It's great for beginner and advanced investors.
And even anyone that wants to do better in life with money.
Truth is it's not that complicated.
It's great for beginner and advanced investors.
And even anyone that wants to do better in life with money.
Truth is it's not that complicated.
Financial success is a soft skill.
How you behave is more important than what you know.
You don't have to be a genius to be successful with money.
On the other hand a highly educated CEO went broke in the 2008 Financial Crisis.
Why?
One wasn't trying to outsmart the market while the other was constantly trying to.
We make money decisions based on our own unique experiences.
These decisions make sense to us in a given moment.
If you live through a period of high stock market returns it seems normal to put your money in stocks.
Low income American households spend $412 on lottery tickets each year when 40% of Americans can't come up with $400 in an emergency.
People conform to what seems normal behaviour around them.
Nothing is as good or as bad as it seems
Bill Gates went to one of the only high schools in the world that had a computer.
Your environment and circumstances play a huge role in your life.
Failure happens even when the right decisions were made.
We should not get too caught up in the outcome as the difference between success and failure can be marginal.
Rich people that can't get enough do crazy things.
To make money they don't have and don't need, they risk what they do have and do need.
There is no reason to risk what you have and need for what you don't have and don't need.
$88bn of Warren Buffet's $101bn net worth came after his 65th birthday
Investing is his skill but time is his secret.
Good investing is about earning pretty good returns that you can stick with over the long term.
Don't disrupt it if you can.
Good investing is about consistently not screwing up.
Keeping money requires the opposite of taking risk.
Investors need to be optimistic about the future but paranoid about what might prevent them from getting to the future.
You can be wrong half the time and still make a fortune.
It's ok for Amazon to lose a lot of money on the Fire Phone because it will be offset by something like Amazon Web Services that earns tens of billions.
Most of the returns on an Index can come from few stocks
The ability to do what you want, when you want, with who you want, for as long as you want, is priceless.
Time is the highest dividend money pays.
Compared to prior generations people have less control of their time contributing to lower happiness levels.
No one is as impressed with your possessions as much as you are.
When we see someone driving a Ferrari we don't think the driver looks cool, we think how cool we would look with one.
Humility, Kindness and respect will bring more respect than possessions.
Spending money to show people how much money you have is the fastest way to lose money.
The world is filled with people who look modest but are actually wealthy and people who look rich but are actually at the edge of insolvency
Savings is the gap between your ego and income.
Savings can be created by spending less.
You can spend less if you desire less.
You will desire less if you care less about what others think about you.
High savings rates result in wealth sooner than a lower rate.
Reasonable investors who love their technically imperfect strategies have an edge, because they are more likely to stick with them.
The historical odds of making money in US markets are 50/50 in 1 day, 68% in 1 yr, 88% in 10 yrs, and so far 100% in 20 yrs.
Things that never happened before happen all the time.
The correct lesson to learn from surprises is that the world is surprising.
History can be a misleading guide to the future of the economy and stock market as it doesn't account for structural changes.
Plan for your plan not going according to plan.
Margin of safety is the only effective way to safely navigate a world that is governed by odds, not certainties.
Few financial plans that prepare for known risks have a margin of safety to survive real world.
Long-term planning is harder than it seems because people's goals and desires change over time.
What you'll want in the future is likely to shift.
Avoid the extreme ends of financial planning.
If thing change destroy your old plan and implement a new one.
Successful investing looks easy when you are not the one doing it.
Market volatility is the fee you pay to get access to long term returns.
The trick is to convince yourself that the price is worth it.
Beware taking advice from people playing a different game than you are.
When investors have different goals and time horizons, prices that look silly to one person can look fine to others.
But others are thinking over 5 years.
It's not like basketball where players are playing by same rules.
Optimism sounds like a sales pitch.
Pessimism sounds like someone is trying to help you.
Progress happens too slowly but setbacks happen quickly.
That's how many are spooked and sell their shares when there's bad news around.
The media uses pessimism to persuade you out of compounding.
Stories are more powerful than statistics.
The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.
We fill in the gaps of the world we don't understand with our own narrative.
@finfreewizard
For more financial freedom value.
PS I'll be doing one book summary a week.
More from All
Ivor Cummins has been wrong (or lying) almost entirely throughout this pandemic and got paid handsomly for it.
He has been wrong (or lying) so often that it will be nearly impossible for me to track every grift, lie, deceit, manipulation he has pulled. I will use...
... other sources who have been trying to shine on light on this grifter (as I have tried to do, time and again:
Example #1: "Still not seeing Sweden signal versus Denmark really"... There it was (Images attached).
19 to 80 is an over 300% difference.
