<ul><li>Don't save too much as a kid rather use your money to enjoy your time, spend time with friends travel</li><li>You shouldn't because over time the amount of money you make increases</li><li>The amount of money you save is going to be small compared to the amount you make now.</li></ul>

Don't save too much as a Kid

<ul><li>Open an investment account so that you know what the process is like</li><li>Gain knowledge of how the investment process works.</li></ul>

Try and Open An Investment Account

<ul><li>Put a little bit of money into Crypto just to learn about it</li><li>Use Coinbase or any other platform that can help you explore and learn</li><li>The educational value is very high</li></ul>

Invest In Crypto

<ul><li>Make sure that you are putting money and time into books and courses to learn more</li><li>Learn Useful and In-demand skills. Learning to Code is still one of the most quick way to learn how to make money</li></ul>

Invest In Learning

Build a Faselane MindsetRead the book the millionaire Fastlane to get a mindset that can help you make moneyFollow me for the book summary coming soon!

Investing Your Time

<ul><li>Document your journey through many different ways it helps build the craft of writing</li><li>You might build an audience.</li></ul>

Document Your Journey

<ul><li>Read books on how to make more money</li><li>4 Hour Work Weeks</li><li>Dying with 0</li><li>Your money and your life</li></ul>

Become money literate

<ul><li>Try and build a business like selling lemonade, selling candy, or building websites</li><li>Turn your active income into passive income</li></ul>

Try and Build A Business

Wow, this gave me a ton of different advice, follow me for part 2

The first 1,000 people to use this link will get a 1 month free trial of Skillshare: https://skl.sh/aliabdaal04229 Hey friends, this video is about how to invest as a teenager: basically the advice I’d give my 15-year-old self. You might be fairly broke, but that doesn’t mean you can’t build good money habits + make decisions that’ll pay off further down the line. How to Invest for Beginners - https://www.youtube.com/watch?v=gFQNPmLKj1k The Best Book I've Ever Read about Making Money - https://www.youtube.com/watch?v=Gx2vyi4JcV0 The Book That Changed My Financial Life 🤑 - https://www.youtube.com/watch?v=Gg8_TA7U0Uw Revealing My Investment Portfolio - https://www.youtube.com/watch?v=MgI6iquuuzA&ab_channel=AliAbdaal Bitcoin for Beginners (2021) - https://www.youtube.com/watch?v=hXkiAfjFtgU The best summaries of books (Shortform) - https://go.aliabdaal.com/shortform 00:22 Part 1 - Investing your money 00:24 1. The dangers of saving too much 01:39 2. Investment accounts 02:54 3. The power of index funds 03:57 4. Crypto? 05:19 5. Leveling up 06:30 Part 2 - Investing your time 06:45 1. Build a fastlane mindset 07:42 2. Learn useful and in demand skills 09:08 3. Document your learning and your journey i. 10:55 4. Learn about video production 12:45 5. Become money literate 13:57 6. Get a job or work experience 14:30 7. Make things for people you admire, for free 15:42 8. Find a way to build a business 16:45 9. Turn your active income into passive income 18:44 10. Consider outsourcing some work MY FREE ONLINE COURSES: 🚀 Productivity Masterclass - Principles and Tools to Boost Your Productivity - https://go.aliabdaal.com/course/productivity 🎬 Video Editing with Final Cut Pro X - From Beginner to YouTuber - https://go.aliabdaal.com/course/video-editing 🎓 How to Study for Exams - An Evidence-Based Masterclass - https://go.aliabdaal.com/course/studying PART-TIME YOUTUBER ACADEMY: 🍿 My 6-week live online course - https://academy.aliabdaal.com MY FAVOURITE GEAR: 🎥 My YouTube Camera Gear - https://kit.co/AliAbdaal ⌨️ My Keyboard - Wireless Coral mechanical keyboard (Cherry Blue) - https://go.aliabdaal.com/keyboard 📝 My favourite iPad Screen Protector - Paperlike - https://go.aliabdaal.com/paperlike 🎒 My Desk Accessories + Todo List - Ugmonk - https://go.aliabdaal.com/ugmonk MY FAVOURITE SOFTWARE: ✍️ The best summaries of books (Shortform) - https://go.aliabdaal.com/shortform 📚 How I remember what I read (Readwise) - https://go.aliabdaal.com/readwise 🎵 Where I get my Music (amazing for YouTubers) - https://go.aliabdaal.com/epidemicsound 👻 Where I get my Website Themes from - https://go.aliabdaal.com/ghost-themes 👻 My personal Ghost Website Theme - https://go.aliabdaal.com/ghost-theme-ali 🎙 My weekly podcast - https://www.notoverthinking.com My brother and I host a weekly podcast where we discuss happiness, creativity and the human condition. You can find it by searching “Not Overthinking” on any podcast app (eg: Spotify, Apple Podcasts, Google Podcasts etc). BE MY FRIEND: 💌 Sign up to my weekly email newsletter - https://aliabdaal.com/friendzone/ 🌍 My website / blog - https://www.aliabdaal.com 📸 Instagram - https://instagram.com/aliabdaal 🐦 Twitter - https://twitter.com/aliabdaal 💙 The Friendzone Discord - https://discord.gg/Dh2kGavffd 🎮 Twitch - https://twitch.tv/aliabdaal WHO AM I: I’m Ali, a YouTuber, podcaster, soon-to-be author and ex-Doctor working in London, UK. I make videos that explore the strategies and tools that help us live happier, healthier and more productive lives. I also have a weekly podcast called Deep Dive (https://www.youtube.com/channel/UChfo46ZNOV-vtehDc25A1Ug), and I write a weekly email newsletter that contains some quick thoughts + links to interesting things (https://email.aliabdaal.com). GET IN TOUCH: If you’d like to talk, I’d love to hear from you. Tweeting @AliAbdaal directly will be the quickest way to get a response, but if your question is very long, feel free to email me at hi@aliabdaal.com. I try my best to reply to things but there sadly aren't enough hours in the day to respond to everyone 😭 PS: Some of the links in this description are affiliate links that I get a kickback from 😜

