Never underestimate the hard work and lower probability of success, just because we are shown more successful people than many more actual failures.It does not mean, in any way, that you should not dream big. It just says that don't get overawed by the number of success stories you read and assume that success would be easy. No one prints the failure stories.

1. Hard Work

It is a tendency to interpret new information so that it becomes compatible with our existing theories.Warren Buffet has seen people losing money with this because they ignore facts that contradict the theory in the mind of the investor.Disconfirming evidence must be sought out to beat this theory.

2. Confirmation bias is the mother of all misconceptions.

If you ever find yourself in a tight unanimous group, you must speak your mind, even if your team does not like it, and even if it means risking expulsion from the warm nest.And if you lead a group, appoint someone as devil's advocate.He or she will not be the most popular member of the team, but definitely the most important.

 3. Speak your mind

Send an email to 10,000 people with the stock market predictions by dividing them into 2 groups - telling reverse prediction to each group. Prediction for one of the groups will come true.Send a new prediction to the 5,000 whom you predicted correctly earlier - again after dividing them into 2 groups...carry on like this, and the last 100 would consider you as a genius. People get inducted into a decision based on history without thinking logically.

4. Induction

The fear of losing something motivates people more than the prospect of gaining something of equal value.

5. Loss Aversion 

When it comes to compounding, don't trust your intuition - you have no idea how powerful it is.

6. Compounding

99% Fat-Free product seems more healthy than a product with 1% Fat.

7. It is not what you say, but how you say, that's important. 

There is no 3rd category of passive onlookers.

8. If you are not a part of the solution, you are definitely a part of the problem.

Follow your passion even if you have to do away with part of your income for that

9. Passion 

Whenever you are dealing with averages, be careful of the distribution behind them. A Bill Gates monthly income in a group of 50 ordinary citizens can give an extremely misleading average.

10. Averages

10 Powerful Lessons of the book “The Art of Thinking Clearly” 

A world-class thinker counts the 100 ways in which humans behave irrationally, showing us what we can do to recognize and minimize these “thinking errors” to make better decisions and have a better life Despite the best of intentions, humans are notoriously bad—that is, irrational—when it comes to making decisions and assessing risks and tradeoffs. Psychologists and neuroscientists refer to these distinctly human foibles, biases, and thinking traps as “cognitive errors.” Cognitive errors are systematic deviances from rationality, from optimized, logical, rational thinking and behavior. We make these errors all the time, in all sorts of situations, for problems big and small: whether to choose the apple or the cupcake; whether to keep retirement funds in the stock market when the Dow tanks, or whether to take the advice of a friend over a stranger. The “behavioral turn” in neuroscience and economics in the past twenty years has increased our understanding of how we think and how we make decisions. It shows how systematic errors mar our thinking and under which conditions our thought processes work best and worst. Evolutionary psychology delivers convincing theories about why our thinking is, in fact, marred. The neurosciences can pinpoint with increasing precision what exactly happens when we think clearly and when we don’t. Drawing on this wide body of research, The Art of Thinking Clearly is an entertaining presentation of these known systematic thinking errors--offering guidance and insight into everything why you shouldn’t accept a free drink to why you SHOULD walk out of a movie you don’t like it to why it’s so hard to predict the future to why shouldn’t watch the news. The book is organized into 100 short chapters, each covering a single cognitive error, bias, or heuristic. Examples of these concepts include: Reciprocity, Confirmation Bias, The It-Gets-Better-Before-It-Gets-Worse Trap, and the Man-With-A-Hammer Tendency. In engaging prose and with real-world examples and anecdotes, The Art of Thinking Clearly helps solve the puzzle of human reasoning.

