'You're going to have to work damn hard for success': Ray Dalio's address to graduates

Having money and status nowadays has become a symbol of success, while the pursuit of them is the cause of unhealthy obsession, according to billionaire Ray Dalio, founder of hedge fund Bridgewater Associates. The investor told about how to develop his own life principles and achieve real success in a speech for graduates of his alma mater - Long Island University - on Ma 13. Oninvest publishes Dalio's main thoughts on success and his advice to young people from this speech.

- Life unfolds in three big stages, very different from each other. In the first stage, we learn and depend on others. In the second, we work and others depend on us. And in the third stage, where I am now, we are free from obligation and can pass on what we have learned to others.

- The second phase you are entering now is the opposite of the first phase rather than similar to it. Instead of going through an educational program with instructors, you will move toward goals on your own. You will encounter exciting opportunities and painful failures. If you reflect on them well, it will become clear what kind of person you are, what you want, and how to achieve it.

- You will almost certainly make the mistake of thinking you know more than you actually do. Especially if you have had good grades. Your teachers and parents probably taught you that success is about learning and avoiding mistakes. But what will really teach you is life and facing reality. The big question is: Will you learn?

- Learning from painful mistakes has led me to success. When I was 34 and had been running Bridgewater for eight years, I calculated that U.S. banks were lending far more to developing countries than they could repay - and that this would lead to the biggest debt crisis since the Great Depression. And so it did. But I was very wrong: I expected the stock market to go down, and it went up. I lost so much money that I had to lay off almost everyone and borrow $4,000 from my father to pay the bills. It was one of the most painful - and most valuable - lessons of my life. It gave me humility. Instead of thinking, "I'm right," I started asking myself: "How do I know I'm right?"

- My life journey has also led me to meet and marry a wonderful woman to whom I have been married for 48 years. I believe that choosing a life partner is the most important decision you can make.

- There will be ups and downs in life. For example, I lost my son - it was worse than dying. Two things helped me overcome the ordeal: meditation and calm reflection on how reality works. One of my favorite principles goes like this:

- I learned to appreciate painful experiences because they were the best lessons for me and led to great success. This is much more effective than memorizing what others have taught me.

- Success is not about a large amount of money or status. Although most people think that way, and for many it has become an unhealthy obsession. But these things are not more important than having the time and freedom to do the things you love.

- Success is a matter of meaningful work and meaningful relationships. In other words, work and relationships that are fun. If you can combine your work and your passion, and do it with the people you care about, your life will be happy and successful.

- The most valuable thing in the next stage of your life is not your diploma. It is your approach to life. If you don't get what you want, you can be angry or sad. But you can learn how reality works and develop principles that will help you succeed.

- I encourage you to take your life into your own hands and take responsibility for making it beautiful. Think about how reality works. Be extremely open to hearing how you can be better. Map out steps that will help improve your life. And if you want real success, recognize that you're going to have to work damn hard. But perfection will be worth it. That's just the way life works.

This article was AI-translated and verified by a human editor