March 2023
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The Advantage of Adversity
If I had a penny for every time I heard someone say, “I came from nothing”, I’d have a load of pennies. I get where they’re coming from, but the person saying it was often born in a developed country and had many of the comforts we’ve become accustomed to. So, in essence, they came from ‘little’ and not ‘nothing’.
Warren Buffett has repeatedly said, “I didn’t get money from my parents, and I really didn’t want it. But I was born at the right time and place. I won the ‘Ovarian Lottery.’ “
My own story is just that. I was born in a hospital in London, England, a ‘safe’ country. I had loving parents, but we had little. I was, however, born with common sense and drive. If you’re born with these two traits, everything else will fall in line.
But you have to navigate a lot of adversity. There’s no way around that.
On the flip side, those who were born into abundance (one might say they “came from everything”) do not have the “advantage of adversity”.
As I’ve matured, I’ve learnt what a blessing adversity can be. Without it, you’ll inevitably be less motivated, and often one can notice the lack of drive in others.
Adversity comes in different flavours, and the world will test you in different ways. Some receive more than others. Life’s not fair. Some examples are self-doubt, poverty, losing loved ones, career struggles, health challenges, and relationship breakups.
If you are fortunate to beat adversity through hard work, intuition, and character, this will likely lead to massive success. Moreover, it will shape you into a well-respected member of society.
Overcoming adversity is, however, not an isolated event. It’s an ongoing pursuit that never ends. I’m certain the people who reach the pinnacle of any craft/career/profession have navigated enormous amounts of adversity and that most of them have reframed their own stories through the lens of the ‘advantages of adversity’.
When people tell you their life woes, which will mean a lot to them, it’s the story they’ve been telling people and themselves. They frame it as their adversity has been a disadvantage. Next time someone shares with you tales of adversity, tell them, “Isn’t it great? You’ve benefitted from the advantage of adversity.”
I hope this reminder will help you reflect on your past and present adversities and encourage you to see these as an advantage, not a disadvantage. You fail your way to the top. Keep failing, keep falling, and keep your eye on the prize.
📰 Articles & Blogs
The Luckier You Are The Nicer You Should Be [3 minutes]. The only way to guard against entitlement.
2022 Berkshire Shareholder Letter [20 minutes]. Required reading for all serious advisers.
Stop Asking Prospects About Their Goals [25 minutes]. Do you explore what really matters to prospects in the present.
The 10 Most Important Things I Tell Clients [4 minutes]. We all have sayings we repeat regularly.
Redefining the Retirement Income Goal [6 minutes]. Retirees have both the ability and the willingness to adjust spending over time.
Financial Advisors As Life Coaches? [3 minutes]. It is important for advisors to know their limits.
The Myth of “No Regrets” [3 minutes]. Regrets are normal.
🎧 Podcasts
The Real Adviser Podcast: 13 - AUM: Advisers Under Management [67 minutes]. Helping clients transition to the next stage whilst also looking after our own mental wellbeing.
Understanding The Brain To Ignite Motivation Within Clients And Prospects With Ted Klontz [104 minutes]. What advisors need to know about the brain in order to create motivation and connection with clients and prospects.
📚 Book Recommendations
Don't Trust Your Gut by Seth Stephens-Davidowitz. An engaging book full of surprising, useful insights for using the information at your fingertips to make better decisions.
👏 Encore
An event or a journey? [1 minute]
The importance of taking imperfect action [5 minutes]
Permission To Suck [3 minutes]
Advisors must evolve to survive in the AI era [3 minutes]