personaldevelopment

Personal Development

moneyandinvestments

Money & Investments

books

Books

A world-class thinker counts the 100 ways in which humans behave irrationally, showing us what we can do to recognize and minimize these “thinking errors” to make better decisions and have a better life Despite the best of intentions, humans are notoriously bad—that is, irrational—when it comes to making decisions and assessing risks and tradeoffs. Psychologists and neuroscientists refer to these distinctly human foibles, biases, and thinking traps as “cognitive errors.” Cognitive errors are systematic deviances from rationality, from optimized, logical, rational thinking and behavior. We make these errors all the time, in all sorts of situations, for problems big and small: whether to choose the apple or the cupcake; whether to keep retirement funds in the stock market when the Dow tanks, or whether to take the advice of a friend over a stranger. The “behavioral turn” in neuroscience and economics in the past twenty years has increased our understanding of how we think and how we make decisions. It shows how systematic errors mar our thinking and under which conditions our thought processes work best and worst. Evolutionary psychology delivers convincing theories about why our thinking is, in fact, marred. The neurosciences can pinpoint with increasing precision what exactly happens when we think clearly and when we don’t.Drawing on this wide body of research, The Art of Thinking Clearly is an entertaining presentation of these known systematic thinking errors--offering guidance and insight into everything why you shouldn’t accept a free drink to why you SHOULD walk out of a movie you don’t like it to why it’s so hard to predict the future to why shouldn’t watch the news. The book is organized into 100 short chapters, each covering a single cognitive error, bias, or heuristic. Examples of these concepts include: Reciprocity, Confirmation Bias, The It-Gets-Better-Before-It-Gets-Worse Trap, and the Man-With-A-Hammer Tendency. In engaging prose and with real-world examples and anecdotes, The Art of Thinking Clearly helps solve the puzzle of human reasoning.

Rolf Dobelli is a Swiss author and businessman. He began his writing career as a novelist in 2002, but he is best known internationally for his bestselling non-fiction The Art of Thinking Clearly (2011, English 2013), for which The Times has called him "the self-help guru the Germans love".

Rolf Dobelli

The Art of Thinking Clearly

Most of us know that money isn’t the key to happiness.<ul><li>But how do you reach true happiness? </li><li>How do you build just enough wealth to stay happy? </li></ul>These are two different things.Money can help you enjoy a more luxurious lifestyle. But it’s not the same as happiness. It’s not the same as being truly fulfilled.Wealth has a lot to do with our social connections, sense of meaning and purpose, and opportunities to grow as human beings but it’s not enough for a meaningful, fulfilling, and happy life.

Of Happiness And Wealth

You can be wealthy and happy at the same time, but that requires a healthy dose of wisdom to understand the many factors that make life worth living outside of wealth.If you want to be happy, wealthy, and fulfilled in life, you need to understand and follow the basic principles of positive psychology — not just the principles of economics.

Not Just Economics

It’s senseless to have money as your goal as money has no intrinsic value — its value comes from what it can buy, and it can’t buy everything. It’s smarter to start with what you really want, which are your real goals, and then work back to what you need to attain them.

Wanting Money For Money's Sake

To build a meaningful and happy life, you can start from what makes you miserable and work your way up. Get to the bottom of your misery and do more of what brings out the best in you.<ul><li>Spend more time with the people who make you come alive. </li><li>Pursue things you deeply care about: work or projects that guarantee flow.</li></ul>Flow: a mental state in which a person performing some activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity.

Wealth Is People And Freedom

“The more money you have, the happier you’ll be” is flawed logic.It’s also incredibly naive. Wealthy people, in particular, tend to be very focused on their possessions, which means they often have a very skewed view of the world.They can’t say their wealth entirely makes them happy. Many wealthy people are miserable.

The Impact of Money On Our Happiness

<ul><li> If you ask researchers from Princeton University who studied the impact of income on happiness, they will tell you that you need to earn at least $75,000 a year to be happy.</li><li>If you ask the average person in the street, the consensus is that you need to have a house, a car, and a reliable phone signal to be happy.</li><li>The consensus is that you need to have friends and family who love you and value your company to be happy.</li></ul>

Happiness Is Subjective

You also need to have a passion for your work to be happy — if you don’t find fulfilment at work, find something outside work that fills the happiness gap (a creative project or activity you enjoy or that relaxes you can help you find flow or creative pleasure).<ul><li>The pursuit of meaningful work, happiness, and wealth is deeply personal. What makes you happy may not guarantee life satisfaction for another.</li><li>Some people value family, others friends, and others work. Some prioritize their faith, others their hobbies, and others their personal development.</li></ul>

The Pursuit Of Happiness

Happiness is within everyone’s grasp: if only we can get back to basics and focus on our real and practical values and goals.Remember that most people are happiest when they are improving and doing the things that suit them naturally and help them advance.We frequently worry about where our next paycheck is going to come from. However, for many people, finances aren’t the top priority in their lives. That doesn’t mean that you can’t work hard and have a happy life.If you have a positive outlook on life, you can make friends and find happiness in even difficult situations.

Getting Happier Is Within Reach

The real tragedy of the poor is the poverty of their aspirations.

