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This is known as survivorship bias, where individuals only see the winners rather than the more significant number of losers. To combat this mindset, it's essential to focus on sustainable, long-term investment strategies instead of chasing fleeting trends.
6. The Reality of Different Financial Backgrounds
Sometimes, people genuinely have more money due to various factors—inheritance, lucky breaks, or sheer hard work. Vincent shares his experience at college, where he faced peers from affluent backgrounds. Rather than resenting their wealth, he found it beneficial to ask how they had achieved their financial success and what habits led to their prosperity.