Why the best way to make money is to stop losing it.
There’s one thing I’ve been doing wrong my whole life.
Well, there are many.
But I’m going to tell you about one.
In case you also do it wrong and it helps you.
It is to invest my money badly.
Since I am an entrepreneur, I have spent almost everything I have earned in my life in my two companies.
But on the few occasions when I have had some money, I did two things wrong.
One was to stash it in the bank like a greedy and stingy one.
Not realizing that money depreciates with inflation.
That this year, for example, if you had 100,000 at the beginning of the year, just because of inflation you already have 92,000.
8,000 that have flown away in a few months for not doing anything with it.
The other was to buy the houses (yes, plural) without asking for the maximum mortgage possible.
Without realizing that 1% interest on a mortgage is nothing compared to what you can get out of that money if you invest it.
In other words, even if you have the money for the house, it is better to take out a mortgage and use the money to earn more money.
Well. I have done a bad job.
I lost a lot because I didn’t have the information.
Until I started talking to those who know.
And until I read “Rich Dad, Poor Dad”.
Not knowing something elementary to others, can make you lose a lot of time and money.
Just what you can lose by the following:
– Answering your research questions by assembling monstrous registries rather than with automatically generated Real World Evidence
– Using drugs out of intuition and compassion, rather than with machine learning algorithms that phenotype top responders
– Not being able to make indirect comparisons between therapeutic options, because you don’t know how to search for surrogate endpoints
– Figuring out continuity of care and epidemiology using hand-picked management databases, rather than with analytic tools using AI
That’s not what’s important.
The only thing that matters is to have the utmost courage.
The courage it takes to acknowledge that you’ve been wrong for years.
And that the only thing that matters for your results is what you do from now on.
For those brave enough to abandon traditional methods of evidence generation and start enjoying the possibilities of AI to enrich data packages, here.