<ul><li>Your happiness doesn’t depend solely on how much you accumulate. It helps but to a certain extent.</li><li> We need enough to cover our basic needs, and a rising salary can impact our wellbeing, but we also need to remember the positive effects of generosity and building relationships.</li><li>Find your income bar and commit to other things, activities, and experiences that bring out the best in you.</li></ul>

The Bottom Line

Poverty causes misery. Wealth isn’t the key to happiness. More money doesn’t equal more happiness. So what exactly makes life worth living? How happy are those who have more money than others? And…

motivationandinspiration

Motivation & Inspiration

The Psychology of Wealth And Happiness: Lessons From Adam Smith And Ray Dalio

“The rally began in late November, after the IOTA Foundation, the German nonprofit behind the novel cryptocurrency, announced that it was teaming up with several major technology firms to develop a ‘decentralized data marketplace.’” The article goes on to say: “And the high-profile names participating in its data market pilot—including Microsoft, Deutsche Telekom, and Fujitsu—suggest IOTA is onto something.”Response One: IOTA’s relationships with top-tier companies continue to be nebulous.

the protocol was designed specifically for use on connected devices, but nearly all of that information is wasted, sitting in siloed databases and not making money for its owners.Response Two: Whether or not IOTA’s ledger is “tamper-proof,” the entire IOTA network went down in November, and was completely inoperable for about three days. That this has never happened in Bitcoin or Ethereum suggests the extent to which the IOTA network relies on the “coordinator”—a single point of failure—and is not truly decentralized.IOTA developers were able to transfer funds out of users’ IOTA accounts.

it enables fee-less transactions between the owners of the data and anyone who wants to buy it—and there are plenty of companies that want to get their hands on data.IOTA uses a “tangle,” which is based on a mathematical concept called a directed acyclic graph. Response Three: Orcutt’s claim that IOTA is free of fees is misleading. IOTA users do the proof of work on their own devices, per transaction. the work required is a fee. Restricting the ways in which the fee can be paid—requiring that the work be done on a user’s own device—doesn’t make it go away.

“In August, researchers from MIT and Boston University <a href="https://github.com/mit-dci/tangled-curl/blob/master/vuln-iota.md">reported </a>that they discovered a “serious vulnerability” in a novel cryptographic technique IOTA was using. Response Four: <ol><li>the flaw was intentional—that it was meant to serve as a form of “copy protection.” </li><li> <a href="http://come-from-beyond.com/time-for-a-paradigm-shift-has-come/">later, he offered a conflicting explanation </a>that he didn’t write the curl at all, but that an AI wrote it.</li></ol>We do not find either of these explanations convincing, even in isolation. That they contradict each other makes them even less so.

On Friday, MIT Technology Review published an article on the cryptocurrency IOTA. However, we  at the Media Lab have issues with the story

crypto

Cryptocurrency

technologyandthefuture

Technology & The Future

Our response to "A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin" – MIT Media Lab

Having a financial plan is about more than figuring out how much of your paycheck is left after the bills are paid. Your plan starts with thinking about what you really want to do. What goals do you have? Do you want to travel? Buy a house? Own a business? Being successful, whatever that means to you, starts with having a clear idea of where you want to go and then making a plan to get there. Creating a budget is a key part of any financial plan and will help you achieve your goals and stay focused. If necessary, look for resources that provide budgeting or other money management tips.

1. Make a plan.

Don’t put yourself in a situation where you have to rely on credit for unexpected expenses. One of your top priorities should be building up your emergency savings. As a guide, experts recommend saving at least three to six months’ worth of living expenses.

2. Save for the short term.

Saving for retirement should be another top priority. When investing long-term, you’ll want to consider putting your money in something other than a standard savings account that has tax benefits. The most popular accounts that can allow your money to grow tax-free until you are older (hint: age of withdrawal without penalty is 59.5) are 401(k)s and Individual Retirement Accounts (IRAs). You may want to get financial tips and guidance from a professional advisor.

3. Invest for the long term.

Using credit responsibly is an important part of a sound financial plan because your credit score impacts your ability to make almost any big financial purchases. Be sure to pay your bills on time, every time, and try to keep your balance well below the limit of the card. Pay attention to the ratio of how much debt you currently have to how much you can borrow. This number should stay below 30 percent or it can negatively impact your credit score.

4. Use credit wisely.

Housing costs are generally the most significant part of everyone's budget, as well as a major emotional investment. The search for the "perfect" home can easily extend your budget beyond what's really comfortable. When setting a housing budget, be sure to include all fixed costs and consider what amount you really want to pay. Keep in mind if you are buying a home that just because a lender approves you for a certain home loan amount does not mean that amount is ideal for your budget. The lender is looking out for their best interests — not yours.

