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Different Kinds of Easy

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 risks that they shouldn't.

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IDEA EXTRACTED FROM:

Different Kinds of Easy

Different Kinds of Easy

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

collaborativefund.com

7

Key Ideas

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.

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 risks that they shouldn't.

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 of others, the input of colleagues who didn't get the credit, and a culture supportive of your unique personality.

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.

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 become good at that thing.
  • Now that you're great you might relax and not put in that much effort.
  • Doing your thing now feels easy because your hard work led to a competitive advantage.
  • Now that you're taking it easy, your edge wears off, which competitors can take advantage of while you are dwelling in egotistical ignorance.
  • Life feels and looks easy, but that's because you're blind to the reality around you.

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.

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 easy decisions.

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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.

Buying endless stuff

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Dopamine and online shopping

According to research, we get a dopamine surge from buying stuff that causes us to want more and more.

Delayed gratification when the order arrives a few days later also makes is more physiologically rewarding than shopping in stores.

Online shopping 

Some online shops have made it especially easy to shop with a one-click buying process. Most major retailers offer free shipping, and only one in ten consumers return stuff they've bought online.

Americans are also taking up more space with all the stuff they are amassing. Self-storage units are rapidly increasing too.

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