personaldevelopment

Personal Development

moneyandinvestments

Money & Investments

habits

Habits

The first 1,000 people to use this link will get a 1 month free trial of Skillshare: https://skl.sh/aliabdaal04229

Hey friends, this video is about how to invest as a teenager: basically the advice I’d give my 15-year-old self. You might be fairly broke, but that doesn’t mean you can’t build good money habits + make decisions that’ll pay off further down the line.

How to Invest for Beginners - https://www.youtube.com/watch?v=gFQNPmLKj1k
The Best Book I've Ever Read about Making Money - https://www.youtube.com/watch?v=Gx2vyi4JcV0
The Book That Changed My Financial Life 🤑
 - https://www.youtube.com/watch?v=Gg8_TA7U0Uw
Revealing My Investment Portfolio
 - https://www.youtube.com/watch?v=MgI6iquuuzA&ab_channel=AliAbdaal
Bitcoin for Beginners (2021) - https://www.youtube.com/watch?v=hXkiAfjFtgU
The best summaries of books (Shortform) - https://go.aliabdaal.com/shortform

00:22 Part 1 - Investing your money
00:24 1. The dangers of saving too much
01:39 2. Investment accounts
02:54 3. The power of index funds
03:57 4. Crypto?
05:19 5. Leveling up
06:30 Part 2 - Investing your time
06:45 1. Build a fastlane mindset
07:42 2. Learn useful and in demand skills
09:08 3. Document your learning and your journey i.
10:55 4. Learn about video production
12:45 5. Become money literate
13:57 6. Get a job or work experience
14:30 7. Make things for people you admire, for free
15:42 8. Find a way to build a business
16:45 9. Turn your active income into passive income
18:44 10. Consider outsourcing some work


MY FREE ONLINE COURSES:
🚀  Productivity Masterclass - Principles and Tools to Boost Your Productivity - https://go.aliabdaal.com/course/productivity
🎬  Video Editing with Final Cut Pro X - From Beginner to YouTuber - https://go.aliabdaal.com/course/video-editing
🎓  How to Study for Exams - An Evidence-Based Masterclass - https://go.aliabdaal.com/course/studying

PART-TIME YOUTUBER ACADEMY:
🍿 My 6-week live online course - https://go.aliabdaal.com/ptya_aliabdaal
CREATORPRENEUR
💰 My flag-ship course for scaling up your creative side-hustle - https://creatorpreneur.academy/course


YOUTUBE FOR BEGINNERS COURSE
📸 This is for anyone who'd like to start a YouTube channel. You'll learn everything you need to get started as a YouTuber including how to script, shoot, and edit your first video - https://go.aliabdaal.com/course/YouTube-for-Beginners



