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But, believe it or not, not all of hismoney moveswere successful.
When consumers failed to bite, Amazon discontinued it just three months later.
Inexperienced investors assume that, if other people are hopping on a bandwagon, they should, too.
In fact, Amazon broke its own cardinal rule: customer obsession rather than competitor focus.
Seeking to now become the everything store, Bezos decided to branch out and sell toys.
Unable to be deterred and eager to Napoleon his way to internet domination, he did it anyway.
Lesson:Its important to always stay level-headed when it comes to financial decision-making.
Bezos, riding high on the momentum of his prior success, ignored logic and sound advice.
Millennials should make investment decisions based on their goals and options available not pride, ego or emotional exuberance.
At Business Insiders 2014 Ignition Conference, Bezos said, Ive made billions of dollars of failures at Amazon.com.
Lesson:Slow down.
The key to making money is compounding.
And the secret to compounding is time.
In fact, 99% of Warren Buffetts $132 billion was accumulated after age 65, according toCNBC.
Nothing worthwhile happens overnight.
Money begets money and success begets success… if one is patient enough to let it play out.
Similarly, Bezos launched Amazon Auctions in 1998 in an attempt to overtake eBay.
But Amazon Auctions was less well known and had fewer sellers, buyers and items for sale.
It, too, quickly shuttered.
Lesson:Expanding into an industry without any competitive advantage is risky, whether in business or finance.
Before you commit to any financial decision, ask what your advantage is.
Bezos and Scott, however, did not have a prenuptial agreement at the time of their marriage.
While risk assessment is always advisable, financial success sometimes comes down to some good ol trial and error.
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