Confirmation bias is your tendency to seek out and interpret evidence as confirmation of your current belief or position. It can make you ‘double-down’ on an objectively bad decision. It’s the reason why horoscopes work and why people remember the same event in different ways.
Read MoreIf you are feeling stagnant and want to grow, try building something from the ground up. It doesn’t matter what it is. It could be a business idea, a podcast, a website - whatever - just make sure you are building it from the ground up. Here's why: 1) It will make you a learning machine. 2) It will teach you specific knowledge. 3) It will give you skin in the game.
Read MoreNassim Nicholas Taleb created the term Ludic Fallacy to describe how people mistake the kind of uncertainty found in games to the kind of uncertainty found in real life. Here’s how you can avoid the Ludic Fallacy and make better decisions around risk…
Read MoreThe best indicator of long-term success is how successful you are right now. If you are building a website, business, podcast, or anything else that takes time to build, your initial success is the best indication of long-term success. If it starts out great, it will likely continue to be great. If it starts out mediocre (with a soft reaction from your target market), it will likely stay that way.
Read MoreFear. It destroys your endeavors far more effectively than failure ever could because it stops you from starting in the first place. The other side of fear is preparation. The amount of fear you feel about something is inversely correlated to how prepared you are for that event to occur. The more prepared you are, the less you have to fear.
Read MoreCharlie Munger addressed shareholders and answered questions at the Daily Journal Corporation’s annual meeting in Los Angeles in February 2020. I went into the transcript and pulled out 5 lessons on wealth creation from Charlie Munger’s annual address.
Read MoreTime is your most important asset. You can always make more money, but you can’t get back your time. That’s why the idea of time “chunking” as a productivity tool sparked my interest. This time management technique can help you be more productive and feel better about how you spend the finite hours of your day.
Read MoreIt’s hard to be the best at something. I’m not talking “pretty good” or even “scary good.” I’m talking face-melting, hysteria-inducing, “greatest-ever” best. This is very hard to do. It’s almost impossible. Instead of trying to be the best at 1 thing, you should try and become very good at two or more things. Very good means that you’re in the top 25% in that field. That’s the 25% rule.
Read MoreIt was a surreal experience attending Charlie Munger’s talk at the Daily Journal Corp’s annual shareholder meeting in Los Angeles. Here’s my summary of his address in bullet-point form. Enjoy!
Read MoreThe world needs more selfish people. I’m not talking about rude, egotistical maniacs. I’m talking about the kind of selfish people who take care of themselves before they take care of other people. Because as the saying goes, you can’t pour from an empty cup.
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