You probably know the Golden Rule: “Do unto others as you would have them do unto you.” But it’s very difficult to know exactly how you’d like to be treated at all times. That’s what makes the Golden Rule difficult to follow. The Silver Rule is basically the “Negative” Golden Rule. Nassim Nicholas Taleb writes it as follows: “Do not treat others the way you would not like them to treat you.” This rule is far more useful - let’s see why.
Read MoreWhat you remember most vividly in your past influences your future. The stories, memories, and examples that are easily available to you guide the decisions you make and how you position yourself in the world. This is called “availability bias.” And you can either succumb to this common mental error or learn to use it in your favor…
Read MoreHave you ever gone to buy a product online only to have a ticking timer pop up, counting down the seconds you have left to finish the order? Your heart rate increases. Adrenaline starts pumping through your veins. You rapidly type out your credit card details and wonder how a little timer could have such a dramatic impact on your body… What you’re feeling is the scarcity principle in action.
Read MoreIf you don’t already create content online, you should start now. And the easiest place to start is to become a content curator. A “content creator” creates original content. A “content curator,” though, curates content that’s already out there in the domain, organizes it, shoots it through their unique perspective, and then publishes it to build an audience right now.
Read MoreInversion is the practice of thinking through problems in reverse. It’s the practice of “inverting” a problem - turning it upside down - to see it from a different perspective. In its most powerful form, inversion is asking how an endeavor could fail, and then being careful to avoid those pitfalls. As Warren Buffett likes to say when it comes to investing: “Rule number one is don’t lose money. Rule number two is don’t forget rule number one.”
Read MoreThe ideas you learn compound over time. One idea doesn’t stay as one idea - it gets mixed with other ideas and produces new ideas on top of each other. I call this process idea compounding and those who do this actively idea compounders. An idea compounder is someone who layers ideas on top of each other to find new ideas and ways to apply them.
Read MoreIt's hard to get other people to care about what you do. And it's almost impossible if they don't have the same "skin in the game" - if they aren't rewarded or punished directly based on the outcome of their decisions. It turns out this is a very old problem. It's called the principal-agent problem. And if you're an owner or an employee, you have to understand it.
Read MoreThink of your favorite brand or business. Whether it’s Apple, Nike, Peloton, Shopify, Twitter, or McDonald’s, the company has a moat around the business that protects it from the competition. And it’s this moat that keeps the business thriving and growing.
Read MoreAs a kid, whenever the topic of money came up in our household, my dad would repeat the phrase, “Money isn’t everything, but it sure beats whatever’s in second place.” I would then point out that if money beats whatever’s in second place, it would become second on the list. If the quote is supposed to be ironic, as I thought it was […]
Read MoreIf you woke up tomorrow morning and suddenly had everything you wanted, you’d be disappointed. This is because process matters far more than the outcome. If you don’t enjoy the process, or at least believe in it, you will never, ever be satisfied with the result.
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