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Different Kinds of Easy

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https://www.collaborativefund.com/blog/different-kinds-of-easy/

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Different Kinds of Easy
Jeff Immelt left General Electric in worse shape than he found it. Critics were harsh when he stepped down as CEO in 2017. Some said his mistakes were obvious, the solutions easy. Immelt had a great response for them: "Every job looks easy when you're not the one doing it."

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Every job looks easy

Easy makes a good story because it is short, persuasive, and comforting. But it is deceiving. Everything worthwhile has a cost.

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The delay between benefit and cost

When there is a delay between benefit and cost - as is the case of investing - the benefits always seem easier than they are. When benefits seem easier than they are, people are tempted to take ris...

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Underestimating the role of others

Thinking you have created your success by yourself is faulty. Thinking your talents directly lead to your results is cognitive dissonance.

Other considerations include opened doors because o...

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Luck is underappreciated

When we experience beginners' luck, we might fool ourselves by mistaking luck for skill. It feels amazing because you get excited about your ability to repeat it.

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Diminished competitive advantages

Having goals and systems in place can make a task feel deceptively easy. The downward slide:

  • If you work hard at becoming great at something, your hard work can pay off where you be...

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You don't see the labor

Everything looks easy when you can't see behind the scenes. What you do witness is the end product. You don't see the hard work and many mistakes that went in to produce the final product.

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You view a task in isolation

It can look easy when you view the task without considering the competing interests of outside forces.

It’s hard for an outsider to see how many competing forces can prevent what looks like ...

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SIMILAR ARTICLES & IDEAS:

Skill 1 x Skill 2 x Skill 3 = Ability

If you lack a skill, you'll lack ability. If you have a zero anywhere in your equation, no amount of strengths will make up for it.

For instance, in Business, you will need Sales/Marketi...

The 80/20 approach vs. 10,000 hours rule

  • The 80/20 method: You can get 80 % proficiency in a subject in about 6 - 12 months.
  • The 10,000-hour rule: You can become an expert at something if you spend 10,000 hours of deliberate practice on it. 

To go from zero to 80% (good enough) requires a different approach than that needed to get from 80% - 99% (world-class). The last 20% also requires a different level of commitment. For instance, Stephen King spent 6 - 8 hours daily for ten years before he succeeded as a commercial writer.

The people at the top

The gains disproportionately accrue to people at the topStephen King probably sells more books than the rest of his category combined.

Being good at many things probably means that you are at 80% of your potential in all of them. It is not enough to stand out. 

Pick a very few things to tackle through the 10,000-hour rule and try and reach 99% of your potential in them.

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Personal Mission Statement

It consists of thinking long and hard about your life and work. Write down everything that is on your mind, then consider what is most important.

  • You want to know where you want to go...

Acknowledging Progress

Progress can sometimes feel like endless staircases where you climb and climb, but can never see the end.

A personal mission statement allows you to look back and see how far you've climbed.

Putting Things Into Perspective

A personal mission statement reminds you where you're coming from and puts your life in perspective. When you feel frustrated, you can go back and read how much you've progressed over a specific time.

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"Rich Dad, Poor Dad" is Fiction

John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:

  • The Rich Dad is most likely an invention. ...

"Rich Dad, Poor Dad" contains dangerous advice

According to John T. Reed the famous book is filled with bad advice:

Dangerous advice

  • "If you're gonna go broke, go broke big"
  • Convinces people that college is for suckers

Law-breaking advice

  • Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
  • Recommends tax fraud by deducting vacations and health club dues
  • Brags about using a partner weasel clause in which his cat is his partner

Kiyosaki is making money from a personality cult

Many critics pointed out that Kiyosaki is selling a cult, not financial advice.

He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.