5. Choose a reasonable rent or mortgage payment.

One of the biggest mistakes people make when getting their finances in order is becoming too strict. If we constantly deny ourselves the things we love the most, we will eventually cave into the pressure and make mistakes. Studies have shown that willpower is a limited resource — you can only resist so many temptations before you will give in.

6. Treat yourself.

The world of finance is complicated, but money is a necessary part of life. You don't have to understand everything, but in order to stay financially secure, you need to keep learning about tools and resources you can take advantage of to make what you have work hard for you. Take stock of what you already understand; then build on that with books, classes or savings advice from a professional. Before you know it, you’ll be sharing your expertise on how to manage money effectively with friends and family.

7. Never stop learning.

Understanding financial basics will empower you to be more financially secure both now and in the future. Start with a simple financial plan that includes budgeting and goals, as well as using credit wisely. Focus on saving for the short term with an eye on long-term investing and goals.

Follow These 7 Tips To Manage Your Money Wisely

<ul><li>Visualize your earnings and calculate your net worth to make peace with your financial past.</li><li>Calculate your true hourly wage and keep track of your spending.</li><li>Make a list of your monthly expenses and categorize them.</li><li>Examine how much money was spent in each of your subcategories.</li><li>To keep track of your progress, make a wall chart.</li><li>Reduce or eliminate your spending consciously.</li><li>Increase your income to value your life energy.</li><li>To obtain Financial Independence, you must generate income from your investments.</li><li>Investigate and select your investing alternatives.</li></ul>

Key Takeaways From The Book

If you were held at gunpoint and had to pick between handing over your wallet or risking your life, you'd probably choose the latter. However, most of us unintentionally put our money over our lives when it comes to the daily grind. We're trapped in a loop of working to gain money so we can buy things we don't need, and we're sacrificing our actual goals in the process.Financial independence is the power to choose how to spend your time without relying on paid work.

We Value Money More Than Our Lives

You must confront your financial history in order to gain control of your finances. As a result, making peace with your financial past is the first step toward transforming your relationship with money and achieving Financial Independence.Calculating the money that has come into your life will help you develop a better understanding of your financial history and connection with money.

Confronting Your Financial Past

Add up all of your gross earnings over the course of your life. This sum should contain everything you've earned from your first paycheck to the most current pennies.Figure out how much money you have today: your net worth. Everything you own, from large belongings like your car or house to items that could be sold at a garage sale, is included in your fixed assets. Calculate your obligations, which include any outstanding debts, loans, or payments. To calculate your net worth, subtract this sum from the total value of your assets.

Visualize Your Earnings and Calculate Your Net Worth to Make Peace with Your Financial Past

Each of us has fewer than 9,000 hours in a year, most of which is spent sleeping. Time is, without a doubt, our most valuable resource. As a result, when you get up in the morning and go to work, you're offering more than simply your time in exchange for a wage. You're putting your life's energy into it. To put it another way, when you spend money, you're effectively exchanging your life force.

Your Life Force Is Money

Calculate your real hourly income by determining the actual amount of time and money that goes into maintaining your employment in order to determine your life-energy-to-earnings ratio.You’ll have a better notion of how much life energy your expenditure is worth now that you know your true hourly income. Start keeping track of every dime that comes into or out of your life to properly understand your spending habits. You may make spending decisions based on reality rather than what you think you spend if you become aware of your spending habits.

Calculate Your True Hourly Wage and Keep Track of Your Spending

You must be aware of how you spend your money. You have to break down your monthly spending into categories. Organize your spending in the most logical method for you.Example: Your monthly food costs, which include eating out and ordering in.

Breaking Down Your Spending Into Categories

Create a monthly tabulation that lists your subcategories after you've categorized your spending categories. Include a space at the bottom of the table to detail your income. Subtract your total expenditure from your total income to discover your monthly savings once you've put your monthly transactions into each area.Let’s say you spend $80 on publications you don’t read, and your hourly pay is $10. The realization that you spent eight hours of your life energy on the purchase may cause you to reconsider your decision the next time you pass a magazine stand!

Make a List of Your Monthly Expenses and Categorize Them

Take a moment to write in a journal about what you would do if you didn't have to work.Remember, there is no such thing as an impossible dream. And you'll be well on your way to achieving it by making simple changes to your spending. Access your spending by asking yourself these questions:What did you want to be when you were a kid? What would you do if you just had one more year on this planet? Have you always wanted to write a book but now make a livelihood copywriting?

