According to a Chinese proverb there are 4 categories of people :
1)He who *knows*, and *knows* he knows, he is *a wise man*
2)He who *knows*, and *knows not* he knows, he is *asleep*
3)He who *knows not*, and *knows* he doesn't know, he is *a child*
4)He who *knows not*, and *knows not* that he doesn't know, he is *a fool*
The problem is percentage of people doubles as you move up the hierarchy and more than 80% fall in final 2 categories.
In financial world, most of the time initial investment success makes investor's overconfident and tends to believe that they belong to category 1😊😊. But by the time they realize that actually they belonged to category 4, it's too late.😪😪
Frankly most of so called _*"Experts"*_ also don't fall in category 1 as it requires regular upscaling of knowledge and skills to maintain that spot.
Investors in category 2 or 3 are at lesser risk, as good professional advisor can help and ensure that their financial goals are met.
Irony is majority of investors fall in category 4 and they are ignorant about it. I pray to God to watchover and protect them.
Have a wonderful weekend...