Career Decisions - Deepstash

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Always Protect The Downside - Darius Foroux

Career Decisions

Your most valuable resource is time. Yet, most spend their time working on other people's goals.

Use your time wisely by daily improving your skills, learning new things and building relationships. Then you will always have something to fall back on.

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Extrapolating our thoughts

A few examples of how we extrapolate our exceptions all the time:

  • “House prices will probably keep increasing.”
  • “That person will never change.”
  • “My business will keep growing.”
  • “I will never learn from my mistakes.”
  • “He doesn’t like me.”

The root of this problem is our quick judgment.

We’re fast thinkers

But that doesn’t mean we should follow through on every single thought that pops into our mind.

Every time you start thinking about future events or start making mental movies, keep count on a post-it note or a small piece of paper. Be aware of your thoughts. But don’t follow through.

Ryan Holiday
Ryan Holiday
“It takes skill and discipline to bat away the pests of bad perceptions, to separate reliable signals from deceptive ones, to filter out prejudice, expectation, and fear.”
Seeing Isn’t Believing

Most of us have heard stories of hardships and catastrophic events of the past, like the great depression, or the dot-com bust, but haven’t lived through it, and not experienced the real pain of the disaster.

Hearing stories about something that happened in the past isn’t enough to truly realize the lesson from them.

Blind Spots

In the world of investing, having gone through a traumatic experience first-hand makes the difference between a cautious investor and a blind one. The scarred investor cannot think in the way the fresher, who hasn’t experienced the turmoil can. 

Our unique experiences impact our vision in ways we cannot comprehend on the surface.

Learning From The Past

Different generations have different investment risk appetites, with the younger generation wanting to take bigger risks and going into uncharted waters without any experience.

The New Generation, who hasn’t experienced turmoil and loss, are good at getting rich. However, the older, scarred generation is good at staying rich due to their general pessimism and conservatism. There is a need to balance the two aspects while taking an investment decision. People with different experiences aren’t necessarily smarter than others but just have a different worldview.

Four Steps To Building Wealth
Four Steps To Building Wealth
  1. Don’t Be a Consumerist: keep your expenses as low as possible without sacrificing the quality of life. Spend money on things that yield lasting benefits.
  2. Have An Emergency Fund: this gives you freedom and peace of mind to deal with issues without having to upset your long-term investments.
  3. Invest Defensively: investing in individual stocks is a dangerous business and it can take your peace of mind. Index funds let you invest in a whole group of companies, bonds, etc. without the time and risk involved in individual stocks.
  4. Diversify Income: relying on a single source of income is a dangerous strategy. Multiple sources will make you more financially resilient and give you the resources to acquire assets and invest.