The Hypothetical Question Of Livelihood

Examine the monthly tabulation to see if the amount of life energy you put into each of your subcategories corresponds to the level of fulfilment and satisfaction you experienced.You may find that you've felt so fulfilled that you're considering raising your life energy expenditure. If this is the case, add a plus sign to the subcategory. Mark a minus sign for the category where you felt little to no fulfilment. Mark the expense as 0 if it feels neutral.

Examine how Much Money Was Spent in Each of Your Subcategories

Does your life energy expenditure match your life purpose and values? Let's pretend you squandered 25 hours of your life energy on eating out last month. You may discover that this reflects your value for social time or delectable food; you are happy to spend the money. Perhaps you know that this outlay is the result of a bad habit or peer pressure; it is inconsistent with your principles or life purpose. To indicate your evaluation, mark each subcategory with a plus, minus, or zero once more.

Your Life Purpose And Values

if you were financially independent and didn’t have to work, how would you adjust your spending habits? Would you buy more or fewer clothes if you had the option? Should you spend more or less money on gas? In many circumstances, you may discover that your employment causes you to spend more money than you would otherwise.

We Spend More Because Of Our Jobs

The most vital technique for continuing success is to keep track of your progress.Making oneself accountable to someone else is a terrific method to inculcate a new behaviour. You might try informing a friend or family member about your financial progress.

Keeping Track Of Your Progress

Draw a graph to track your monthly income and expenses on a large piece of paper that you can display on your wall. Money is shown on the vertical axis, and time is represented on the horizontal axis in months. Start with 0 and leave enough leeway for your income to double while making vertical axis increases. For five to 10 years, the horizontal axis access should track your progress.Use two distinct colours to track your monthly expenses and income at the conclusion of each month. Then, make a link between the points and the prior month's entry.

Make a Wall Chart

Being thrifty may appear unpleasant or out of date these days. More is more has become ingrained in us as a result of modern consumer society. Being thrifty was regarded as a virtue by everyone from Plato and Socrates to American historical giants like Benjamin Franklin, Robert Frost, and Ralph Waldo Emerson.And you'll need to get used to the term if you want to achieve financial independence.

Being Thrifty Isn't Cool But Essential

Frugality is, at its core, about appreciating what you have. If you have ten gowns that you enjoy wearing over the years, it's fantastic! However, if you're a compulsive shopper who is simply addicted to purchasing clothes that remain unused in your wardrobe, it may be time to cut back on your spending. One has to intentionally minimize your monthly expenditure after you've developed awareness of your financial past and present.

The Meaning Of Frugality

Using your life energy wisely means consciously minimizing or eliminating your spending. There are several options for reducing your expenses. The most obvious is to stay away from the stores. You won't be tempted to impulse buy if you don't go inside stores. Unsubscribe from advertising emails, be cautious of marketing on social media and cultivate a general habit of buying only what you need to decrease the temptation to purchase online.

Reduce or Eliminate Your Spending Consciously

The 40-hour workweek is a concept that originated in Western culture.New production processes during the Industrial Revolution created a distinction between workday and leisure time. Working conditions deteriorated to the point where workers lobbied for a shorter workweek. Instead of being viewed as a time to relax, leisure has evolved into a time to learn how to be a more effective worker.Free time became connected with unemployment during the Great Depression. This Depression-era mentality still pervades Western civilization today.

The 40 Hour A Week Mindset

value your life energy and increase your income. Consider the following: Is the amount of life energy you're now investing in your career a reasonable trade-off for what you're getting in return?Getting the best possible salary in accordance with your health and ethics isn't about desiring more money for the sake of it, whether you're saving for grad school, supporting your family, or getting out of debt. It's all about ensuring a long-term future.

Increase Your Income to Value Your Life Energy

<ul><li>For many people, the idea of retiring early appears to be a privilege reserved for the top 1% of the population. FIRE, or Financial Independence Retire Early, is a burgeoning movement that proves otherwise. </li><li>FIRE supporters have gained some simple wisdom: if you invest your savings, your money will ultimately start earning enough on its own for you to retire and focus on what matters most to you. </li><li>The key is to accumulate sufficient monthly investment income.</li></ul>

Financial Independence Retire Early(FIRE)

Make sure you have enough money in the bank to cover six months' worth of expenses before you begin investing. This liquid cash is both your emergency fund and the money you'll use to cover your monthly expenses.Consider opening a savings account whenever you have at least six months of liquid cash in your bank account. You can now begin the program's eighth step: investing and tracking your additional funds.

