Fortunately, few people are as rotten and thieving as Bernie Madoff. But as sweet and lovely as you are, you might be making the same money mistakes Bernie did.
First, let me ask you something. Do you think that Madoff stole all those billions because he wanted the money? I don’t. Maybe it started out that way. But in a very short time, his crime wasn’t about having more money. I think he did it because he’s addicted to power and to being important and loved.
I think he just couldn’t stop. I can imagine that this ponzi scheme started decades ago when Bernie made some investments that didn’t work out. Rather than face the music, he took assets from Peter to pay Paul. Paul was delighted with the (fictitious) returns and invested more money. Those investors thought they found something much greater than an investment strategy that works. They thought they found the perfect investment plan. Thus, the ponzi snowball was born, and it took four or five decades to melt.
What I’m saying is that Bernie had some serious character defects and, as a result, he did what he did. (This is no excuse…I think the guy should never see the light of day again). But once this thing started, he felt he had no choice because he could not lose the status and power he had created for himself. I really don’t think he was after the money at all.
So that’s my question for you. Are you making similar money mistakes? Are you allowing a character defect to steer your investment ship right into an iceberg?
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