This is from failure to success article - how the 1% of the populations who are wealthy are bankrupting themselves.

Its not how you fell, but how you rose from your fall

I could not find the the original video but I remember, these 1% of the world population of the are bankrupting themselves, or how the financial environment is causing them to.  Thus they find themselves asset full, but illiquid

1.   Risks of buy, borrow and die

      To avoid capital gains tax the rich buy stocks which are blockbuster.  To avoid capital gains, they borrow on the stocks:  to buy properties, live luxuriously.  And so they thought until the stock price goes south and and the banks find themselves collateral short and call on the loan.  The ritz kid is forced to go to the cleaners and sell off the stocks sometimes at a fire sale

2.  The work from home and the demise of CRE (commercial real estate)

      Its the same - some ritz kid decides that alternative to low paying treasuries or bank deposit is to buy rental properties downtown or at CBD.  They plunk down 30% of the purchase price, get a low 5-7 years loan with low interest (that is much lower than monthly rental collection.  Then Covid came and forced many companies to observe work from home.  Now many CRE  are half empty (even malls) due to WFH.   The CRE valuation goes down (based on income approach) and the bank calls the loan because bank finds itself under collateralized.    Now the Ritz CRE owner is forced to plunk down the deficiency and often finds itself no longer owner of the property.  They are forced to surrender the property to fund the  deficiency if the loan can no longer be collateralized.

3.  High cost of high style maintenance

     High cost of maids, property managers, and even sending children to school  It could easily run up to millions.   Even if you are earning $1 million a year, you could not continue funding your ritz lifestyle

4.   IRS etc the govt has plugged the loophole if you try to escape.  No more exit strategy.

      If you plan to go to tax haven, IRS will do a thorough investigation    Banks and the govt have now shared databases for secret accounts and ML.  NO more escape.

99% of businesses in Japan could fail

Its not how you fell, but how you rose from your fall

About 600,000 will shut down in 2025!

No successors    $150 billion lost in GDP, millions losing jobs

1.  Due to urbanization.  The young wants to stay in cities rather in rural areas;

2.  Jobs are more attractive in rural areas;

3.  Clash in business ideas, or how to run a business with the founder, who see business as extension of themselves

 Due to low fertility Debasement of currency

 Not enough customers and those who will run the business.

 Japan has a program of inviting investors from RP

What must Japan do to arrest the decline of businesses in Japan?   

Money does not make you rich but your skills and ability that produce goods and services do

Its not how you fell, but how you rose from your fall

Many mistake acquiring money as an end in itself.  Acquiring more money means success.  But money should be viewed as a currency as merely a means to acquire goods and services to produce something.  this was proven by examples of Japan and Spain which acquired mines that produced gold and silver But the stash of precious metal and currency did not help the countries prosper but caused their decline in the 1600. 

So develop your skills, your productivity and you are considered successful and wealthy.    Pity those lazy tards who do not know how to work and awash in their stash of cash.  

Failing forward by John Maxwell

Its not how you fell, but how you rose from your fall

 

John Maxwell - Failing Forward

So when you fail, learn from it and move forward.  The failure should be a great teacher.  Failure teaches you to avoid your mistakes.   And not to repeat them.  

Failure is not the end in itself.  It is part of the journey.   

If we fail, we must move on.   Not staying down or going back to where you started.  

"“In life, the question is not if you will have problems, but how you are going to deal with your problems. If the possibility of failure were erased, what would you attempt to achieve?

The essence of man is imperfection. Know that you're going to make mistakes. The fellow who never makes a mistake takes his orders from one who does. Wake up and realize this: Failure is simply a price we pay to achieve success.

Achievers are given multiple reasons to believe they are failures. But in spite of that, they persevere. The average for entrepreneurs is 3.8 failures before they finally make it in business.

When achievers fail, they see it as a momentary event, not a lifelong epidemic.

Procrastination is too high a price to pay for fear of failure. To conquer fear, you have to feel the fear and take action anyway. Forget motivation. Just do it. Act your way into feeling, not wait for positive emotions to carry you forward.

Recognize that you will spend much of your life making mistakes. If you can take action and keep making mistakes, you gain experience.

Life is playing a poor hand well. The greatest battle you wage against failure occurs on the inside, not the outside.

Why worry about things you can't control when you can keep yourself busy controlling the things that depend on you?

Handicaps can only disable us if we let them. If you are continually experiencing trouble or facing obstacles, then you should check to make sure that you are not the problem.

Be more concerned with what you can give rather than what you can get because giving truly is the highest level of living.

Embrace adversity and make failure a regular part of your life. If you're not failing, you're probably not really moving forward.

Everything in life brings risk. It's true that you risk failure if you try something bold because you might miss it. But you also risk failure if you stand still and don't try anything new.

The less you venture out, the greater your risk of failure. Ironically the more you risk failure — and actually fail — the greater your chances of success.

If you are succeeding in everything you do, then you're probably not pushing yourself hard enough. And that means you're not taking enough risks. You risk because you have something of value you want to achieve.

The more you do, the more you fail. The more you fail, the more you learn. The more you learn, the better you get.

Determining what went wrong in a situation has value. But taking that analysis another step and figuring out how to use it to your benefit is the real difference maker when it comes to failing forward. Don't let your learning lead to knowledge; let your learning lead to action.

The last time you failed, did you stop trying because you failed, or did you fail because you stopped trying?

Commitment makes you capable of failing forward until you reach your goals. Cutting corners is really a sign of impatience and poor self-discipline.

Successful people have learned to do what does not come naturally. Nothing worth achieving comes easily. The only way to fail forward and achieve your dreams is to cultivate tenacity and persistence.

Never say die. Never be satisfied. Be stubborn. Be persistent. Integrity is a must. Anything worth having is worth striving for with all your might.

If we look long enough for what we want in life we are almost sure to find it. Success is in the journey, the continual process. And no matter how hard you work, you will not create the perfect plan or execute it without error. You will never get to the point that you no longer make mistakes, that you no longer fail.

The next time you find yourself envying what successful people have achieved, recognize that they have probably gone through many negative experiences that you cannot see on the surface.

Fail early, fail often, but always fail forward.”
― John Maxwell, Failing Forward