Generate Income from Your Investments

Multiply your capital, or additional savings, by your current long-term interest rate to get the amount you can expect to get from a long-term investment.  Divide the result by 12 to get the final result. After you've followed the formula, put the result on your wall chart as a new line beside the lines that measure your income and expenses. Keep in mind that the vertical axis represents your money and the horizontal axis represents time.When your income and expenses grow more stable, you'll be able to estimate how much money you'll need to achieve Financial Independence.

Investing And Tracking Your Additional Funds

Your money invested will cause the line to curve upward over time. You can follow this trend with a light pencil to find the point where your monthly investment income exceeds your monthly costs. This is referred to as the crossing point. For most people, the point at which their savings equal 25 times their annual costs is when they cross the threshold. If you spend $36,000 per year on average, you’ll need $900,000 in assets to achieve Financial Independence.

The Upward Curve

You'll need to become an expert in long-term, income-producing investment now that you've calculated your crossing point and the reality of Financial Independence has become tangible. Financial consultants, shady brokers, and salespeople will try to sway your investment selections while pocketing a large commission. By empowering yourself to make your own investment decisions, you may avoid paying excessive fees to such middlemen.

Beware Of Shady Brokers

Rent from real estate or royalties from intellectual property, franchises, or natural resources could be part of your investment income.You can invest in low-cost index funds. ETFs, or exchange-traded funds, are index funds. Mutual funds that track the performance of stock or bond market indices are known as index funds. Index funds are a passive strategy for investing that diversifies your investments across a large array of trading activities, rather than beating the market or picking and choosing which stocks to invest in.

Select Your Investing Alternatives

Evaluate your financial history as well as your present financial condition before embarking on your journey to Financial Independence. Realizing that the money you earn from your job correlates to your life energy is the first step in changing your relationship with money. To retire early, pay off debt, achieve your financial goals, cut your expenditure, raise your income, and invest your money.

Closing Thoughts

Time, Money And Life: Attain financial freedom.

A fully revised edition of one of the most influential books ever written on personal finance with more than a million copies sold “The best book on money. Period.” –Grant Sabatier, founder of “Millennial Money,” on CNBC Make It "This is a wonderful book. It can really change your life." -Oprah For more than twenty-five years, Your Money or Your Life has been considered the go-to book for taking back your life by changing your relationship with money. Hundreds of thousands of people have followed this nine-step program, learning to live more deliberately and meaningfully with Vicki Robin’s guidance. This fully revised and updated edition with a foreword by "the Frugal Guru" (New Yorker) Mr. Money Mustache is the ultimate makeover of this bestselling classic, ensuring that its time-tested wisdom applies to people of all ages and covers modern topics like investing in index funds, managing revenue streams like side hustles and freelancing, tracking your finances online, and having difficult conversations about money. Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to: • Get out of debt and develop savings • Save money through mindfulness and good habits, rather than strict budgeting • Declutter your life and live well for less • Invest your savings and begin creating wealth • Save the planet while saving money • …and so much more! "The seminal guide to the new morality of personal money management." -Los Angeles Times

habits

Habits

A fully revised edition of one of the most influential books ever written on personal finance with more than a million copies sold   “The best book on money. Period.” –Grant Sabatier, founder of “Millennial Money,” on CNBC Make It "This is a wonderful book. It can really change your life." -Oprah   For more than twenty-five years, Your Money or Your Life has been considered the go-to book for taking back your life by changing your relationship with money. Hundreds of thousands of people have followed this nine-step program, learning to live more deliberately and meaningfully with Vicki Robin’s guidance. This fully revised and updated edition with a foreword by "the Frugal Guru" (New Yorker) Mr. Money Mustache is the ultimate makeover of this bestselling classic, ensuring that its time-tested wisdom applies to people of all ages and covers modern topics like investing in index funds, managing revenue streams like side hustles and freelancing, tracking your finances online, and having difficult conversations about money.   Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to:    • Get out of debt and develop savings • Save money through mindfulness and good habits, rather than strict budgeting • Declutter your life and live well for less • Invest your savings and begin creating wealth • Save the planet while saving money • …and so much more! "The seminal guide to the new morality of personal money management." -Los Angeles Times

Vicki Robin

Joe Dominguez

Your Money or Your Life

In innovative business, there is no place for bureaucracy, and decision-making is lightning fast. If you are late, a competitor comes along and steals the show - I mean, money. Hence, traditional forms of governance usually assume numerous layers of management for the coordination and enforcement of processes. This comes with a drawback: many operations can become a bottleneck or a source of corruption. The community, or each member of DAO, reviews, records, and maintains all the tasks, proposals, and updates using a blockchain. However, some experts believe that one can’t achieve fully decentralized governance.