MY FAVOURITE GEAR:
🎥  My YouTube Camera Gear - https://kit.co/AliAbdaal
⌨️  My Keyboard - Wireless Coral mechanical keyboard (Cherry Blue) - https://go.aliabdaal.com/keyboard 
📝  My favourite iPad Screen Protector - Paperlike - https://go.aliabdaal.com/paperlike 
🎒 My Desk Accessories + Todo List - Ugmonk - https://go.aliabdaal.com/ugmonk

MY FAVOURITE SOFTWARE:
✍️ The best summaries of books (Shortform) - https://go.aliabdaal.com/shortform
📚  How I remember what I read (Readwise) - https://go.aliabdaal.com/readwise 
🎵  Where I get my Music (amazing for YouTubers) - https://go.aliabdaal.com/epidemicsound
👻 Where I get my Website Themes from - https://go.aliabdaal.com/ghost-themes
👻 My personal Ghost Website Theme - https://go.aliabdaal.com/ghost-theme-ali

🎙 Deep Dive Podcast - https://www.youtube.com/c/DeepDivewithAliAbdaal/
The podcast that delves into the minds of entrepreneurs, creators and other inspiring people to uncover the philosophies, strategies and tools that help us live happier, healthier and more productive lives. You can find it by searching “Deep Dive with Ali Abdaal” on any podcast app (eg: Spotify, Apple Podcasts, Google Podcasts etc).

BE MY FRIEND:
💌  Sign up to my weekly email newsletter - https://aliabdaal.com/friendzone/
🌍  My website / blog - https://www.aliabdaal.com 
📸  Instagram - https://instagram.com/aliabdaal
🐦  Twitter - https://twitter.com/aliabdaal
💙  The Friendzone Discord - https://discord.gg/Dh2kGavffd
🎮  Twitch - https://twitch.tv/aliabdaal

WHO AM I:
I’m Ali, a YouTuber, podcaster, soon-to-be author and ex-Doctor working in London, UK. I make videos that explore the strategies and tools that help us live happier, healthier and more productive lives. I also have a weekly podcast called Deep Dive (https://www.youtube.com/channel/UChfo46ZNOV-vtehDc25A1Ug), and I write a weekly email newsletter that contains some quick thoughts + links to interesting things (https://email.aliabdaal.com).


GET IN TOUCH:
If you’d like to talk, I’d love to hear from you. Tweeting @AliAbdaal directly will be the quickest way to get a response, but if your question is very long, feel free to email me at hi@aliabdaal.com. I try my best to reply to things but there sadly aren't enough hours in the day to respond to everyone 😭

PS: Some of the links in this description are affiliate links that I get a kickback from 😜

📚 Check out my first book Feel-Good Productivity here: https://www.feelgoodproductivity.com/

Hey, I'm Ali, a doctor turned entrepreneur, and the world’s most followed productivity expert 😜 

On this channel, we explore evidence-based strategies and tools that can help us be more productive, and build a life that we love. 

If that sounds interesting, consider subscribing! See you in the next video x

Ali Abdaal

Investing Advice for Teenagers (2023)

Investing Advice for Teenagers (2022)

Springer Nature supports the United Nations’ Sustainable Development Goals and the researchers and practitioners in policy and business tirelessly working towards them. For Mental Health Month we spoke to Dr Jack Tsai, the Editor-in-Chief of npj Mental Health Research.

I would describe my work as focused on innovative models of collaborative care targeting the needs of adults with serious mental health and housing needs. Most of this work has focused on homeless populations and ways to engage and provide behavioral health, primary care, and social services to them.

Please tell us about the nature of your work.

Not everybody is interested or capable of receiving traditional office-based mental health care for a variety of reasons. So the challenge I am seeking to undertake is to reach, engage, and serve those who need other ways to receive mental health care. This can be through new person-based approaches like through peer specialists, through non-traditional settings like legal aid offices, or new modalities like tele-health or virtual care.

Does your work intend to directly address ways in which we can improve mental health care services or access to care? 

My short-term goal is to develop interventions that are novel, different, and exciting to me and recipients. As one of my mentors often liked to say, most interventions do not work. But even if the interventions don’t end up working, it’s the adventure of science and research to develop new things and test them.Long-term goal, it may sound strange, is to understand how and when people can be weaned off interventions. Many interventions, whether they are medications, therapies, or social services, are offered with an indefinite time period.

What are the short and long-term goals of your work?

Like many people, policymakers are busy people so providing short concise ways to communicate to them (briefs, infographics, video clips) are important. In your communications, it should be clear what your ASK is and how it may benefit others. So far, my role in policy activities has been to educate, describe empirical evidence, and outline pros and cons of different approaches. By being impartial, one remains a trusted source of data and information.