Tweet: https://t.co/36FnYnsRT9
Example #2 - "Yes, I'm comparing the Noridcs / No, you cannot compare the Nordics."
I wonder why...
Tweets: https://t.co/XLfoX4rpck / https://t.co/vjE1ctLU5x
Example #3 - "I'm only looking at what makes the data fit in my favour" a.k.a moving the goalposts.
Tweets: https://t.co/vcDpTu3qyj / https://t.co/CA3N6hC2Lq
He has been wrong (or lying) so often that it will be nearly impossible for me to track every grift, lie, deceit, manipulation he has pulled. I will use...
... other sources who have been trying to shine on light on this grifter (as I have tried to do, time and again:
Ivor Cummins BE (Chem) is a former R&D Manager at HP (sourcre: https://t.co/Wbf5scf7gn), turned Content Creator/Podcast Host/YouTube personality. (Call it what you will.)
— Steve (@braidedmanga) November 17, 2020
Example #1: "Still not seeing Sweden signal versus Denmark really"... There it was (Images attached).
19 to 80 is an over 300% difference.
Tweet: https://t.co/36FnYnsRT9
Example #2 - "Yes, I'm comparing the Noridcs / No, you cannot compare the Nordics."
I wonder why...
Tweets: https://t.co/XLfoX4rpck / https://t.co/vjE1ctLU5x
Example #3 - "I'm only looking at what makes the data fit in my favour" a.k.a moving the goalposts.
Tweets: https://t.co/vcDpTu3qyj / https://t.co/CA3N6hC2Lq
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1/“What would need to be true for you to….X”
Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?
A thread, co-written by @deanmbrody:
2/ First, “X” could be lots of things. Examples: What would need to be true for you to
- “Feel it's in our best interest for me to be CMO"
- “Feel that we’re in a good place as a company”
- “Feel that we’re on the same page”
- “Feel that we both got what we wanted from this deal
3/ Normally, we aren’t that direct. Example from startup/VC land:
Founders leave VC meetings thinking that every VC will invest, but they rarely do.
Worse over, the founders don’t know what they need to do in order to be fundable.
4/ So why should you ask the magic Q?
To get clarity.
You want to know where you stand, and what it takes to get what you want in a way that also gets them what they want.
It also holds them (mentally) accountable once the thing they need becomes true.
5/ Staying in the context of soliciting investors, the question is “what would need to be true for you to want to invest (or partner with us on this journey, etc)?”
Multiple responses to this question are likely to deliver a positive result.
Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?
A thread, co-written by @deanmbrody:
Next level tactic when closing a sale, candidate, or investment:
— Erik Torenberg (@eriktorenberg) February 27, 2018
Ask: \u201cWhat needs to be true for you to be all in?\u201d
You'll usually get an explicit answer that you might not get otherwise. It also holds them accountable once the thing they need becomes true.
2/ First, “X” could be lots of things. Examples: What would need to be true for you to
- “Feel it's in our best interest for me to be CMO"
- “Feel that we’re in a good place as a company”
- “Feel that we’re on the same page”
- “Feel that we both got what we wanted from this deal
3/ Normally, we aren’t that direct. Example from startup/VC land:
Founders leave VC meetings thinking that every VC will invest, but they rarely do.
Worse over, the founders don’t know what they need to do in order to be fundable.
4/ So why should you ask the magic Q?
To get clarity.
You want to know where you stand, and what it takes to get what you want in a way that also gets them what they want.
It also holds them (mentally) accountable once the thing they need becomes true.
5/ Staying in the context of soliciting investors, the question is “what would need to be true for you to want to invest (or partner with us on this journey, etc)?”
Multiple responses to this question are likely to deliver a positive result.
Stan Lee’s fictional superheroes lived in the real New York. Here’s where they lived, and why. https://t.co/oV1IGGN8R6
Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i
The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i
The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.
Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i
The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i
The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.
THREAD PART 1.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙
He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq
"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.
On Sunday 21st June, 14 year old Noah Donohoe left his home to meet his friends at Cave Hill Belfast to study for school. #RememberMyNoah💙
He was on his black Apollo mountain bike, fully dressed, wearing a helmet and carrying a backpack containing his laptop and 2 books with his name on them. He also had his mobile phone with him.
On the 27th of June. Noah's naked body was sadly discovered 950m inside a storm drain, between access points. This storm drain was accessible through an area completely unfamiliar to him, behind houses at Northwood Road. https://t.co/bpz3Rmc0wq
"Noah's body was found by specially trained police officers between two drain access points within a section of the tunnel running under the Translink access road," said Mr McCrisken."
Noah's bike was also found near a house, behind a car, in the same area. It had been there for more than 24 hours before a member of public who lived in the street said she read reports of a missing child and checked the bike and phoned the police.