--- title: "Meaning & Key Takeaway of: I know of a few multimillionaires who…" description: "\"I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they..." image: "https://sms4smile.com/quotes/i/65b/william-eckhardt-27602_better-off_i-know-of-a-few-multimillionaires-who-st_359444.jpg" --- # I know of a few multimillionaires who started trading with… ![“I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a…” quote by William Eckhardt](https://sms4smile.com/quotes/i/65b/william-eckhardt-27602_better-off_i-know-of-a-few-multimillionaires-who-st_359444.jpg) [Download](https://sms4smile.com/quotes/i/65b/william-eckhardt-27602_better-off_i-know-of-a-few-multimillionaires-who-st_359444.jpg) [Open image](https://sms4smile.com/quotes/i/65b/william-eckhardt-27602_better-off_i-know-of-a-few-multimillionaires-who-st_359444.jpg) > “I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. I'd rather bet on somebody starting out with a few thousand dollars than on somebody who came in with millions.” [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Wealthy beginners often ignore risk because they can’t feel loss, leading to ruin; starting small forces discipline and true risk awareness. **In simple terms:** Rich beginners ignore risk; start small to stay disciplined. Key Takeaway Begin with modest capital to respect risk. Themes risk management discipline wealth trading psychology Mood cautious reflective Type advice warning When to use this quote - personal investing - career start - financial education - risk assessment Key Concepts behavioral finance loss aversion capital allocation Questions to Reflect On - How would you feel if you could lose your entire investment? - What safeguards can you set when starting with more capital? A Different Perspective Large capital can mask true risk, leading to overconfidence. ★ ★ ★ ★ ★ No ratings yet [Customer](https://sms4smile.com/quotes/about/customer/) [Dollars](https://sms4smile.com/quotes/about/dollars/) [Feelings](https://sms4smile.com/quotes/about/feelings/) [Inherited wealth](https://sms4smile.com/quotes/about/inherited-wealth/) [Investing](https://sms4smile.com/quotes/about/investing/) [Money](https://sms4smile.com/quotes/about/money/) [Pain](https://sms4smile.com/quotes/about/pain/) [Starting out](https://sms4smile.com/quotes/about/starting-out/) [Trading](https://sms4smile.com/quotes/about/trading/) [Wealth](https://sms4smile.com/quotes/about/wealth/) ## Related quotes > [Risk no more that you can afford to lose, and also risk enough so that a win is meaningful.](https://sms4smile.com/quotes/ed-seykota/risk-no-more-that-you-can-afford-to-lose-and-also-risk-enough-so-that/) [Ed Seykota](https://sms4smile.com/quotes/author/ed-seykota/) > [Play the game for more than you can afford to lose... only then will you learn the game.](https://sms4smile.com/quotes/winston-churchill/play-the-game-for-more-than-you-can-afford-to-lose-only-then-will-you/) [Winston Churchill](https://sms4smile.com/quotes/author/winston-churchill/) > [Oh Lord, protect her, guide her, preserve her and keep her. 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Take it and have fun with it, and don't…](https://sms4smile.com/quotes/larry-holmes/i-think-gambling-can-be-a-good-thing-if-you-don-t-take-it-too/) [Larry Holmes](https://sms4smile.com/quotes/author/larry-holmes/) > [Nobody has so many friends that he can afford to lose one.](https://sms4smile.com/quotes/edward-abbey/nobody-has-so-many-friends-that-he-can-afford-to-lose-one/) [Edward Abbey](https://sms4smile.com/quotes/author/edward-abbey/) > [Lend only what you can afford to lose.](https://sms4smile.com/quotes/george-herbert/lend-only-what-you-can-afford-to-lose/) [George Herbert](https://sms4smile.com/quotes/author/george-herbert/) ## More by William Eckhardt > [One common adage...that is completely wrongheaded is: You can't go broke taking profits. That's precisely how many traders do go broke. While amateurs go…](https://sms4smile.com/quotes/william-eckhardt/one-common-adage-that-is-completely-wrongheaded-is-you-can-t-go-broke/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [Amateurs go broke taking large losses, professionals go broke taking small profits.](https://sms4smile.com/quotes/william-eckhardt/amateurs-go-broke-taking-large-losses-professionals-go-broke-taking/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [Good systems tend to violate normal human tendencies.](https://sms4smile.com/quotes/william-eckhardt/good-systems-tend-to-violate-normal-human-tendencies/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [In many ways, large profits are even more insidious than large losses in terms of emotional destabilization. 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Think about what you're going to do if…](https://sms4smile.com/quotes/william-eckhardt/don-t-think-about-what-the-market-s-going-to-do-you-have-absolutely-2/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [You can be very promiscuous in your research, but not in your trading.](https://sms4smile.com/quotes/william-eckhardt/you-can-be-very-promiscuous-in-your-research-but-not-in-your-trading/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [The desire to maximize the number of winning trades (or minimize the number of losing trades) works against the trader. The success rate of…](https://sms4smile.com/quotes/william-eckhardt/the-desire-to-maximize-the-number-of-winning-trades-or-minimize-the/) [William Eckhardt](https://sms4smile.com/quotes/author/william-eckhardt/) > [If a betting game among a certain number of participants I played long enough, eventually one player will have all the money. 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We \[New View Window Cleaning\] are the salesman, bookkeeper, scheduler, cleaner, customer complaint department, etc. If you… ](https://sms4smile.com/quotes/tony-evans/any-small-business-owner-wears-many-hats-we-new-view-window-cleaning/) [Tony Evans](https://sms4smile.com/quotes/author/tony-evans/) Browse all 465 Better off quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. 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