What do you think is the most productive way that researchers can engage policy makers? 

Since I work in public health, public engagement is an essential component of the work of me and my colleagues. In other fields, public engagement often occurs at the end of the project when the findings are ready to be disseminated to the public.

What does public engagement look like in your field and how important is it?

However, in public health, public engagement can occur during the development of a project to obtain community buy-in, it can occur mid-way into the project to help troubleshoot some issues, and it occurs at the end of the project during the dissemination stage. Engaging the public and communities in which you are working in helps keep projects grounded, relevant, and invested in by the community. Engaging the public also allows you to receive constructive comments and keeps your work honest.

Public Engagement

I would like to see more concerted efforts to combine pharmacotherapy and psychotherapy. Many prescribers know little about psychological therapy and many therapists know little about medications. I’m fortunate to have been trained as a clinical psychologist to provide therapy but I also have a master’s degree in clinical psychopharmacology, so I understand the value of medications.

What progress would you like to see next towards the improvement of mental health care, worldwide and locally?

Many conditions are best served by some combination of medication and therapy, and there are also many opportunities for both of these to also be combined with complementary and alternative medicine approaches as well.How can progress in science & research contribute to the improvement of mental health care access and support the fight against stigma?Technological advances have already contributed greatly to improving access to mental health care and reducing stigma. For example, online resources and social media has destigmatized the many ways that people can and should seek help.

Science & Research

I expect new technologies will continue to improve things in this respect. However, I think it’s also important to be careful about unintended consequences. In efforts to reduce stigma, we don’t want to trivialize mental illness, over-pathologize natural human reactions, or dismiss human propensity for resilience. Of course, it’s a delicate balance that progress in science and research can help tread.  Discover Springer Nature's SDG3 Hub about Good Health and Well-Being.

Springer Nature

About the author: Jack Tsai, PhD MSCP serves as Campus Dean and Professor of Public Health at UTHealth, and Research Director for the U.S. Department of Veterans Affairs Homeless Programs Office. He is a clinical psychologist and previously served as a professor and directed the Division of Mental Health Services Research at Yale School of Medicine for a decade. Dr. Tsai currently serves as Editor-in-Chief for npj Mental Health Research.

About the author

Springer Nature supports the United Nations’ Sustainable Development Goals and the researchers and practitioners in policy and business tirelessly

health

Health

mentalhealth

Mental Health

Mental Health is Important for Public Health | For Researchers

In the 1860s and 1870s, the American economy went through perhaps the greatest transformation in its history (when rail road built and wall street emerge). <ul><li>If you were born in the late 1840s you missed it. You were too young to take advantage of that moment</li><li>If you were born in the 1820s you were too old: your mind-set was shaped by the pre-Civil War paradigm.</li><li>But there was a particular, narrow nine year window (1830s) that was just perfect for seeing the potential that the future held.</li></ul>

The Year You Are Born In Matter

<ul><li>John D. Rockefeller, 1839</li><li>Andrew Carnegie, 1835</li><li>Frederick Weyerhaeuser, 1834</li><li>Jay Gould, 1836</li><li>Marshall Field, 1834</li><li>George F. Baker, 1840</li><li>Hetty Green, 1834</li><li>James G. Fair, 1831</li><li>Henry H. Rogers, 1840</li><li>J. P . Morgan, 1837</li><li>Oliver H. Payne, 1839</li><li>George Pullman, 1831</li><li>Peter Arrell Brown Widener, 1834</li><li>Philip Danforth Armour, 1832</li></ul>

Successful People Who Born In 1830s

Below is a list of people who born in the 1950s, the best year to be born as they will be in their 20s when the computer and internet start booming (1970s)

<ul><li class="ql-align-justify">Bill Gates: October 28, 1955</li><li class="ql-align-justify">Paul Allen: January 21, 1953</li><li class="ql-align-justify">Steve Ballmer: March 24, 1956</li><li class="ql-align-justify">Steve Jobs: February 24, 1955</li><li class="ql-align-justify">Eric Schmidt: April 27, 1955</li><li class="ql-align-justify">Bill Joy: November 8, 1954</li><li class="ql-align-justify">Scott McNealy: November 13, 1954</li><li class="ql-align-justify">Vinod Khosla: January 28, 1955</li><li class="ql-align-justify">Andy Bechtolsheim: September 30, 1955</li></ul>

