How Wealthy Individuals Handle Monetary Loss

Sample Story: (1:09)

I bought a home and hired a contractor to rehab it in order to resell.
I put the utility bill in my name and soon received the bill
The water bill was $2000 for one month
$1000 for consumption
$1000 for sewage

What did I do?

Find out the situation:

• I had my contractor look for a leak but he could not find one
• I then had my plumber take a look and he could not find one either
• Upon checking the meter, the plumber informed me it was not a mistake.
• There must have been a leak that the contractor had fixed when renovating

Poor Individual Attitude :

• Blame everyone else
• The utility company is a scam, or there must be some sort of mistake.

Wealthy Individual Attitude :

• takes the blame, learns a lesson, and pays up
• Wealthy folks define monetary losses as lessons
• The greater the loss the greater the lesson

Tip: (8:25)

• Keep a list of all of your financial mistakes/lessons
• Occasionally go over this list
• This will help you not make the same mistakes, which will save you money
• If you utilize the things you learn then you can always make more money