Hmm. How should I say this? Everytime I act/be arrogant, I have lost money.
What I do know and understand, makes me money, be it in Passive Income Internet Businesses (PIIB) or Passive Income Investing (PII). I think arrogance is a combination of egoistic feelings plus ignorance – everytime I’m arrogant, I think that what I don’t know is not as important or weighed as it should be, and that’s when it bites me most.
And this happened again and again until I learnt the valuable lesson of being/staying paranoid and not overly-optimistic (I learnt that when people want your money, they’ll sing and dance for you…especially if they’re conning you). Often, people try to use arrogance to mask their own ignorance or when they don’t know, but, don’t do that.
Here’s what you do: start by being honest about know what you know, and knowing what you don’t know. In the areas where you don’t know, you can start by educating yourself in the subject by reading books and blogs on it, following an expert in that area, or going for courses on it. It’s really ok to not know – I HAVE SO MANY THINGS I DON’T KNOW, and I’m totally cool with it.
I rather admit I don’t know a certain things and go out to learn more about it, rather than arrogantly and ignorantly invest in a business or stock and then lose money.