Afford Anything Q&A: You Made a Money Mistake. Now What?
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Mar 25, 2025 The episode tackles the emotional toll of financial mistakes and how to overcome them. It highlights the value of learning from errors, encouraging a growth mindset through humorous anecdotes. Listeners learn about navigating short-term capital gains and the intricacies of asset management strategies like FIFO and LIFO. There's also a discussion about innovative financial decisions stemming from mistakes and personalized advice for selecting investment funds, making the complexities of finance a bit more relatable and engaging.
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Cornflakes: A Serendipitous Mistake
- Mistakes can be opportunities for serendipitous discoveries.
- John Kellogg accidentally created cornflakes from stale wheat berry dough.
Oyster Sauce: From Mistake to Empire
- In 1888, Li Kumxiong accidentally created oyster sauce by over-boiling oyster soup.
- This mistake led to a multi-billion dollar company.
Post-it Note: A Sticky Situation Turned Successful
- Scientists trying to create super-strong glue accidentally invented the Post-it note.
- This "mistake" became a widely successful product.