Successful People Who Born In 1950s

<ul><li>This doesn't means that every software tycoon in Silicon Valley was born in 1955, or every business titan in United States was born in mid 1830s</li><li>But there are very clear patterns and what's striking is how little we seem to want to acknowledge them. We pretend that success is exclusively a matter of individual merit.</li><li>They are the people who were given a special opportunity to work really hard and seized it, and who happened to come of age at a time when that extraordinary effort was rewarded by the rest of society</li></ul>

The other interesting thing about that ten thousand 
hours, of course, is that ten thousand hours is an enormous amount of time. It's all but impossible to reach that number all by yourself by the time you're a young adult. You have to have parents who encourage and support you. You can't be poor, because if you have to hold down a part-time job on the side to help make ends meet, there won't be time left in the day to practice enough. In fact, most people can reach that number only if they get into some kind of special program-like a hockey all-star squad.

From the bestselling author of Blink and The Tipping Point, Malcolm Gladwell's Outliers: The Story of Success overturns conventional wisdom about genius to show us what makes an ordinary person an extreme overachiever. Why do some people achieve so much more than others? Can they lie so far out of the ordinary? In this provocative and inspiring book, Malcolm Gladwell looks at everyone from rock stars to professional athletes, software billionaires to scientific geniuses, to show that the story of success is far more surprising, and far more fascinating, than we could ever have imagined. He reveals that it's as much about where we're from and what we do, as who we are - and that no one, not even a genius, ever makes it alone. Outliers will change the way you think about your own life story, and about what makes us all unique. 'Gladwell is not only a brilliant storyteller; he can see what those stories tell us, the lessons they contain' Guardian 'Malcolm Gladwell is a global phenomenon ... he has a genius for making everything he writes seem like an impossible adventure' Observer 'He is the best kind of writer - the kind who makes you feel like you're a genius, rather than he's a genius' The Times

books

Books

From the bestselling author of Blink and The Tipping Point, Malcolm Gladwell's Outliers: The Story of Success overturns conventional wisdom about genius to show us what makes an ordinary person an extreme overachiever. Why do some people achieve so much more than others? Can they lie so far out of the ordinary? In this provocative and inspiring book, Malcolm Gladwell looks at everyone from rock stars to professional athletes, software billionaires to scientific geniuses, to show that the story of success is far more surprising, and far more fascinating, than we could ever have imagined. He reveals that it's as much about where we're from and what we do, as who we are - and that no one, not even a genius, ever makes it alone. Outliers will change the way you think about your own life story, and about what makes us all unique. 'Gladwell is not only a brilliant storyteller; he can see what those stories tell us, the lessons they contain' Guardian 'Malcolm Gladwell is a global phenomenon ... he has a genius for making everything he writes seem like an impossible adventure' Observer 'He is the best kind of writer - the kind who makes you feel like you're a genius, rather than he's a genius' The Times

Malcolm Gladwell is the author of five New York Times bestsellers—The Tipping Point, Blink, Outliers, What the Dog Saw, and David and Goliath. He is also the co-founder of Pushkin Industries, an audio content company that produces the podcasts Revisionist History, which reconsiders things both overlooked and misunderstood, and Broken Record, where he, Rick Rubin, and Bruce Headlam interview musicians across a wide range of genres. Gladwell has been included in the TIME 100 Most Influential People list and touted as one of Foreign Policy's Top Global Thinkers.

Malcolm Gladwell

Outliers

Fortress DAO is doomed. The question is how it dies. Fortress is an also-ran fork of Olympus DAO running on the Avalanche blockchain with a mere $14M in its treasury (a shadow of the more than $500M+ still backing Olympus’s OHM), but feelings are running very high right now over what should happen with that money.  The problem is that the $14M isn’t really in its treasury anyway. It’s in a separate project, one that was funded by the Fortress DAO treasury, but is now completely in control of its chief technical officer, Avraham Eisenberg, who has shown no interest in giving it back.

Community members that spoke to The Defiant predicted the matter could very well find its way to court. But for now, code is very much law and that particular law is not on the Fortress DAO community’s side.  But the story also raises a question much larger than this tiny DAO: Does its inevitable collapse foreshadow future meltdowns at other DAOs whose governance does not, in fact, run on-chain?

Inevitable Collapse

But the implications go further. Anyone paying attention knows that many of crypto’s DAOs aren’t really that decentralized. Sure, they all have a governance token, but the power to spend money and change code still, in all too many cases, actually rests in a small group of insiders who have control of a mult-sig wallet that makes decisions.It’s like a small republic that spent too much money on their military. At a certain point, the legislature only remains in charge as long as the generals let them say they are. On the blockchain, those who can sign transactions do.

