The Laws of Wealth are like the laws of science; they don't change so in order to benefit the most from them we have to learn what they are.
These laws cover our mental attitude, our willingness to share our wealth with the less fortunate, our skill at investing for a return and in this article, the need to find success through failure.
You will learn more about success in times of distress than in times of prosperity. Most lottery winners end up broke after a few years, regardless of how much money they won. Unless you are mentally prepared to succeed, failure will be lurking around the door waiting to take you down.
As we have spoken about wealth we have to look at the price for failing. Many people consider failing to be a step in the wrong direction but failing when it comes to wealth accumulation can be a blessing. Why? Because in failure we learn what not to do in order to succeed.
Consider the following men who have failed;
Henry Ford went bankrupt at the age of 40
Donald Trump was bankrupt at 44
Walt Disney went bankrupt in 1921
H.J, Heinz went bankrupt at the age of 31
Milton Hershey went bankrupt at the age of 23
Larry King went bankrupt at the age of 45
P. T. Barnum went bankrupt at the age of 46
These men became millionaires and billionaires. Each of these men is known for their accomplishments. Yet the failure they experienced has helped them to still be remembered in our day. In our failure we can find the answers that so eloquently elude us when we are successful.
I have seen failure up close and personal. I knew a man personally who endured the following;
He was a real estate investor who lost his properties (17 units) during economic crash
He lost his home and a commercial building he owned shortly thereafter
He had 3 different automobiles repossessed at different times of his life
His credit score fell to 440
He lost all his credit cards
He lost his wife of 30 years
In all of these situations these people faced insurmountable financial odds and yet prospered. How? By using failure as a stepping stone to future success. Wealth is meant to grow due to being properly applied. And failure helps us to do what we need to in order to make it big.