journey through the 52 wealth principles "The 52 Weeks To Wealth".

To join my mission and get access to over 30+ Real Estate & Wealth Building Courses for FREE at AlchemistNation.com

Thank You To This Community!

I provide these insights as a way to give back and help others who find themselves on the same journey I was when I got started. I want to say thank you to the Leofinance community for giving me the opportunity to learn more about Crypto as well as to the creators and team for providing many great avenues for investors to grow their wealth and knowledge in one easy place.

Cheers to our success!
@GualterAmarelo

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I never followed that term, I can see why people use it. It works best after you get wealthy and want to be a little safe with your assets.

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@tbnfl4sun Exactly! It can make sense once you've built the desired wealth to shift over into protecting it through diversification.

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I agree. The Bloomberg Billionaire Index is full of people you can associate with one company. That means they did not diversify but went all in.

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@taskmaster4450le This is exactly the index that made me aware of the truth! It's all about going all-in on a business or investment that you just keep re-investing in!

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Both perspectives are still very much valid.

Put all your eggs in one basket when you are just getting started in the wealth journey. This enhances growth.

Diversify when you have reached a certain height in the key business or investment. This ensures wealth protection.

If we can apply both strategies then success will be inevitable.

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Makes sense.
I only knew about the "Don't Put All Your Eggs In One Basket".
Good thing I came across your post.
Thanks for the info. 🙂

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The pundit's advice is usually centered around the idea of DIVERSIFICATION of your finances which is a wealth protection strategy. NOT A GROWTH STRATEGY.

This statement has made my day. I've now learnt the difference between protection strategy and growth strategy in growing ones business.

To me both works for each person that believe in them respectively. For one to survive in Real Estate business, then you have to put all your eggs in one basket because you need more capitals to buy properties.

Warren Buffet "the oracle of Omaha" is quoted as saying, "When you are just getting started, you have to put all your eggs in one basket and guard that basket".

I totally agree with him in the sense that new business or ventures requires total concentration and not distractions. One needs to first make an indepth study about the venture he or she wants to go into before putting all the eyes in one basket.

Thanks for sharing my dear friend.

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The pundit's advice is usually centered around the idea of DIVERSIFICATION of your finances which is a wealth protection strategy. NOT A GROWTH STRATEGY.

To be honest, this was what I've been following most of my adult life. I had always heard diversify and that made sense so I did it.

When I was first getting into professional photography, I was told by a guy who had been in the business 30+ years It takes a lot of peanuts to feed an elephant. He was referring to the fact that to survive as a professional photographer, one had to take a lot of gigs. Which is true. But I think I always combined this advice with the investment advice and used it as proof in my mind of the importance of diversification.

But lately I have been exposed to this idea that you posted about, that while diversification is good to protect wealth, it is not good to grow wealth. This is making me rethink my entire investment strategy.

Anyway, very interesting. Thanks for the great advice!

!PIZZA

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@dbooster this is an awesome awareness and I love how you incorporated it into your business! One of my earlier businesses was in the wedding industry and I met a lot of photographers at the wedding expos.

What really amazed me was that most photographers would work 1 -2 weddings per week, but I met this one guy who was at ALL of the conventions and he was doing 10-15 weddings per week!

I asked him what the secret was and he told me that he only focused on growing his business and he would hire photographers to manage the business. His only investment was his business!

He had grown it to be able to bring him $30k-$40k per month! I wish I had taken the conversation to heart and it took me years to understand this concept fully, but seeing that you are in the same business you brought the memory up!

Cheers to your success and I am looking forward to seeing how you implement this into your investing and business strategies!

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5 mo (edited)

PIZZA! PIZZA!

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Spot on. Most of the people in crypto are spread too thin.

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Absolutely my man! @scaredycatguide has been harping on this a lot in his crypto calls lately also!

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Great, it's like i gonna be millionaire soon.

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5 mo (edited)

I will investigate these resources:

Each week I share my hard-earned insights on wealth building with anyone who will listen! I call this journey through the 52 wealth principles "The 52 Weeks To Wealth". To join my mission and get access to over 30+ Real Estate & Wealth Building Courses for FREE at AlchemistNation.com

Thank you,

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True to a point but not a law. I prefer to focus on a few ideas. However, when you look back, success is often linked to one or two very effective investments.

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#CubFinance is a pretty good basket to put one‘s eggs in! 🖖🏼😎🤙🏼

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Thanks for going against the grain. I've never taken the not all eggs in one basket advise. I went all in on crypto. Jus few crypto. Lot of them are related to Hive. It's been working out really well :)
!PIZZA

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Upvoted and reblogged.

I think this idea is counter intuitive to people because they expect to fail.

They need to diversify because they want one of their investments to be successful or one of their businesses to be successful.

I think this concept is the opposite of confidence, because with confidence you feel the one thing you are focusing on is the best path to success.

And if it is the best path to success why spend any time on any other path?

Finally, if you expect the path to fail or you have doubts...why are you on that path?

I think your success and the success of the others in this post suggests that proper research, preparation and execution while focusing on not making mistakes in a single endeavor will provide the best outcome.

Efficiency through multi-tasking has shown itself to be very difficult if not impossible. Perhaps it's time to look at diversification of your efforts in the same light.

I am getting excited.

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