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To me, too many people try to be what others consider as financially successful, instead of being what makes them personally financially suc...

Wednesday, December 31, 2025

Survivor Bias

I hear a lot about financial success stories and how people achieved it.   Real estate, social media influencers, internet selling and more.  The trouble is that I only hear about a the people that were successful.  I don't hear about those that failed using the same strategy or process.

That would be like only talking to people who won Mega Millions or Powerball jackpots and learning about the strategies they used to pick willing numbers and ignoring all the people who used the same strategies and didn't win.

Yes, it's great to hear the success stories of Bill Gates, Elon Musk, Jeff Bezos, and Mark Zuckerberg.   However, it's not a guarantee of success since there are many others that followed similar paths without the same lever of success or even failure.

Remember, go with strategies that have a high probability of success and even then, YMMV.

For more on  The Practice of Personal Finance, check back every  Wednesday  for a new segment.

This is not financial advice. Please consult a professional advisor.

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