A Balanced Approach

It is also important to remember that taking a long term perspective can sometimes result in taking much more risk than is appropriate for you.

The strategy to get wealthy is often to take concentrated risk with your labor, capital or business. This often is quite different from the strategy to stay wealthy, which is to minimize the risk we take, diversify the risks we take as much as possible, keep your costs low, keep tax efficiency high and don't spend too much.