Friday, July 25, 2014

3 Lessons from the Castle in the Clouds

The following paragraphs were edited out of my "Castle in the Clouds" story on InvestmentU.com today. I'm thinking the story was cut down because I'm a long-winded sort. Anyway, I think these points are important. Maybe you'll agree. Have a great Friday and a wonderful weekend.

3 Lessons From the Castle in the Clouds

The saga of Thomas Plant is a good ol’ American rags-to-riches … to rags … story. But we can draw a few lessons from it.

1.   Dare to Try Anything. When Thomas Plant struck out on his own, he didn’t know what he was going to do. He tried many different careers before he settled on making shoes.
2.   Hard Work Isn’t Enough – Be Innovative. There were many, many shoe factories in late 1800s New England. Thomas set himself apart by thinking outside the shoebox and finding new ways to do things.
3.   Guard Your Fortune. Making money is one thing. Keeping it is another. Thomas thought he could keep making money without getting expert advice. And that gambit cost him his fortune.

 


There is a lot to admire about Thomas Plant. Sure, he built a fortune, then lost it. But he left a legacy in the Castle in the Clouds that you and your children can still enjoy today. Just make sure that your kids learn the financial lessons as well.

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