From the book ‘principles’ by Ray Dalio one of the takeaways was to be very open minded. I think we spend a lot of time thinking that we are right, but what we fail to consider is what if we are wrong. If there are two people with different opinions it should be in the interest of both parties to find out who is wrong. This is because both people cannot be right.
I remember the first time i heard about BTC i dismissed this about funny thing that this guy on the site just bought and sold (this was during the first bull market). It was more of a quick rich scheme rather than the future. And today when it was in the news again, I see that it has increased even more – if only I had bought some.
The other thing is buying a house back in 2016 – i could have bought somewhere in Toongabie or something like that. I did not consider any facts and was ignorant to the macro events happing around me.
What am i missing now with other people’s opinion? Of course we always think ourselves to be right – that is how we can be confident. But we need to remember that our ego needs to take a back step so that we can learn opposite information and improve.
Get feedback quick and often. It is quicker to learn something to do rather than read. This is so you can find out what you don’t know and this provides you feedback. When driving you use your eyes to find out where you’re going. If you only read how to drive, they don’t tell you many things that you have to understand for the first time.
For this to work that feedback needs to be raw – be transparent and truthful to your actions. Otherwise the feedback is false information and you cannot correct.
Look to feel uncomfortable. This means that you are experiencing something new. If it is comfortable then you are not challenging yourself. Confident people are usually those who master doing new things without fear.
Another aspect of this is not to fear what others think of you and stand in your way. The more you do the more it becomes more comfortable and you gain mastery.
Look at second and third order consequences. We usually think in first order consequences and this can usually be thought of as dire. We are hungry so we eat. However if we eat too much or too little we suffer the second and third order consequences. That is obesity and an early death.
Generally you find first and second order consequences providing opposite effects on your body. Therfore, next time you think about giving in to your desire consider the second and third order consequences.
Usually we overweight the first order consequences versus the second and third order. We might be worried about going outside for coronavirus (because we have a chance to get it) but our other falculties are affecting the longer we keep at it. People are isolated and suffer, the economy suffers. Is there anyone weighing the effects of continuous lockdown?
5 Percent a day 