Why DAO?

A minor bug in an application on Ethereum led to the loss of 3.6 million ETH (the equivalent of $70 million at the time). The Ethereum community reacted quickly and regained control: it presented multiple proposals to deal with the exploit. As a result, they froze the tokens leaving the hacker unable to finish his gateway.

Cautionary Tale: Examples of DAO Governance Gone Wrong

<a href="https://aragon.org/">Aragon protocol</a> enables a plug-and-play process of creating and managing decentralized organizations. Communities get a powerful tool to organize themselves around capital assets, currency, or tokens. The latter can increase in value as more people hold and use them to participate in the life of these communities.<a href="https://makerdao.com/en">MakerDAO </a>, governed by MKR stakeholders. on-chain governance and off-chain discussion for general feedback. It is used before on-chain voting to evaluate the overall sentiment about issues affecting the MakerDAO ecosystem and determine a consensus regarding their resolution.

Open Internet Services Managed by Open Tokenized Governance Systems

Open tokenized governance gives a lot of opportunities for developers (DApps creators) and users (token holders). DAO assists developers and entrepreneurs with user communication, regular feature updates, and necessary funding. For early adopters, it can be considered as a long-term investment and source of regular rewards. And for the community in general, it gives a clear understanding of the decision-making process. DAO is the future of organizations. It can make them more secure and give their members a voice. Open tokenized organizations could reduce corruption since all decisions are made by the community, open for review by anyone, and can’t be altered by third parties.

Key Advantages of Open Tokenized Governance

Blockchain is a part of a trustless digital solution.

Why DAO? : The Problem With Traditional Governance

University friends Kadar and Jendruszak began developing what would become Seon while working on a crypto exchange venture in 2015 that was targeted by a slew of fake accounts. To stop these attacks, they built their own solution to detect false accounts and quash fraudulent transactions. That became Seon, which they launched in 2017.  “For the past couple of years we’ve tripled our revenue year-on-year, and have been onboarding new clients and expanding like crazy into new markets,” says Jendruszak. In the next 12 months, Seon plans to increase its headcount by 150 people in total, doubling its teams in London and Jakarta, adding another 80 to 90 people in its founding location Budapest, and doubling its team in the US.

‘Crazy’ growth

While the US might be their main target for now, gaining market share in US fraud prevention is no easy task. More established competitors in the market include $4.5bn Socure as well as Ravelin, Sift and Riskified. Seon believes it can compete because it’s already conquered the more varied regulatory landscape of Europe — which Kadar says US rivals are struggling to tackle.  Jendruszak won’t confirm specific acquisition targets, but is keen to explain that they will be instrumental to the company’s plans to move beyond know-your-customer (KYC). The company is plotting a move into anti-money laundering products on the consumer side, sanction checking, politically exposed person checking, and is also evaluating how it can begin offering risk analysis and even digital footprinting products to evaluate businesses as well as consumers.

Making it in America

Seon operates on a usage-based pricing model, foregoing integration fees and instead charging customers each month based on how many transactions they make.  It uses machine learning to track data points that clients can customise according to their trouble areas.

As easy as pressing play…

Experts have previously <a href="https://sifted.eu/articles/fraud-neobanks-challenge-fintech-paypal/">told Sifted </a>that there are still multiple ways of undermining the processes that APIs like Seon’s provide. When run online, every single layer of the value chain can be exploited. This means Seon will be stuck in its own game of cat and mouse with fraudsters, too. Kadar acknowledges that this is the inherent, constant battle. “In the case of reported false negatives or positives, the client can inform us via an API or manually,” he says. “We then retrain the algorithm based on this feedback, to cover new patterns and improve on the algorithm.”

Or is it?

Hungarian-founded Seon just picked up $94m from Hopin-backer IVP to fight fintech’s biggest problem: fraud.

