#118 How I Got Over The Fear Of Losing Which Led To Big Opportunities

The Adventure with Stephen Courson

Loss aversion bias. Sounds boring but its an incredibly pervasive problem we naturally have.
It's basically just saying that humans feel twice the amount of psychological pain over losing vs they pleasure they feel from gaining.
In lamen's terms, you'll be more sad about losing $20 than you will about winning $20.
This is an instinct to protect ourselves that often gets in the way of big opportunities.
When I finally started to recognize this and realized that calculating upside and comparing it to the downside helped me get over it, my life changed in ways beyond investing.
It's crucial if you want to get rich quickly and ever want to become a millionaire.

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If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
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There's a big focus on reaching that first $100,000 net worth is one of the biggest financial milestones because you have to get their through labor, not necessarily investing.
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