Self-Investing - Deepstash

deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

deepstash

Beta

Radically Proactive Habits That Pay Off Exponentially in 10 Years

Self-Investing

Take care of yourself in the long run with these compounding activities:

  1. Learning how to make something of value to others.
  2. Learning a skill that makes you stand out of the crowd.
  3. Reading books about distinct topics that are relevant to your career and personal growth.
  4. Setting up a broad-based fund that invests some money from your income, to build your wealth.

370 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

Radically Proactive Habits That Pay Off Exponentially in 10 Years

Radically Proactive Habits That Pay Off Exponentially in 10 Years

https://medium.com/illumination/4-radically-proactive-habits-that-pay-off-exponentially-in-10-years-e7cc13632b1d

medium.com

5

Key Ideas

Plan For the Future

Being proactive and thinking long-term while making decisions in the present is something that primes us for a better and deliberate future.

We start to consider the second-order consequences of our decisions, understanding that short-term thinking is too common, and long-term thinking is a superpower.

Self-Investing

Take care of yourself in the long run with these compounding activities:

  1. Learning how to make something of value to others.
  2. Learning a skill that makes you stand out of the crowd.
  3. Reading books about distinct topics that are relevant to your career and personal growth.
  4. Setting up a broad-based fund that invests some money from your income, to build your wealth.

Reading To Get Smarter

Reading makes our brain exercise, and all successful people share this habit.

Reading reduces stress and increases your emotional intelligence. The slice of life your brain is exposed to, whether you read for self-improvement or pleasure, will make you more focused at work.

Your Side Hustle

Our daily grind makes us skip the ‘side-hustle’, our passion projects like writing a book, blogging, learning a new skill, starting an online business, painting or designing something.

If our actual work stresses us, a passion project will help absorb that pressure and make you happy, even if you don’t earn any money from it.

Move Your Body

  • Even though this may seem like common advice, it helps to have an active lifestyle, as it helps our body in immense, untold ways.
  • We can slow our bodies decline, the natural deterioration process, slow down memory loss, and improve our brain by regular exercise.
  • Exercise also helps us overcome stress and depression.

SIMILAR ARTICLES & IDEAS:

What early retirement means
What early retirement means

Early retirement is not defined as when you stop working forever, but as having the freedom and flexibility that saving up enough money can give you if you want to leave a job.

...
How to retire early

A good early retirement strategy is built on maximizing three aspects: Income, expenses, and savings.

To build your early retirement strategy, you need to determine your retire early or financial independence (FI) number. It is the amount of money you need for work to become optional. Be aware that the number will (and should) change as you change, and your desired lifestyle evolves.

The money you need for early retirement

Based on a series of papers known as the Trinity Studies, you need to save 25-30 times your expected annual expenses to have enough money to last you for the rest of your life.

This multiple is based on the percentage of your investment growth that you would be able to withdraw per year. A safe early retirement withdrawal percentage is between 3%-4%.

6 more ideas

Mentally Prepare

Think if you are willing to sacrifice your free time to struggle to establish a side hustle and if you can handle the consequences of it. 

If you are willing, develop a system of ...

Your Skills And Areas Of Interest

Acquire relevant skills, experience or industry knowledge necessary and ensure you have the passion and competence for what you are going to work on.

A good start is to monetize the skills you already have that are related to the side hustle you want to establish this. And if you lack key skills that relate to your interests or the side hustle you want to create, there's no better time than the present to learn them. 

Validate Your Side Hustle

Your side hustle idea may seem awesome and disruptive to you, but your potential customers will likely ignore it like most “brilliant ideas” or even not have a need for it. So, ensure you're not creating a solution to a problem that doesn't exist, as this is one of the top causes of startup failures.

You can do that with objective feedback from potential customers and asking them to join a waiting list, pre-purchase your solution or hire you as a service provider. 

7 more ideas

Zero-based thinking

It gives us the rare opportunity to ask ourselves if there anything in our lives that we should do more of, less of, start or stop.

It is a decision thinking technique developed by Brian...

Difficult decisions

Difficult decisions are mostly about weighing the long and short term values. Making objective decisions is difficult because we are biased towards short-term rewards and pre-existing beliefs.

Optimal choices

Ask yourself, knowing what you know now, is there anything you are doing today that you wouldn't do again if you were able to?  

