According to insurance industry statistics, if you took 100 people when they were young and observed them as they got older, you would find that by the time they turn 65, only 1 would be rich.
4 would be financially independent.
18 would have already died.
5 will still be working.
And a staggering 72 will be broke, having to be dependent on pensions, friends, relatives, government or charity in order to survive.
After a lifetime of work, only 5 out of 100 people become financially successful.
Why is it that out of 100 people, 95% fail? It’s because ironically, the people who get in the top 5% are usually the people who failed the most.
In the book “Go For No,” Richard Fenton says,
“Failing… and becoming a failure… are two very different things. Successful people fail eagerly while failures avoid failing.”
Statistically, 70% of people will quit after failing once. 80% will quit after failing twice. And 90% will quit after failing three times.
Interestingly though, the average millionaire has failed at least three times before ever becoming a millionaire.
This means that if you want to be financially successful, you have to learn to handle rejection.
In the book “Why ‘A’ Students Work For ‘C’ Students,” Robert Kiyosaki says that a lot of ‘A’ students never become wealthy simply because they aren’t able to handle rejection.
These people avoid failure.
If you don’t persist towards the goal to make enough money so that you don’t have to worry about money, then by default, you’ll fall into the group of people who do worry about money.
If you can’t fail, then you’ll never be financially independent.