But the real power in Fortress DAO isn’t even its own smart contracts, it’s the assets. The real assets, the assets that could actually be traded outside of the Fortress DAO ecosystem, all the $14M worth of stuff that left its smart contracts and went into FUSD. So, Eisenberg has everyone over a barrel, because all the real FortressDAO assets are inside FUSD and FORT holders have no direct power to make him give those funds back.

Fortress DAO is doomed. The question is how it dies.

crypto

Cryptocurrency

Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance - The Defiant

“What can you buy with it?” someone will ask, at which point the other person will shrug back “JPEGs on the internet?” The truth is, you can use crypto to buy anything you want in the material world. You can even enjoy the same tax perks used by the wealthy when they buy things, by borrowing against your assets instead of selling them.

But that’s not even the best part. The collateral I put up for the loan (all loans in DeFi are overcollateralized – more on that later), still generates yield while I’m borrowing against it.  You heard that right. I’m being paid to take out the loan, and my collateral is currently yielding roughly five times the loan interest rate. That’s enough to pay the interest, monthly HOA fees, property taxes, maintenance, and still have some left over.

Lending platforms like these aren’t new, but where it gets really interesting is the type of collaterals Abracadabra is able to accommodate. By building on top of existing Defi platforms including Curve.Finance and Convex.Finance, Abracadabra is able to allow users to collateralize yielding assets.

Buying A Condo With Abracadabra

Well, Curve.Finance has the perfect product for you. Tricrypto2 is a yield-generating position that maintains equal exposure to BTC, ETH, and the stablecoin USDT. That means if Bitcoin and Ethereum each fall by 30%, the Tricrypto2 position will only be down 20%, and vice versa. It gives investors some protection against volatility – and generates trading fees in the meantime.

Abracadabra makes it easy to set the exact LTV you want, and even take on additional leverage. (risky!) Now, a 90% loan to value ratio would be very risky, as the platform will automatically liquidate your position if the price drops more than 10% – effectively closing out the loan and leaving you with just the funds you borrowed. But there’s no need to borrow to the limit, as users can borrow at whatever Loan-to-Value makes them feel most comfortable.

First off, Abracadabra charges a 0.5% borrow fee up-front that adds $3600 to my outstanding loan balance. The 0.5% borrow fee is the same for every collateral type on Abracadabra, while the other parameters vary depending on the collateral pledged. The interest rate on the loan is fixed at 3.5%, which on my borrowed amount of $723,600 (720K + the borrow fee) equates to $25,326/year or $2,110/month.

The Math Behind a Profitable DeFi Loan

Unrelated to the loan but still relevant, my HOA fees are $860 per month and property taxes come out to around $1000 per month. So, my total carrying cost of the loan + home expenses are  $3970/month Meanwhile, the yield on my collateral of $1.2M in Tricrypto2 (necessary for a relatively safe 60% LTV) is ~15% (variable). That works out to $180,000/year or $15,000/month. The position yield for Tricryopto2 (shown above) is variable. I used a conservative 15% estimate for these calculations.

So, the yield on my collateral pays for the interest on the loan, HOA fees, and property taxes with an additional $11k/month left over*, which I can use to start paying down the loan principal. It gets better. As I pay down the loan principal, the 3.5% interest charge starts to go down (as the interest is applied on a reducing balance). Very different from the “pay the interest first” methodology that you’d see on any regular home mortgage. These services are made to work in our best interests, not the board of directors of BofA. Welcome to the new age of financial services.

Now, if you’re not in the market for something as “big” as real estate, you might be wondering: “this sounds cool, but how does it apply to me?”  Well, the point is that this same process and strategy works for practically any significant purchase you might make. Now, you can buy the things you want while remaining invested in crypto, avoiding costly capital gains, and continuing to keep earning yield in DeFi. Many people work towards building an investment account for years, only to have to liquidate their holdings to pay for an unexpected expense. A car crash, a hospital bill, having to miss time at work, are all things that all too often can derail even the best-laid investment plans and make it that much harder to get ahead.

A Universal Strategy

Wealthy people have been borrowing against their assets – deferring taxes and remaining invested – for generations through accounts and personal brokers at the likes of JP Morgan or Goldman Sachs. Now, anyone can do it, and in a fraction of the time. That’s the real magic behind DeFi.

This DeFi user bought his dream home with an overcollateralized loan against his crypto asset.

Buying Real World Assets By Leveraging Crypto - The Defiant

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.

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

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

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

Your Money or Your Life

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