Be willing to stop doing what no longer works. Sometimes it is best to cut your losses and try something else. Be prepared to take risks and understand the potential failure that goes with a new course of action.

one more idea

Common investment questions
Common investment questions

Two of the most common investment questions are "what do you invest in " and "what are the best investing strategies"?

The best investing strategies are...

Shady investment advice

Bad investing advice can come from many quarters, such as wealth expos or financial advisors. If anyone promises you any type of return over 12%, 99% of the time, they are probably playing you.

There are great financial advisors out there, but many people who sell investment products just want your money. However, it's not that hard to invest for yourself.

How to avoid bad investment advice
  1. Never buy a financial or investing product from someone you just met.
  2. Getting returns over 12% per year is ridiculously hard. If it sounds too good to be true, it is.
  3. If you don't understand it, don't invest in it.
  4. If one of your friends recommends an investment that's making them a lot of money, they are probably suckers too. If you see the "results not typical" on any marketing materials, move on.
  5. There are no "secrets of the super-wealthy" that anyone will sell you for $500 or that you can take advantage of unless you have hundreds of thousands of dollars.

6 more ideas

Self-control
Self-control

It's the ability to do something that helps you in the long-term, instead of something that might satisfy your immediate desires.

But for most of the people, immediate...

What tempts us

We vary widely in terms of what tempts us.

If you take the time to look into your habits and biases, you can recognize the problems that you need to work on. Once you understand the sources of your self-control issues, you can begin directing the right resources toward fixing them.

Improve self-control at work

Take a future-oriented approach to your day, such as planning breaks and the time slots for checking emails in advance.

If you can refrain from resigning to your urges before the time you’ve assigned for yourself, you may achieve a greater hold on your overall self-control.

one more idea

Working remotely during a pandemic

While having to stay and, if possible, work from home, might be one significant challenge for employers, employees can actually see this situation as quite satisfactory. That is to say, when doing ...

Work on your emotions during the self-isolation period

Most of are currently facing the reality of working from home. While some sociable individuals might perceive this as unbearable, the introverts most certainly enjoy it. This can actually be the proper period to develop or improve distance-based relationships. Moreover, this is also the best moment to take control of your own emotions: observe them and learn how to better react to what is happing around you.

Look on the bright side while fighting a pandemic

Staying positive proves useful almost always. So how about looking at the good things that this pandemic has brought us? Next time you go online, you might want to consider booking your upcoming holiday, as everyone working in the field of tourism is currently making a lot of great offers. Furthermore, also the home loaning is bound to get more interesting, as demands will most certainly decrease in the near future. So, while still on the Internet, how about checking the online lending houses too?

3 more ideas

Education and wealth

College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting th...

Controlling expenses and wealth
Those who control their spending do much better. This doesn’t mean you have to save on EVERYTHING, just some things. Enjoy your life by spending on what you want here and there, just keep it in line so you have excess to save and invest. Even 10% will make you wealthy over time.

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacte...

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacted by the amount invested.

Workaholism

A Workaholic is a person who is addicted to work, having an uncontrollable and obsessive desire to work incessantly.

Workaholism is assumed to be the same as working hard, but the two quali...

How being a Workaholic harms you

When work occupies all your time and energy, and there is a relentless need to keep working at any cost, it can have some serious side effects.

1. Sleep Troubles

2. Frequent headaches and tiredness

3. Eating disorders and upset stomach

4. Pain in the body

5. Changes in Mood

6. Burnout

Workaholics have Sleep Troubles

Work addicts experience sleep trouble, with their busy schedules, without realizing that sleep actually benefits productivity.

This sleep deprivation also leads to crankiness and memory impairment.

5 more ideas

Side Hustle to Make More Money

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

Take Action

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

Communicate With Your Partner

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

11 more ideas

Some downsides are unavoidable
Some downsides are unavoidable

Life is a little easier if you expect a certain chunk of it to go wrong no matter how hard you try.

Smart people screw up. Good people have bad days. Nice people lose their temper....

How we think about risk and opportunity

It’s impossible to think about risk and opportunity without a reference point. And ours is at most incomplete (if not totally wrong).

Everything we think about risk and opportunity is shaped by our own specific situation and personal experience. So everybody has a view of risk shaped by narrow experiences but applied to the broad world.

Long-term and short-term thinking

Long-term thinking is difficult to put in action because the long run is a collection of short runs that have to be handled, displayed, and used as information to gauge whether a long-term reward still exists.

Short-term thinking can be the only way you’ll survive long enough to experience long-term results.

one more idea