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Startups

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The only thing that matters is he is making a million to 2 million a year in passive income he started off with having to use food stamps

Who Is Graham Cochrane

Create original, helpful posts in many different formats to build an audience. The first thing you want is to get your name out there<ol><li>Use this app</li><li>Blog</li><li>Podcast</li></ol>Make Content that People are looking for. Think about what they want to know and then make content. Always make sure you stick to a consistent schedule

Create Content Online #1

<ul><li>Written Content is best for SEO purposes and for making your content more findable</li><li>No Matter what content you create, always I mean always create a CTA something you want them to do</li></ul>

Content Marketing

<ul><li>Continue the relationship by adding even more value</li></ul>Capture There Email Address<ul><li>If they leave without they give you an email address they will never come back</li><li>Eventually you can sell them through email or point them to your website</li></ul>

Your Lead Market #2

<ul><li>Selling to your Email List is far more profitable than selling on your site or anywhere else</li><li>You Control Your Audience</li><li>Website and Social Media Platforms come and go and they drop in popularity </li></ul>

Email Marketing

<ul><li>Do Not Say Join Our Newsletter</li><li>Instead, use a Benefit Driven Lead Magnet</li><li>Show them you have massive value to offer and give it to them for free</li></ul>

How To Maximize Email Opt-In

<ul><li>The Best People To Sell To Are Those Who Just Found you and Are Interested In You Right Now!</li></ul>Write a 5-7 days' worth of Emails for people who just found you<ul><li>Then Teach them or point them to something relevant and make them believe that you are super knowledgeable.</li><li>On the Last 3 Days convert them into a buyer, which would be an no-brainer for them if they liked the previous works you made</li></ul>

#3 Email Audoresponder

<ul><li>They cost little to create, little to maintain, and can sell to anyone and be sold to anyone</li></ul>You can Sell<ul><li>Online Courses</li><li>Websites, and mobile apps</li><li>Membership Sites</li></ul>#1 Reason Products Don't sell is that people build their products in a vacuum without doing any research. The Only way to guarantee people buy is by doing research

Create A Digital Product

Turn what you Know Into A Digital Product Ask Yourself What do you know? What are you good at? What of those things intersect with what people want or need

<ul><li>Look for Frustruations</li><li>Look for Wants and Wishes</li><li>Have a Few Deep Conversations</li></ul>

How to Figure Out What To Create

<ul><li>Remarkable Content</li><li>Valuable Lead Magnets</li><li>Strategic Autoresponder</li><li>Desirable Digital Products</li></ul>

Summary To Create A profitable passive Income 

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How to Actually make passive Income by someone making a million a year only with passive income

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Free Passive Income Workshop with Graham Cochrane

We usually spend more time on how to figure out our margins based on costs and the financial goals we need to reach and underestimate some seemingly small and unimportant factors that can influence the perception of pricing and cause a potential customer to buy. When choosing between multiple pricing options, psychology and brain functioning can influence how we perceive the price.

Missing factors that  influence pricing

Avoid overly colouring. Colours are typically used to highlight or “add a weight”. When it comes to pricing, weight makes them look less affordable. But there are instances you can use light colours to your advantage.

Avoid colours in the pricing sections

The position of the price tag can make it look even lighter. A recent study showed that the location of a product image on the packaging influences consumers’ perceptions of what they call “visual heaviness”. If prices are placed at the top, potential customers subconsciously think they must be lighter and thus more affordable.

Position the price tag at the top

How to price your products more effectively using concepts from psychology and brain functioning. Pricing Techniques for startups

The Psychology of Pricing

Find 100+ Ideas and Facts about Money - Curated from interesting sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!

The Art of Thinking Clearly

The Psychology of Wealth And Happiness: Lessons From Adam Smith And Ray Dalio

Our response to "A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin" – MIT Media Lab

Follow These 7 Tips To Manage Your Money Wisely

Your Money or Your Life

Why DAO? : The Problem With Traditional Governance

Meet the fraud-buster that Revolut, Wise and Sorare trust

Free Passive Income Workshop with Graham Cochrane

The Psychology of Pricing

Sacred Economics

It's time to
Read like a Pro.

The Art of Thinking Clearly

The Psychology of Wealth And Happiness: Lessons From Adam Smith And Ray Dalio

Our response to "A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin" – MIT Media Lab

Follow These 7 Tips To Manage Your Money Wisely

Your Money or Your Life

Why DAO? : The Problem With Traditional Governance

Meet the fraud-buster that Revolut, Wise and Sorare trust

Free Passive Income Workshop with Graham Cochrane

The Psychology of Pricing

Sacred Economics

It's time to Read like a Pro.

It's time to
Read like a Pro.