I named The Wealth Pool after ‘The Gene Pool’. Any robust, healthy population is characterized by extensive diversity. And diversification, like in the physical world, is hands down the most important concept in Finance.
There is a strong correlation between health and wealth. In building up our health and fitness, we see our progress and get motivated by others in a competitive race to cross that finish line. In building up our wealth, transparency into our progress and that of others is not so clear, yet we all share the ultimate goal: Retirement is that big financial finish line.
Knowing that other people like you are focusing on the same thing intensifies your emotions to achieve positive results. The Wealth Pool fosters this shared attention among us even though we have no idea what others are feeling. We simply think and act upon our goals and events as we simultaneously experience with someone similar to us. And it takes remarkably little for someone else to seem like our peer.
Warren Buffett likes to say, “Hang out with people who are better than you and learn”. I think you will find that your experience as a member in The Wealth Pool will grow as our membership grows. In the end, the diverse members you follow may be as important to your growth as the diversity of the investments you own.
Ed Lamark - Founder of The Wealth Pool