Superiority Trap

Church Lady. Remember her? From SNL. YouTube her. Worth it.

Superiority traps happen when those skilled in one area...just assume they'll be skilled as investors.

You were an amazing football player. Could call the D-Line with a wink, and ended up in the Hall of Fame in Canton (Ohio, not China). So, of course, you thought you would be a good equity investor. You mumbled about this notion, and your "advisors" agreed with you. Why not? You can read defenses and throw the ball a long way even with cracked ribs...so why wouldn't you be able to play the markets the way you played the field?

Yeah. Sad story. Happens all the time. The NFL is, in fact, famous for its horrible player misuse of investing vehicles. The NFL tries. They want players to not go bankrupt publicly. They want their players to end up with nice, happy, retired lives, thanking the NFL for the great life all along the way. But the players don't listen. They want that Ferrari today. They want to roll the dice, because, well...they always have rolled the dice and everyone told them how long the odds were that they'd make it in the NFL, so of course this applies to the same long odds that they'd be at all good as investors in the markets.

Superiority trap. Poor house. They kinda go together.